WIN Magazine - Fall 2014 - (Page 25)

fEaTuRE BY chRIS BEhYMER, cPcU, ASlI, cIw I WAIT... yOU WANT TO WORK IN THE WHOLESALE INSURANCE INDUSTRy? T IS a safe bet that if you polled 100 insurance professionals on whether or not they ever thought they would be working in this industry only a very few would answer "yes." While this should not be news to anyone, I am pleased to report the tide might be turning. Insurance has never been considered a "destination occupation," or one that people aspire to join coming out of high school or college. And there are a myriad of reasons for this sentiment. Historically insurance has been perceived as being a boring place to work with limited opportunities for growth. The thought of selling insurance, which is a common misconception of what everyone who works in the business does, did not appeal to most people. Insurance was never characterized as being a "sexy" occupation that would attract the movers and shakers looking to make their mark in the financial services sector of the economy; unless, of course, you're like those of us in the wholesale binding authority segment of the E&S Marketplace, which is now widely becoming known as the "exciting and sexy" side of insurance. What's happened to spur interest in our business? * The economic challenges that began in 2008 left many highprofile industries severely battered and bruised. While insurance companies and producers took some hits to the bottom line, we essentially came out of the turmoil in a very enviable financial position. * Colleges and Universities around the country have ramped up their Risk Management, Insurance, and Actuarial programs and have attracted more and more students into the fold. Many graduates of these programs report multiple employment offers with excellent starting salaries and the opportunity for ongoing professional development. * Insurance carriers, brokers, agents and industry associations have invested a good deal of time and money to develop internship, mentorship and other programs to help steer potential employees into the insurance field. This process has a great deal of appeal to those looking to give us a try before they make a career commitment. * Finally, there is a strong sense of need on the part of both carriers and the production side of the house due to one very pressing issue: as an industry we are getting older. Again, this should come as no surprise to anyone. The reality of the situation is that many of the long-tenured employees that have worked so hard for so long will be transitioning into retirement over the next ten years and senior leaders have come to the conclusion that talent is needed to fill the gaps. More than anything else, this employment dynamic has fueled the fire, so to speak, to get out and start recruiting! Assume for a moment that you have seen the writing on the wall and have added some new recruits to your organization. They report to work on day one and are sitting in your office/conference room eagerly awaiting your advice, counsel and wisdom on how to be a success in the insurance business. Now what are you going to do and how are you going to train them? Studies show that new employees, especially those that comprise the incoming millennial generation, want to make a contribution and learn as much as they can as quickly as possible. Having them sit down and read a manual on rating General Liability policies is a sure way to an unhappy employee and rapid turnover. There is a solution and AAMGA University can help. Several years ago, the University's Education Committee began developing a tract of educational programs designed specifically for employees new to the Excess and Surplus Lines insurance business. Whether you are looking for classes for the college graduate or an existing employee recently promoted to an underwriting, underwriting support, or production role, there are options to fit your specific needs. Some of these classes include: INTRO TO THE WHOlESalE MaRKETplaCE The Wholesale segment of the insurance business is a different animal than the standard industry. Underwriters W I N | F a l l 2 0 14 | 2 5

Table of Contents for the Digital Edition of WIN Magazine - Fall 2014

Cover Story: Finding Success in a Crisis of Trust
Catastrophe Bonds vs. Traditional Reinsurance: The Effect of CAT Bond Issuance on the Traditional Reinsurance Market
Contractors’ Professional Liability Exposures and Coverage
The Latest Update on Employment Background Checks
Wait…You Want to Work in the Wholesale Insurance Industry?
N Update on Additional Insureds, Certificates of Insurance, and the 2013 Iso G/L Changes
Insuring Supply Chain Risk
Innovation, Disruption, and the Sixth Force: Unintended Consequences of Regulation
In the WIN-Ner’s Circle
Index to Advertisers

WIN Magazine - Fall 2014

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