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Passing Go and Collecting Success: Monopoly Insurance’s 5-Year Entrepreneurial Success Adventure

Local business Monopoly Insurance are celebrating 5 years in business.

Monopoly Insurance stands as a testament to entrepreneurial spirit and perseverance. As the founder of the company, Joel Kirby, reflects on the past five years, he unveils a tapestry of memorable moments, challenges overcome, and a deep commitment to giving back to the community that has supported their growth.

“Securing Monopoly House and relocating our business to its very foundation was a pivotal moment for us. It was a tangible symbol of our journey from humble beginnings to where we are today,” reminisces Joel.

From its inception, Monopoly Insurance has undergone a remarkable transformation, evolved its services and expanded its client base to meet the ever-changing demands of the market. “We’ve embraced the digital age, establishing a robust social media presence and leveraging technology to better serve our clients. It’s been instrumental in our growth trajectory,” explains Joel.

Yet, no journey is without its challenges. The onset of the COVID-19 pandemic presented Monopoly Insurance with unforeseen hurdles, testing the resilience of Joel and the strength of their commitment to their clients. “Covid-19 lockdowns were extremely challenging. I had not long taken on our first member of staff and we had very few clients at that point. We didn’t insure anyone for the first two weeks of April 2020. But we kept our phones on and answered insurance questions from people that were not clients at the time as their brokers/insurers had turned their phones off.

Monopoly Insurance acquires BeWiser Barrett House Andover
Joel Kirby Outside Monopoly House When Purchased

“The respect that we gained from this was a true testament to us wanting to go above and beyond. Those that got in touch that were not clients very quickly become clients upon their renewal with us placing the business for them.” reflects Joel.

As Monopoly Insurance celebrates its fifth anniversary, Joel marvels at the exponential growth of the team. From the original business plan of me remaining a one man band for the first two years and then employing a member of staff every other year thereon after hasn’t gone to plan. We have added five more staff at Monopoly Insurance in the last 12 months.

“We are a very close working team which we look after by providing them with pool table, PS5, Xbox, snacks, pub trips etc. The driven success of the business would not have been achieved without the hard work and dedication by all our staff and the addition of a managing director Daniel Hodges which allows me to spend time with clients whilst leaving the day to day running of the business to Daniel”. says Joel, a hint of pride evident in his voice.

Looking towards the future, Joel’s vision for Monopoly Insurance is one of continued growth and innovation. “We’ve experienced remarkable success in 2023, with a 38% increase in income. Our goal is to build upon this momentum, delivering unparalleled service and value to our clients,” he shares.

Central to Monopoly Insurance’s ethos is a steadfast commitment to client satisfaction and continuous improvement. Client satisfaction is of the upmost importance ensuring that the client is advised of their requirements as well as helping and guiding them with what cover they will need.

“We deal with a lot of new ventures so we like to explain all the cover and scenarios whereby the cover will engage in the event of an insured loss as sorting a commercial insurance policy out for the first time can be very daunting but everyone has to start somewhere”. emphasizes Joel.

What sets Monopoly Insurance apart from its competitors is not just its expertise but also its unwavering dedication to the community. “We believe in giving back,” says Joel, “We’ve donated over £15,000 to local charities and sports teams, and during the festive season, we personally delivered Christmas dinners to families in need in Andover. We bought food for a proper Christmas Dinner and delivered to those families in need just before Christmas. It’s our way of making a difference.”

“On the business front our knowledge and expertise are what sets us apart. We are not a one trick pony by approaching one insurer. We have access to over 100 insurers/underwriting agencies so will obtain multiple quotes for all of our clients and pair them up with the best option to meet their requirements”.

Monopoly Team

Reflecting on the journey, Joel Kirby offers invaluable advice to aspiring entrepreneurs who are contemplating starting their own businesses. He emphasises the importance of taking the leap of faith and pursuing one’s dreams, despite the inherent challenges and uncertainties. “If you don’t do it yourself, you will never know what you can achieve,” Joel asserts, encapsulating the essence of entrepreneurship.

He acknowledges that starting a business is no easy feat, especially when transitioning from a stable job to the unknown realm of entrepreneurship. However, Joel’s own journey serves as a testament to the boundless possibilities that await those who dare to chase their ambitions. With nothing more than a mobile phone and a second-hand laptop, Joel embarked on his entrepreneurial journey, and within five years, he has achieved remarkable success with Monopoly Insurance. His story is a poignant reminder that with determination, perseverance, and a willingness to embrace uncertainty, anything is indeed possible in the world of business.

Amidst its journey of growth and community engagement, Monopoly Insurance has carved a niche for itself as a leading commercial insurance broker, specialising in the pub and restaurant trade. Leveraging their expertise and industry knowledge, the company has recently ventured into new territories, launching Monopoly Medical Insurance to cater to the evolving needs of businesses.

However, Joel Kirby’s ambition doesn’t stop there. With a keen eye for opportunities to assist businesses, Joel has expanded the company’s offerings with the introduction of Monopolising.

This innovative arm of the business empowers companies to optimise their operations by accessing the best deals on essential services and products like electricity, broadband, and more. By leveraging Monopolising’s expert team, businesses can streamline their operations and maximize cost-effectiveness, ensuring sustainable growth and success in an ever-changing market landscape.

As Monopoly Insurance celebrates five years of growth, resilience, and community impact, Joel Kirby’s leadership and vision continue to guide the company towards even greater heights. With unwavering determination and a commitment to excellence, Monopoly Insurance is poised to write the next chapter of its remarkable journey.