Some 45 years ago, I joined the actuarial ranks as a math major looking for work. We had no desktop computers or even hand held calculators – just the 100 key Marchants for us!! My first desk top computer was an Oliveti Underwood Programma 101 with a total memory of 11 3 digit registers that printed on adding machine tape. Even so, I used it to make personal auto rates for all territories in California in record time! After spending 23 years as a company actuary and then 22 more as a broker actuary, I have learned a couple more things than have been so wonderfully outlined by the many comments on this article.
Actuarial Science is not, it is an art.
Underwriters can be smarter than actuaries … sometimes!
Past history is not always a good measure of what is to come
Deal only with clients that are ethical, it will save you a lot of grief and the others are not worth the time.
Always let the golden rule be your guide.
The client is always right, at least as long as they are a client, but know when to cut the cord!!
Never, ever do professional work for free – your time is too valuable.
The person that cheats to get the business is your best reference to get the business back.
This market is nuts! There is no underwriting discipline, and there are 3 or 4 carriers driving such whacked out pricing that other smaller carriers are jeopardizing their financial position to keep from losing face and market share. There is one small regional that has had 102 in 2007, 106 in 2008, and heading for 111 in 2011 – and they are still one of the most aggressive carriers on the street. What are they thinking? AM Best has them pounded with a negative rating, but Best needs to start acting more quickly. A few of these careless carriers get dropped to B++ or A-, and discipline will be found quickly. Of course, agents will still sell whoever is cheap.
Has it taught you the date that we are going to wake up and find out that Selective has been sold? Or, if not Selective, then who is next? Somebody has got to go…
Excellent. Loved the comments about “whiz kid financial (aka mba’s who know nothing about insurance) and the last great generation of insurance professionals are reaching retirement. That is very true.
I, too, remember typing COI’s and DEC pages with the IBM Selectric typewriter and correction paper, not WiteOut, typing on the telex machine to Lloyds and faxing weekly reports to the carriers. I’m still a little old-fashioned in that I like to have the policy forms in my hands to read instead of reading them online. Much easier to highlight the section and easier to find it when arguing a coverage question with the underwriter or claims person.
I also prefer taking a class in front of a live instructor instead of online. You can get immediate feedback to your question. It’s also much easier to catch the instructor after class live than online.
Just because you have your insurance license doesn’t mean you now know everything about insurance. No one ever has and no one ever will, no matter how many designations you have behind your name.
Always sell coverage and not price.
As mentioned before, don’t be afraid to fire a client. It’s much less expensive than defending an E&O claim.
Here’s hoping that insurance companies in the future will once again be ran by people who actually understand insurance and not by those individuals who only know how to spell “insurance”.
37 years…no calculators…each client had an account card that you added and debited from…later “pulling tray” each month wiht ARC Pioneer system…TI calculator stores in the malls… Working 90 day account currents with carriers instead of direct bill…No CLUE, NO credit scoring…MVR’s from the States direct…IBM selectric typewriters cost more than a good computer…900-1100…and the service contracts were 150 to 300 a year on each one…
unfortunately that “last great generation of insurance professionals”‘ retirement has been postponed because of the decisions made by the last great generation of insurance professionals.
I am not surprised that experience and learning in insurance in any part of the world are same.
Additionally, my comments:-
i. Cups and cups of tea and coffee with clients while discussing everything under the sun except insurance and finally closing a insurance deal.
ii. 24×7 job with constant followup and working on clients.
iii.Upgrade your knowledge and get more clients, client issues and involvement.
iv. Respect for time and dependability are the important factors in creating long term relationship in insurance.
v. Underwriter/technically sound people prfer to keep knowledge close to their chest rather than spreading it.
While digital has been great for ‘some’ things, it’s still not worth a set of batteries for others. When I started, the ISO manuals and forms were the focal point of most answers. I still have mine, with notes in the margins from claims, legal, and those who have retired with their experience. It’s amazing how the newbies can’t find these things in their digital manuals, nor find a way to incorportate that data into their electronic manuals. Just because we can do a thing, doesn’t mean we should do a thing.
I remember telex…also remember that when first fax machine appeared I had to get key from the manager to the closet it was in! Now even faxing is more or less dead.
1971 I walked in here. . . Now, the longer I do this it seems I have to do more work on each account for less money. They want everything down to the shoe size of the client, and keep cutting commissions. Someday, at this rate, I’ll have to pay the company to take it!
35 years and counting…remember using that Selectric to type policy kits, manual rating autos with 3 youthfuls and 5 cars, everything agency bill and trying to get the money (things haven’t changed much in the “trying to get the money” scenario), underwriter approvals, no faxes because they fade, years of agents “renewing as is” so coverage never increases, values of homes at a dollar amount/sq ft – which turns out the same as using a replacement estimator, waiting for the mail instead of the download, taking insurance classes in person when you actually learned something rather than on-line, active insurance organizations with lunches and good speakers (again where you learned something), buying “insurance” to ensure your profit sharing – there’s more but back to work I go.
Building rates were issued by the ISO via pages in a binder – the company I worked for had two people who worked full time updating the binders each day. We actually had a map on the wall of L.A. proper with push pins to designate where we had policies
Telex machines that were used to correspond with Lloyds. We had to be short, sweet and to the point when typing due to cost. I could never read the long reams of yellow paper that just had dots and dashes on it but there were underwriters who could.
Getting a bonus as a policy typist when I went over the minimum number of lines I typed on a policy, and being paid for speed
Being in awe of the liability underwriter who made an incredible 435.00 a month
Asking an underwriter as recently as last week if they used the 438 BFU as I had a lender that wanted that particular endorsement. He replied that he never heard of that endorsement – and what did it change on the liability part of the policy.
And of course the infamous binders issued on napkins from the local bar :) People who worked in the Insurance Corridor in the early 70’s will remember these
I am a commercial lines U/W, 23 years old, a former risk management & insurance major and personal lines agent, I am passionate about insurance, and fully skilled in the modern age.
I have talked to many agents & U/W’s all w/ more experience than I; all who are older than I. Some, like those you speak of, have taught me more than I could have ever imagined. Others, I am surprised they still have a job.
