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Agency of the Month Read, understand, advise Ten Eyck Group brings policy expertise to its clients By Dennis H. Pillsbury There aren't many people who enjoy reading insurance policies—and even fewer who understand them. But those individuals who have mastered this arcane art are certainly in a unique position to help the rest of us mortals wend our way through the convoluted language and arrive at a risk transfer solution that makes sense for handling the risks that we face. But at the Ten Eyck Group, Albany, New York, reading and understanding insurance policies is one of the important skill sets that it brings to the table when its people meet with clients and prospects.
"We look at each of our clients as a unique entity with unique exposures," says Charles Barnes, president. "We take an all-encompassing or holistic approach with our clients in order to find out every risk that they face so we can best determine how to mitigate or eliminate those risks. The answer is not always insurance," he continues, "but more often than not, when the client wants to transfer the risk of loss, insurance is the most cost effective way to do so. And when that solution is called for, we want to be certain that the policy chosen really does cover the client's unique exposures." Of course, understanding the differences between insurance policies is only part of the story. The real key is "good communication and understanding between our people and our clients," Charlie maintains. "We have to have a complete understanding of their business or personal needs so we can put them together with the right policy and the right insurance company that is guaranteeing the terms of that policy. "We have made it part of our vision to partner only with carriers that have demonstrated a willingness to stand behind their contracts and service commitment to policyholders," he continues. "And we work very hard to ensure that they do if there ever is a problem."
Traditional values Ten Eyck adheres to a mission that centers on its relationship with its clients and its insurance companies. The hallmark of those relationships is "integrity in all transactions," Charlie says. "We have a tradition of integrity that stretches back more than 100 years to the agency's founding in 1905 by Peter G. Ten Eyck, an engineer whose entrepreneurial spirit led him to start up a number of businesses including the insurance agency that still bears his name. He also set a tradition of giving back to his community, including serving in Congress for a number of years. His ability to succeed was based on the trusting relationships he formed with clients, prospects and voters. And to maintain that promise on which the agency was founded, we continue to focus on relationships rather than transactions. We become, in essence, the client's risk manager, a duty we take very seriously." One of the big differences between the agency in 1905 and the agency today is that it is a full-time endeavor for the people who work there, so that the adherence to the ideals on which it was founded is even more important today. "We have a team that is continually learning about the best ways to communicate with clients and make certain we are meeting their risk transfer and risk mitigation goals," Charlie points out. "I've been very fortunate to be able to surround myself with good, talented people so that our group talent exceeds that of any individual. At our weekly meetings, when we go over policy forms and new coverage needs and other matters involving service to our clients, everyone gets involved. No one person can completely understand the intricacies of even the simplest insurance product. But, as a group, we are constantly finding out better ways to use those products to help our clients, as well as identifying emerging exposures that we need to be prepared to cover. "One of the things that really helps us help our clients is the fact that most of our senior producers have worked on the company side in areas that include underwriting, marketing and claims, so they really do know what to expect from our companies." And that includes Charlie, who worked at both The Hartford and Royal before entering the agency ranks and eventually being asked by Ten Eyck's two partners to join the firm in 1985 as a third partner. "This means that we have a unique ability to speak the same language as the company personnel when we have to represent our client's interest if there is a claim situation or an underwriting question that needs to be taken care of," Charlie points out. At the same time, "we are building for the future by recruiting enterprising young people and teaching them what they need to know about insurance and risk management. We view each of these young people as potential successors," Charlie continues. "It is our hope that we will perpetuate our business through these young and dedicated insurance people as they grow into partners and carry on our traditions."
