Source: http://www.centraljersey.com, April 25, 2014
By: James McEvoy
A new day has dawn for an underwriting management firm that recently relocated its headquarters to the township.
Jeffrey S. Lejfer, president and CEO, and Jeff Slivka, executive vice president and COO, of New Day Underwriting Managers LLC recently sat down with the Hamilton Observer to speak about their organization and why they felt the township was the perfect fit.
Noting they outgrew their previous location in Bordentown, both Mr. Lejfer and Mr. Slivka said the move to Hamilton was mostly done due to its centralized location.
”It’s close to the turnpike,” Mr. Lejfer said. “It’s got a lot of conveniences.”
”Hamilton had what we were looking for,” Mr. Slivka said, with both pointing to their newfound proximity to I-195, the New Jersey Turnpike and train services to New York and Philadelphia.
The company formally opened its doors on Kuser Road earlier this month.
New Day offers an unique service in that they provide environmental insurance and construction-related professional liability – both wrapped in consultation, education and sales assistance
”While others may say they do it, none of them do it the way we do it,” Mr. Lejfer said. “We characterize ourselves as a specialty intermediary, which really denotes a partnerships with whom we work.”
Like other industries, he explained, there is a chain of distribution of product – in this case their services.
”An insurance company works through us and we work through insurance agents to sell our products to the customer, the insurers,” he said. “Why would an insurance agency work with us? You need someone who understands the exposure as well as the insurance, and how we do that is with a technical-oriented staff.”
Mr. Slivka, a geologist, said just about every sort of industry has some sort of environmental impact.
”When we talk about environmental insurance and risk management it’s really providing our technical know-how, our experience in guiding our clients to reduce, minimize or eliminate environmental risk from their day-to-day operations,” he said. “We basically explain to a lot of our clients that there isn’t an industry that you can throw at us and us not come back with some kind of environmental risk associated with that type of industry – health care, banks, education – college and universities.
”We’re trying to provide them a financial mechanism – the insurance policy – to protect them in the event they are sued or cause damage, and what we’re trying to do is wrap that insurance policy with risk management services,” he added. As it relates to construction professional liability, Mr. Slivka noted that such professionals make mistakes, too.
”Architects and engineers need professional liability, they err in their designs, it leads to damages so they need professional liability insurance. Contractors are the same as well,” he explained. “They hire design professionals, that design professional has a risk, but if they can’t pay for the damages that occur, it comes back to the contractor because it’s usually the contractor that hires that design professional.”
The company serves both nation and international clients, in part due to their unique expertise.
”A lot of our clients seek us out because in today’s economy and in today’s world, everybody’s looking for efficiency and really New Day in of itself is an efficiency tactic for a lot of insurance agents and insurance brokers that are out there,” Mr. Slivka said. “If you can find a way to do it easier, it doesn’t cost you more and you’re more effective, meaning you’re protecting yourself as well as the actual buyer – your client – why not? It makes perfect sense.”
Part of the need for the company’s relocation is its growth – over the past year alone, New Day has seen a 35 percent rise in revenues and staffing.
Mr. Lejfer said there are a multitude of “dynamic” factors that have contributed to this growth including the specialization of the organization.
While he also pointed to the discipline and adherence to the company’s plan, they have also been willing and able to adapt when necessary.
”In the nine years we’ve been in business we’ve re-invented ourselves as a result of the economy and otherwise,” he said. We couldn’t operate like we did in 2005. We wouldn’t be in business. We’ve sort of ebb and flow. We keep on top of the current marketplace.”
Other factors include continuity of staff and valuing relationships with clients, with Mr. Lejfer noting the company was named ‘Best Small Employer’ by NJBIZ magazine.
For more information visit www.newdayunderwriting.com