I don’t know if I completely agree w/ the statement that the greatest insurance generation is retiring. There are some great professionals leaving, don’t get me wrong, but there are champions and losers for every generation… and every generation considers itself the best.
My point is… greater things have yet to come to insurance. Don’t count us “newbies” out just yet!
1. Work as if you are in a profession and not a business.
2. If selling worry about helping the client, money or income will take care of it self.
3. Plain English or “Easy To Read” policies aren’t.
4. You learn more listening than talking.
5. I remember when Insurance people ran companies. Then ITT bought Hartford and we learned more about cash flow underwriting.
6. Remember when the people managing day to day operations had 25 to 30 years experience. Its hard to find someone with more than 7 or 8 years in a companies regional office.
7. There use to be a requirement for experience for tasks in the industry. Now those with only a few months of experience are rating and issuing polcies.
There are more issues out there, but until they really understand what Underwriting means I shed a tear for what the industry could be today.
Starting in “the business” right out of college, I was lucky to wrok with some experienced people who judged you on your work ethic and willingness to learn rather than ability to laugh at the bosses jokes.
Progressing through positions as casualty underwriter, (Aetna C&S was a great company) property underwriter, office manager, Home Office Director, (Hartford was a good company) back to the field as Marketing Manager, etc, etc, you can learn a lot about insurance, but even more about human nature. To the newbies–always treat people with respect and expect the best from human nature. Be sure to laugh with people–and be ready to laugh at yourself.
Enjoy the ride: and be sure to treat the newbies you meet with the same respect that you recall receiving from the “old timers” that had a positive impact on your career.
I wanted to say how much I truly enjoyed reading your article!
I have often thought about many of the same items you have listed. Personally I have a few more years from whence I began in the insurance business. I started as an underwriter and am now an agent and I have never regretted one day since that time.
Actually my beginnings trace back to one of the carriers you listed as no longer around (AEtna). Once upon a time a great company with fabulous teachers, tremendous training facilities and great products for their agents and employees. Oh, “the good old days”….
Thanks again for the article and subliminal touches of humor which we all need in this business. Here’s to another 19 and 27 years! Cheers….
Best Regards,
David Vaughan
P.S. I would send a copy of this to my staff but I ran out of carbon paper.
Been doing this for 10 years now. Number one lesson: Remember that EVERYBODY messes up at least some of the time, no matter how good you are at your job. Number two lesson: NEVER burn any bridges. You never know when you’ll need a favor from someone that might be an “idiot.”
When I was an underwriter for an un-named insurance company many years ago, we had to stand in line to get a photocopy made by the “copy nazi.” If you left a staple in it, she sent you to the back of the line again.
Excellent points! So true about the old timers. My insurance super heros are all getting old or are deceased. My firm tried the “never quote over the phone”, and found that my fellow agents had no problem doing it, so our new business numbers crashed! We always strive to set an office appointment be the advisor, but often times get objections we cannot overcome. As a 21 year insurance vet, I estimate most personal lines insurance will be bought over the internet due to the young generation that is comming up, has never know a day without a computer or wireless device. The sick fact is, our own profession did it to ourselves by quoting over the phone. Think about it…..We had better offer a special service or product, or in the very near future (2 to 5 years tops), our herd WILL be thinned!
I certainly have had some blank looks when I tell underwriters in my company that they can’t actually underwrite unless they know the wording in the form. Read? Primitive. I do remember rows and rows of keypunch machines and boxes of punch cards everywhere.
Good comments & interesting reading – 37 plus years here & Macster, I still do an occasional binder on a napkin – better than nothing ’till I get back to the office. :-) :-) :-)
I take exception with notion that greatest generation is retiring – there are many very talented young folks in the biz & several colleges & universities are sending more our way – keep the faith!!
A few things that I’ve learned in my 20 years in Underwriting:
– 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.
1. Insurance company executives of midwest companies favor brown suits, east coast company execs favor gray and blue, west coasties often wear shorts…
2. There are more liberal arts majors in underwriting than there are business or engineering majors…
3. Be wary of what follows: “I have a real opportunity for you..”
4. On any particular deal, if the broker is not completely happy and your home offiice is not completely happy, you have done a good job…
5. One for the newbies: Underwriting is a trade where ignorance is actually a short-term asset.
No matter what the circumstance, only about 1 in 100 insureds admit they’re at fault for a loss. “That guy should have seen me turn left in front of him and avoided me!”
Plaintiff attorneys HATE seeing the inside of a courtroom. In fact, most of them have never seen one.
You just can’t teach time management or common sense.
I love the comments. Thanks to all for the trip down memory lane. I remember the telex – I was pretty good at typing one without making the tape! I still have my old yellow paged ISO manual. Advice to the newbies, Read the Forms! Best to All!
People want to do business with GE because of the meatball. Sure, suck the reserve redundancy out you useless Harvard Grads. Yeah, I’m talking to you Jeffy.
Great article and wonderful comments, don’t agree with all but that’s what makes it more interesting and exciting. Been in the biz 50yrs now company & agency both, I still am learning, the “old” can train the “young/newbies” and we can certainly learn from them – jury still out on all the Hi-Tec stuff, sometimes we try to respond before we’ve even read the question but that works both ways. Integrity and honesty are two of the needed ingredients coupled with “knowing your product” yes – READ THE FORMS, discuss them with your peers, amazing what dialog does for ones technical knowledge. I really enjoyed this article!! THANK YOU.
…it was time to get out. I started off in the insurance industry because I needed a job to help take care of my dad. Fortunately, I started off in a small agency that understood the need for its employees to have a solid understanding of what insurance is about – what the coverages mean, what endorsements do, etc. They sent both myself and coworker to Insurance Skills Center.
As I continued in my career, I started taking the IEA courses (AU, AIS, etc.) to help expand my knowledge and skills. Those definitely helped in my 11 years working as a Workers’ Comp underwriter.
Then I went to a large multi-national brokerage that touted their “service”. Their “service” took a back seat to making Wall Street happy.
