Employee-Owned CoVerica Goes the Extra Mile

Earlier this year CoVerica Insurance rolled out an employee-owned stock program, giving the agency’s staff an opportunity to become part-owners of the organization.

That decision to become an employee-owned company gave CoVerica members an opportunity to buy into the company’s success and feel empowered to think and act as business owners.

“What really sets us apart is that we’re a company that’s dedicated to perpetuating the future of our employees,” said Eric Hurt, CoVerica sales director, personal lines. “When you’re here, everything you do matters.”

CoVerica’s investment in its employees has made the Dallas agency a regular presence on Insurance Journal’s Best Agencies to Work For survey, and this year is no exception. CoVerica is the South Central Gold winner.

“To me it just demonstrates that the culture our founder and the leaders of our agency over the last 40 years have worked really hard to cultivate is really resonating with the staff and the employees,” said Rhonda Cox, CEO and president of CoVerica.

The agency’s culture is built around four precepts: Die to self (i.e., set aside your pride, biases, prejudices and personal history); Actions sought to support the best interests of all involved; Do the right things for the right reasons; and Conduct open and honest dialogue.

“Because of the simplicity of the four precepts, we really focus in on those day in and day out,” Cox said.

The fourth precept — open and honest dialogue — comes through in weekly team meetings and quarterly company meetings, where CoVerica leaders focus an hour on being very transparent about the company’s financials, roadmaps and goals for the future.

CoVerica employees appreciate the transparency and feel like their thoughts or questions are recognized, multiple team members said in comments submitted to IJ’s Best Agencies to Work For survey.

“They’re open and honest with what happens in every aspect of the company,” one employee wrote. “They listen to our concerns and bring up how they are working on them and/or give us the opportunity to change things.”

CoVerica’s open and honest dialogue can be felt in how the company communicates with clients and business partners.

An employee added that the company’s decisions always have in mind what is best for the staff, what is best for the agency and what is best for partner carriers.

“Decisions are made in the best interests of all concerned. The culture is incredible and the culture is ultimately responsible for the team being the best that I have ever worked with in a 40+ year career,” the employee wrote.

One of the advantages of working at CoVerica, according to employees, is the company’s emphasis on mentorship, training and education.

About a decade ago, CoVerica intentionally designated itself as a training agency with a focus on attracting new employees into the insurance industry. Over the last four years, CoVerica has created an internship program that has attracted more than 30 interns from Texas and neighboring states, with several becoming full-time employees.

If sales is not what an intern is cut out to do, they’re introduced to other areas throughout the organization like client service, technology and accounting.

“CoVerica has been the only company that has given me the opportunity to explore my talents and expand on them,” an employee wrote.

The average age at CoVerica has gone from approximately 50 to 37 years old.

Now that CoVerica is employee-owned, new employees are taught that every little thing they do is based on their investment in themselves and each other, said Hurt. “It’s not just coming to a company you work for. Employees can see how their contribution affects the bottom line and also how they can benefit as owners in CoVerica to empower them to go that extra mile.”