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What 19 Years in Insurance Has Taught Me
National News • July 8, 2009
Working at my computer the other day, it hit me that the most recent crop of college graduates were not even born when I graduated from high school and they were no more than three when I entered ...
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| RE: What 27 years have taught me. | 40 Yr Veteran | Jul 16, 2009, 1:25 pm |
| RE: The best has yet to come | Second Generation | Jul 16, 2009, 1:07 pm |
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| What 17 Years of Insurance has Taught Me...... | A Casualty of Excess | Jul 14, 2009, 10:08 am |
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| RE: What 27 years have taught me. | Burnt Out | Jul 13, 2009, 10:24 am |
| RE: Has it taught you? | Wholesale Underwriting Manager | Jul 13, 2009, 10:06 am |
| 26 years in Insurance in the Great White North | Wayne Wallace CIP | Jul 10, 2009, 12:41 pm |
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| What 24 years has taught me... | Woody | Jul 10, 2009, 7:12 am |
| RE: RE: My Years In the Insurance Business | charlie | Jul 10, 2009, 1:52 am |
| Coming up on 40 years | RM | Jul 9, 2009, 3:07 pm |
| RE: RE: 27 Years on the Agency/Brokerage/Company taught me.. | DIANNE | Jul 9, 2009, 2:09 pm |
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| 20 Years in Insurance | Sanjiv Kumar Dobhal | Jul 8, 2009, 11:34 pm |
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| RE: My Years In the Insurance Business | Underwriting Queen | Jul 8, 2009, 2:51 pm |
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| My Years In the Insurance Business | Charles Chaffin CPCU, CLU, ARM | Jul 8, 2009, 1:12 pm |
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| Back to article | ||
Subject: RE: My Years In the Insurance Business
- Though many actuaries would argue the opposite, I still firmly believe that underwriting is an art, not a science.
- Underwriting is something that can really only be learned through many, many years of on-the-job experience. One needs technical training, of course, but, for the most part, it's all about using one's past experience to help make prudent decisions based on the present scenario.
- Speaking of technical training, I'm really glad that I learned how to ISO rate by hand - using an ISO manual, a pencil, paper, and a calculator. Knowing the methodology behind premium calculations has truly helped me to make better pricing decisions on individual accounts, and also on entire books of business.
- Never underestimate the value of learning coverage forms inside-and-out. Is it glamourous? No. But that knowledge will come in handy, and it may even save your you-know-what someday. Take the time to read the coverage forms!
- Never assume anything, especially when something is omitted on the application.
- Never try to cover up a mistake. You'll always get more respect if you admit the mistake, fix it, and move on.
- Two underwriting heads are always better than one.
- Never burn a bridge. You never know who you will run into again - in fact, you may find yourself reporting to them.
- No matter how much we try to automate this business, any success that we enjoy is still driven by the strength of the relationships that we form.
- I've never seen 3rd-party 'consultant' recommendations make a company better. EVER.
- Just when I thought I knew it all (which, by the way, was after only 1 year on-the-job! Ha!), I realized that I, in fact, had a heck of a lot to learn.
- Then, after 5 years on-the-job, when I REALLY thought that I knew it all, looking back, I realized that STILL had a heck of a lot to learn.
- After 20 years on-the-job, I know enough to realize that, even now, I will always have a heck of a lot to learn.