I now work on the “client side”, working in the risk management department of a large healthcare facility. Amongst many of my duties, I deal daily with the insurance requirements in our contracts. I am appalled at the lack of knowledge, lack of tact, and oft times lack of ethics displayed by many of the insurance agents/brokers for our contractors/vendors.
Not a day goes by when we wind up educating agents on either why certain coverages are required, what certain coverages do and do not cover, etc.
What I find disturbing is the IT/marketing complex which married technology with underwriting, rating and claims adjusting. It is good to have up-to-date platforms to administer premiums and payments but we end up with underwriters who don’t, raters who can’t rate and claims adjusters who need a cheat sheet to tell them how to adjust a claim. They are very good at using click-and-point applications but do not know whether the result is appropriate; how would a rater know if the rate was calculated correctly, if they don’t understand what rating represents? or an underwriter who understands what “exposure” means? or claims adjusters who pay claims without checking to see if the insured is actually covered for that peril? Our company gives bonuses to those who take insurance courses but there are plenty of our IT folks who do not even have a certificate! Training is uneven now, and those who put in their own time are getting fewer and far between. Money only motivates people so far. Reliance on technology has dumbed down our industry too.
Just when you learn everything it changes. It’s what keeps the insurance industry interesting and frustrating at the same time.
I remember all the rules from ten years ago and I know they’ve changed but I don’t always remember what the new rule is (except I know enough to go look it up).
My Dad was in the business 20 years, my sister has been in it about 16 years and this is my 21st year. There must be something to it.
Boy what a trip down memory lane. Some of these things I have not thought about in years. When I started in the business over 38 years ago the major carrier that I worked for used keypunch machines! I remember one time all of the underwriters running to the window to look at a major fire and then quickly to the card file to see if they were insured with us. We set up files by hand with sticky numbers on the tabs. We also filed by hand. When I went to the agency side I could rate from a manual faster than I could enter things into the rating software. Those days are gone. I am now on the supervisory level and there are times I miss the client contact, but I get my share with the angry ones that need conflict resolution. The major thing to remember is what others have already said, you can NEVER know everything in this profession and you must
think of it as a profession continue to learn everyday.
1) There’s no such thing as a free lunch
2) no question is a stupid question
3) Execution is key and talk is just talk.
4) Have conviction & build your case even when those accountants and actuaries think they know best – we all have something to bring (Think Synergy!)
5) Get the right people at the table
6) Claims and Underwriters need to spend more time together
7) brokers may have a different agenda to ‘risk’ carriers.
8) Top Line for vanity bottom line for sanity
9) treat the capital base like it was your own
10) Pay attention to wordings – if you don’t understand a wording ask yourself will a Judge?
11) Never ever assume anything
Anyone else remember completing NIASA code sheets? An entire shelf of manuals to do Maine, NH, MA, VT? I started as a Rater/Coder for commercial lines in 1971!
I actually have a Boston Underwriters Manual with original pages older than I am!
After 16 years in the Insurance Industry, all of this reads true, here is a couple more:
1. CPCU- “Can’t Produce, Can’t Underwrite”
2. Claims people are almost the lowest paid with the biggest impact.
3. 20 years of 1 year of experience does not qualify as an irreplaceable resource
4. If your IT Leadership doesn’t understand Insurance, you won’t be successful
5. The Field is always correct & HomeOffice is always wrong
6. Don’t let Marketing or Product represent requirements for Sales (agents)
7. Find the key Leaders in the organization (not the Executives/Managers) but the real Leaders.
8. Document, Document, Document!!!
9. The public does not understand Insurance and with less than 20% having a claim, they don’t really care
10. You can’t buy Insurance in a shopping Aisle (Please Progressive)
After 26 year in Insurance. I find this list correct in every respect. In the face of all the changes that have faced underwriters over the years, I still find that the basic fundamentals still work.
Underwriters do 3 things first
Accept or Reject risk
Sent the terms and conditions
Sent the premium
All else is minor detail. That’s our core competancy. Lose sight of it, and see profits vanish
My underwriters get tired of it, but one of the first things I always ask them is what does the form say. To underwrite you must know what you are covering, and you must have a sense of the “proper price”. If you can’t get the proper price walk away. There are numerous carriers in this market that aren’t getting the proper price and are broke and just don’t know it yet.
By the way 42 years at it and still love this business!
15 years on the job, I have learned, most recently, that in every “gray area” there is left standing alone a “responsible” insurance agent. No one is ever accountable for their own actions and always rely on their agent to clean up their mess.
Love this forum – always a good read and laugh. 24 years in – this thread rings true. IBM Selectrics for the win!! Remember how pumped we all were when the ribbons went away and it was a cartridge wheel? I still remember our first thermal fax machine – ooohhhh glorious days.
I do not understand any postings on July 14….I am female…paid my dues…and making money. No sour grapes for me. A male mentored me, retired, and I ran with his ball…Life is good, however, I really wish some of you whippersnappers experienced the “old” days before employers had to pay for our drunk driving!!!!!I want to wring the neck of the 1st employee who sued their employer to pay for their accident.
This has been a very interesting stream of comments. I’ve been in the business 35+ and am female. I take some exception to an earlier comment from a lady about needing to be a guy to get anywhere – or a “hot” female. Been married 34 years – was probably “hot” back then but certainly not “hot” as I ready for social security. Yes, I was in the middle of family-owned business and realized if you’re not family, you won’t go extremely far. Changed to an alphabet house and mentored by one outstanding man who gave me the opportunity to learn and grow. Moved to another state and got stuck in “good ole boy” network so decided to do it myself. Just sold my agency to men who respected what I did for many year and am staying right where I am for several more years to come. So if you don’t want to be part of the “guys”, then be part of the girls – we do just as good (if not better) and make your own mark in your community.
Matt – I guess you’ll never be nor understand that CPCU is the gold standard in our industry so you have to mock it. The original writers is correct about apathy in our business and that young people spurn what they can’t attain but continue to move up with their connections and appearance of being a team players. However their lack of knowledge about the business combined with the retiring baby boomers will leave of vacuum filled by inexperience.
I just celebrated my 7 year anniversary in the industry on Wednesday. I got in to insurance at the recommendation of my dad, who just celebrated his 40th anniversary in the industry (all with one company) on Tuesday. I’m glad I finally stopped ignoring him when he started talking to me about a career choices haha!
