3 Lessons From the Microphone

In spring 2009, we launched “On Point, brought to you by Wells Media,” making it one of the first podcasts in the insurance industry.

That’s more than 13 years of podcasting, every other week. (Thank you, loyal listeners.)

In 2009, we were in the middle of the financial services crisis. It all started with the unravelling of collateralized mortgages in the summer/fall of 2008. Later, in 2020, the pandemic disrupted our world.

Because there will always be major events unfolding, we should feel fortunate about working in this industry. As we have repeatedly proved, insurance is a resilient, financially stable industry.

What have we learned from all those podcast episodes on insurance brand, culture, technology and general shenanigans? Three major themes come to mind:

Disrupting The Agent? Not So Fast

Insurance is rarely on the leading edge of technology change. The first industries we saw evolving were the result of “fintech,” “medtech” and “edtech.” Insurtech was late to the party, but it arrived fast and furious. There was lots of money behind it, pushing some good ideas — and some whacky ideas.

Originally, it seemed like everyone sought to eliminate the retail agent. They declared they were launching an online insurance company and going directly to personal or business lines customers. (“We will disrupt the industry. We’re cutting out the middleman. We’re going straight to the consumer!”)

Well, that didn’t turn out so well for many of them. Maybe most of them, actually.

(Six months later: “It turns out that we do need to work with agents, so we’re pivoting. We’re going to be an MGA instead of a carrier, and we’re going to distribute via retailers.)

For its part, however, the established insurance industry wasn’t embracing new insurtech ideas at first. In an industry all about taking on risk, carriers weren’t willing to take a chance on disrupting themselves.

That has changed. Not only are some insurtechs strong players, but they have updated that staid old insurance technology thinking.

And of course, what has not changed is the independent agent and broker as a proven, effective resource for distributing advice and product. Their financial position has strengthened in the last two decades.

Evolution of Work

The pandemic left an enduring mark on insurance professionals: Work isn’t necessarily somewhere we go. It is a thing we do.

That’s a sea change. Our guests talked about where, when, how and why we work. It’s all evolving.

Smart owners and managers in our industry are embracing new leadership ideas. Not everybody will be able to do that, however. They’re the “I want butts in the seats” managers. Who knows if this mentality will last, but I don’t see how it can when workers, not the bosses, vote with their feet these days.

One of my favorite episodes, which aired in December 2020, was with agency owner Spencer Houldin. “We had our best year ever, and we did it in our pajamas,” he said.

Some guests said the workplace has become an extension of our personal and social lives. We don’t just arrive at work and stop being ourselves. It’s OK to be vulnerable. Nobody has all the answers. It’s OK to say you screwed up. Learn from it, fix it, iterate and get better. That is a big change from my early professional days. In those days, you just put your head down and did the work. Don’t ask questions.

Culture Is King

“On Point” episodes covered culture-related topics such as diversity, managing others, remote work, etc. Yes, we heard a lot of corny phrases, such as “new normal.” But what’s the big picture behind all of this buzzy chatter?

I have learned that creating and managing culture strategy is as powerful as brand strategy. In fact, they’re one and the same. Culture is the employment brand, the internal brand, and smart organizations manage a relevant culture where people are committed to working with you — not because they have to but because they want to.

Some of our favorite guests offered novel ideas for managing the five — count ’em! — generations in the workforce: seniors, boomers, Gen X, millennials and Gen Z.

In looking back at the podcast episodes, I’m optimistic about the industry’s future. It’s a stable employer, community helper and a flexible environment. Results are measurable. Opportunities abound. What’s not to like for younger workers?

In the end, it’s always about the people. I’ve enjoyed listening to our guests on “On Point,” and I hope you have, too.