Wall & Main: For Terry Sullivan insurance is all in the family
Now
The business in question – the predecessor of insurance brokerage Sullivan, Garrity and Donnelly (SGD) -- was started by a man who immigrated from
An economics major at Holy Cross, he earned his MBA from Babson in 1987.
He learned that contract details and trust are critical for success in insurance. As he said, "It all [comes down] to contracts how they are worded, amended, and rated for cost. The selling side of the industry, getting contacts and relationships, needs to be backed up with full knowledge of the contracts to develop true trust with your clients over time by making sure the promises you make to them are contractually reflected in the insurance policies."
SDG -- was started in November of 1988 at
His strategy for winning customers was to tailor each policy to their specific needs. As he said, "I have a technical approach to making sure the policies are tailored as best I can to the specific needs of my commercial clients."
New growth came from providing better client service. "The biggest opportunity for new growth is from clients currently being handled by larger regional agencies. They do not generally provide the level of service and detail one would expect. The flash is there but not the substance. We insured many local institutions, colleges, and religious organizations but I think one of the reasons people chose us was because we were a true family business. Family businesses have their specific issues and that seemed to be a sweet spot," he explained.
One of the challenges of a family business is what to do when the next generation is coming of age.
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