Listening more than talking is absolutely true. It is a humbling experience to sit back and listen to some of the more senior people in the industry. I am not even kidding you when I say I learn something new every single time. I started out as a broker but quickly got the itch to Underwrite and landed a great position as a casualty underwriter about a year and a half ago. I have been extremely fortunate throughout my career thus far in that I am surrounded by seasoned veterans ready, willing and able to “show me the ropes”.
I really enjoyed reading this article as well as some of the comments. (The whiz kid comment made me laugh out loud!) Please do not count my generation out just yet. While there is something to be said about the legends that are beginning to retire, I have faith that there will be a lot of good things to come. Whiz Kid MBA’s aside, of course!
35+ years ago I was told that I could no longer use my typewriter and that I had to wear a dress or suit to the office to be a professional. Now, I am a professional because I dress casually and spend my day using a keyboard! Moral…you are a professional not based on someone else’s standards but based on your knowledge and willingness to learn!
I take offense to your “lessons”. As a woman with a “daddy” in the industry, I had quite the opposite experience at the first company I worked for. I got my start as a broker for a company where yes, my father was a client. (I did not even want to interview there due to the family connection but they had an amazing training program that I could not pass up.) I felt like I had to work twice as hard as everyone else just to be taken seriously. My hard work was recognized by supporting team members in various offices across the country as well as with the clients I worked with. Internally, with my direct supervisors, however, was a completely different story. It went from bad to worse when the Sr. Exec on my dad’s account left for a competitor. My bosses just assumed I would go with him so I could ride my father’s coat tails and they treated me as such. Eventually, my lack of respect for the remainder of the senior management proved to be too much and I left the company. And I got the last laugh when I did. Despite their predictions, I accepted an underwriting position, not some cushy job with a competitor.
In the end I owe my father a lot for where I am today, but not because he gave me a free ride like you incorrectly assume all of us second generation professionals get. I found my niche while trying to get away from being associated with him and I could not be happier with my decision. Today, I am taken seriously, recognized for my hard work and I have some amazing mentors that I know I will be learning a lot from over the years. I also still have a working relationship with several of my former clients, albeit in a different capacity…I now hold the pen!!!
As for those individuals that doubted my commitment to this industry, they all now work for that competitor that I was allegedly supposed to end up at. How ironic…
Who out there can remember the old Sanborne Maps showing individual company risk dispersal in urban areas, glued on endorsements, Specific Line Underwriters (Inland Marine, Fire, Crime etc.), three martini lunches, Claims adjusters who bellowed at customers, Underwiters who smoked at their desk, white only just before diversity in the insurance workplace was mandated, ‘Risk taking’ as opposed to ‘opportunity making’, you can’t pay out more than you bring in, #2 Lead pencils which were THE TOOL in rating, staplers and staple pullers, white shirts and tie only, big old manual with dog eared pages….
Those indeed were the days!
From the good ole days to the time of dread!
What I dread most now is the ultimate machine take- over. All Companies are working on the one Underwriter Mechanical Transformer Cyclop that will rate, underwrite, and cancel WITHOUT much humanoid intervention. Humans not wanted! That is my biggest fear as ths sun sets on my insurance career.
Here’s to people and the salvation of our industry!!!!!
I remember adding “knows how to use the facimile machine” on my resume!
1. Insurance cycles will come and go and then come again. Don’t get your knickers in a twist because the market is too hard or because it’s too soft. Change is the constant.
2. Insurance is a small town – make friends – you will see these people again!
3. As a woman who started in the business, young and blond….I will admit that I had to work 2x as hard and be smart to be taken seriously. However, as time has passed, working 2x as hard and being smart has benefitted me and my carreer much more than anything else would have!
4. Read the form!
5. Don’t be threatened by change, embrace it. No matter which insurance geneeration you are from, if you can combine past experience with the current environment you will flourish. If you meet the current environment with a “well, in my day blah blah blah” you will perish.
6. Understand the broad business rather than the little bit you are responsible for. Nothing has impacted my career more than having a broad business perspective.
Just a thank you for acknowledging those irreplaceable people who have been cast aside in the graveyard with years of knowledge, compassion, and understanding of the various disciplines within the insurance industry. The accountants and statistical experts always win….sadly, that is all that insurance is about today.
I have to agree with everything he says, and that after 51 years in the business. Do think the industry is asking for trouble because of the lack of education for the new entries, thougth I did my CPCU, CLU, ChFC on my own.
I do disagree with one statement about state Ins. departments; I think they exist only to collect taxes, the rest is glossing to hide that fact.
Some 45 years ago, I joined the actuarial ranks as a math major looking for work. We had no desktop computers or even hand held calculators – just the 100 key Marchants for us!! My first desk top computer was an Oliveti Underwood Programma 101 with a total memory of 11 3 digit registers that printed on adding machine tape. Even so, I used it to make personal auto rates for all territories in California in record time! After spending 23 years as a company actuary and then 22 more as a broker actuary, I have learned a couple more things than have been so wonderfully outlined by the many comments on this article.
Actuarial Science is not, it is an art.
Underwriters can be smarter than actuaries … sometimes!
Past history is not always a good measure of what is to come
Deal only with clients that are ethical, it will save you a lot of grief and the others are not worth the time.
Always let the golden rule be your guide.
The client is always right, at least as long as they are a client, but know when to cut the cord!!
Never, ever do professional work for free – your time is too valuable.
The person that cheats to get the business is your best reference to get the business back.
This market is nuts! There is no underwriting discipline, and there are 3 or 4 carriers driving such whacked out pricing that other smaller carriers are jeopardizing their financial position to keep from losing face and market share. There is one small regional that has had 102 in 2007, 106 in 2008, and heading for 111 in 2011 – and they are still one of the most aggressive carriers on the street. What are they thinking? AM Best has them pounded with a negative rating, but Best needs to start acting more quickly. A few of these careless carriers get dropped to B++ or A-, and discipline will be found quickly. Of course, agents will still sell whoever is cheap.
