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Meet Duke Rateau of Econosurance in Cambridge

Today we’d like to introduce you to Duke Rateau.

So, before we jump into specific questions about the business, why don’t you give us some details about you and your story.
I started Econosurance to fill in a gap that was missing for Boston’s diverse population. Boston is home to immigrants from all over the world, and I saw a need for an insurance agency that serves people who may not fully understand insurance coverages and the legal terms of a typical policy. I also saw a need for small business owners who purchase insurance needing to understand exactly what their policy covers to meet their legal obligations. Through referrals and the quality of services we provide, we’ve become the area’s #1 insurance agency, catering to small business owners and the diverse immigrant population in Boston. We were able to achieve that by building a team that is culturally diverse ourselves and focused on meeting the needs of the client. Communication is a huge part of our success; being able to communicate with a client in their native language and having a deep understanding of their business plays a huge part in meeting their needs. Today we have teams of agents all over Massachusetts and Florida ready to help our clients meet their personal and business insurance needs.

We’re always bombarded by how great it is to pursue your passion, etc. – but we’ve spoken with enough people to know that it’s not always easy. Overall, would you say things have been easy for you?
It hasn’t been a smooth road, but we enjoyed the journey that’s taken us to where we are. I’m a person who believes that adversity make one mentally stronger and makes your eventual success that much more meaningful. Advances in technology and the internet initially made conducting business more challenging, and we had to adapt to become an agency that is agile and innovative. We’ve learned to embrace technology and incorporate it in our operations and sales. We’ve tried to think in terms of the consumer and how to deliver the best product to them in the most user-friendly way.

So, let’s switch gears a bit and go into the Econosurance story. Tell us more about the business.
We are an independent insurance agency and brokerage that provides a wide range of insurance policies for businesses, individuals, and families in Cambridge, Massachusetts and surrounding areas. With over 15 years of continuous service to the region, we stand out as one of the most successful independent agencies in the area. Econosurance of Cambridge offers customers comprehensive risk assessments, coverage education and recommendations, and insurance premium savings, along with the peace of mind that comes from having adequate coverage and excellent claim service in case of a loss. At Econosurance of Cambridge, we work hard to earn our customers’ trust. This emphasis has earned us an excellent reputation in our community over the years. Part of being able to gain the trust of the community is our Independent Agency status. Unlike dedicated “branded agencies,” who are only empowered to sell you their brand regardless of whether it’s an appropriate fit for your insurance needs or not. As an independent agency, we are indebted to no one insurance company, thus we are completely free to find our clients the best policy that meets their needs at the very best price.

Has luck played a meaningful role in your life and business?
I am a bit skeptical of the word “luck,” both good and bad, because in my opinion luck does not exist. As I stated in the beginning of the interview, I embrace hardship because it helps me develop the mental toughness to be persistent in whatever I pursue. Adversity creates the opportunity to succeed after failure. I was blessed to encounter a few mentors who helped me prepare myself for opportunity when it knocked on my door. Those mentors encouraged me to pursue a solid education, make meaningful connections with people, and to always be prepared to help others. As such, I’ve been fortunate to receive more than I’ve given in life and in business.

Pricing:

  • Policy bundling saves you anywhere from 20-30% on your insurance
  • Higher deductible on collision saves you a big trunk on your auto policy
  • Maintain a clean record and avoid filing small claims to help keep premiums low

Contact Info:

Image Credit:
Photo by Jomjakkapat Parrueng on Unsplash
Photo by rawpixel.com on Unsplash
Photo by Nick Hillier on Unsplash
Photo by Omar Lopez on Unsplash

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