To have fun its milestone 12 months, Higginbotham is placing the highlight again on the keys to its success: tradition and group.
“Our seventy fifth is geared round celebrating with our workers and giving again to the communities which were so beneficiant to us throughout our footprint, which right this moment spans 15 states and 87 places of work,” stated Higginbotham CEO Rusty Reid (pictured).
In the present day, Higginbotham is one largest impartial insurance coverage brokerages within the US, in addition to the most important in Texas by income. It was nominated to Insurance coverage Enterprise America’s High Insurance coverage Employers record in 2022.
The “Day Two” distinction
As soon as a family-owned enterprise, the group is now proudly owned by its greater than 2,400 workers, a majority of whom are direct shareholders. The worker possession mannequin goals to reward and incentivize Higginbotham’s workforce, in keeping with Reid.
“We started an worker possession journey again in 1989, and it is nonetheless very a lot who we’re right this moment,” stated Reid. “We constructed this group for the good thing about our shareholders, which coincidentally occurred to be our workers.
“It is allowed us to not solely retain fantastic folks but in addition entice unbelievable expertise to serve our purchasers.”
Reid joined Higginbotham in 1986 from American Common Fireplace and Casualty Firm and has since been steering the brokerage by way of many years of change and development. Below his helm, the brokerage established a monetary providers division to supply worker advantages.
However in keeping with the CEO, what really units Higginbotham aside in right this moment’s market is its “Day Two” providers, that are geared at supporting purchasers by way of threat administration, claims, profit plan providers, and administration.
“The thought is that on day one, our job is to get a consumer the very best protection, value, and money move choices,” Reid stated.
“Then we leverage threat administration, compliance, communications, contract evaluate, know-how… all of the issues above and past delivering a coverage. We have now discovered that this answer has improved our buyer retention charge and considerably enhanced our means to land clients.”
Celebrating 75 years of development and past
In 2007, Higginbotham launched an aggressive merger and acquisition technique, branching out in Texas and ultimately throughout the USA.
Final 12 months, the corporate continued that growth because it entered new states and broadened its footprint in others.
In accordance with Reid, development received’t decelerate any time quickly, and it’ll proceed to be powered by Higginbotham’s values.
“We launched what we known as our ‘Greatest in Texas’ technique to be aligned with our mission and imaginative and prescient, which is to be one of the best place for workers to work, one of the best consumer advocate, one of the best service accomplice, and one of the best group accomplice, and we have stayed true to that,” Reid informed Insurance coverage Enterprise.
“We’re not out simply to purchase income for the sake of shopping for income, we actually look to search out nice companions. Ninety-eight % of our companions are a lot bigger right this moment than after they joined us. To me, that is form of examine that field that it is working.”
On the identical time, Higginbotham is deeply centered on “old school natural development,” the CEO stated, which entails retaining and discovering new purchasers by bringing them worth.
“We have at all times been nice at natural development as a company. However leveraging our ‘Day Two’ platform has actually been important for us,” Reid continued.
Giving again to its communities
Amidst great success within the insurance coverage business, Higginbotham stays grounded in its communities by way of its Higginbotham Group Fund.
“We have been very blessed as a company that our development hasn’t stopped since 1989. The by-product of that success is having the ability to give again to our communities,” stated Reid.
The Higginbotham Group Fund was established in 2011 to supply monetary help to non-profits in areas the place the brokage does enterprise. Staff contribute the funds and may request grants for the organizations they need to help of their native communities.
The fund has raised greater than $5.2 million in contributions and pledges, and distributed grants to over 1,600 non-profits.
For Reid, Higginbotham’s core values of being household to its workers and beneficiant to its communities is the key to its longevity and continued development.
“Shifting ahead, we’ll simply proceed to assume innovatively about how we may be the completely greatest place for our workers to work, the very best advocate for our purchasers, the very best accomplice of our carriers,” he stated.
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