In one year, Andrew Barile increased his company’s revenue by 33 percent, from $600,000 in 2002 to $800,000 in 2003.
As the president and chief executive officer of Rancho Santa Fe-based Andrew Barile Consulting Corp., Inc., Barile works with law firms, insurance companies, agencies and agent-owners as a consultant and strategic advisory director.
Barile was working as an outside consultant for other insurance companies before deciding to form his own consulting agency, enabling him to experience more of the business.
“I decided to go back into consulting because I was looking for more types of challenges,” he said.
A 40-year reinsurance veteran, Barile has written three books on the insurance industry , “Reinsurance A Practical Guide,” “The Captive Insurance Company An Emerging Profit Center” and “A Practical Guide to Finite Risk Insurance and Reinsurance.”
Resum & #233;
Name: Andrew J. Barile, CPCU (chartered property casualty underwriter).
Title: President and chief executive officer.
Company: Andrew Barile Consulting Corp., Inc.
Address: P.O. Box 9580, 16542 Via Lago Azul, Rancho Santa Fe.
Phone: (858) 759-5039.
Founded: April 2000.
Prior experience: Nationally recognized insurance and reinsurance industry expert for more than 35 years, and active member of the Chartered Property and Casualty Underwriters Society.
Average hours worked weekly: 60 hours, but sometimes more with legal deadlines.
Source of startup capital: $250,000.
2003 revenue: $800,000.
2002 revenue: $600,000.
Number of employees: Four.
Web site: www.abarileconsult.com.
Background
Born: Nov. 4, 1944, in the Bronx, N.Y.
Education: Bachelor of business administration from St. John’s University School of Risk Management and a master’s in business administration from the Stern School of Business at New York University.
Residence: Rancho Santa Fe.
Family: Wife, Mary Lou; daughter, Cristina, 24; son, Andrew A., 21.
Hobbies: Tennis and hiking.
Judgment Calls
Reason for getting into the business: To fully utilize my 35 years of insurance and reinsurance industry experience.
How I plan to grow the business: Continue to expand geographically, and outside the United States, and by offering other types of consulting, technology for U.S. insurance companies.
Biggest plus of business ownership: The ability to control your own destiny and only answer to your paying consulting clients.
Biggest drawback: There is none.
Biggest business strength: Knowledge of the intricacies of the insurance and reinsurance industry.
Biggest business weakness: Not enough hours in the day.
Biggest risk: That new consulting clients stop calling and e-mailing, seeking your insurance expertise.
Smartest business decision: Designing an informative Web site to educate new potential consulting clients.
Biggest business mistake: Not designing a Web site sooner.
Toughest career decision: Leaving the security and comfort of working for large reinsurance companies and insurance companies.
The most important part of my business: Providing insurance solutions for consulting clients and winning insurance lawsuits.
My business works best when: When I am on the road, visiting consulting clients, owners of agencies, law firms and insurance company owners.
Best way to stay competitive: Attend all insurance and reinsurance industry functions, and network, network, network.
Goals
Goals yet to be achieved: To be an active director of insurers, write another insurance book, to expand into an insurance advisory expert on radio, TV, cruise ships, etc.
My five-year business plan: To provide a truly insurance advisory firm, for all types of clients, including insurance buyers.
I would sell my business only if: They would find a place for me to continue to be active in the insurance and reinsurance industry.
Business Philosophy
Guiding principles: Always speak the truth, and assist others in their time of need.
Important lessons learned: You have to prove yourself before being accepted.
Advice for those looking to go into business: Be available for your clients and be willing to work hard, and continue learning.
