An impressive three-year sales growth of 113% was enough to secure New York-based ReSource Pro a spot in
Inc. magazine’s 500|5000, a ranking of America’s fastest-growing private companies.
A business processes consultant for independent agencies, managing general agents and insurance carriers, ReSource Pro grew in revenue from $15.7 million in 2010 to $33.5 million in 2013. The group was recognized alongside companies like Yelp, Pandora, Domino’s Pizza, LinkedIn and Zillow.
The ranking marks the sixth consecutive year ReSource Pro made the 500|5000 list.
CEO Dan Epstein told
Insurance Business America he credits both his own company’s operating efficiency and the effects of the economic recession and recovery for the success.
“When the country went into the economic downturn in 2008 and 2009, lower payrolls and a softer market put pressure on insurance agencies,” Epstein said. “It meant they had to write more business with fewer employees, driving a greater need for productivity. So they turned to us.
“As the economy started to strengthen again, those agencies grew and we grew with them.”
Epstein feels that more insurance operations are recognizing the substantial gaps between the most productive employees and the least, leading to “huge opportunities for growth” through ReSource Pro’s“4 S’s:” standardization of ad hoc tasks; segmentation of accounts to ensure accounts are neither over-serviced or underserviced; streamlining workflows; and sourcing work to the right person, so overqualified people aren’t caught up in minutia.
In future, Epstein says ReSource Pro will be honing in on analytics and how what he calls “little data”—information like office submissions statistics or quote to bind ratios—can be used to draw helpful conclusions about improving efficiency.
“In the future, our business will be driven by our understanding of the metrics that indicate the true drivers of growth and productivity,” he said. “Many organizations are struggling to get operational data about their own business, so we’re working to build a deep understanding of these core drivers of operational efficiency.
“At the end of the day, it all comes down to numbers. If you can’t measure it, you can’t understand it.”
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