Small Business Showcase: InsureGood
Each month, we profile a Connecticut small business, showcasing the ingenuity and innovation driving the state’s economy. For August, we spoke with InsureGood, based in Hartford.
When was your company founded?
How many employees work for your company?
Who are your customers?
Professional services companies with between 10 and 150 employees.
We have particularly strong expertise and experience working with financial services and data and analytics firms (such as CPA’s, wealth managers, and actuaries), marketing firms, and technology firms.
What makes your company unique?
We pair strong operational expertise with risk management and insurance services to provide our clients with comprehensive programs that both safeguard and grow their profits.
Our proprietary Business360 process utilizes a variety of techniques to identify, measure, and reduce risk while enhancing an organization’s performance through non-insurance solutions.
With our approach, each decision about how to manage risk is designed to improve our client’s bottom line.
Clients that participate in our Business360 process recognize an average of 17% first-year expense reduction and improvements in their operational efficiencies and risk profile.
More importantly, our firm is about so much more than generating a profit.
As a social enterprise, our business is built around our mission to facilitate the entrance of underrepresented populations into the insurance industry as leaders and owners so that we can begin to address the wealth gaps that exist in our communities.
We do this by offering training, opportunities, and capital to those who desire to work as operations and risk management consultants.
What is a fun fact about your business or its history?
Our founder, Meredith Messenger grew up with two parents who worked in the insurance industry and as a teenager she swore she would never work in the industry.
Fast forward 30 years and she’s been in the space for over 17 years, and now owns her own firm! Her parents regularly remind her of those early conversations and how “right” they were about the industry!
Why did you choose Connecticut?
The state is wonderfully diverse in both population and culture.
It offers an excellent quality of life, and is well situated and accessible to other major markets such as New York and Boston which is very attractive.
What is the greatest advantage to operating in Connecticut?
We believe the most valuable asset we have is our people, and the state of Connecticut can offer us some of the best insurance and technology talent in the country.
How do you try to give back to your community?
As a social enterprise, we do everything we can to support our mission to enable business ownership and leadership opportunities for underrepresented populations so that we can continue to positively impact the wealth and opportunity gaps that exist within our communities.
In addition to our own business model discussed above, we host educational and networking events purposefully designed to facilitate relationships and experiences that can assist business owners and aspiring business owners as they work through the many challenges of owning and growing a business.
We also support and donate to area nonprofits and organizations that align with our mission and values so they can continue to make important contributions to our communities.
Where do you see your company in five years? Ten years?
Our goal is to successfully facilitate the entry of at least 25 individuals by 2030 into the agency in leadership and ownership roles from the communities that we are a part of, while facilitating and safeguarding the success of the businesses that we serve.
Longer-term we envision building a national, boutique-style operations and risk management firm with a continued focus on professional services and specialized professional liability expertise.
We hope to build a team of 50+ affiliate agents from diverse backgrounds with leadership and ownership opportunities.
If we’re able to accomplish this, we are enabling economic and social growth that moves far beyond the success of our own business and really begins to impact our communities on a larger scale leveraging what we like to call the “ripple effect.”
What is the main thing policymakers could implement to make your company more competitive?
One of the biggest challenges is the availability of capital for early stage companies that are growing and have tremendous potential to contribute to the state’s economy.
We think additional focus and broad, accessible financial support for more minority-owned businesses through programs such as Connecticut Innovations could make a huge difference.
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