Member Spotlight: Traders Insurance
Oct 13, 2020
To hear an insurance agency say “we love claims!” might make you a little skeptical. But when you hear the team at Traders Insurance say why they love claims, you can understand why the 46-year-old agency is a 2020 Top Ten Small Business. “We love claims,” said CEO Mark Concannon. “We don’t like the real trauma accidents cause, but we welcome the opportunity to deliver on our promise. It’s our opportunity to shine. We service thousands of claims every month and we constantly look for ways to achieve better, faster resolution of claims.”
Traders Insurance began as an auto insurance agency when it was founded in 1976 near 71st and Troost. Their strategy at the time involved being many things (commercial and personal lines products) to many people (35 insurance companies). But over the years, Traders learned that less is more. They currently specialize in auto and, more recently, renter's insurance. “Our strategy over the last 30 years has been ‘the disciplined pursuit of less’ taken from Greg McKeown’s book Essentialism,” said Concannon.
That strategy is paying off, as Traders’ revenues have grown more than 500% from nearly $15 million in 2009 to just over $94 million in 2019. Despite the impressive growth, the team at Traders doesn’t want to grow too big or too quickly. They like to refer to themselves as the “David” in a world of insurance “Goliaths.” Concannon says “that’s exactly where we want to be because we can remain nimble, creative, and fun - while pursuing meaningful growth opportunities.”
Traders has a long commitment to the Troost corridor. Their first location was at 71st and Troost, then 8916 Troost. The Kansas City Corporation for Industrial Development honored Traders with the “Commitment to Kansas City” award in 1986, for the renovation of the 8916 location. Traders also renovated their current location just a few blocks south at 93rd and Troost, buying the building that served as Mazuma Credit Union’s past headquarters, then investing more than half a million dollars to continue serving the Troost corridor in South KC.
What’s in store for Traders over the next decade? Expanding their geographical footprint to eight states from the current four locations in Arkansas, Kansas, Missouri, and Oklahoma. Behind this strategy is controllable and sustainable growth, says Concannon. “We will do this with a keen eye on the ‘less is more’ philosophy that we feel has been a major contributor to our success.”
Traders Insurance and the other nine Top 10 Small Businesses will find out if they won the 2020 Mr. K Small Business of the Year at the Small Business Celebration Virtual Awards Event, Thursday October 15. Register here and come celebrate some of the best small businesses in Greater Kansas City. The Presenting Sponsor for the Awards is the Ewing Marion Kauffman Foundation. Our 2020 Small Business Programming is presented by Blue Cross and Blue Shield of Kansas City and Evergy. The CEO Level Sponsor is Honeywell.