In diving even further into researching the Brown & Brown, Inc. organization, the company specializes in niche markets such as lawyers, dentists, optometrists, and towing operators. They not only provide excess or surplus lines marketing for commercial insurance, but also specializes in reinsurance as well. They have grown to having over 240 offices as well as 160 subsidiaries in 40 states across the United States and has spread even further by having offices in London, Bermuda, and Cayman Islands. Their top competitors are Aon, PLC., Arthur J. Gallagher & Co., and Marsh & McClellan Companies, LLC. (Dun & Bradstreet, Inc., 2019).
A mission statement should describe a company’s business purpose, as well as what they do, who they are, and why they are here (Thompson, 2018). Brown and Browns, Inc.’s mission statement is short, but memorable in that they strive to create an honest atmosphere by providing they best service they can for their customers. However, in regard to their core values of being built on integrity, innovation, superior capabilities, and discipline, ethics should also be a core value listed. Integrity is about doing the right thing from our own moral principles and values, regardless of the rules that are set forth. However, ethics is following a set of standards that are set forth in conducting a business morally. I believe this can be just as important because integrity is how you go about trying to adhere to ethical principles and values. In the insurance business, it is very important to have a code of ethics in place. It also happens to be a class every insurance agent has to take every two years in order to keep their license up to date.
It is important to note that Brown & Brown, Inc, uses a cheetah as the symbol for their company. The company tries to embody the cheetah and what it represents to them which is swiftness, strength, and agility, which they feel embodies the culture set forth by the organization. Their symbol was established in the 1980s (Brown & Brown, Inc., 2019). When companies use symbols such as these, it can help to influence technological innovation in that the organization tries to shape their expectations and values into their employees as part of their business strategy. There is a direct connection between expectations and achievements (Schatzberg, 2003). By using a symbol, it helps to remind employees of their core values, tying into their core value of innovation and setting them apart from their competitors in this way.
Brown & Brown, Inc. (2019). Our Culture. Retrieved from Brown & Brown Insurance: https://www.bbinsurance.com/about-us/culture/
Dun & Bradstreet, Inc. (2019). Brown & Brown, Inc. Retrieved from D & B Hoovers: http://www.hoovers.com/company-information/cs/company-profile.brown__brown_inc.63c86be062c675bd.html
Schatzberg, E. (2003). Symbolic culture and technological change: The cultural history of aluminum as an industrial material. Enterprise & Society, 4(2), 226. Retrieved from https://library.org
Thompson. (2018). Crafting & Executing Strategy: The Quest for Competitive Advantage 21st ed. McGraw-Hill ISBN: 9781259732782.