Polley Insurance and Risk Management was founded in 2001. Since that time the boutique firm has grown exponentially and has established a more elevated concept of operation that aligns with their core values and focuses on creating partnerships with businesses and successful individuals.
Prince: Please describe your business philosophy and approach.
Polley: Our philosophy to business partnerships is through a long-term approach. We are in the business of risk management. Most of our peers only pay attention to the insurance policy placement and what can be done in the short term. We look at risk as a deterrent to reaching organizational goals. You never know when risk will appear and it’s important to be prepared. Insurance is only a small portion of risk management and the total cost of risk. We understand that if we can help our partners reach their goals, we will reach ours.
Prince: How are you leveraging technology to better serve clients?
Polley: Our core values are built around the acronym of the word PARTNER. The “R” stands for Relevance. We believe that to remain relevant, you must be willing to adapt. What’s worked in the past, may not work in the future. Technology is a perfect example of what is rapidly changing. We embrace technology as a tool to better service our client partners. In our industry, technology has helped tremendously in the data analytics of risk. We use technology tools to develop trending analysis, which allows for better conversations around the root causes of risk. This helps us look for ways to mitigate the future probability of loss.
Prince: How is the P&C insurance industry changing for successful entrepreneurs?
Polley: I think that successful entrepreneurs understand that the P&C market is constantly changing. Pricing changes dependent on market conditions. Sometimes the market is hard, and it can be challenging to find cost effective insurance or insurance at all. Other times the market is soft and pricing drops considerably. Technology has also changed, which has allowed the insurers to better calculate risk without direct input from their clients.
Most importantly from my perspective, I would say that successful entrepreneurs understand that insurance is only a financial risk transfer. It doesn’t reduce or mitigate the probability of loss. The cost of insurance is reflective on the historical losses and the likelihood of future losses. Most successful entrepreneurs that focus time and energy on risk management, reap the benefits of better insurance coverage and pricing over a long period of time.
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