Attention Young Professionals: Wholesale Insurance Is ‘Where the Magic Happens’

According to wholesale insurance executives, their segment of the property/casualty insurance industry is more exciting and fulfilling than other sectors of the industry.

It’s also full of potential for young insurance professionals starting out in the current hard market and looking to build long-term careers, these executives told attendees at the recent Wholesale & Specialty Insurance Association’s (WSIA) annual convention.

“Obviously there are many different paths you can take in the insurance industry, but what I would say about the wholesale/specialty side is this is where the fun is, this is where the magic happens. This is where we get to be creative, we get to be entrepreneurial,” said panelist Bryan Clark, president of California wholesaler Gorst & Compass. “We get to react to the market faster than any other segment of the industry… we get to do it all, and we all get to be friends along the way.”

WSIA’s Under-40 group is working to raise awareness of the wholesale market among young insurance professionals through education and networking including internships and college outreach programs.

Erin Dolan, immediate past U40 president and senior vice president of analytics and communications for RSUI Group in Atlanta, spoke of her “accidental” journey into the industry 20 years ago, emphasizing that she has never looked back.

“I feel like I’ve been learning almost every day; every week there’s a new challenge or there’s a change in the market, so there’s something new to pick up on,” she said. “I don’t know that there’s many industries that can do that for you.”

Other WSIA panelists included Carlton Maner, CEO and Global Property Practice leader of Axis’ U.S. Division, and Cristi Carrington principal and director of underwriting for Brown & Riding in Los Angeles.

As experts in hard-to-place risks, wholesaler brokers work together to figure out a way to provide insurance to companies when new and emerging issues come up, Maner said.

He cautioned young insurance professionals against focusing on whether the market is hard or soft; instead he urged them to focus on delivering the best products and service to their clients.

“I come from the school of ‘the market is the market is the market,’ and you have to provide excellent service, whether it’s a soft market or a hard market,” he said. “I don’t worry about the market … it doesn’t change the way we operate, the way we underwrite, the way we provide service to our customers.”

Clark said that while the current hard market may make it easier for wholesalers to write business, it’s imperative that young professionals develop and stick to efficient processes and principles, as well as prioritize submissions and maintain good relationships.

“On the wholesale side, we’re seeing a lot more submissions due to the hard market, and with that obviously comes a lot more opportunity to write business,” he said. “The key is properly managing those submissions and focusing on the ones that make sense.”

Because the hard market has increased demand on wholesalers, Carrington said young professionals need to be “extremely organized” and leave time in the day for any problems that will inevitably come up.

The best advice she ever received was to focus on providing a reputable and consistent experience for clients, she said.

“It doesn’t matter what service industry you are in – clients are going to go where they like, and do business with folks that are knowledgeable in their field with consistent expectations,” she said. “So, I would suggest to really think about your processes and how you can nail them down in a consistent, reputable pattern.”

Good relationships are especially critical in the wholesale market, so young professionals must be true to their word and have integrity, Carrington said.

“Your reputation is really the most important thing you have in this industry,” she said. “I would say to lead with integrity in everything you do.”

‘Standout’ Employees

The panelists said companies in the wholesale space are looking to increase diversity and identify “standout” talent.

Maner, who also serves as chair of the WSIA Diversity Foundation, said standout employees aren’t measured by the number of hours they work in a day or how much premium they write, but by “the ideas they bring to the table, the creativity they bring, and their understanding and seeing into the future.”

WSIA’s U40 group is one example of the industry’s efforts to attract young people to insurance careers amid an ongoing battle against employee attrition and competition for top talent.

According to AmTrust Financials’ 2021 report “The Impact of the Aging Insurance Workforce,” more than 400,000 employees are expected to retire from the insurance industry workforce in the next few years.

The Jacobson Group’s most recent labor study reported that for the first time in its 12-year history, positions in all functional areas of the insurance industry are currently considered “moderately difficult” or “difficult” to fill.

The executive panelists agreed that young professionals often don’t know or understand the different career paths the industry offers, or the resources available to help them get started, such as networking groups and mentorships.

“I like to say it’s more about the people than the insurance – if you can figure out the people, the insurance part is easy,” Clark said.

Photo: Wholesale brokerage executives at the 2021 WSIA annual conference. Left to right: Cristi Carrington, principal and director of underwriting for Brown & Riding; Bryan Clark, president of Gorst & Compass; Erin Dolan, senior vice president of analytics and communications for RSUI Group in Atlanta and Carlton Maner, CEO and Global Property Practice leader of Axis’ U.S. Division.

Topics Insurance Wholesale