BancFirst Insurance Services
BancFirst Insurance Services is a privately held, Oklahoma-based independent insurance agency placing over $300 million in annual premiums across commercial, personal, and employee benefits lines, serving mid-market and enterprise clients in 10+ industry verticals through 5 offices in Oklahoma and Texas.
- Company typePrivate
- Founded2000
- HeadquartersOklahoma City, United States
- Headcount51–100
- GTM typeB2B and B2C
- OfferingServices
What BancFirst Insurance Services does
BancFirst Insurance Services, Inc. (BFINS) is a privately held, independent insurance agency and brokerage headquartered in Oklahoma City, Oklahoma, with additional offices in Tulsa, Muskogee, and Shawnee (Oklahoma) and Plano (Texas). Founded in the early 2000s, the firm operates as a risk management partner that performs in-depth evaluations of customer situations to identify strengths and vulnerabilities, then places coverage in fully insured, self-insured, or captive markets, domestically and internationally. The company is recognized among the 100 largest insurance agencies in the United States and has been named a Best Practices Agency in multiple years, placing over $300 million in annual premiums on behalf of its clients.
The firm's offering is organized into three core product lines: Commercial Insurance, Personal Insurance, and Employee Benefits, supported by dedicated Claims Services and a Risk Management Services overlay. Commercial coverage spans builders risk, business auto, business owners policy, commercial property, D&O, EPLI, surety bonds, aviation, cyber, workers compensation, environmental and pollution, inland marine, and boiler and machinery. Personal lines cover auto, home, renters, rental property, flood, and umbrella. Employee Benefits include group medical, dental, vision, disability, life, supplemental worksite, executive benefits, long-term care, and compliance/plan administration. The firm pursues a vertical go-to-market with dedicated industry practices across at least eight sectors: Churches & Nonprofits, Construction & Contractors, Education, Energy, Healthcare, Hospitality/Food & Beverage, Manufacturing, and Auto Groups & Transportation, plus a long tail of specialty coverages for agriculture, auto dealers, convenience stores, municipalities, Native American tribes, technology, and staffing/PEOs.
BFINS generates revenue primarily through commissions on placed insurance premiums, supplemented by fees for risk advisory, claims management, and Employee Benefits administration. Distribution is sales-led and relationship-driven, executed through a team of more than 25 named agents across five physical offices, with digital servicing layered on top via the ZyWave customer portal, an AppliedPay premium payment system, and a HealthSherpa ACA exchange integration. The customer base is diversified across mid-market and enterprise accounts in 10+ industries, with no disclosed customer representing a disproportionate share of revenue. The company employs 100+ individuals, many holding industry designations such as CIC, CRM, AAI, LUTCF, RHU, REBC, CLCS, and CPCU, and is led by President & CEO Adam Rainbolt, MBA, CIC.
BancFirst Insurance Services firmographics
Firmographics- Name
- BancFirst Insurance Services
- Legal name
- BancFirst Insurance Services, Inc.
- Website
- https://bancfirst.insurance
- Company type
- Private
- Founded year
- 2000
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- BancFirst Insurance Services is a privately held, Oklahoma-based independent insurance agency placing over $300 million in annual premiums across commercial, personal, and employee benefits lines, serving mid-market and enterprise clients in 10+ industry verticals through 5 offices in Oklahoma and Texas.
- Ownership category
- akta.pro rank
BancFirst Insurance Services industry classification
Industry- Product category
- Insurance Brokerage
- NAICS
- Insurance Agencies and Brokerages (524210), Insurance Agencies and Brokerages (52421), Agencies, Brokerages, and Other Insurance Related Activities (5242)
- SIC
- Insurance Agents, Brokers & Service (6411)
- akta.pro primary industry
- Commercial Lines Insurance Brokerage (FSAEADAB)
- akta.pro secondary industries
- Retail (Personal Lines) Insurance Brokerage (FSAEADAA), Mid-Market Commercial Package (Package Policies) (FSAJAFAB), Commercial General Liability (CGL) (FSAJADAA), Crime Insurance (Financial Institution & Commercial Crime) (FSAJAIAE), Commercial Umbrella Insurance (FSAJANAB)
Keywords
Where BancFirst Insurance Services is headquartered
LocationHeadquarters
- HQ city
- Oklahoma City
- HQ country
- United States
- HQ region
- North America
Offices5 records
Markets served
BancFirst Insurance Services business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure
Revenue model
- Insurance Premium Placement: BFINS places over $300 million in annual premiums for customers. The company operates as an insurance agency/broker placing coverage in fully insured, self-insured, or captive markets. Revenue is generated through commissions on insurance policies placed for commercial and personal lines, employee benefits, and specialty coverages.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Other | Custom insurance solutions tailored to individual risk profiles |
Go-to-market motion1 record
Distribution channels2 records
Marketing channels2 records
BancFirst Insurance Services product offering
Product offeringCore offering
BancFirst Insurance Services operates as a risk management insurance agency and broker that places commercial lines, personal lines, surety, and employee benefits coverages on behalf of customers. The firm places over $300 million in annual premiums across fully insured, self-insured, and captive markets in both domestic and international settings, performing in-depth evaluations of customer risk profiles to identify tailored coverage solutions.
Product overview
BancFirst Insurance Services is a risk management firm that operates as a single unified insurance agency platform offering three core product lines: Commercial Insurance, Personal Insurance, and Employee Benefits. These core offerings are supported by specialized Other Industry Coverages for diverse sectors, Claims Services with dedicated claims management, and Risk Management Services that evaluate customer situations and provide solutions across fully insured, self-insured, or captive markets. The company places over $300 million in annual premiums and is recognized among the 100 largest insurance agencies in the United States.
