By Andrew D. Thompson
Partner and Vice President, Thompson Insurance Group
GIRARD, Ohio – Thompson Insurance Group, a family-owned and operated agency established in 1947, achieved a successful 74th year of doing business in the Mahoning Valley.
In 2021, the agency welcomed fresh faces, continued to give back to the community and experienced growth within each of its four subsidiaries: The Gibson Agency, Gibson Agri/Equine Insurance, Thompson Private Client Services, and PetBizInsurance.com.
The Gibson Agency, Thompson’s largest subsidiary, grew by 9% in its commercial lines division.
It was the company’s specialized divisions, however, that saw the greatest increases, with growth exceeding pre-pandemic levels.
Gibson Agri&Equine, Thompson’s agribusiness and equine insurance subsidiary, saw an increase of 17.5% over 2021. PetBizInsurance.com, which offers specialized coverage for pet businesses across the United States, grew by 21.1%. Overall, 2021 was a banner year for Thompson’s niche markets, which was made possible by strengthening the workforce, processes and product offerings.
Even with the disruptions caused by the pandemic, the agency stayed engaged in the community and made contributions to various local causes, including sponsorships and donations to schools and nonprofits.
At the 2021 National Philanthropy Day event, Thompson Insurance Group received the Outstanding Small Business Philanthropist award presented by the Association of Fundraising Professionals Mahoning-Shenango Chapter. This award is given to a small business that demonstrates outstanding commitment through financial support and encouragement and motivation of others to take leadership roles toward philanthropy and community involvement.
For the second year in a row, the Gibson Agency’s strong overall performance earned the Superior Travelers Agency Recognition Award.
Thompson Insurance Group welcomed two new employees this past year. Matt Nelson joined the team as an accounting/ HR associate. The agency also hired Kandee Kifer as a service processor for our PetBiz Insurance subsidiary.
Employees Leslie A. Sams, personal risk manager, and Rebecca Ricchiuti, were awarded certified professional insurance agent designations granted by the American Insurance and Marketing and Sales Society. This designation represents professionalism as well as commitment to continual training in sales and the insurance industry.
One of the lasting changes the pandemic instilled within Thompson Insurance Group is how crucial technology has become for our business. Investments in technology have allowed our company to enhance the customer experience through better communication, artificial intelligence learning and automated selling. Several tech solutions were also implemented for better efficiencies, processes and workforce development.
Although the pandemic era presented its challenges, it allowed Thompson Insurance Group to discover that clients are more willing to accept changes in technology and communication than previously thought. Clients have worked with staff to develop better ways to serve and communicate.
Looking forward to 2022, Thompson anticipates consistent growth in all divisions and is determined to minimize the negative impacts that the pandemic has made on insurance industry.
The agency will continue to conduct account reviews and keep up to date with clients’ needs to hopefully reduce the effects observed with price increases due to inflation, supply chain issues, labor increases and lawsuit settlements.
We must be patient with each other, help each other, respect each other, and accept that things may never go back to the way they were.
Copyright 2022 The Business Journal, Youngstown, Ohio.