Access Group Named Tenth Fastest Growing Private Company by Inc. Magazine.Business Editors ATLANTA--(BUSINESS WIRE)--Oct. 15, 2003 Insurance Leader Attributes Technology and Metrics metrics Managed care A popular term for standards by which the quality of a product, service, or outcome of a particular form of Pt management is evaluated. See TQM. Management to 9,058 Percent Growth Over Five-Year Period The Access Group, a leading managing general agency that is setting a new standard of accountability for the insurance industry, today announced that Inc. Magazine has named the Company as the tenth fastest growing private company in the nation. The Inc. 500 ranks privately held companies privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. sales growth over a five-year period. Access experienced 9,058 percent growth from 1998 to 2002. The 2003 ranking marks Access' second appearance on the Inc. list. The Company was ranked number 13 in the publication's annual ranking in 2001. "Our growth and success is built on great people wrapped around great business processes wrapped around great technology," said Michael McMenamin, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Access. "By integrating technology into every aspect of our business, we now have the infrastructure and business intelligence to continually optimize optimize - optimisation our business on all fronts. More importantly, we can demonstrate in very tangible ways how we can minimize risk and maximize profitability for our insurance partners, which has enabled us to create new programs and expand programs in key markets nationwide." Wrapping Technology Around an Old-World Business Founded in 1994, Access offers specialty property and casualty programs through a network of carefully appointed and managed independent agents. The Company currently represents industry-leading insurance and reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. carriers offering private passenger and commercial auto products. In select markets, the Company also offers homeowners, vacant and builders risk coverage, mobile home dwelling dwelling an abnormality of gait in a horse in which there is a momentary hesitation before the foot is placed on the ground. , excess and umbrella. To deliver higher levels of service while lowering operating costs operating costs npl → gastos mpl operacionales , the Company believed it needed to integrate technology more efficiently into every aspect of its business. Access embarked on a technology plan to build a "Digital Nervous System" to optimize the company's use of business and customer data to enhance customer service, boost operating efficiency and deliver the business intelligence needed to make decisions in real time. Today, Access is setting a new standard of accountability for a managing general agency. With its "Digital Nervous System" in place, Access tracks and trends over 400 daily real-time metrics, enabling the company to continually improve service quality, underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. quality, program profitability, actuarial analysis Actuarial Analysis The analysis of an investment's risk done by an actuary. Notes: A highly educated actuary will use statistics and historical data in an attempt to measure the risk of a particular investment. See also: Actuary, Life Insurance, Risk, Risk Averse and loss ratio trending. "Leveraging technology in your business is not a new idea," adds McMenamin, "but it is essential to delivering greater value for our customers, our network of producers, and our insurance and reinsurance partners. As I reflect on our business over the last decade, our business plan has fundamentally remained the same, but our added focus on integrating technology into our business enables us to scale our business more rapidly. Today we can create new programs and enter new markets faster with greater efficiency and with greater accountability to manage risk at a whole new level - and our growth demonstrates that our focus is paying off year over year." McMenamin adds that Access plans to continue growing its business organically - building on partnerships with leading insurance and reinsurance partners, enhancing relationships with its network of independent producers, diversifying its product offerings and expanding in key geographic areas. About the Inc. 500 Private Company Ranking The Inc. 500 ranks privately held companies according to sales growth over the past five years. To be eligible for this year's Inc. 500, companies had to be independent and privately held through their fiscal year 2002, have had at least $200,000 in sales in the base year of 1998, and their 2002 sales had to exceed 2001 sales. Inc. verifies all information using tax forms and financial statements from certified public accountants Certified Public Accountant (CPA) An accountant who has met certain standards, including experience, age, and licensing, and passed exams in a particular state. and by conducting interviews with company officials. For more information, visit www.inc.com/inc500. About the Access Group Founded in 1994, the Access Group offers specialty property and casualty insurance programs through a carefully appointed and managed network of independent insurance agents. Access is setting a new standard of accountability and profitability for managing general agencies. Leveraging technology and data mining methods, Access metrically met·ri·cal adj. 1. Of, relating to, or composed in poetic meter: metrical verse; five metrical units in a line. 2. Of or relating to measurement. manages programs to minimize risk and maximize profitability for its insurance partners. Access is headquartered in Atlanta, Ga. For more information, visit www.accessgeneral.com. |
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