Business Style

Move Forward With Confidence

Chastain-Otis Insurance and Financial Services

By Maria Harding

Some life changes occur suddenly, while others happen so gradually that the shift goes unnoticed until viewed in retrospect. For your financial health, it’s important that your insurance coverage stays in step with both kinds of changes. Relying on the experienced team at Chastain-Otis Insurance gives clients peace of mind that their personal wealth, business assets, and employees’ benefits remain secure.

Dave Chastain describes himself as the “semi-retired” team leader at Chastain-Otis. He himself is experiencing a shift in his life and career. As part of that transition, he has sold ownership of the company to his son, Sean, and family. Sean has worked alongside his father since 1998, just as Dave worked in conjunction with his own father, company founder Dick Chastain, beginning in 1972. “We’re one of the few insurance companies this size that are truly family or locally owned,” says Dave proudly. It’s a legacy that indicates an incredible dedication to the community and a thorough understanding of its needs.

Chastain-Otis offers three branches of coverage—Personal Coverage, Commercial Coverage, and Financial Services for life insurance and group benefits. Chastain-Otis works with multiple major carriers and is licensed in 20 states. The roster of carriers changes regularly. “Some companies just aren’t competitive anymore,” explains Dave. “Sometimes there are mergers; things change often in that industry.” Chastain-Otis stays abreast of the efficacy and dependability of all carriers it represents.

When asked what keeps him connected to this work, besides the obvious family ties, Dave responds, “The main thing is that I love the people we work with. The staff, the clients, the underwriters—the relationships you make are what you hold dear.”

Undoubtedly, Dave has seen a lot of changes to the industry in five decades. The most notable shifts have been in technology. “When I first started, there were no computers, there was no fax machine,” he laughs. “My generation is used to doing things on paper, whereas some of the younger agents are used to emails and texts. When COVID-19 came along, obviously things changed a lot for everyone.”

Indeed, the pandemic has shaken and shaped our society in many ways. In the insurance industry, the shift is evident in three major areas. First, many clients have had time at home to complete renovation projects and need to make related adjustments to their insurance coverage. Second, an entirely new category of classification codes has been created to cover workers’ compensation for employees working from home. Third, businesses dealing with sensitive information must evaluate whether having employees work from home presents an increased security risk. “I don’t know that they would have the same firewalls and the same protections on their home-based systems,” reasons Dave.

Chastain-Otis agents do not necessarily wait for clients to contact them about policy adjustments. Dave says, “If we see a fairly big increase in the premium, we’ll automatically reach out to the customer, and then we can shop around.” For businesses, he recommends an annual review to evaluate coverage. “We look at payroll numbers, sales numbers,” he says. “Are you growing or expanding, opening up new offices? We like to stay in touch.”

“It’s an interesting statistic,” Dave says of his industry, “that approximately 80 percent of an insurance agent’s customers are within five years of their own age. Some of my customers have been with me for over 40 years.” Because of this, Dave has discovered a way to continue serving the community, even as he transitions away from Chastain-Otis. “A lot of my customers are entering into Medicare,” he shares. “I’m helping people who have questions about how Medicare works. There’s a lot of information out there, and some of it is confusing. I’ve gotten proficient in that, and in knowing when to take Social Security or when to hold off.” He provides this service at little or no cost to his customers.

Looking toward the future of the industry, Dave Chastain predicts, “There will be other issues like COVID-19,” but adjustments are being made. “Insurance companies are actually coming out with some policies that are going to be available in the future for business interruption coverage due to pandemics. Right now, the policies for business coverage exclude that.”

As for his future as a “semi-retired” person, this husband, father, and grandfather anticipates a lot more time at the lake. He has dedicated years of service to the world of insurance, and the legacy built at Chastain Otis Insurance and Financial Services will endure under capable leadership. “Who knows what’s on the horizon?” muses Dave. I guess that is exactly the point.

The office for Chastain Otis Insurance and Financial Services is at 10822 Old Mill Road, Suite 2, in Omaha. For more information, please call 402-397-2500 or visit chastainotis.com.