According to recent estimates, the number of employees older than 55 years in P&C insurance is 30% higher than in any other industry. With such a large segment of the workforce on the verge of retiring, independent agents need to recruit a new generation of talent.
Millennials are expected to fill as much as many as 200,000 positions in the insurance field by 202. Read advice from these standout young producers and risk managers about hiring Gen Y, their needs in the workplace, and what interests them.
Paul R. Schaaf, CIC, CRM
Senior Partner, Cameron M. Harris & Co., Charlotte, N.C.
Years at company: 4
College: Duquesne University ’96 BSHS,’97 MPT
What’s been your biggest achievement thus far?
I moved from Pennsylvania to the Carolinas and didn’t know anyone. I started my book from scratch and was able to build it to more than $1 million in revenue in less than four years. That was rewarding because so many people said it couldn’t be done.
What career challenges did you encounter when moving to a new state?
Each region of the country conducts business in a different style, and it was a challenge to assimilate to that new culture. People down South really want to know you as a person—where you go to church, who your parents are—before they do business with you. it takes time to develop those relationships.
How can employers recruit young talent?
Employers need to identify talent at the college level. There are many great collegiate risk management programs and young professionals with a compatible skill set who could make a successful transition into this industry. Once a young employee joins the company, we need to provide mentoring and share the structured process of the firm.
Read Paul’s entire Q&A from NU’s January issue
Bryan Raisor, CIC, CWCC
Managing Director
Neace Lukens, an Assured Partners Company, Lexington, Ky.
Years at company: 11
College: Western Kentucky University ’00
What are your main priorities as a young agent?
For me, taking care of family—whether it is my home family or my work family. I also prioritize community involvement and have served as a board member for non-profit organizations. I have been involved in or am involved on the board of the YMCA of Central Kentucky, The Makenna Foundation, The Lexington Charity Club, the Lexington Young Professional Association and our local church.
What sales strategies worked for you this past year?
I have been focusing on introductions from my key clients in niche markets. Red-hot introductions, or referrals, have a much higher closing ratio. After 11 years in the business, I’ve honed my strategy to include working smarter and improving my hit ratio.
What advice do you have for millennials struggling at work?
I am seeing the younger generations get too caught up in social media—so much so that some are losing the human touch in our business and in life. I firmly believe that talking on the phone or in person is vital to relationship-building. Unfortunately, tone, intent and the actual message can be misunderstood through texting, emails and social media. Social media is the future, but it’s important to keep the human element alive.
Read Bryan’s entire Q&A from NU’s February issue
McKenzie May Goodrich, CAWC, ORS
Owner, Shine Insurance Agency, Bloomington, Ind.
How did you determine that insurance was a viable career choice?
My post-college work for Montana Conservation Corps helped me realize that I loved helping people and doing paperwork. When there was an opening in the family shop, I joined as a personal insurance agent. Helping people understand insurance was fulfilling…After 12 years in the family biz I started my own agency with my husband, Jeremy.
What advice do you have for struggling millennials?
When your parents and bosses are telling you to conform, instructing you on whom to be, what to do, how to behave, how to dress and giving you goals without your input, it makes you crazy. Follow your gut and listen to yourself. It’s OK to make a mistake if you learn from it. If you’re in a soul-sucking job, get out and find work that makes you happy.
What are your future goals?
Change the way people think about insurance. Insurance gets a bad reputation. The stereotypes seem centered on coverage misunderstandings, perceptions of greed and personal experience of claim denials. Our clients know we genuinely care about them and that we give much more than we get in terms of dollar value.
Read McKenzie’s entire Q&A from NU’s March issue
Danielle B. Roth, CPCU
Director, Risk Management, Verizon Communications Inc., Basking Ridge, N.J.
Years at company: 8
College: Fairfield University ’02, Rutgers Business School, MBA ’10
What legislative issues interest you?
I am keenly interested in lobbying for the renewal of TRIPRA. As an insurance buyer, it is my responsibility to ensure that my organization’s employees and assets are adequately protected, especially in the midst of a catastrophe.
What are the biggest threats to your business?
I worry about risks that have a highly correlated impact on our customers, employees, assets and even the broader insurance industry. These include natural catastrophes and cyber breaches, which have caused major losses recently. Terrorism, litigation and adverse economic conditions also concern me.
How does technology fit into your work strategy?
Because I work for a technology company, it is embedded into just about all job functions. Verizon is a complex organization with enormous amounts of data. To be effective, I have to be able to analyze the data we gather internally and also understand the technology products that we offer to customers. However, understanding the big picture is critical to success—I must step back from the details of a project and grasp its goal and purpose.