In order to continually move forward, the agency has an annual off-premises planning meeting in September where principals and managers meet at a conference center to set action items and strategic plans to support long-term goals. This is followed by a sales meeting designed to dovetail with the planning strategies. Charlie's partner Chris Brassard acts as meeting facilitator and makes certain that the agency management team is prepared and able to discuss issues knowledgably and with the goal of solving any problems and enhancing the efforts of the team. Shutting the backdoor Soon after Charlie joined the agency, he began to take measures to keep the competition away from current clients as well as providing a competitive advantage when approaching prospects. "If you leave the backdoor open, the competition will come in," he points out. The best way to deadbolt the backdoor is to provide every line of coverage. "And that meant life, employee benefits and financial services business, in addition to all the property/casualty coverages," Charlie notes. "So in 1988, I convinced my wife Cheryl to leave her job as a college professor and join the agency to manage that side of the business. (Talk about jeopardy.) It's been one of our fastest growing areas," he adds. (I think I heard a sigh of relief when he said that.) He continues: "Although we now are juggling the impediments brought on by the Affordable Care Act and a great deal of confusion on the customers' part, we feel confident that we will continue to greet this challenge with the energy and enthusiasm necessary to maintain our success in this area." Another area where the agency has developed an expertise that is designed to help clients and keep the competition at bay is self-insurance, particularly with its municipality and school clients. Although the agency is primarily a generalist, it has developed an expertise in each of the areas in which its clients are engaged, and that is certainly true in the aforementioned areas, where self-insured retentions are a key component of the overall risk management program. In fact, as a clear demonstration of this commitment to clients, Producer Chris Spofford was the first person in the state to obtain the Certified School Risk Managers (CSRM) designation. And this has helped the agency grow its business in this niche, while assuring that clients receive the best possible risk management advice—a classic win-win.
Old-fashioned communication the new way While communicating with clients remains key, the way communication occurs has changed drastically. "Clients expect immediate answers and solutions to their problems," Charlie says. "We have invested heavily in technology to make certain that happens. Just recently, we upgraded our agency management system to AMS360 to take advantage of its communications abilities. It allows us to operate in the cloud which promotes efficiency and greatly enhances our ability to deal with a disaster. But most important is the ability that technology gives us to remain in contact with our clients and prospects in whatever way they desire. Some customers prefer a phone call, while others want e-mails or messaging. Our platform lets us keep track of their preferences and also makes certain that we are in contact with every client on a regular basis. "We front-end scan and attach. Our customer service mantra is 'once and done,' not just to promote efficiency, but to eliminate errors that can occur when people have to reenter information. "We also are working with our companies to develop a method where prospective clients can input and rate their own coverage for a surprisingly accurate quote. Armed with this information, they can then contact us to obtain a bindable quote." Good citizens Like the agency founder, the 30 people at Ten Eyck are actively involved in the community, supporting local charities with both time and money. At the same time, they also are involved in the industry trade groups, making certain that the independent agency system remains vibrant and viable. In fact, Partner Chris Brassard, who oversees the agency's sales, marketing and accounting, just completed his year as chairman of the Independent Insurance Agents and Brokers of New York. Chris, a former Aetna marketing representative also believes strongly in staying independent and supporting the independent agency system. Both partners are convinced that agency success is largely dependent upon hiring the right young people, mentoring them closely and encouraging them to uphold the strictest professional standards. And the way the agency celebrated its 100th anniversary sums up its adherence to integrity and community support. It donated $10,000 to the Albany Housing Coalition for its veterans outreach program; $2,500 to Albany Friendship Circle for family respite services; $3,500 to Capital City Rescue Mission for women's and children's health services; $5,000 to Catie Hoch Foundation for its pediatric cancer work; $4,000 to Jewish Family Service of Northeastern New York for its parental visitation program; $3,500 to Northeast Career Planning for its consumers in need program; and $3,000 to ROUSE for its mini-food pantry and home repair programs. Now that's a meaningful celebration.
Ten Eyck Group's commitment to perpetuating the independent agency system and its long tradition of integrity clearly makes them an agency that represents the best the system offers. Rough Notes is proud to recognize them as our Marketing Agency of the Month.
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