This feature is a question-and-answer session with a new Blount County Chamber member. So here we go with our 107th installment visiting with David C. Nichols, PhD, and CEO of East TN Insurors.
Describe what East TN Insurors does. We are a Multi-Line Independent Insurance Agency licensed in TN, GA, VA, NC, and SC. We represent Auto-Owners Mutual, The Hartford, CNA, Progressive, CHUBB, Zurich, American Modern, AEGIS, Foremost, Liberty Mutual, Philadelphia, ARCH, Grundy, Coast National Ins Co, Blue Cross Blue Shield of TN, HUMANA, CIGNA, United Health Care, SYMETRA, and Midland National. We sell auto, home, motorcycle, boat, commercial and business liabilty insurance, workers comp, health, life, annuities, disability, and medicare insurance.
How did you get started? The agency Principal was working for Stein-Roe-Farnum as a Registerd Representative (NASD Series 7) selling investment funds when the company was bought by the Liberty Mutual Insurance Co. of Boston. The agency Principal sold over $500,000,000 a year in investments and quickly rose to management in Knoxville, TN. Upon leaving Liberty Mutual he founded East TN Insurors in Maryville, TN.
What is your background? The agency Principal studied Finance under Milton Friedman at the University of Chicago earning his PhD. The agency Principal received management and middle management training while employed by Liberty Mutual. Additional management training was received while a member of the US Air Force and TN Air National Guard.
Who is your mentor? While working on his Masters of Mathematics Degree at the University of TN, Knoxville, the agency Principal was an assistant swimming coach and his mentor was L Reid Patterson, the first Olympic Gold Medalist from the South Eastern Conference. Coach Patterson was also a NASD Series 7 Investment Advisor and encouraged the agency Principal to pursue that license.
Describe your customers. Our customer base is very diverse. We have wonderful loyal clients that we treat professionally but also like family. We are now writing third generation clients. We have customers who have been with us for over 40 years. We write the small accounts as well as large accounts for businesses who sales exceed $100 million annually.
What impacts the business environment you work in? The economic conditions shape all business and purchasing decisions. Our office and our companies are ever changing and using the latest technology, advertising, and social media to meet our customers needs.
Name three things you wish you knew when you started. Ours is an ever changing business. The investment in newer technology requires a considerable upgrade to our systems every couple of years. Government regulations have severely impacted our ability to help our customers purchase heath insurance. And finally, I did not realize how rewarding it would be to develop an ongoing successful business enterprise.
What do you enjoy most about your business? We enjoy helping clients satisfy their financial needs.