October 2019 Sponsor Spotlight - PSA Insurance and Financial Services

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Sponsor Spotlight: PSA Insurance and Financial Services
 
Length of FEI sponsorship: New Sponsor
 
Contact: Erica Mullin
 
Contact Title: Director of Marketing & Communications
 
Contact Email: emullin@psafinancial.com   
 
Contact phone number: (443) 798-7479
 
Tell us a little bit about your company, its history and its service offerings.

Founded in 1928 with a mission to protect and grow the assets of our clients, PSA is one of the Mid-Atlantic’s leading independent multi-disciplined insurance services firms, specializing in employee benefits brokerage and consulting, human resources consulting, and risk management services and consulting. PSA is a privately-held insurance firm owned by a leadership team who oversees the day-to-day management and strategic decision-making for the enterprise. Our main office is located in Hunt Valley, Maryland, with several satellite offices around the mid-Atlantic region.

While we are recognized as one of the country’s largest and fastest growing agencies, we remain firmly committed to delivering the quality service and attention that only a local partner can provide. We support a culture of innovation and continuous improvement and believe in continually training and developing our employees to ensure we stay abreast of industry trends and to provide the appropriate solutions for your benefits program and human resources needs.  Our consultants focus on understanding your specific needs and challenges in order to research, analyze, and recommend the correct solution while staying within your organizations’ budgetary goals. With our vast knowledge, experience, and resources, we can provide national-caliber capabilities with local service.

Service offerings include:
  • Employee Benefits Consulting
  • Human Resources Consulting
  • Property & Casualty Consulting
  • Personal Lines Consulting

What advice do you have for finance executives looking for services in your industry?
  • Choose a partner, not a vendor. This will ensure your organizations will grow together and maintain a strong business relationship.
  • Choose a broker with a wide knowledge and depth of services. Local insurance brokers are trained to handle all aspects of insurance. A broker with experience and knowledge to personally evaluate your business will give you peace of mind, and because a wide range of services are offered, you get options that allow you to make a choice.
  • Enlist a broker that is local, yet has national resources and capabilities. We live in a “need it now” society where instant quotes seem increasingly attractive. However, these immediate quotes do not always guarantee you are getting the best coverage or best rates for your unique situation. A local broker gives you a more personalized experience to ensure you all your needs are met.
  • Find a broker who understands your business, not just someone trying to sell you a product. You cannot reach your goals if you do not have a partner on your side with a shared motivation in driving your business toward those specific goals.

What does your company do differently or better than your competitors?

PSA’s most distinct area of differentiation and competitive advantage is our continuous investment in acquiring new knowledge necessary to secure the best coverages for our clients. We aren’t afraid to forge the way when it comes to learning more, evolving our business, and creating new solutions in the industry. Two ways you can see that are through our investment in 1) our unique model of Health Risk Management and Pharmacy management, and 2) our expert cyber division.

In the face of ever-increasing health care costs, PSA strategically acquired NextLogical business unit a few years ago to bolster our Employee Benefits expertise and services. Now, PSA’s Health Risk Management services combines data analytics with clinical intervention from our in-house clinical staff that results in PSA meaningfully impacting our clients’ health care spend, resulting in financial savings and more stable rates and claims trends.

More recently, PSA has been monitoring the pipeline of high-cost specialty drugs preparing to enter the marketplace. To invest in the knowledge of our team and to best help our clients, several PSA benefits team members have earned their Certified Pharmaceutical Business Manager (CPBM) designation.
A few years ago, we also found ourselves in a concerning and changing landscape—with the evolution of technology in every industry, cyber protection was a gap in our coverages. PSA dove in whole-heartedly to this issue, and has since built up a comprehensive cyber program led by our resident Cyber Specialist, (a new position we hired for as a step in the right direction) Mike Volk. Over the past few years, we have been able to develop trainings and coverages for our clients, Mike has spoken at numerous clients and events, and we have recently released a new program, CyberON, for easy, affordable cyber protection for small to medium businesses.
 
In what ways is your company giving back to the Baltimore community?

PSA is an insurer of over 100 not-for-profit organizations. We firmly believe in giving back to the community through charitable contributions and support.

We provide support to not-for-profit organizations with in-office events. Through our “Dress Down Friday” program, employees have raised over $5,000 for local not for profits by paying to “dress down” on Fridays. Additionally, we raise thousands of dollars each year for not for profit partners through in-office events such as Bingo night, trivia night, and canned food drives.

PSA is a regular supporter of Meals on Wheels and each week, employees donate their lunch hour to deliver meals to people in the local area.

What is one thing you wish people knew about your company?

We’re not your average, stodgy insurance broker. Yes, we have expertise and seasoned employees; however, we’re also always investing in an energetic and talented workforce. At PSA, we work hard and play hard. Believe it or not, we like to have fun! The biggest thing you should know, though, is that our duty and commitment is ALWAYS geared toward serving the best interests of our clients. We’re a partner—we’re not in it for the money or the reputation—we’re in it for you. At the end of the day, we know our clients and care deeply about their professional and personal well-being.