Next Generation – The Insurance Market

Back then, they were known as “the boys.”

“We were the little kids running around the agency for years, running in to get money from our dads on our bikes,” Andy Hartstein recalled of growing up in the family business with his brother, Jim, and their cousin, Stephen.

These days, they’ve graduated to being known as “the guys” around their Laurel, Del. main office – one of three that they operate as Principals and Owners of The Insurance Market, which services clients across the Delmarva Peninsula.

The three Harsteins purchased the agency in 2017 from their fathers, James J. and Stephen M. Hartstein, who themselves had acquired the agency in 1987 from their father, James F. Hartstein.  

“We’re very proud of getting to the third generation,” Andy Hartstein said. “And we’re steadfast in our desire to maintain our independence.”

Unparalleled opportunities

As the next generation of leadership for The Insurance Market, the Hartsteins took their own individual paths into the agency.

Stephen was the first to arrive in 2005, trading in a tool bag and a hammer for the office life.

“I had been working for a construction company, working on skyscrapers, before I started as a receptionist at the agency,” he said. “I had to prove myself a little bit. I was not given any special treatment.”

Jim joined the agency in 2006, having studied finance at Elon University. He had full plans to pursue a career in Finance, until a last-minute internship at the agency changed his course. 

“I had to do an analysis of the company and write a report. I interviewed operations, managers,” he recalled. “The funny thing about this business is, once it gets under your skin, it’s kind of there forever.”

Andy was the last to arrive, starting at the agency in June of 2009, after earning his Economics degree from Salisbury University and then his MBA.

“This industry can be unparalleled, and there are opportunities with that,” Stephen said. “But if you put your time in, it will not disappoint you.”

‘A level of autonomy’

When the three took on ownership of the agency, “we were handed a good reputation with a lot of opportunity to grow into a bigger animal,” Stephen said.

“We already had some ownership and investment in the agency,” he added. “If it had been a turnkey operation where we didn’t put our touch on it, then I don’t know that we’d be as invested as we all were.  We had a very strong foundation built on principals and people doing the right thing.”

The Hartsteins were committed to preserving The Insurance Market’s legacy, but conscious about modernizing to meet the needs of the future.

“We took our time, keeping the ethos of the culture, while still making sure we were poised to grow,” Jim said. “We very much wanted to keep the ethos of what our grandfather started – that every client, big or small, deserves very professional guidance. Insurance is one of the most important products they buy, without knowing until they need it.”

Naturally, there were challenges in the beginning.

“Our long-term employees saw us as 8 and 10-year-olds,” Andy recalled with a laugh. “I give our team members credit for trusting us, and our fathers, for allowing us to grow and make mistakes and earn that respect from other employees.”

Among the keys to The Insurance Market’s growth has been instilling a level of autonomy in their team members.

“Early on, that was more of a challenge,” Jim said. “We knew we wanted to grow, but also wanted to be involved in every decision ever made. We sort of let go as we developed and grew as leaders. We gave team members the guiderails to make good, sound decisions, reminding them of our principals.”

‘Just be cool’

Today, The Insurance Market’s 36 employees boast an impressive 497 years of combined industry experience. But, “experience” isn’t something they’re hung up on.

“We find great people with great personalities and work ethics,” Jim said. “They’re empathetic and care about others. If you can find great people and teach them insurance, then you’ll have a great group of people who know insurance.”

The Hartsteins are proud of how many employees they’ve recruited from other industries – something they collectively agree is “a huge win for us.”

“Finding great folks and giving them a new career in an industry that’s highly demanding but highly satisfying… that’s what really drives us,” Jim said.

Heather Parsons is one of those team members. As Manager of People & Operations for the agency, “I didn’t come from an insurance background,” she said. “But coming to The Insurance Market has been one of the absolute best decisions I’ve made in my life. They are incredible folks to work with. I look forward to coming to work each day, and I plan to retire from here.”

These days, when the Hartsteins hang out with their parents, there’s no need to discuss business. They know that the agency is in good hands – that the brothers and cousins have things under control.

“Doing the right thing by team members, by clients, by carriers – it’s often a fine line to walk, but it’s a rewarding one, keeping integrity at the forefront,” Jim said. “Just be cool with people and help them where you can.”

“We’re in the business of doing right by people,” added Steve. “Insurance is second.”

 “And if you don’t do the right thing and don’t put clients first,” Andy said, “it’s a very short runway.”