When employees of Pacific Specialty Insurance Co. bemoan the fact that they don’t have a ton of money to spend on sales and marketing to generate growth, the CEO does not promise to find more resources.
Executive SummaryScarce resources? No problem. Speaking from past experience, Brian Cohen, the CEO of Pacific Specialty, explains how to generate growth even with limited advertising dollars and other budget restrictions. At PSIC, independent producers are a key part of the strategy, he says.
Instead, Brian Cohen directs his staff to work within the limits they’re facing.
Drawing on his own past experiences as an executive at a much larger company, Farmers Insurance, Pacific Specialty’s chief executive officer knows it’s possible to look beyond the boundaries to find hidden opportunities.
“We’re a small company and so we’re only going to have a certain amount. It’s never going to be enough,” he says. “When I was at Farmers we complained that we didn’t have enough money to spend on marketing and advertising, and we spent 20 times as much as we spend at Pacific Specialty.