It was 2004, and Ross Maghan III was facing a dilemma.
Things were going well at the time. The Matawan native was living in downtown Philadelphia with his wife, Mara, they both had jobs that they liked and were thinking of a future there.
At that point in time, their future did not include returning to New Jersey. But, plans can change.
It all stemmed from a conversation with Ross's father, Ross Jr. The family's business, The Ross Maghan Agency, was facing a significant challenge. National insurance carriers were flooding the market, posing a threat to independent agencies like theirs. He needed help, and it would mean Ross III and Mara, a Pennsylvania native, leaving Philly for the Jersey suburbs. His father was asking him to reimagine the family business, established in 1936, and ensure its stability for future generations, and clients.
How could he say no?
IN THE BEGINNING
When Ross III's grandfather and great-grandfather, Ross Sr. and George, respectively, started their business, they were like Jacks of All Trades, trying to make it in a still-developing borough.
"There wasn't a lot of stuff going on at the time," Ross III said, "so they had to do a lot of things to make a living."
That meant insurance, but also real estate and other related services for the multifaceted agency, which still has the same phone number today that it's always had, 732-566-0003.
"Theirs was the third phone number ever issued in Matawan," Ross III. said. "People used to just pick up the phone and ask the operator to connect them with 'Matawan 3'."
By the late 1960s, the area started to become more populated, and the firm began selling insurance exclusively, which was a successful move for decades, until Ross III's father reached out, seeking help.
CHANGING INDUSTRY
It is borderline impossible to watch anything on TV and not be attacked by insurance ads.
Jake is over here, Flo is over there, and that guy with the bandages on his face is wreaking havoc everywhere else.
"People don't realize that they don't have options for homeowners insurance," Ross said," Most people see 'bundle home and auto insurance and save 15 percent' on TV, and they're really not saving."
The secret there, Ross III and Mara say, is the home policy. Auto coverage "is almost a pure commodity," where home policies can be written in a way that reduces cost while limiting exposure. Bundling can undercut that.
COMING HOME
On a walk along the Asbury Park boardwalk, Ross III and Mara, newlyweds at the time, hashed out the move from Philly to New Jersey. While Ross III dove head-first into the family business, Mara worked in sales and marketing for another company. By 2008, Mara joined the firm full-time.
To push back against the reach of big-box carriers, Ross III, Mara and the team at the agency leaned into their local knowledge, expertise and industry connections to deliver quality coverage for clients. As an independent agency, they can source policies from various providers to find the best options.
"We have a lot of options for people, both commercial and personalized," Mara said. "The advantage with someone like us is, we can take your particular exposure and develop a policy that works for that."
For example, their firm has insurance offerings for farmers and houses of worship. That's a level of coverage that some large carriers do not offer.
"With farms, you've got exposure to a lot of equipment. Most farm structures are a good distance away from (fire hydrants). It's not an area of expertise (for large carriers)," Ross III said. But, for them, it is. "My family on my father's side, they were in the horse and farming business in Holmdel for hundreds of years, going back to the 1700 and 1800s."
Flo can bundle all she wants, but she can't touch that kind of local history.
"With Maghan Insurance, you get local experts who personalize your policy needs"
With "Bundle and Save" are you really Saving?