Today we’d like to introduce you to Grant Barra.
So, before we jump into specific questions about the business, why don’t you give us some details about you and your story.
Right out of college, I knew a person that had an insurance agency with a well-known carrier, the carrier is known as a “captive” company in our industry. A “captive” company contracts Agents to sell only that specific companies products, the Agents are typically prohibited from offering other products even when in the best interest of the client. While I knew very little about insurance at the time, I started with this carrier and quickly realized success from the hard work that I was putting in every day. I learned that my staff and I must quote twenty potential clients to be competitive in two or three cases (defining competitive as 1. offering more coverage for a lower premium, 2. offering more coverage for the same premium, or 3. offering the same coverage for a lower premium). That was an acceptable number in the situation I was in. Though I could not stop thinking about seventeen to eighteen clients (on average), we were unable to work with. Leveraging contacts I created through networking I was able to connect with an executive at a large insurance carrier. This person gave me an opportunity to recruit, train and develop Agents. This was also a situation where we were offering one carrier. I was able to build a highly successful team. The success was great, though I found myself losing Agents that were talented, Agents that I believed could be successful if given an opportunity to be competitive and offer more product lines. I wanted it all, I wanted to capitalize on the Agent client relationship by providing value where value was not being provided. That, in turn, would provide value to the Agents because they would be able to accumulate more clients by offering a wider range of products that were competitive. I believed that if I could build a platform that allowed Agents to do this, while supporting their practice it would be impossible not to grow exponentially. That is when Barra & Associates took off. We became an Insurance and Financial Services Brokerage providing Entrepreneurial and Agency startup opportunities to those establishing a career in our industry. We developed divisions specializing in all personal and commercial solutions. The core areas of expertise covering the personal and commercial property, casualty, life, health and indexed markets. We acquired and provide access to one hundred plus partner carriers. Our multi-line platform supports agency, and entrepreneurial channel distribution, including a defined career path with management track and partner opportunities. The back office is supported by proprietary systems, ensuring the success of inexperienced and experienced professionals joining the organization.
We’re always bombarded by how great it is to pursue your passion, etc. – but we’ve spoken with enough people to know that it’s not always easy. Overall, would you say things have been easy for you?
It took sacrifice at the beginning. The first twenty-four months went by without taking a single dollar out of the company, reinvesting everything into the development of our platform. Finding good people and selling the idea of what the company could be. Almost all of the original hires are still with the company.
We’d love to hear more about your business.
Barra & Associates is an Insurance and Financial Services Brokerage providing Entrepreneurial and Agency startup opportunities to those establishing a career in our industry. We developed divisions specializing in all personal and commercial solutions. The core areas of expertise covering the personal and commercial property, casualty, life, health and indexed markets. We acquired and provide access to one hundred plus partner carriers. Our multi-line platform supports agency, and entrepreneurial channel distribution, including a defined career path with management track and partner opportunities. The back office is supported by proprietary systems, ensuring the success of inexperienced and experienced professionals joining the organization. Bottom line is our Agents and Agencies are able to offer more product, be competitive more often, and focus on selling rather than servicing.
What were you like growing up?
Competitive, problem solver, with a high degree of work ethic, looking for ways to challenge norms. I quickly learned there are multiple ways to achieve a result. And, that what many people would tell you is not possible, really can be.
Contact Info:
- Address: 100 E Pierce Rd
Suite 110 - Website: www.ifsbrokerage.com
- Phone: 630-206-9660
- Facebook: www.facebook.com/ifsbrokerage
- Twitter: www.twitter.com/IFSBrokerage
- Other: www.linkedin.com/company/insurance-and-financial-services-brokerage-barra-and-associates/
Getting in touch: VoyageChicago is built on recommendations from the community; it’s how we uncover hidden gems, so if you know someone who deserves recognition please let us know here.
