Insurance Training Center’s Post

I have worked with many underwriters, claim handlers and agents/brokers, so it is not a surprise I draw on them for examples of what I am learning. The cognitive and social repertoires of Underwriters are more fascinating to me now than they ever were during my career. But I did value them immensely when I worked for pay. What drew me to them was that they assessed risk for a living. And I loved risk from an early age. Writ large, that sounds rich and rewarding. Writ small, I found it did not always live up to that potential. Underwriting that underlies risk transfer varies alot depending on the nature of that risk. Life insurance, disability, critical illness, healthcare, etc. In Property Casualty the diversity is probably the largest. Standard and specialty lines. Personal and commercial. Small, medium and large businesses. Low, Medium and High Hazard. ART. Primary insurance and reinsurance. I could keep going but will not. The first observation that comes to mind is that the best underwriters have strong cognitive and social repertoires - they are in balance. From an intelligence perspective most that I have worked with are between average and one standard deviation above average, not that I asked them to take a test. The range of innate social ability was more distributed around the mean. I need to highlight that the nature of the work that I have done led to a selection bias towards what we used to call “technical underwriters,” rather than a tilt towards “field underwriters”, but not to an overwhelming extent. I have met many dozens of both. Early on I was very involved with “knowledge engineering”, trying to figure out the cognitive dimension of the work of an underwriter. Not what they told you they did. Reconstructing what they actually did. This was done at several apertures. Context mattered a ton. Underwriters in an unprofitable portfolio were looking to cull and decline — so they spent a lot of time constructing explanations for those decisions. Granular items heavily scrutinized. Pricing pessimistically. Underwriters in growth mode were looking to accept. Looking for those rationales and explanations. If there were no broad stroke reasons to decline that put them on a glide path to acceptance. Optimistic pricing. Of course context varied tremendously. And different underwriters in the same portfolio often had different takes on the context. As we look for more advanced ways to augment Underwriting with advanced technology — I think knowledge engineering needs to be rekindled as a discipline. As I have commented previously, it is hard to use AI as a counterweight (to improve decision quality) when you do not understand the baseline cognitive process. Or use it as a productivity boost, when you do not know how to integrate with human minds.

Hire a new insurance agent without seeing quotes first? Yes. This is the best way. No it's not the only way, but the best way most of the time. However, one of the most difficult things when deciding to do this, rather than quoting with multiple agents, is figuring out the differences between agents. Let's face it, many will come in and give the same dog and pony show, be likeable, and sound identical. This leaves you with a tough decision and you might be surprised to learn that the best way to solve this is not what you're thinking. Instead of providing an RFP or structured guidelines as to what you want to see from agents you're interviewing, provide nothing. Leave it totally open. Tell the agents your interviewing multiple agents and your timeline for making the change, then stop. By leaving it open, you'll see what agent asks the best questions, takes the most initiative, works the hardest, communicates the clearest, and is the most creative. So when it comes to interviewing possible agents, remember... Do nothing and let the cream will rise to the top.

Becoming a life #insurance #agent offers a rewarding career path, both financially and professionally. But, understanding how compensation works in this industry can feel a bit overwhelming, especially if you’re new to the field. In this post, we’ll break down the basics of life insurance #commissions, residuals, and the various income streams that agents can tap into. Whether you’re just starting or you’re looking to make a career change, knowing how you get paid is crucial. Read more Here: https://lnkd.in/erh2b2X3

Knowledge is power. We all know this. But then why do so many insurance buyers continue to commoditize a product as complex as insurance? Candidly, I think it falls on the brokers. We've conditioned them to commoditize us and that is 100% our fault. Historically, brokers at large have done a poor job of educating clients and providing value outside of the simple act of placing insurance. The insurance buying process has historically been driven by two methods of purchasing: 1. Quoting with multiple agents in an effort to secure the lowest price (this never works and never will, by the way) 2. Working with an agent/broker who you are related to or enjoy golfing with This is NOT to say that relationship building is not important. It is absolutely critical. We all want to work with people we know, like, and trust. All I am saying is, that should not be the only factor you base your decision off of. I have found that (finally) the dynamics are shifting in the right direction. Insurance buyers are more hyper critical of insurance today than they ever have been, thus demanding a higher level of expertise and out-of-the-box thinking from their broker partners. The reality is, businesses face more risks today than they ever have before and this requires a higher degree of critical thinking from brokers. The quality of your broker matters. Don't wait until a claim happens to learn the difference between a middleman and a trusted advisor.

