Volume. That’s what makes a successful business, says Loren Korte. As the owner of Personal Service Insurance (PSI) for nearly 40 years, he must be onto something.
“No matter what you’re selling, it’s about volume,” said Korte. “You’ve gotta get big, or you’re out.”
With the recent purchase of Iola Insurance, Inc., his company’s volume has expanded even more.
Korte has owned PSI since 1986. Before that, it was known as Houk Insurance Agency and had operated out of Moran since 1926. “This business has been in only two families in the last 100 years,” Korte said proudly.
Over the years, PSI has picked up additional clientele. It operates offices out of Iola, Moran, Humboldt, Mound City, and Fulton, as well as a drop-off location in Yates Center. Most recently, PSI bought Iola Insurance, Inc. from Rick and Shelley Lauber.
“I’ve known Rick and Shelley for years,” said Korte. “I’d see Rick around sometimes and say, ‘Hey — when you get ready to sell out, call me.’”
In November, he called.
“He said they wanted to do something different, so we made a deal,” explained Korte. “It was very quick. We found out in November, made the deal in December, and closed on Jan.1.” 
Employee Rosan Williams added that the sale of the business does not include any real estate or storefront property. “We only purchased their book of business.”
Being proactive in the transfer of ownership, PSI and Iola Insurance sent a joint letter to all the clientele notifying them of the purchase. “I already know some of the customers,” added Williams. “We have their auto insurance, while Iola Insurance had their home insurance, or vice versa. So, some of them were already regular customers.”
Williams noted customers have been receptive about the transition. “Most of them are not even going to have to change policies or anything,” she added.
BUYING another insurance company’s book of business isn’t new to PSI. It has accumulated clientele over the years from various purchases. During this time, Korte has seen many changes — primarily in technology. “I don’t like computers at all,” he said. “I tell the girls, ‘You print it off, give me a phone number, I’ll take care of it.’”
Despite this, Korte acknowledges that evolving with the times is necessary. Years ago, most of the insurance work was done via paper applications and mailing forms. “Some of the companies didn’t even really have claim adjusters,” he said. “The agents did that. I did it a lot — climbed up on roofs.”
In its 40 years, PSI has been a community player, including donating food to surrounding food pantries, buying livestock at the county fairs, donating sports drinks to athletes at sporting events, and giving candy canes and treats to students during the holidays. “If your kid needs something, we’re right on that,” said Korte.
Korte says he loves that insurance is a “feel good” business. “If something happens in someone’s life, the first person they’re going to call is their insurance agent,” he said. “That’s true whether it is damage from a fire, a car wreck, or maybe a family member has passed away. We can help them out and give them some money and keep them going. That’s a feel good thing.”
