In this month’s episode, Ryan Eaton welcomes David White, President and CEO, and Rick Eaton, Chief Operating Officer, at Morgan White Group located in Ridgeland, Mississippi. White and Eaton share wisdom and insight from their experiences in growing an insurance company.
Find Your Niche
It is essential to identify and understand your customers before starting a business. In order to develop successful products, you need to understand the needs and wants of your customer base. White also suggests that niche products are crucial for differentiating yourself from your competitors.
Look at the value of your competitor’s content and figure out what will set your business and product apart. A design can be improved by being flexible and continuing to adjust along the way. You might have a great chance to gain a foothold in that market if you take advantage of those opportunities.
We found our flagship product in searching for a niche, the premium saver is exactly that. As we tweaked it, we made it our own.
Fuel For Growth
Compliance culture becomes increasingly important as companies expand. In order to shape their growth roadmaps, companies should hire a compliance team. Eaton noted that our company benefited from the hiring of compliance personnel. AM Best Rating Services rates Morgan White Group, and having the compliance personnel is important for their rating system.
AM Best rates more than 16,000 insurance companies worldwide with a credit rating summary of an insurance company's ability to pay claims, debts, and other financial obligations. Rick continues to have these programs in place for risk management and compliance that not only help MWG satisfy state regulators but also help internally.
In terms of growth, a great deal of what we have done has been driven by regulatory requirements.
The Importance of Excellence
The definition of excellence is changing today. White, CEO and President of Morgan White Group, explains that defining excellence should be part of your company's vision and mission statements.
Specifically, excellence in product, excellence in service, excellence in work culture, leadership, and everything you do. Providing your customers with excellent service should be the core reason for your company's existence.
Customers are attracted to you by the quality of your product and the quality of your people.
Growth mindsets are based on the belief that improvement is possible and failures can be turned into learning opportunities. The objective is much broader than simply increasing earnings.
Be sure to tune into next month’s episode as we continue our discussions with the best leaders in the industry.
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