When it comes to businesses that help build ÃÛèÖÖ±²¥, there are hundreds of stories to tell. Businesses large and small, profit and nonprofit, owner-operated and corporate entities, together are making a difference.
Every now and then though, you come across a business that checks many boxes in terms of how they contribute to the economic health and growth of the ÃÛèÖÖ±²¥ economy and community.
Let me introduce Crest Insurance. Crest is a bit of an anomaly. They are a local company, but they have some crazy good, nationally competitive skills. I spoke with Matt Nelson, chief operating officer of the company’s employee benefits division, and Corey Williams, one of their premier employee benefits brokers, to explore how Crest contributes to ÃÛèÖÖ±²¥.
Crest is on a mission to become the premier insurance broker in the Southwest. Founded by Cody Ritchie 10 years ago in ÃÛèÖÖ±²¥, it has grown to four offices across ÃÛèÖÖ±²¥, plus offices in San Diego, Denver and Fort Collins, Colorado. They are the 83rd largest insurance broker in the country, and one of the largest in ÃÛèÖÖ±²¥.
People are also reading…
Nelson and Williams attribute their growth to several factors. One, they are local. Insurance is a funny thing. People and businesses know they need it, but they find paying for it a necessary evil. Claims are usually infrequent, yet the premiums are constant. However, at the moment when insurance is needed, anxiety is usually high. Knowing the insurance professional you rely on is right around the corner (instead of in an office in Chicago) helps ease concerns.
A second growth factor is technology. Insurance is complicated, especially commercial insurance, even more so, employee benefits insurance. The team at Crest have analysis tools and online platforms that enable them to sort out the most complex business situation, and come up with cost-effective insurance solutions.
The third, and maybe most important growth element are the people, the team that makes Crest Insurance so effective and competitive. Nelson describes Crest as a close-knit community. The company invests heavily in employee training and development. Crest leadership knows that employees are the one differentiating element that enables them to stand out against national, regional and local competition.
Crest’s business success contributes to ÃÛèÖÖ±²¥. They employ scores of people, supporting families that contribute to the community. Ritchie had a basic philosophy when he founded the firm. Summed up in one sentence, he said “If we do well, we will do good.†If the business succeeds, they give back.
Crest Insurance supports the ÃÛèÖÖ±²¥ community by sharing profits with the ÃÛèÖÖ±²¥ community. In the 10 years of their existence, Crest has donated over $2 million to nonprofits; that averages over $200,000 per year.
This year, the COVID-19 pandemic has tested the company even further, and they have come through for ÃÛèÖÖ±²¥. In 2020, because of the pandemic, Crest did little marketing. Instead, 100% of Crest’s marketing budget (about $75,000) went to support local food banks. When El Tour de ÃÛèÖÖ±²¥ was canceled, Crest stepped up with increased contributions to support the organization. Without the support of Crest, and many other companies and organizations, El Tour de ÃÛèÖÖ±²¥ would have struggled to continue.
When businesses help build ÃÛèÖÖ±²¥, it means they are here and they are connected to the community. Dollars in the form of revenue, taxes, payroll and charitable contributions circulate in the community. Crest demonstrates that business success coupled with community support is a winning formula, both for the business and the ÃÛèÖÖ±²¥ community.