Has it taught you the date that we are going to wake up and find out that Selective has been sold? Or, if not Selective, then who is next? Somebody has got to go…
Excellent. Loved the comments about “whiz kid financial (aka mba’s who know nothing about insurance) and the last great generation of insurance professionals are reaching retirement. That is very true.
I, too, remember typing COI’s and DEC pages with the IBM Selectric typewriter and correction paper, not WiteOut, typing on the telex machine to Lloyds and faxing weekly reports to the carriers. I’m still a little old-fashioned in that I like to have the policy forms in my hands to read instead of reading them online. Much easier to highlight the section and easier to find it when arguing a coverage question with the underwriter or claims person.
I also prefer taking a class in front of a live instructor instead of online. You can get immediate feedback to your question. It’s also much easier to catch the instructor after class live than online.
Just because you have your insurance license doesn’t mean you now know everything about insurance. No one ever has and no one ever will, no matter how many designations you have behind your name.
Always sell coverage and not price.
As mentioned before, don’t be afraid to fire a client. It’s much less expensive than defending an E&O claim.
Here’s hoping that insurance companies in the future will once again be ran by people who actually understand insurance and not by those individuals who only know how to spell “insurance”.
37 years…no calculators…each client had an account card that you added and debited from…later “pulling tray” each month wiht ARC Pioneer system…TI calculator stores in the malls… Working 90 day account currents with carriers instead of direct bill…No CLUE, NO credit scoring…MVR’s from the States direct…IBM selectric typewriters cost more than a good computer…900-1100…and the service contracts were 150 to 300 a year on each one…
unfortunately that “last great generation of insurance professionals”‘ retirement has been postponed because of the decisions made by the last great generation of insurance professionals.
I am not surprised that experience and learning in insurance in any part of the world are same.
Additionally, my comments:-
i. Cups and cups of tea and coffee with clients while discussing everything under the sun except insurance and finally closing a insurance deal.
ii. 24×7 job with constant followup and working on clients.
iii.Upgrade your knowledge and get more clients, client issues and involvement.
iv. Respect for time and dependability are the important factors in creating long term relationship in insurance.
v. Underwriter/technically sound people prfer to keep knowledge close to their chest rather than spreading it.
While digital has been great for ‘some’ things, it’s still not worth a set of batteries for others. When I started, the ISO manuals and forms were the focal point of most answers. I still have mine, with notes in the margins from claims, legal, and those who have retired with their experience. It’s amazing how the newbies can’t find these things in their digital manuals, nor find a way to incorportate that data into their electronic manuals. Just because we can do a thing, doesn’t mean we should do a thing.
Anyone remember the pre-fax telex machines…noisy with the little basket of paper dots?
I remember telex…also remember that when first fax machine appeared I had to get key from the manager to the closet it was in! Now even faxing is more or less dead.
1971 I walked in here. . . Now, the longer I do this it seems I have to do more work on each account for less money. They want everything down to the shoe size of the client, and keep cutting commissions. Someday, at this rate, I’ll have to pay the company to take it!
35 years and counting…remember using that Selectric to type policy kits, manual rating autos with 3 youthfuls and 5 cars, everything agency bill and trying to get the money (things haven’t changed much in the “trying to get the money” scenario), underwriter approvals, no faxes because they fade, years of agents “renewing as is” so coverage never increases, values of homes at a dollar amount/sq ft – which turns out the same as using a replacement estimator, waiting for the mail instead of the download, taking insurance classes in person when you actually learned something rather than on-line, active insurance organizations with lunches and good speakers (again where you learned something), buying “insurance” to ensure your profit sharing – there’s more but back to work I go.
Things I remember
Building rates were issued by the ISO via pages in a binder – the company I worked for had two people who worked full time updating the binders each day. We actually had a map on the wall of L.A. proper with push pins to designate where we had policies
Telex machines that were used to correspond with Lloyds. We had to be short, sweet and to the point when typing due to cost. I could never read the long reams of yellow paper that just had dots and dashes on it but there were underwriters who could.
Getting a bonus as a policy typist when I went over the minimum number of lines I typed on a policy, and being paid for speed
Being in awe of the liability underwriter who made an incredible 435.00 a month
Asking an underwriter as recently as last week if they used the 438 BFU as I had a lender that wanted that particular endorsement. He replied that he never heard of that endorsement – and what did it change on the liability part of the policy.
And of course the infamous binders issued on napkins from the local bar :) People who worked in the Insurance Corridor in the early 70’s will remember these
M
I have in my possession some Sanborn Maps that my dad used years ago. I also remember rate cards and Microfiche.
I am a commercial lines U/W, 23 years old, a former risk management & insurance major and personal lines agent, I am passionate about insurance, and fully skilled in the modern age.
I have talked to many agents & U/W’s all w/ more experience than I; all who are older than I. Some, like those you speak of, have taught me more than I could have ever imagined. Others, I am surprised they still have a job.
I don’t know if I completely agree w/ the statement that the greatest insurance generation is retiring. There are some great professionals leaving, don’t get me wrong, but there are champions and losers for every generation… and every generation considers itself the best.
My point is… greater things have yet to come to insurance. Don’t count us “newbies” out just yet!
Allow me to add a few items to your list.
1. Work as if you are in a profession and not a business.
2. If selling worry about helping the client, money or income will take care of it self.
3. Plain English or “Easy To Read” policies aren’t.
4. You learn more listening than talking.
5. I remember when Insurance people ran companies. Then ITT bought Hartford and we learned more about cash flow underwriting.
6. Remember when the people managing day to day operations had 25 to 30 years experience. Its hard to find someone with more than 7 or 8 years in a companies regional office.
7. There use to be a requirement for experience for tasks in the industry. Now those with only a few months of experience are rating and issuing polcies.
There are more issues out there, but until they really understand what Underwriting means I shed a tear for what the industry could be today.
Starting in “the business” right out of college, I was lucky to wrok with some experienced people who judged you on your work ethic and willingness to learn rather than ability to laugh at the bosses jokes.