Differentiator
Problem solved
Functional benefit
Products and services
- Commercial Insurance Business insurance solutions including builders risk, business auto, business owners policy, commercial property, directors & officers, employment practices liability, surety bonds, aviation, cyber insurance, agricultural, liquor liability, general liability, nonprofit organizations, professional liability, workers compensation, environmental and pollution, garage and dealers open lot, inland marine, business interruption, and boiler and machinery coverage, tailored to fit business customers.
- Personal Insurance Personal insurance products covering auto, motorcycle, recreational vehicles, watercraft, homeowners, mobile home, renters, condo, rental property, flood, and umbrella coverage designed to protect individual assets and families.
- Employee Benefits A comprehensive suite of employee benefit insurance solutions including group medical, dental, vision, disability, life insurance, supplemental worksite coverage, executive benefits, long-term care, student accident and health, flexible spending accounts, and individual coverage options, along with claims resolution, plan administration, strategy, and compliance services for employer customers.
- Claims Services Claims reporting and resolution services that allow customers to submit incident reports through a dedicated claims form and receive support from a dedicated claims manager for personal and commercial policyholders.
- Risk Management Services Risk management consulting services including in-depth evaluation of customer situations to identify strengths and vulnerabilities, with placement of solutions in fully insured, self-insured, or captive markets, including access to coverage not always available to other agents and brokers.
Quantifiable outcome
- Places over $300 million in annual premiums
Companies that use BancFirst Insurance Services
Customer profileNamed customers34 records
Segments12 records
Ideal customer profiles3 records
BancFirst Insurance Services technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration4 records
Feature1 record
BancFirst Insurance Services partnerships and signals
Strategic signalScale indicators4 records
Recent moves5 records
Expansion highlights5 records
BancFirst Insurance Services competitors and assessment
Company assessmentBroad incumbents
- Hub International: PE-backed national broker aggressively acquiring regional agencies and serving commercial, personal, and benefits clients; a consolidation competitor to BFINS.
- Arthur J. Gallagher & Co. Global brokerage placing commercial P&C, employee benefits, and specialty coverages; competes for mid-market and enterprise accounts in the same lines as BFINS.
- Acrisure: Rapidly growing brokerage platform built through agency acquisitions across commercial and personal lines; a roll-up competitor in BFINS's segment.
- Brown & Brown: Large national retail insurance brokerage offering commercial, personal, and benefits placement; overlaps BFINS's core agency model at far greater scale.
- Lockton: Large privately held insurance brokerage offering commercial risk, benefits, and specialty placement; comparable independent-agency model at greater scale.
- NFP: Insurance broker and consultant specializing in benefits, P&C, and risk management for mid-market businesses, mirroring BFINS's product mix.
- Alliant Insurance Services: Specialty-focused national brokerage placing commercial, benefits, and industry-vertical coverages, comparable to BFINS's vertical practice approach.
- Truist Insurance Holdings (McGriff): Bank-affiliated insurance brokerage offering commercial P&C and benefits placement, structurally analogous to BFINS's bank-linked agency model.
- USI Insurance Services: National insurance brokerage and risk-advisory firm offering commercial lines, benefits, and personal risk; overlaps BFINS's full-spectrum agency offering.
Regional players
- INSURICA: Oklahoma City-headquartered independent insurance agency offering commercial, personal, and benefits lines across similar verticals; the most directly comparable regional competitor in BFINS's home market.
Market position
Strengths4 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights6 records
Customer concentration
BancFirst Insurance Services financial estimates
Financial estimateRevenue estimate
Valuation estimate
BancFirst Insurance Services leadership team
Management profileNumber of profiles
Profiles2 records
BancFirst Insurance Services funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
BancFirst Insurance Services M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about BancFirst Insurance Services
What does BancFirst Insurance Services do?
BancFirst Insurance Services operates as a risk management insurance agency and broker that places commercial lines, personal lines, surety, and employee benefits coverages on behalf of customers. The firm places over $300 million in annual premiums across fully insured, self-insured, and captive markets in both domestic and international settings, performing in-depth evaluations of customer risk profiles to identify tailored coverage solutions.
Is BancFirst Insurance Services a public or private company?
BancFirst Insurance Services is a private company. It is classified as unknown and is currently operating.
When was BancFirst Insurance Services founded?
BancFirst Insurance Services was founded in 2000. It employs 51 to 100 people.
Where is BancFirst Insurance Services based?
BancFirst Insurance Services is headquartered in Oklahoma City, United States, in the North America region.
How does BancFirst Insurance Services make money?
One revenue line is on record: insurance Premium Placement.
Who are BancFirst Insurance Services's main competitors?
Broad incumbents on record are Hub International, Arthur J. Gallagher & Co., Acrisure, Brown & Brown, Lockton, NFP, Alliant Insurance Services, Truist Insurance Holdings (McGriff) and USI Insurance Services. INSURICA is listed as a regional player.
Does BancFirst Insurance Services have an API?
No public API is recorded for BancFirst Insurance Services.
What industry is BancFirst Insurance Services in?
BancFirst Insurance Services's product category is Insurance Brokerage. Its primary akta.pro industry code is FSAEADAB, Commercial Lines Insurance Brokerage, with a secondary code of FSAEADAA, Retail (Personal Lines) Insurance Brokerage. Its NAICS code is 524210 and its SIC code is 6411.