It’s all in the family for Timothy Gaspar and the new Timothy Gaspar Insurance Services in Los Angeles.
Gaspar built a book of property/casualty clients with another agency for five years before deciding he wanted to have more control over his destiny and flexibility in dealing with clients. His stepbrother and stepfather owned Financial Management Services, which has handled life and medical insurance and financial planning issues for business owners for 34 years. Often, the family members would have clients who would need other services, but Gaspar was unable to make referrals. So, Gaspar used his own financing to buy his book of business and joined forces with his relatives in April 2008..
“Because we’re family, we’re in the same social circles and network, and now I have flexibility with who I can work with,” Gaspar said. “Previously, when I worked for another firm, I was not able to refer business their way. This way, I can include them on a lot of accounts and referrals.”
Between his insurance agency and his stepfamily’s, they aim to handle all of the personal and business insurance for their clients who are most often-upper income business owners.
From a product standpoint, Gaspar said he handles a lot of different types of business. Between his insurance agency and his stepfamily’s, they aim to handle all of the personal and business insurance for their clients, often upper income business owners and entrepreneurs.
“Our whole strategy is about relationships and taking care of people,” Gaspar said. His singular goal for his agency is to maintain 100 percent client satisfaction, noting he will go to great lengths to provide privacy and protection for high-profile clients.
“The best marketing strategy for new business is to provide good service. If you provide good service, your customers will do your referrals and you’ll keep business for the long-term. You’re better off taking good care of the clients you have because it’s expensive to get new clients,” he said
This strategy has helped Gaspar weather the economic downturn, as he started a new agency. Premiums are down, Gaspar acknowledged, but “knock on wood, business is doing great,” he said. “It’s easy to use the economy to justify less business but people are looking to save money more than ever on insurance and a lot of people are shopping and taking a look at what they currently have.”
Other agents are also starting new agencies across the country, according to an Insurance Journal report profiling some of the industry’s newest entrepreneurs. The other profiles include:
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