Progressing through positions as casualty underwriter, (Aetna C&S was a great company) property underwriter, office manager, Home Office Director, (Hartford was a good company) back to the field as Marketing Manager, etc, etc, you can learn a lot about insurance, but even more about human nature. To the newbies–always treat people with respect and expect the best from human nature. Be sure to laugh with people–and be ready to laugh at yourself.
Enjoy the ride: and be sure to treat the newbies you meet with the same respect that you recall receiving from the “old timers” that had a positive impact on your career.
That is great advise! Thanks Tony.
I wanted to say how much I truly enjoyed reading your article!
I have often thought about many of the same items you have listed. Personally I have a few more years from whence I began in the insurance business. I started as an underwriter and am now an agent and I have never regretted one day since that time.
Actually my beginnings trace back to one of the carriers you listed as no longer around (AEtna). Once upon a time a great company with fabulous teachers, tremendous training facilities and great products for their agents and employees. Oh, “the good old days”….
Thanks again for the article and subliminal touches of humor which we all need in this business. Here’s to another 19 and 27 years! Cheers….
Best Regards,
David Vaughan
P.S. I would send a copy of this to my staff but I ran out of carbon paper.
Been doing this for 10 years now. Number one lesson: Remember that EVERYBODY messes up at least some of the time, no matter how good you are at your job. Number two lesson: NEVER burn any bridges. You never know when you’ll need a favor from someone that might be an “idiot.”
Been at this 32 years March 15th (beware the ides of March!.
Laugh at the business and yourself. Otherwise, you’ll burn out quickly.
When in doubt, read the form.
When you are absolutely certain; read the form.
When there is no way that coverage does not apply; read the form.
Even still, some company adjuster will deny coverage without having read the form.
I like Ralph’s advice. Of course the words an agent feared hearing most were “I’m from Applied Systems and I’m here to help.”
When I was an underwriter for an un-named insurance company many years ago, we had to stand in line to get a photocopy made by the “copy nazi.” If you left a staple in it, she sent you to the back of the line again.
Excellent points! So true about the old timers. My insurance super heros are all getting old or are deceased. My firm tried the “never quote over the phone”, and found that my fellow agents had no problem doing it, so our new business numbers crashed! We always strive to set an office appointment be the advisor, but often times get objections we cannot overcome. As a 21 year insurance vet, I estimate most personal lines insurance will be bought over the internet due to the young generation that is comming up, has never know a day without a computer or wireless device. The sick fact is, our own profession did it to ourselves by quoting over the phone. Think about it…..We had better offer a special service or product, or in the very near future (2 to 5 years tops), our herd WILL be thinned!
I certainly have had some blank looks when I tell underwriters in my company that they can’t actually underwrite unless they know the wording in the form. Read? Primitive. I do remember rows and rows of keypunch machines and boxes of punch cards everywhere.
Good comments & interesting reading – 37 plus years here & Macster, I still do an occasional binder on a napkin – better than nothing ’till I get back to the office. :-) :-) :-)
I take exception with notion that greatest generation is retiring – there are many very talented young folks in the biz & several colleges & universities are sending more our way – keep the faith!!
A few things that I’ve learned in my 20 years in Underwriting:
– 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.
I should have gone to graduate school.
1. Insurance company executives of midwest companies favor brown suits, east coast company execs favor gray and blue, west coasties often wear shorts…
2. There are more liberal arts majors in underwriting than there are business or engineering majors…
3. Be wary of what follows: “I have a real opportunity for you..”
4. On any particular deal, if the broker is not completely happy and your home offiice is not completely happy, you have done a good job…
5. One for the newbies: Underwriting is a trade where ignorance is actually a short-term asset.
“Paper Free in [Insert year ending in 3 here]”
No matter what the circumstance, only about 1 in 100 insureds admit they’re at fault for a loss. “That guy should have seen me turn left in front of him and avoided me!”
Plaintiff attorneys HATE seeing the inside of a courtroom. In fact, most of them have never seen one.
You just can’t teach time management or common sense.
I love the comments. Thanks to all for the trip down memory lane. I remember the telex – I was pretty good at typing one without making the tape! I still have my old yellow paged ISO manual. Advice to the newbies, Read the Forms! Best to All!
People want to do business with GE because of the meatball. Sure, suck the reserve redundancy out you useless Harvard Grads. Yeah, I’m talking to you Jeffy.
.|.,
Great article and wonderful comments, don’t agree with all but that’s what makes it more interesting and exciting. Been in the biz 50yrs now company & agency both, I still am learning, the “old” can train the “young/newbies” and we can certainly learn from them – jury still out on all the Hi-Tec stuff, sometimes we try to respond before we’ve even read the question but that works both ways. Integrity and honesty are two of the needed ingredients coupled with “knowing your product” yes – READ THE FORMS, discuss them with your peers, amazing what dialog does for ones technical knowledge. I really enjoyed this article!! THANK YOU.
…it was time to get out. I started off in the insurance industry because I needed a job to help take care of my dad. Fortunately, I started off in a small agency that understood the need for its employees to have a solid understanding of what insurance is about – what the coverages mean, what endorsements do, etc. They sent both myself and coworker to Insurance Skills Center.
As I continued in my career, I started taking the IEA courses (AU, AIS, etc.) to help expand my knowledge and skills. Those definitely helped in my 11 years working as a Workers’ Comp underwriter.
Then I went to a large multi-national brokerage that touted their “service”. Their “service” took a back seat to making Wall Street happy.
I now work on the “client side”, working in the risk management department of a large healthcare facility. Amongst many of my duties, I deal daily with the insurance requirements in our contracts. I am appalled at the lack of knowledge, lack of tact, and oft times lack of ethics displayed by many of the insurance agents/brokers for our contractors/vendors.
Not a day goes by when we wind up educating agents on either why certain coverages are required, what certain coverages do and do not cover, etc.
What I find disturbing is the IT/marketing complex which married technology with underwriting, rating and claims adjusting. It is good to have up-to-date platforms to administer premiums and payments but we end up with underwriters who don’t, raters who can’t rate and claims adjusters who need a cheat sheet to tell them how to adjust a claim. They are very good at using click-and-point applications but do not know whether the result is appropriate; how would a rater know if the rate was calculated correctly, if they don’t understand what rating represents? or an underwriter who understands what “exposure” means? or claims adjusters who pay claims without checking to see if the insured is actually covered for that peril? Our company gives bonuses to those who take insurance courses but there are plenty of our IT folks who do not even have a certificate! Training is uneven now, and those who put in their own time are getting fewer and far between. Money only motivates people so far. Reliance on technology has dumbed down our industry too.
