Personal Lines Profile

Foy Insurance

Exeter, NH

Owner(s)/principal(s): Jeff Foy, Mike Foy, Jim Foy

2006 personal lines premium: $40.5 million

No. of personal lines insurers: 35

Foy Insurance, founded in 1893 as Elwell’s Insurance Agency, resides in the small city of Exeter, N.H., population 15,000, but is surrounded by many neighboring small towns. Foy operates 14 offices in surrounding locations and provides real-time comparative quotes for personal lines customers through AMS SETWrite.

Jeff Foy, chief operating officer, says the agency has continued to grow its personal lines business through a variety of means including: a strong sales culture; aggressive cross-selling; above average retention; educated and licensed staff at all levels; incentive programs for growth for all staff (including clerical/support staff); broad mix off advertising/marketing; and operating local offices on “main streets” that are visible, accessible and locally-staffed.

What Foy likes most about the personal lines business is “dealing with people who have put their faith in you.” The least: “the commoditization of it by certain companies (example – Geico).”

Foy says the biggest challenge in homeowners today is that estimating replacement cost is a very inexact science. The greatest challenge in auto is getting clients and prospects to understand that auto insurance is not a commodity.

Foy’s three keys to success in personal lines: “1) We treat personal lines like most agencies treat commercial lines. It does not take a back seat to commercial. 2) We have partnered with all of the best markets/carriers. 3) We have local offices staffed with local people instead of one big office or a service center in some other part of the country.”