What 25 Years in Insurance Has Taught Me!
Today is my 25th anniversary in this, the insurance business. I still very much enjoy the business (I don’t say I love it any more). During my tenure in the business I have learned many, many things about people and life in general. Had I not worked in insurance, I don’t think I would have learned a lot of what I have about people (I feel sorry for those who have never worked in insurance).
Below is a list of things I have learned over my career. Feel free to add your own perspective in the comments – I might just learn something from you.
- Crazy people don’t know they are crazy. Stupid people don’t know they are stupid. And crazy stupid people are really messed up (they are usually the “know-it-alls” in the office).
- No insurance carrier is guaranteed to survive – regardless of its prestige or rating.
- Insurance people who understand insurance no longer run the insurance business; lawyers and accountants do – and sometimes actuaries.
- Only good lawyers realize they don’t know everything about the law – and nothing about insurance.
- Someone who truly understands insurance can explain its concepts in simple language. The person with no idea how it works masks their ignorance with $10 words and legalese.
- There is ALWAYS more than one possible answer to a coverage question. One is just more correct than the others based on the particular situation.
- Only “newbies” know everything about insurance.
- The graveyard is full of irreplaceable people (producers, underwriters, consultants, etc.)
- Regardless of how much I (you) know (or think I (you) know) about insurance, there is always MUCH more to learn.
- When you stop learning, you stop improving.
- If it’s not in the manual, it ain’t gonna get written.
- Ignorance and apathy are rampant in the insurance business. Ignorance can be fixed; apathy is fatal.
- Without insurance, our country does not and cannot enjoy the standard of living we do.
- If you are not fascinated by and passionate about insurance, do something else (please).
- Training and mentoring are lacking in the modern day insurance industry.
- One good storm can wipe out years of profits.
- Insurance is a business, not a charity.
- Insurance is not a commodity, necessary evil or “racket.” It’s necessary and highly individual.
- Fifty states, hundreds of courts, thousands of differing opinions and interpretations. You can be right in some states and wrong in others.
- States pay closer attention to their regulatory duties than does the Federal government.
- The last truly great generation of insurance professionals has retired or will soon.
- Clients rarely prize technical expertise – until it’s too late.
- It really doesn’t matter what the statistical chances are that something is going to happen, if it happens to my client it’s 100%.
- It’s perfectly acceptable to say, “I don’t know.” As long as you follow it up with, “But I’ll find out and get right back to you.”
- It’s NEVER ok to guess at the answer to a coverage question.
- In E&O cases, the one with the best documentation of irrefutable facts usually wins.
- No client has had a ticket or accident in the last three to five years. Well, until the MVR is pulled.
- Any insured who searches you out probably has problems you really don’t want to deal with.
- Truly good risks/clients must be hunted down.
- Don’t give quotes over the phone.
- Thoroughly qualified prospects are best. I don’t need practice filling out applications.
- The best client to have is one who has experienced a loss. They don’t ever want to go through one again and will do what’s necessary to avoid it (and they understand how insurance helps).
- Learn how to fire a client; and be willing to do it.
- Insurance isn’t rocket science.
- You can never spend too much time with a client.
- Retention is the key to agency growth.
- Insurance is a foreign language to most people.
- When asked a coverage question, read the policy and its endorsements BEFORE answering.
- No one knows what “primary and noncontributory” is but everyone wants it.
- If “stupidity” were an acceptable exclusion, few losses would ever be paid.
- The one task you put off finishing will turn out to be the most important regardless of how petty it initially appeared.
- Insurance is the one industry that requires you to know something about every other industry if you are to be successful.
- Education and professional development are expensive, but the lack of it is even more costly.
- Always be suspicious of individuals who become an instant success.
- Those who listen more than they talk will take better care of their clients.
- You are a professional not based on someone else’s standards but based on your knowledge and willingness to learn.
- Execution is key – talk is just talk.
- Claims and underwriting need to spend more time together.
- Top line for vanity, bottom line for sanity.
- Be patient, be honest and be willing to accept criticism.
- Agents and underwriters don’t use the same dictionary.
- The promises of a paperless society haven’t panned out.
- Just when you learn “it,” “it” changes.
- Always sell coverage, not price.
- The “market” is nuts.
- The past is not always a good marker of what is to come.
- 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.
- No matter what the circumstance, only about 1 in 100 insureds admit they’re at fault for a loss.
- Plaintiff attorneys HATE seeing the inside of a courtroom. In fact, most of them have never seen one.
- Basketball coaches can’t teach their players to be tall and managers can’t teach time management or common sense.
- Either you are ethical or you aren’t. No class will turn and unethical person around.
- I should have gone to graduate school.
- Never burn a bridge; there’s no telling when you’ll end up reporting to that person.
- Laugh at the business and yourself. Otherwise, you’ll burn out quickly.
- Sometimes “Little Bear” roars because he knows “Big Bear” will protect him.
- 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.