Just when you learn everything it changes. It’s what keeps the insurance industry interesting and frustrating at the same time.
I remember all the rules from ten years ago and I know they’ve changed but I don’t always remember what the new rule is (except I know enough to go look it up).
My Dad was in the business 20 years, my sister has been in it about 16 years and this is my 21st year. There must be something to it.
Boy what a trip down memory lane. Some of these things I have not thought about in years. When I started in the business over 38 years ago the major carrier that I worked for used keypunch machines! I remember one time all of the underwriters running to the window to look at a major fire and then quickly to the card file to see if they were insured with us. We set up files by hand with sticky numbers on the tabs. We also filed by hand. When I went to the agency side I could rate from a manual faster than I could enter things into the rating software. Those days are gone. I am now on the supervisory level and there are times I miss the client contact, but I get my share with the angry ones that need conflict resolution. The major thing to remember is what others have already said, you can NEVER know everything in this profession and you must
think of it as a profession continue to learn everyday.
it has taught me to be
1) patient
2) service oriented
3) be honest
4) willing to be critized although it may not always be your fault, but the limitation in company policies
40 YEARS OF EXPERIENCE WITH INSURANCE CHANGING EVERY 6-12 MONTHS AND BECOMES MORE AND MORE COMPLICATED. NOTHING’S EASY ANY MORE. I NEED TO RETIRE!!!
Great article and comments. Memories galore. Lots of lessons learned. Also came through the company side of Aetna C&S. Great training.
To add to the lessons learned list:
An underwriter’s perception of the market is the last deal they just worked on.
Marketing and underwriting are not mutually exclusive.
Agents and underwriters don’t use the same dictionary.
If you’re not passionate about what you’re doing then stop doing it.
not sure thats quite true
1) There’s no such thing as a free lunch
2) no question is a stupid question
3) Execution is key and talk is just talk.
4) Have conviction & build your case even when those accountants and actuaries think they know best – we all have something to bring (Think Synergy!)
5) Get the right people at the table
6) Claims and Underwriters need to spend more time together
7) brokers may have a different agenda to ‘risk’ carriers.
8) Top Line for vanity bottom line for sanity
9) treat the capital base like it was your own
10) Pay attention to wordings – if you don’t understand a wording ask yourself will a Judge?
11) Never ever assume anything
Hi,
Anyone else remember completing NIASA code sheets? An entire shelf of manuals to do Maine, NH, MA, VT? I started as a Rater/Coder for commercial lines in 1971!
I actually have a Boston Underwriters Manual with original pages older than I am!
Beverly S
After 16 years in the Insurance Industry, all of this reads true, here is a couple more:
1. CPCU- “Can’t Produce, Can’t Underwrite”
2. Claims people are almost the lowest paid with the biggest impact.
3. 20 years of 1 year of experience does not qualify as an irreplaceable resource
4. If your IT Leadership doesn’t understand Insurance, you won’t be successful
5. The Field is always correct & HomeOffice is always wrong
6. Don’t let Marketing or Product represent requirements for Sales (agents)
7. Find the key Leaders in the organization (not the Executives/Managers) but the real Leaders.
8. Document, Document, Document!!!
9. The public does not understand Insurance and with less than 20% having a claim, they don’t really care
10. You can’t buy Insurance in a shopping Aisle (Please Progressive)
Hi
After 26 year in Insurance. I find this list correct in every respect. In the face of all the changes that have faced underwriters over the years, I still find that the basic fundamentals still work.
Underwriters do 3 things first
Accept or Reject risk
Sent the terms and conditions
Sent the premium
All else is minor detail. That’s our core competancy. Lose sight of it, and see profits vanish
My underwriters get tired of it, but one of the first things I always ask them is what does the form say. To underwrite you must know what you are covering, and you must have a sense of the “proper price”. If you can’t get the proper price walk away. There are numerous carriers in this market that aren’t getting the proper price and are broke and just don’t know it yet.
By the way 42 years at it and still love this business!
15 years on the job, I have learned, most recently, that in every “gray area” there is left standing alone a “responsible” insurance agent. No one is ever accountable for their own actions and always rely on their agent to clean up their mess.
Burnt Out: that is why professional agents/brokers are needed….to fix problems caused by our clients. Tweaking the coverage to the need/situation.
This is what I consider the most exciting part of my profession!
Otherwise they could try purchasing coverage like a commodity….ALA Progressives new advert campaign.
1. If You Have a “Daddy” in “the biz” – that is a your meal ticket to endless promotions.
2. If You Have any other Male figure in “the biz” – get ready for upward mobility that is almost equal to having a “Daddy” in the biz.
3. If You are a Man….you got a much better shot at success.
4. If You’re a Man…and not that bright…you have an even better shot at success.
5. If You’re a Woman and want success, You better be “HOT”, If You’re Not — it’s a cubicle prison for life sister!
6. If You’re a Woman and You have 32 DD’s, You’ll do well for yourself. If You have 32 DD’s and You’re HOT, you’ll do a lot better.
7. All People are Indispensible — except those with “connections”.
8. If You don’t have connections, you will have to work twice as hard to get half as far. And you’ll will never, ever beat those with connections.
9. Intelligence and Insurance don’t mix.
10. The Dumbest Guy Gets the Worm :)
Love this forum – always a good read and laugh. 24 years in – this thread rings true. IBM Selectrics for the win!! Remember how pumped we all were when the ribbons went away and it was a cartridge wheel? I still remember our first thermal fax machine – ooohhhh glorious days.
Steve
http://www.4morereferrals.com
http://www.backlinkgoldmine.com
I do not understand any postings on July 14….I am female…paid my dues…and making money. No sour grapes for me. A male mentored me, retired, and I ran with his ball…Life is good, however, I really wish some of you whippersnappers experienced the “old” days before employers had to pay for our drunk driving!!!!!I want to wring the neck of the 1st employee who sued their employer to pay for their accident.
