For Joel Hirschfield, business acumen runs in the family. His father, a distinguished accountant, encouraged him to enter the insurance industry to capitalize on the demand for property, casualty and construction coverage.
Hirschfield followed his father’s advice. He is the founder and principal broker of Hirschfield & Associates – and was recently recognized on IBA’s 2022 Top Producers list.
Since 2010, Brooklyn-based Hirschfield & Associates has partnered with more than 150 independent carriers. Hirschfield is licensed in New York, New Jersey, Connecticut, Florida, Arizona, Virginia, Iowa and Pennsylvania.
The company has seen rapid growth in recent years. Hirschfield & Associates currently has 10 employees, but is looking for five more. Hirschfield said it was not uncommon for him and his team to work 15-hour days to meet the demand.
His explanation for that success is simple.
“I listen to every insurance customer,” Hirschfield said. “With a $1 policy or a $100 million policy, you focus on the policy and the needs of the insured and make sure you meet his needs. The key to growth is top customer services and coverages. Better coverage talks more than decreased premiums. When coverage is good, the premium decreases.”
Hirschfield & Associates grew its revenue from $15 million in 202 to $21 million in 201 to $70 million in 2022. It increased its number of clients from 9,000 in 2020 to 10,000 in 2021, and increased its number of policies written from 13,000 in 2020 to 15,000 in 2021.
Hirschfield said the company isn’t through growing.
“We’ll be hiring more secretaries and educating and training them,” he said. “And we’ll be hiring more managers. All in all, we’re determined to make sure our customers get what they need.”