Holmes Murphy CEO shares “secret sauce” to 87-years of independence
Against the background of a “strong” 2020, in which Holmes Murphy and his customers “survived” [COVID-19] Storm good, ”said Chairman and CEO Dan Keough (photo), the broker has just completed its latest strategic plan. Holmes Murphy does this every five years to redefine “who we are, where we are and where we are going,” said Keough.
Continue reading: Holmes Murphy makes tour appointments
“In an industry consolidating, Holmes Murphy is a unicorn,” he told Insurance Business. “We grow and thrive independently and believe that our focus on top talent and employee participation is key to our independence. Since we are in possession of our employees, we can control our own destiny and pursue a more long-term strategic view with the mentality “do what is right for the customer”. If we hold on to this, we believe we have a chance to become one of the largest private insurance brokerage firms in the United States.
“What is our secret sauce? I think it’s embedded in our culture, which is to provide opportunities to others and to help our employees and customers develop into their best selves. We always think of long-term strategies and initiatives that we believe will be good for our employees, our customers and the communities in which we operate. Our Employee Value Proposition is really important to attracting and retaining the top talent who serve our employees and customers. “
A specialty of Holmes Murphy is the strategic maintenance and succession planning. The broker, who offers a range of property and casualty insurance, employee benefits, self-insurance, risk management and loss control solutions, purposely keeps its weighted average age of shareholders young. This is in contrast to the industry trend of agency ownership getting old and then giving or selling its business to a family member.
Continue reading: Holmes Murphy acquires an independent captive management company
“Our culture is one where our former leaders have deliberately stepped aside and given the next generation the opportunity to take responsibility and grow into leadership positions – and we want to continue that legacy into the future,” said Keough. “This inspires the employees and drives them to develop their specialist knowledge and to work hard for our customers. Holmes Murphy really feels like family even though we are not a family business. We have a very special culture in this regard. “
Holmes Murphy is not just dedicated to the customers it serves. The broker also “takes pride in being a good citizen of the industry” and wants to work with industry peers to make meaningful change for everyone. Last year, Holmes Murphy founded a company called BrokerTech Ventures, a broker-led investor group and accelerator program designed to develop the next generation of technology solutions for insurance agencies and brokers.
“We want to be part of the industry and influence what it looks like,” said Keough. “In our strategic plan, we feel we can play an important role in influencing the direction of the industry.”