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 The History of Hagan Benefits, Inc.  Hagan Benefits, Inc., also known as Hagan Insurance Group, is a progressive and flexible company. This philosophy comes from the founder and President, Mike Hagan. An insurance professional for over 30 years, Mike began his career by working with several product lines for several large insurance organizations. During this time, Mike realized he could do the same job and provide more responsive service if not constrained by the large corporation. With that in mind, in October of 1985 he formed what is now Hagan Benefits, Inc. Serving Associations Much of the success of Hagan Benefits stems from Mike's "we can do that" attitude. He has always had the philosophy that if someone asks for a particular service, then a need exists and Hagan Benefits is the best company to provide it. With that in mind, he started the company in the Associations Group business. There are thousands of formal associations in existence, each serving a particular community. They represent parents who school their children at home, Americans who feel they should have the right to carry a rifle, professionals such as accountants or physicians, and countless more. Many of these associations offer their members the ability to purchase insurance at discounted rates through the association. This benefits both parties by enabling the association to keep costs and membership dues down while the members purchase insurance at lower rates than they could on their own. At this point, Mike has been involved with associations for over 20 years. He knows what they want for their members and how to respond to members' needs. Hagan Benefits provides these services to several national associations and one state association. Expanding to Government Pools Building on that same "can do" attitude, Hagan Benefits diversified into liability insurance pooling for governmental entities by helping to form the South Dakota Public Assurance Alliance in 1987. There was a tremendous outcry from South Dakota governmental entities at this time over drastic rate increases in the private insurance market and even cancellations of insurance. This left these entities in the very difficult spot of having no liability insurance. Mike Hagan spent many hours at the South Dakota legislature working on legislation that would allow governmental entities to be part of a pooling mechanism. Since helping to establish the pool in 1987, Hagan Benefits has been marketing the services of the South Dakota Public Assurance Alliance to governmental entities of South Dakota. Hagan Benefits was instrumental in every aspect of developing this pool, from encouraging and lobbying for pooling legislation that led to the pool's inception, to today: where Hagan Benefits works through the South Dakota Public Assurance Alliance to provide coverage to a majority of governmental entities in South Dakota. Enhancing 401(k) Administration and RecordKeeping In 1999 Hagan Benefits, Inc. discovered another need that was going unmet and an opportunity to diversify once again. Many companies have discovered that they can get the same or better service for less cost if they outsource some services rather than providing these services themselves, as is often the case with pension 401(k) administration and record keeping. Upon recognizing this, Hagan Benefits initially teamed up with a large regional bank to provide 401(k) record keeping for all of their 401(k) clients. This provided more meaningful reports and timely service for their clients, in some cases at less cost. In addition to qualified 401(k) plans Hagan Benefits also performs record keeping duties for non-qualified plans administered by this same institution. Clearly the philosophy of Hagan Benefits continues to drive the company's commitment to service and customer satisfaction. The company will continue to meet the challenges of the industry with the "can do" attitude that has served countless people to this day. |
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Hagan Benefits, Inc. 1741 S. Cleveland Ave, Suite 200 P.O. Box 5090 Sioux Falls, SD 57117-5090 Email: info@hagangroup.com | Home | Company | Services | FAQs | Resources | Contact |