90 Years is No Accident! Great Depression to Great Resignation

James C. Greene Company celebrates it's 90th anniversary! This Company has seen a lot of change. But one thing has remained a trademark of JCG Co -- finding opportunity in uncertain times.

In 1927, my grandfather, James C. Greene Sr., finished law school and went to work as a company adjuster. Like many firms, the one he worked for went into receivership during the worst economic decline in the history of the industrial world: The Great Depression. Wages dropped by 42.5%, and 1 in every 4 Americans found themselves unemployed. My grandfather was no exception and found himself without a job. In response, he decided to go into business for himself as an independent claims adjuster.

In 1932, James C. Greene Company consisted of one man, a $9 desk, two $3 chairs, a telephone, and his personal vintage Ford. Jim paid $5 a month for desk space in a lumber broker's office and employed the broker's secretary to answer his phone and look after the mail. During the Great Depression, people lacked confidence in banks as they were 'shaky' (this is before President Roosevelt established the FDIC). Grandfather dedicated the top drawer of his desk to received checks and would only cash them when needed.

Back in the 30's, adjusters required a law degree to adjust claims. They also focused exclusively on either property or casualty claims. Jim Sr. adapted to unforeseen circumstances and decided to work both sides of claims as the first multi-line adjuster to his knowledge. His wife, Sara Greene, joined the company a few years after their marriage and proved invaluable in balancing figures and keeping the young company financially on track. Jim ended up trained over 118 multi-line adjusters and expanded the company to 48 branch offices throughout the Carolinas and Virginia.

Jim passed away in 1978 leaving his trusted friend John Hamby, his wife Sara, and his son Jim Jr., to continue his work. Years later, his grandsons (my brother and I), have also joined the family business.

Nine decades is a significant amount of time. There have been significant hurdles along the way. Contemporary challenges arise including technological adaptions and unprecedented health concerns that continually alter the socio-economic landscape.

Most recently, we live during a time branded the Great Resignation, Great Reshuffling, Great Renegotiation. According to New York Times, "More than 40 million people left their jobs last year." This pandemic has exacerbated an alarming trend where the insurance industry is facing a personnel crisis as more and more decide to retire. Bethan Moorcraft's article, "Breaking down barriers to entry in the insurance industry" offers helpful steps to address such crises. One that appears especially poignant is the need for experience in times of a talent crunch. She writes: "why not invest in young talent? Train them. Mentor them. Build career paths suitable for high school graduates." Paired with a reprioritization of family, people crave flexibility instead of only putting work first.

As a Company, we've found success by creating solutions from problems, allowing remote-flexibility, and investing in young talent. Ms. Moorcraft speaks of training and mentoring the young generations, but there's also value in listening. The rising generations has access to technology and information like none have had before them. They have innovative ideas and generate creative solutions. Coupled with my grandfather's legacy of dedication, loyalty, and adaptability -- we've become an even stronger network of individuals that give claims the attention they deserve even in the face of uncertainty and turmoil. We utilize technology while emphasizing the indispensable human factor (especially boots on the ground) in claims servicing.

The common denominator between the Great Depression to the Great Resignation is that it's a narrative about people and adversity. It's the relationships that matter. Be it personal-professional, employer-employee, client-vendor, insurer-insured, carrier-claimant, etc... It's the resilience, adaptability, and integrity that we try to reflect and honor of those like my grandfather who persevered through the Great Depression and those who do likewise during the Great Resignation.

From all of us at James C. Greene Company, we wish you the best as we celebrate our 90th anniversary. And to prospective partners, we hope you will remember -- "It's Greene in the Carolinas!"