Midwest East Insurance Brokers is Awarded The Chairman’s Cup as the top performing brokerage in the company; now driving 32M+ in revenue with 139 people after implementing a LeadersWay customized, strategic business plan.
Time Frame — 2009 to 2016
Industry — Insurance Brokerage
Total Associates — 249 in 2009 — 139 in 2016
Average Wage — $50,000
Total Revenue — 30M in 2009 — 32M in 2016
Organic Growth — -16%
The operation is one of 23 brokerages that make up Hub International Insurance, a multinational insurance company that employees over 6,000 people and drives over a billion dollars in revenue annually. In 2008, Randy Koch, then CSO of Hub International Midwest East, was named president of the brokerage. When he began his tenure the firm employed 249 employees and had total revenue of 35M. At the time the struggling firm was ranked 23 out of 23 from a financial performance perspective. A year later, Randy engaged LeadersWay to partner in a turnaround initiative for the struggling firm.
The combined efforts resulted in programs that included but were not limited to:
Talent management to include selection, on-boarding and development
The aggressive 7 year program drove high levels of accountability to all levels of the organization and resulted in the dismissal and sometimes repurposing of key decision makers. New candidates were carefully scrutinized for fit, potential and performance. A significant by-product of the program found that many positions did not have to be filled as the carefully selected high performers began to execute at significantly higher levels. In addition, employee engagement reached record levels creating the conditions where the firm was able to produce extraordinary results with dramatically less resources.
In 2015, MWE was awarded The Chairman’s Cup in recognition of being the top performing brokerage in the company. Today the company drives 32M in revenue with 139 people.
Results of the Program
Total staff — 139 down from 249
Average wages — $50,000
Annual savings — $5, 500,000
Organic growth — +9%