This has been a very interesting stream of comments. I’ve been in the business 35+ and am female. I take some exception to an earlier comment from a lady about needing to be a guy to get anywhere – or a “hot” female. Been married 34 years – was probably “hot” back then but certainly not “hot” as I ready for social security. Yes, I was in the middle of family-owned business and realized if you’re not family, you won’t go extremely far. Changed to an alphabet house and mentored by one outstanding man who gave me the opportunity to learn and grow. Moved to another state and got stuck in “good ole boy” network so decided to do it myself. Just sold my agency to men who respected what I did for many year and am staying right where I am for several more years to come. So if you don’t want to be part of the “guys”, then be part of the girls – we do just as good (if not better) and make your own mark in your community.
Matt – I guess you’ll never be nor understand that CPCU is the gold standard in our industry so you have to mock it. The original writers is correct about apathy in our business and that young people spurn what they can’t attain but continue to move up with their connections and appearance of being a team players. However their lack of knowledge about the business combined with the retiring baby boomers will leave of vacuum filled by inexperience.
I just celebrated my 7 year anniversary in the industry on Wednesday. I got in to insurance at the recommendation of my dad, who just celebrated his 40th anniversary in the industry (all with one company) on Tuesday. I’m glad I finally stopped ignoring him when he started talking to me about a career choices haha!
Listening more than talking is absolutely true. It is a humbling experience to sit back and listen to some of the more senior people in the industry. I am not even kidding you when I say I learn something new every single time. I started out as a broker but quickly got the itch to Underwrite and landed a great position as a casualty underwriter about a year and a half ago. I have been extremely fortunate throughout my career thus far in that I am surrounded by seasoned veterans ready, willing and able to “show me the ropes”.
I really enjoyed reading this article as well as some of the comments. (The whiz kid comment made me laugh out loud!) Please do not count my generation out just yet. While there is something to be said about the legends that are beginning to retire, I have faith that there will be a lot of good things to come. Whiz Kid MBA’s aside, of course!
35+ years ago I was told that I could no longer use my typewriter and that I had to wear a dress or suit to the office to be a professional. Now, I am a professional because I dress casually and spend my day using a keyboard! Moral…you are a professional not based on someone else’s standards but based on your knowledge and willingness to learn!
To “A Casualty of Excess”,
I take offense to your “lessons”. As a woman with a “daddy” in the industry, I had quite the opposite experience at the first company I worked for. I got my start as a broker for a company where yes, my father was a client. (I did not even want to interview there due to the family connection but they had an amazing training program that I could not pass up.) I felt like I had to work twice as hard as everyone else just to be taken seriously. My hard work was recognized by supporting team members in various offices across the country as well as with the clients I worked with. Internally, with my direct supervisors, however, was a completely different story. It went from bad to worse when the Sr. Exec on my dad’s account left for a competitor. My bosses just assumed I would go with him so I could ride my father’s coat tails and they treated me as such. Eventually, my lack of respect for the remainder of the senior management proved to be too much and I left the company. And I got the last laugh when I did. Despite their predictions, I accepted an underwriting position, not some cushy job with a competitor.
In the end I owe my father a lot for where I am today, but not because he gave me a free ride like you incorrectly assume all of us second generation professionals get. I found my niche while trying to get away from being associated with him and I could not be happier with my decision. Today, I am taken seriously, recognized for my hard work and I have some amazing mentors that I know I will be learning a lot from over the years. I also still have a working relationship with several of my former clients, albeit in a different capacity…I now hold the pen!!!
As for those individuals that doubted my commitment to this industry, they all now work for that competitor that I was allegedly supposed to end up at. How ironic…
I’ve been in the biz since 1972.
Who out there can remember the old Sanborne Maps showing individual company risk dispersal in urban areas, glued on endorsements, Specific Line Underwriters (Inland Marine, Fire, Crime etc.), three martini lunches, Claims adjusters who bellowed at customers, Underwiters who smoked at their desk, white only just before diversity in the insurance workplace was mandated, ‘Risk taking’ as opposed to ‘opportunity making’, you can’t pay out more than you bring in, #2 Lead pencils which were THE TOOL in rating, staplers and staple pullers, white shirts and tie only, big old manual with dog eared pages….
Those indeed were the days!
From the good ole days to the time of dread!
What I dread most now is the ultimate machine take- over. All Companies are working on the one Underwriter Mechanical Transformer Cyclop that will rate, underwrite, and cancel WITHOUT much humanoid intervention. Humans not wanted! That is my biggest fear as ths sun sets on my insurance career.
Here’s to people and the salvation of our industry!!!!!
I remember adding “knows how to use the facimile machine” on my resume!
1. Insurance cycles will come and go and then come again. Don’t get your knickers in a twist because the market is too hard or because it’s too soft. Change is the constant.
2. Insurance is a small town – make friends – you will see these people again!
3. As a woman who started in the business, young and blond….I will admit that I had to work 2x as hard and be smart to be taken seriously. However, as time has passed, working 2x as hard and being smart has benefitted me and my carreer much more than anything else would have!
4. Read the form!
5. Don’t be threatened by change, embrace it. No matter which insurance geneeration you are from, if you can combine past experience with the current environment you will flourish. If you meet the current environment with a “well, in my day blah blah blah” you will perish.
6. Understand the broad business rather than the little bit you are responsible for. Nothing has impacted my career more than having a broad business perspective.
Just a thank you for acknowledging those irreplaceable people who have been cast aside in the graveyard with years of knowledge, compassion, and understanding of the various disciplines within the insurance industry. The accountants and statistical experts always win….sadly, that is all that insurance is about today.
To: “A Casualty of Excess”
I have 20 years in the industry. I wholeheartedly agree with your assessment!
I have to agree with everything he says, and that after 51 years in the business. Do think the industry is asking for trouble because of the lack of education for the new entries, thougth I did my CPCU, CLU, ChFC on my own.
I do disagree with one statement about state Ins. departments; I think they exist only to collect taxes, the rest is glossing to hide that fact.