Price & Ramey Insurance - Comprehensive Analysis Report
Summary
Price & Ramey Insurance, an independent insurance agency established in 1914, holds a century-long legacy as a leading insurance partner in East Tennessee. Its mission is to advance this legacy by protecting the assets of families and businesses through comprehensive and dedicated coverage and service. The company's vision is centered on a pre-eminent standard of excellence, offering modern solutions, unparalleled customer service, and tailored coverages to all individuals and businesses. As a local, trustworthy partner, Price & Ramey Insurance plays a significant role in providing personalized insurance solutions to its community by leveraging its independent agency model and extensive network of carriers.
1. Strategic Focus & Objectives
Price & Ramey Insurance's strategic focus is to provide personalized insurance solutions through its independent agency model.
Core Objectives
Asset Protection: A primary objective is to safeguard the assets of families and businesses through resolved, resolute coverage and service.
Customized Solutions: To differentiate from national brands by offering access to over 150 insurance carriers, thereby matching clients' unique needs with optimal policies and prices.
Specialization Areas
Personal Lines: Includes coverage for Auto, Homeowners, Life, Health, and Medicare.
Commercial Lines: Encompasses Business Owners, Workers' Compensation, Home-Based Business, and Employee Benefits.
Target Markets
Primary Market Segments: Individuals and businesses.
Geographic Focus: Primarily East Tennessee, with offices in Kingsport, Johnson City, Bristol, Morristown, and Tazewell.
2. Product Pipeline
Key Products/Services
Price & Ramey Insurance offers a comprehensive suite of insurance products, leveraging its independent agency status to provide tailored solutions from over 150 carriers.
Personal Insurance Lines:
Automobile Insurance: Coverage designed to keep clients safe on the road.
Homeowners Insurance: Protection for residential properties.
Life Insurance: Solutions for taking care of beneficiaries.
Health Insurance: Plans tailored to individual health needs.
Medicare: Assistance in navigating the Medicare system for protection.
Additional Personal Lines: Renters, Motorcycle/ATV, Boats/Watercraft, Personal Liability Umbrellas, and Annuities.
Commercial Insurance Lines:
Business Owners Insurance: Protecting businesses from various risks.
Workers' Compensation: Ensuring employee safety and business protection in case of accidents.
Home-Based Business Insurance: Specific coverage for businesses operating from home, often not covered by standard homeowners' policies.
Employee Benefits: Comprehensive benefits packages for employees, including health plans, HR programs, and ancillary benefits.
Additional Commercial Lines: Commercial Auto, Commercial Liability, Commercial Property, Directors & Officers, Employment Practices Liability, Inland Marine, Ordinance or Law Coverage, Professional Liability, Cyber Liability, Special Event Coverage, Umbrella and Excess Liability.
3. Technology & Innovation
Price & Ramey Insurance has prioritized modernization to enhance its brand presence and customer engagement.
Technology Stack
Branding and Digital Presence: Modernization overhaul of its logo and branding to reflect a professional and reliable image.
Digital Engagement Tools: Development of a website and mobile app, along with marketing design to connect with prospective customers.
Carrier Network: Utilizes a broad network of over 150 insurance carriers, a core component of its independent agency model, allowing for customized policy bundles.
Industry Tools: Integrates industry-standard tools such as AMS360 and WordPress for digital marketing, customer engagement, and streamlined sales processes.
HR Management: Works with Bernie Portal for Human Resources needs and benefits tracking.
Additional Technologies: The company's tech stack includes JazzHR, oEmbed, Font Awesome, jQuery Migrate, Tidio, Microsoft, Priority Hints, and Google Tag Manager.
4. Leadership & Management
Price & Ramey Insurance is led by a dedicated executive team.
Executive Team
Aaron Hammons - President/CEO. Appointed President/CEO in May 2024, focusing on strategic growth and fostering synergy among staff.
Linda Nichols, CIC, AAI - President/CEO. Remained on board until her retirement in December 2024, integral in the leadership transition.
Kellie Weaver - Chief Operating Officer, Human Resources.
Ben Christian, CIC - Chief Strategy Officer.
Brock Buresh - Director of Personal Lines.
Regina Fields-Tackett - Health/Benefits Sales Manager (also listed as Benefits Department Director).
Cara Schoettes - Marketing Director.
Debbie Davis - Controller.
Recent Leadership Changes
President/CEO Appointment: Aaron Hammons was appointed the new President/CEO in May 2024. Linda Nichols, who was also President/CEO, was involved in the transition until her retirement in December 2024.
5. Strategic Partnerships
Price & Ramey Insurance operates through an independent agency model, enabling extensive partnerships with numerous insurance carriers.
Carrier Network: The company partners with and offers policies from over 150 different insurance carriers. This extensive network provides customized solutions that meet the unique needs and budgets of their clients. This approach contrasts with captive agents who are restricted to offering policies from a single company.
Examples of Carriers: Some of their popular carriers include Accident Fund Insurance, Acuity, Aetna Insurance, Aflac, AIG, Allstate Insurance, American Modern Home, Auto Owners Insurance Co., Blue Cross Blue Shield of Tenn, Builders Mutual Insurance Comp, Cincinnati Insurance, Hartford, Liberty Mutual Insurance Co., Nationwide, Philadelphia Insurance Company, Progressive Casualty, Safeco, Selective Insurance, State Auto Insurance Company, Travelers Insurance, and Westfield Group.
6. Operational Insights
Price & Ramey Insurance maintains a strong position in the East Tennessee market due to its long-standing presence and operational strengths.
Current Market Position: The company is a leader in providing quality protection for individuals and businesses in its operating region of East Tennessee, operating from six locations including Kingsport (head office), Johnson City, Bristol, Morristown, and Tazewell.
Competitive Advantages:
Independent Agency Model: Unlike national brands, Price & Ramey, as an independent agency, offers clients access to over 150 insurance carriers, allowing them to find the best policy and price to suit unique needs.
Local and Trustworthy Partner: With over a century of experience since 1914, the company emphasizes its role as a local, community-focused partner, treating customers with care and respect.
Comprehensive Coverage: Offers a full range of personal and commercial insurance solutions.
Customer-Centric Approach: Agents work for the client, not the insurance companies, focusing on finding the best value and policy.
Operational Strengths:
Extensive Experience: Boasts over 800 years of combined employee experience and dedication to customers.
Regional Presence: Operates multiple offices across East Tennessee, ensuring a strong community presence and personalized relationship-driven sales approaches.
Acquisition Strategy: Demonstrated growth through acquisitions such as Alexander Insurance Agency in Elizabethton (2022) and Gilley, McCready, Sneed & Cuddy Insurance (GMSC) in Bristol (2021). These acquisitions indicate ongoing growth strategies and opportunities to expand its customer base.
* Areas for Improvement: While not explicitly stated, the rapid evolution of technology in the insurance industry, including AI and automation, presents continuous opportunities for enhancing efficiency, underwriting accuracy, and customer experience.