Read Danielle’s entire Q&A from NU’s April issue
Andrew J. Detweiler, CIC, CRM
Account Executive, Univest Insurance Inc., Lansdale, Pa.
Years at company: 4
College: Cairn University ’09
What are your main priorities as a young agent?
I have a wife and 19-month-old daughter. Work/life balance is very important to me. Spending my time serving the community and church also are very important. It isn’t easy to separate personal time from work, especially because all of my clients have my cell phone number. When I get home at night I turn off my phone for the first one to two hours, and this helps me disconnect from work. I am diligent about spending time with family on weekends, and we try to get away and completely disconnect at least twice a year.
What legislative issues interest you?
I am interested in changing the experience modification system for workers’ comp. The system can be harsh on companies that have more than 20 years of good claims, as a few bad years can send their experience modification up 75%. I wish there was a way to reward companies for a proven track record longer than 3 years.
What advice do you have for struggling millennials?
I see millennials wanting a high starting salary, and only the responsibilities of a 40-hour week. They must be prepared to work hard, and when more than 40 hours are needed, they should step up. I also think Gen Ys need to come into the business ready to learn. This can be tough and quite humbling, but it will help build relationships in and outside of the office.
Read Andrew’s entire Q&A from NU’s May issue
Josh Goodman
Owner, J. Goodman Insurance Agency, Olathe, Kan.
Years at company: 4
College: Kansas State ’06
What are your future goals in this industry?
One future goal is showing the industry that the independent agent system is flourishing. I hope to create a business model that brings more value to the independent agent. Being the sole owner with no debt proves to insurance carriers and vendors that this independent agency has leverage from a strong balance sheet and productive agency workflows. This will allow my agency to contract with the best carriers, get the most commissions and obtain the best prices and products from vendors.
Why did you decide to open your own agency?
I started my independent agency at the beginning of 2010. I was 25 with four years’ experience. I investigated signing onto an agency cluster or staying on the captive side. Neither of those options gave me the freedom to grow the business the way I want. We wrote more than $1 million annual gross premium within three years.
What sales strategies work for you?
Having a broad marketing plan and making sure all components of that plan are used effectively. Cold calls, networking, captive agents, community involvement, client referrals and social media are a few that we use. Social media can be a useful tool in a broader marketing strategy but it has never analyzed a client’s insurance exposure, proposed coverage solutions, submitted an application or sold a policy.
Read Josh’s entire Q&A from NU’s June issue
Kicker Cardenas-Farris
Owner, Kicker Insures Me Agency, Pasadena, Texas
Years at company: 2
College: University of Houston – Clear Lake ’02
What challenges did you face when opening your agency?
My biggest challenge is my location. Many carriers wouldn’t work with us once they heard our location of Pasadena, Texas, because it is prone to flooding. It was very difficult to find markets. Only one member of my team had independent insurance knowledge. We went from selling one auto policy, one home policy and one business owners’ policy to multiple policies with multiple forms. It has been an uphill battle that is well worth it!
What has been your experience working with family members?
It figures that I would do it backward: I started in this industry and dragged my mother with me. My mother is very influential on who I am today, including my sales approach and my ethics. I showed her the opportunity and she signed up immediately. We have a very good relationship, and I know that she has my best interests at heart.
What legislative issues interest you?
The [Biggert-Waters Flood Insurance Reform Act] has most of my attention right now. We never quote homeowners’ insurance without first determining the flood zone. I have personally seen a flood quote increase from $10,000 to $26,000 after receiving an elevation certificate. Many people who consider moving here are shocked at the amounts. I have concerns as to what BW-12 can do to the landscape of our community.
Read Kicker’s entire Q&A from NU’s July issue
Chris Larmore, CIC, CRM
CEO,Parenti & Associates Insurance Brokers, San Carlos, Calif.
Years at company: 4
College: Michigan State University ’05
What legislative issues have your attention?
Workers’ compensation reform is long overdue and is costing small businesses a ton of money. I would like reform to focus on providing 24-hour disability coverage with incentives for people to get healthy and back to work. Reform also needs to address workers’ compensation fraud, which just leaves both brokers and clients feeling helpless.
What’s your mantra for success?
Make sure you learn something new every day. When it comes to clients, under-promise and over-deliver. Don’t ever take risks with your reputation or act unethically to land short-term premium dollars, because the dollars will fade away and people remember your character forever.
What advice do you have for young agents?
Don’t set your sights low. At a young age you can outwork and outlearn anyone else—use that untapped ambition and thirst for knowledge to your advantage. It takes two to three years to get the ball rolling, but once established an insurance career is one of the most enjoyable and rewarding jobs out there, both financially and personally. A mentor will help you through the difficult and rewarding parts of your career growth.
