The organization was found in September 1988 in Greater Los Angeles, California. As commonly seen, many traditional, professional firms are named after their founders. New Century Insurance Services is named to greet and meet the needs of the new millennium and beyond. New Century Insurance Services essence is true teamwork and spirit - no individual is larger than the firm itself. With this team philosophy, New Century Insurance Services has steadily grown to over fifty professionals covering nearly all lines of insurance. Though we do not measure our success by the number of employees, we are proud to serve the community together in such growing capacity.
In early to mid 90s, the property & casualty insurance market experienced a “hard market” where premiums were inflated due to lack of competition between numerous insurance companies. Consumers in the commercial sector were faced with significant renewal premium increases. For some, the cost of insurance was considered unaffordable. New Century Insurance Services took the opportunity to help consumers solicit and secure affordable insurance coverage. The distinction is identifying good customers who should not be penalized in hard market time.
An independent insurance agency is like serving two masters at the same time. In winning the trust of our customers, New Century has been consistently delivering valued products in term of insurance protection and policy services. On the other end, in maintaining a viable marketplace, New Century has always been underwriting our customers and fitting qualified ones to the right insurer. As such, we have added many insurers’ representation because of our successful business relationship with them.
As an independent insurance agency, our goal is twofold: The first is to earn the trust of our clients by consistently procuring and delivering valued insurance and financial products with outstanding customer service. The second is to maintain a long-term, viable insurance marketplace. Our job is to understand our clients’ needs and match them with quality carriers and coverages. As a result, we proudly represent numerous top quality insurance companies with underwriting capabilities locally, nationally and internationally.
In 1995, we moved into our own office facility of 15,000 square feet. It was not just a reflection of our successful growth. It has also provided ample space for future business development. As a result, we joined venture with a team of life insurance professionals and expanded into a division force through our staff in the Diamond Office. In 1997, we came across a major challenge. There were few producers leaving us, forming their agencies and becoming our natural rivals. The financial impact was significant. Our management philosophy was under re-evaluation. A lesson and more lessons were learned. Were we lack of trust and respect among us? Were we not delivering our promises by providing opportunities and sharing the result of fruits? Were we fair to everyone? Were we a true team as we proclaimed?
It is a true blessing for us to be able to recognize our weaknesses and capitalize on our strengths. As this is written, we grew five times in gross revenue and eleven times in net profit respectively during a ten years period. In 2001, we began doing business through overseas partners to provide international insurance coverage. As of today, the overseas transaction represents some 15% of our total commercial property & casualty premium. In 2005, we opened up a second office in Diamond Bar, CA and a third office in Irvine, CA in the following year.