Mackoul Risk Solutions Company Profile

Background

Overview

Mackoul Risk Solutions is an independent insurance agency specializing in providing comprehensive insurance solutions to protect clients' businesses and personal assets. Established in 1987, the agency has built a strong reputation for its expertise in real estate insurance, particularly for cooperative and condominium properties, as well as personal and commercial insurance offerings. With offices in Long Beach, NY, Morristown, NJ, and Chicago, IL, Mackoul Risk Solutions serves clients across the New York Metropolitan area and beyond.

Mission and Vision

The agency's mission is to market insurance and employee benefits to clients by offering advice and guidance that is always in their best interests. Mackoul Risk Solutions strives to build long-term relationships by recommending companies and products of the highest integrity, while providing exceptional service that clients expect and deserve.

Industry Significance

Mackoul Risk Solutions is recognized as one of the finest personal service insurance agencies in the Tri-State area. The agency specializes in cooperative and condominium insurance, customizing insurance plans to fit specific coverage needs, large or small. Their expertise has led to insuring over 1,500 community associations and 150 rental properties, totaling over 1,700 in New York and New Jersey.

Key Strategic Focus

Core Objectives

Mackoul Risk Solutions focuses on building long-term relationships with clients by providing personalized insurance solutions that meet their unique needs. The agency emphasizes integrity, exceptional service, and staying ahead of technological advancements to offer unmatched quality service.

Areas of Specialization

Real Estate Insurance: Specializing in cooperative and condominium insurance, the agency offers customized plans to protect these properties.

Personal Insurance: Providing coverage for homes, automobiles, and personal assets.

Commercial Insurance: Offering business property insurance, general liability, and business owners' policies.

Employee Benefits Programs: Designing and managing employee benefits packages tailored to client needs.

Key Technologies Utilized

Mackoul Risk Solutions integrates advanced technologies to enhance client service and operational efficiency. In March 2024, the agency implemented Applied Pay, a cloud-based electronic payments hub, enabling clients to make secure online premium payments. This integration was completed within a single day without disrupting business operations.

Primary Markets Targeted

The agency primarily serves clients in the New York Metropolitan area, including Manhattan, Nassau County, Queens, Brooklyn, Westchester, Long Island, Jersey City, and Hoboken. Additionally, Mackoul Risk Solutions has expanded its reach to New Jersey and Illinois, serving clients in Morristown, NJ, and Chicago, IL.

Financials and Funding

Funding History

Specific details regarding Mackoul Risk Solutions' funding history, total funds raised, and recent funding rounds are not publicly disclosed. The agency operates as a privately held entity, focusing on organic growth and maintaining financial stability.

Recent Developments

In 2022, the agency's premium volume grew from $73,921,824 at the end of 2021 to $84,624,857 at the end of 2022, marking a 14.5% increase. This growth was achieved organically, well above the industry standard of 7-8%.

Pipeline Development

Key Initiatives

Mackoul Risk Solutions continues to expand its service offerings and client base. In 2021, the agency formed a premium finance company called MIS Premium Financing to help clients pay their insurance premiums in installments. By 2022, this initiative financed over $14 million in insurance premiums at rates lower than most finance companies could offer.

Technological Advancements

The agency has embraced digital transformation by offering online services such as video meetings and eSignatures, enhancing client engagement and operational efficiency.

Technological Platform and Innovation

Proprietary Technologies

Mackoul Risk Solutions utilizes Applied Pay, a cloud-based electronic payments hub, to provide clients with secure online payment options for insurance premiums. This integration allows for seamless payment processing and improved cash flow management.

Significant Scientific Methods

The agency employs data analytics and customer relationship management (CRM) systems to analyze client needs, tailor insurance solutions, and enhance customer service. These tools enable the agency to offer personalized recommendations and maintain strong client relationships.

Leadership Team

Edward J. Mackoul, CPCU, CIC – CEO

Edward Mackoul joined the agency in 1995 and became CEO in 2018. Under his leadership, the agency has experienced significant growth and recognition, including being named a "Best Agency to Work For" by Insurance Journal.

Sally Dolce, CPCU – COO

Sally Dolce has been with the agency for over 25 years, serving as Chief Operating Officer. Her leadership has been instrumental in the agency's operational success and employee satisfaction.

Cheryl Fitzpatrick – Account Manager

Cheryl Fitzpatrick has been recognized as Outstanding CSR of the Year for the state of New York by the National Alliance for Insurance Education and Research, highlighting her exceptional service and dedication to clients.

Competitor Profile

Market Insights and Dynamics

The insurance industry, particularly in the New York Metropolitan area, is highly competitive, with numerous agencies offering similar services. Mackoul Risk Solutions differentiates itself through its specialization in cooperative and condominium insurance, personalized client service, and technological innovations.

Competitor Analysis

Key competitors include other independent insurance agencies in the Tri-State area. Mackoul Risk Solutions distinguishes itself by its deep expertise in real estate insurance, particularly for cooperative and condominium properties, and its commitment to employee satisfaction, which translates into high-quality client service.

Strategic Collaborations and Partnerships

Collaborations

Mackoul Risk Solutions collaborates with various insurance carriers to offer a broad spectrum of coverage options to clients. The agency's partnerships with carriers such as Foremost, Liberty Mutual, MAPFRE, and Nationwide enable it to provide competitive and comprehensive insurance solutions.

Operational Insights

Strategic Considerations

Mackoul Risk Solutions' focus on employee well-being and satisfaction has led to a supportive work environment, fostering loyalty and high-quality service. The agency's commitment to technological advancements, such as the integration of Applied Pay, enhances operational efficiency and client satisfaction.

Strategic Opportunities and Future Directions

Expansion Plans

The agency continues to explore opportunities for growth, including expanding its service offerings and geographic reach. Mackoul Risk Solutions aims to leverage its expertise in real estate insurance to serve a broader client base and enhance its market position.