Today we’d like to introduce you to Daniel Korolev.
Hi Daniel, can you start by introducing yourself? We’d love to learn more about how you got to where you are today.
Most of my career was spent in commercial banking having worked for top-tier banks including Deutsche Bank, JPMorgan Chase, Bank of America, Iberia Bank, and American National Bank. Having worked with thousands of businesses I always had the desire to work for myself. Royals was born out of the desire for full independence with an objective of elevating financial industry standards by providing core services businesses require to evolve: insurance, merchant services, and loan advisory.
We help businesses reduce costs, manage risk better, and obtain capital for operations and growth. We are local (but also serve all of UT), personable, and eager to share our knowledge. We are focused on delivering Royal-level service to our clients and we support the local community.
Can you talk to us a bit about the challenges and lessons you’ve learned along the way? Looking back would you say it’s been easy or smooth in retrospect?
Certainly not a smooth road. And we would not want it any other way, because that is when rubber hits the road. We set out to be unicorns in our field to offer essential services (…and have a great time doing it!) for businesses under one roof: business insurance, merchant services, and loan advisory. We recently went full circle and now offer personal lines: homeowner’s, auto, and umbrella. Insurance in particular, we feel has been commoditized over the last 5-7 years, which has presented a struggle for our business from the onset.
Our main goal with any business we onboard are to granularly understand our client, their objectives, their risk tolerance, and their future plans. Only, then we craft policies that fit their model and indemnify them during unforeseen events. We often see industry advertisements that “get you your best quote in 30 seconds,” That is compelling to many because it is fast and price-driven, but the question we always ask is: “How can you get to know your customer and understand their risks in 30 seconds.” We take time at the onset with clients, and that was a struggle we encountered because many clients did not see the true value. Communicating this message when we started was very challenging. However, this is the core belief of our business, we stood by our process, and we persevered. Today, it is less of a struggle, because we have clients that see value in our process. And, we simply got better at communicating our message.
The same goes for our merchant services vertical. Having been in the industry for over 20+ years we know what is the best solution for clients whether you are a restaurant, CPA, attorney, or an online retailer.
Appreciate you sharing that. What should we know about We Are Royals LLC?
We serve businesses and families in UT. We are family owned and operated. We take pride in what we do and offer the following services: business insurance (general liability, professional liability, commercial auto, worker’s comp, others), merchant services, loan advisory, and personal insurance (homeowners, auto, umbrella).
We are known for our personalized approach and the quality of our service. Our brand is unique because we offer not just insurance,
We have our own App which keeps all of our client’s policies in one place, whether policies are business or personal. The App also allows for easy communication with us and makes claims management easy.
We like to incorporate personal hobbies into our business as well. We believe that people do business with people.
My wife and I have two kids (a boy and a girl), we are avid roadtrip enthusiasts (we love Moab and many other UT destinations), we have a Jeep, and we like to work out, mountain bike, and hike. Lastly, we like to have a good time and not take ourselves too seriously!
Can you talk to us about how you think about risk?
As a risk management company, we believe that in order to evolve, whether in business or personally, risk needs to be taken. I took a major risk of leaving a commercial banking career. I firmly believed that being an entrepreneur, I would be able to serve clients better with the expertise I have developed working in finance for over 2 decades.
When taking risks, we believe in setting up the framework. Everyone has different risk tolerance, and determining that would be the first step. Then, setting specific goals and risk mitigation strategies is crucial. Then, you go for it!
Risk allows us to grow and evolve. It is healthy and essential. Being comfortable with discomfort is our daily practice, whether reaching out to new prospects, setting up new marketing campaigns, or investing in a new service.
Contact Info:
- Website: www.we-are-royals.com
- Instagram: www.instagram.com/weareroyalsllc
- Facebook: www.facebook.com/wearerolyalsllc
- Twitter: www.twitter.com/weareroyalsllc
