With the ongoing wave of industry-wide retirements colliding with a growing demand for complex risk evaluation and modern technology, hiring and retaining top-tier underwriting talent is at an all-time importance.
In this article, Commercial Lines Product Development Manager Krista Root spoke with four of Donegal’s Commercial Lines underwriters – each at different stages in their careers – for their take on what continues to light their fire in insurance, and why it’s the perfect landing spot for emerging talent.
Read on for the insight that Krista gained from veteran senior production underwriter Mike Trimble, along with production underwriter Max Walker, and middle market staff underwriters Noelle Smith and Ethan Armstrong.
Hi, all! What initially attracted you to a career in insurance?
Mike Trimble: “I fell into insurance by accident, as many of us have. I went to school for investment management/risk management in finance, but my family didn’t want to move to NYC for a finance job, so I needed to find something more local, while still relating to my degree. Insurance fit the bill with my initial desire to get into the investment side of insurance, but those roles were few and far between. So, I started as a business analyst in claims to get in the door. I never looked back after that, and just kept learning and growing as I moved roles within the insurance industry.”
Max Walker: “The stability of the industry! Markets fluctuate, businesses evolve, but insurance is the consistent necessity we all know and love. Entering a career with the assurance of your industry’s consistent relevance is a strong value-add.”
Noelle Smith: “I started in the insurance industry just a few weeks after graduating from college. What began as an opportunity has grown into a rewarding career. I’ve come to appreciate the stability, opportunities, and especially the people that make insurance such a great industry to be part of. It has a unique ability to attract talented, driven, and genuinely great people.”
Ethan Armstrong: “I ‘fell’ into insurance through a college friend of mine. I had not studied nor pursued a career in insurance up until the day I walked into my prior carrier’s office building. The thing that has kept me engaged all these years later is the community of similarly dedicated and hard-working underwriters that I work with each and every day. They keep me staying sharp, disciplined and motivated to do better.”
What has surprised you the most about working in the insurance industry?
Trimble: “The amount of opportunity in the industry in regards to building a long-term career. When I first started in insurance as a business analyst, I didn’t think about the ability to move from that role to claims, and then to underwriting. The industry has a role for everyone.”
Walker: “How much I genuinely enjoy working in insurance everyday has been a pleasant surprise. Prior to entering the industry, there was the common perception that working in insurance is ‘boring’. I have found the opposite. Taking pride in managing a book of business as my own, building relationships, and the occasional golf outing, all while knowing that what we do provides peace of mind to our customers, has proven to be incredibly rewarding with no time to be bored.”
Smith: “If you had asked me at a young age what I thought about working in insurance, I’m not sure “fun” would have been the first word that came to mind. However, that perception has changed significantly over the years. I’ve come to appreciate that it is the people within the industry who make insurance such a dynamic and engaging field. The relationships, collaboration, and shared experiences are what have made my career in insurance both enjoyable and fulfilling.”
What do you think the industry could do better to attract younger or emerging talent?
Trimble: “I think the industry needs to change the perception it has with today’s younger generation, that we are an outdated, rigid and boring industry. The amount of innovation happening in the industry is really just getting started, and I don’t think the younger generation realizes that. A lot of today’s younger generation wants to be in tech, finance, engineering – as that is what they hear about in the mainstream media. The insurance industry needs to change their marketing efforts and image in the job marketplace to make itself more attractive to the younger generations.”
Walker: “For such a thrilling industry, not enough schools teach insurance or have dedicated insurance programs. Mine did not, so I was lucky to fall into the business like many do. Integrating insurance tracks in college would inevitably lead to not only more early interest in the field, but more prepared talent after education.”
Smith: “When I began my career through a training program shortly after graduating from college, I had the opportunity to start alongside others with similar levels of experience and at similar stages of their careers. These programs provide an excellent pathway for attracting and developing young talent, while giving participants the opportunity to gain hands-on experience and a meaningful understanding of the opportunities the insurance industry has to offer. I believe increasing awareness and promoting these programs extensively on college campuses could be highly beneficial in attracting the next generation of talent to the industry.”
What aspect of insurance do you find the most exciting?
Walker: “While the list of exciting aspects of insurance is long, my personal favorite is the chance to peek behind the curtain and learn about so many different types of businesses, some of which, I would not have known existed. For example, I’ve received more than one submission for a pigeon racing operation. What??? Underwriting commercial insurance has provided the opportunity to learn the whole process of how raw materials become buildings, who is responsible for the bubbles in beer, what antiquated utility meters can be repurposed into household lamps; and most importantly, what loss exposures each of these businesses see along the way.”
Smith: “No two days are the same, as each account presents new challenges and requires me to continually expand my knowledge of different types of businesses. Equally rewarding is the opportunity to build and maintain strong relationships with our agency partners. Whether it’s navigating a challenging renewal or successfully winning a new submission, I enjoy collaborating with our agents and working together to achieve a successful outcome.”
Armstrong: “Any and all agency visits and in-person meetings with our agency partners present amazing opportunities for real-world feedback, intel gathering, pipeline talk and knowledge on how each and every agent’s office operates on a daily basis. This feedback from visits is tremendously helpful when it comes time for new business quotes, helping the agency relationship flourish, and navigating difficult conversations when they come along.”
Finally, what is one piece of advice you would give someone beginning a career in insurance today?
Trimble: “Relationships are everything in the insurance industry. Learn how to develop and maintain strong relationships with external and internal customers, and don’t be afraid to pick up the phone to have conversations (especially the tougher conversations). Phone conversations and face to face meetings help build trust, credibility and a stronger partnership.”
Walker: “It’s not what you know, it’s who you know. What you know and growing your knowledge base matters too, of course, but you quickly learn what a small world insurance really is. Leaving a strong impression through best-in-class service and building lasting relationships with agency partners and internal colleagues alike will create a long-term positive impact on your career.”
Smith: “Never stop asking questions. Regardless of experience level, there is always an opportunity to learn something new. One of the greatest strengths of our industry is the willingness of others to share their knowledge and experience. I know I can turn to anyone on my team for guidance and gain valuable insights, which has played an important role in my continued growth and development.”
Armstrong: “First time Final” was a saying we used with my prior carrier that I’ve always kept close to my mantra as a professional. It means, if you can do something once right, then do it. Do not rush it simply to get it over with. This, in turn, saves yourself time and effort down the road.”
Krista Root, Manager, Commercial Lines Product Development: “Any time I am given the opportunity to meet with our new trainees or interns, I tell them to meet as many people that they can. Sit with claims, underwriting, analytics, IT, come visit me in product, etc. All parts of our company play an integral role in ‘being there when it matters most’ for our policyholders, and the more we know about what the other does, the better we can all be. And also, just listen! There’s so much talent within our industry, and just by simply listening to how someone talks to agents, policyholders, each other, is a fantastic learning opportunity in and of itself.”