You are here:


South Holland, IL, — After more than 40 years in the industry, insurance entrepreneur and expert Thomas E. Crosby says that too many blacks still take too many chances without coverage, because they think insurance is a  “rip off.” Crosby explains that is a mistake. “People who need insurance and do not have it also feel victimized twice when they have to pay to buy the car or furniture they already had.”

Crosby entered the insurance industry in 1974 because he wanted to see more African Americans benefit from better information and more choices. He later founded The Insurance Exchange, a brokerage now based in the Chicago suburb of South Holland, IL. He established his company to give customers more appropriate selections instead of presenting the products of just one insurer. Now, he also reminds people that “insurance is a privilege, not a right.”

Crosby adds that the real “rip off” is the insurance fraud that occurs across all races and cultures of policy holders. Two auto-related examples include not telling the truth about a teenage driver in the household and using a false address for lower rates. Other examples include providing false information to receive benefits or payouts. “Overall, insurance fraud costs more than $30 billion each year and leads to higher premiums,” Crosby explained.

Crosby observes that many blacks have no renter’s insurance, the minimum driver’s insurance and are paying too much for the wrong kind of home insurance. “And if we haven’t checked our own insurance recently, we may be unprepared to investigate the types of life or health coverage that our parents  have, until it’s too late,” Crosby said.

The Insurance Exchange has licensed agents in several states around the U.S. and is welcoming more.  Crosby celebrated his 40th year in the industry by hosting a banquet at a local DoubleTree Hotel last fall. He also received a congratulatory letter from President Barack Obama.

As an insurance brokerage, The Insurance Exchange offers automobile, home, life, health and commercial insurance products from many of the nation’s most established companies, including Blue Cross/Blue Shield, Chubb, Grange, The Hartford, Travelers, Safeco and many others.

Interested parties are invited to call (708) 597-8731 or visit for more information.