Read Chris’ entire Q&A in NU’s August issue
Cameron Suhr, CWCS
Director of Business Development, Suhr Risk Services, San Jose, Calif.
Years at company: 2
College: Santa Clara University ‘12
What do you see as your biggest strength in this industry?
Time. I’ve barely scratched the surface of the iceberg with regard to understanding how this industry functions, but I have 30 years to learn, which is an advantage compared to many of my competitors. I think my lack of experience also gives me a fresh pair of eyes when looking at a problem. I ask “Why is that the case?” or “Why couldn’t this have been done that way?”
What is your biggest weakness in this industry?
Knowledge capital. While there is a lot to be said for growing up in the industry, I simply don’t know or haven’t been exposed to a lot of the different types of situations that can occur. There is something to be said for the person who has seen it all. I address the weakness by keeping a consistently open dialogue with some of the more veteran producers in the office.
How do you balance work and personal life?
Given how accessible people are expected to be in our industry, it’s a challenge! I set hard and fast rules with regard to my time and to publicize those commitments to the people closest to me (never underestimate the value of a support network). In any growing company, there will always be another email to respond to, opportunity to pursue or committee to join—the trick is being clear on all the things you choose not to do in favor of something more pressing or important.
Read Cameron’s entire Q&A in NU’s September issue
Joe Hamilton
Producer, Hal Rakowski Insurance, Lakeside, Calif.
Years at company: 10
College: University of Phoenix, 2005
Why should Gen Y work in insurance?
I didn’t realize that there are so many careers within insurance. People who have math skills can have a job as an actuary; people who are good at selling can be successful producers or account executives; and people with great communication skills can work in customer service.
What attracts you to the insurance industry?
I love that the industry gives back to charities and communities. Last year, we—the San Diego IBA—gave almost $10,000 to Make-A-Wish Foundation. This includes a party for a child, where his wish was granted. We found out what he likes and gave him a Chargers jersey and an Xbox One. It was a very powerful event. His wish was to get slimed at the Nickelodeon Suites Hotel in Orlando.
What lessons have you learned about this industry?
My dad—who worked in insurance years ago—taught me that insurance is about helping people. We don’t sell policies—we counsel people with their valuables and help them when tragedy strikes.
Read Joe’s entire Q&A in NU’s October issue
Anthony DiPilla
Producer, Morris Insurance Group, Rochester, Mich.
Years at company: 5
College: Walsh College, 2013
What legislative issues interest you?
Personal injury protection coverage and auto no-fault reform in Michigan. We are the only state with unlimited medical benefits in our auto policy. The medical benefits paid out from an auto policy are unlimited, which allows for hospitals or doctors to bill insurance companies for double or triple what that injury would cost in other situations, like a slip and fall.
When did insurance become a viable career choice for you?
It took me about three years before I determined that insurance was a solid career. I started at this agency as a part-time employee while I was in school, and was only paid on commission. It took me a while to build my business and if I had a bad month, I could only blame myself. But after three years I saw the financial rewards of my work.
What do you see as your biggest strength?
When soliciting coverage, I tell stories that hit close to home. When you can relay something with passion, it shows you’re sincere. For example, after I had been in this job for a few years, my grandparents finally called me and asked me to take a look at their homeowners’ policy. I added water backup coverage to their policy, and about four months later, they were hit with some flash floods. They are older, retired, and would have had to pay for that damage out of their own pockets if not for the coverage they had.
Read Anthony’s entire Q&A in NU’s November issue
Matt Mueller
Producer/Vice President, Village Insurance Agency Inc., San Antonio
Years at company: 7
College: University of Texas at Austin, 2007
Why did you choose an insurance job?
My grandfather and uncle have worked at this agency since 1964 and they wanted to perpetuate. They asked my cousins and me if we were interested, but the job sounded boring. I later interned and found I really enjoy helping secure coverage for small businesses and feeling that I’m a part of their development. My grandfather and uncle wanted me to write policies the way they always had: Visit every new client in person, handwrite notes and give a quote three days later. But my family was open to change. Now I bring my laptop and can offer services like e-signatures and PDFs. There’s a lot to be said for the one-on-one in this business, but you must balance it with technology.
What sales strategies have you found to be successful?
I underwrite from Facebook or a client’s website. I will telephone the customer and pull up his or her address on Google Maps, look at the satellite view and say, “Hey, you have this stack of lumber here that needs to be taken care of,” or, “On Facebook I see that you allow people under 21 in your bar—that won’t fly with this coverage.”
What’s your mantra for success?
Don’t go in trying to sell, go in trying to educate. Give the customer options to fit his needs and he will make the sale for you.
Read Matt’s entire Q&A in NU”s December issue
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