🔍 Ever wondered what it takes to be an insurance #underwriter? Let's break down the key responsibilities of an Insurance Underwriter and see what makes this role so crucial! 🛡️ 📊 1. #Risk Assessment: Underwriters dive deep into the applicant's details—age, health, occupation, lifestyle, and past insurance claims. They should figure out the level of risk involved in providing coverage. 🧩🔍 📜 2. Policy Evaluation: They meticulously review insurance applications to ensure everything checks out. Does the applicant meet the insurer’s underwriting guidelines? Is the proposed policy a good fit for the company’s risk appetite? It’s all about matching the right policy with the right person! ✅📝 💰 Premium Calculation: After assessing the risk and evaluating the policy, underwriters need to calculate the premium. This ensures the insured party pays a fair amount to obtain #coverage. It's a balancing act that keeps the insurance world turning smoothly. ⚖️💵 🌟 Want to dive deeper into the role of an insurance underwriter? Check out our latest article for all the details! https://lnkd.in/ebCTQsfB #InsuranceUnderwriter #RiskAssessment #InsuranceIndustry #InsuranceInsights #Finance #job

Looking to make a career change? Here are a few reasons to consider becoming a life insurance agent: 🏖 Ability to work from anywhere 🕒 Make your own schedule 📔 No degree required, and start up training is quick 💵 Unlimited earning potential 👍 Job security Comment below if you're interested in learning how to join our growing team!

Insurance Brokers; struggling with finding new leads? Here’s what I recommend based on my 3 experience recruiting in the insurance industry. Insurance brokers need to be constantly on the lookout for leads because their business heavily relies on building and maintaining a steady stream of clients. Unlike many other professions, the nature of insurance sales means that brokers must continuously replace clients who may cancel policies, switch providers, or no longer need certain types of coverage. Without a proactive approach to lead generation, brokers risk facing significant gaps in their client base, which can severely impact their income and business growth. Furthermore, the insurance market is highly competitive, with numerous brokers and agencies vying for the attention of potential clients. By consistently seeking out new leads, brokers can stay ahead of their competition and position themselves as the go-to experts in their field. This not only helps in acquiring new clients but also strengthens their reputation and credibility. Regularly finding leads ensures brokers can offer a wider range of options and tailored solutions, meeting the diverse needs of their clients and enhancing overall customer satisfaction. In addition, the regulatory and economic environment surrounding insurance is constantly evolving. New policies, changes in legislation, and emerging risks require brokers to stay informed and adapt their offerings accordingly. Actively seeking leads allows brokers to identify new market trends and opportunities, enabling them to offer relevant and timely products to their clients. This adaptability is crucial for staying relevant in the industry and ensuring long-term success. If you learnt something, hit like! #insurancejobs #insurancerecruitment #careersininsurance

Insurance Broking, where clarity and understanding can make or break a deal. Possessing excellent communication skills is a non-negotiable asset for insurance brokers - beyond being a talking point, effective communication can create success in various aspects of a broker's role. Trust is the foundation of any successful client-broker relationship. Clear, transparent, and empathetic communication establishes trust by ensuring that clients fully comprehend the ins and outs of their insurance coverage. This trust forms the basis for long-term partnerships, as clients are more likely to engage with brokers who communicate openly and honestly. Insurance brokers need to be able to articulate the value of various policies. Whether discussing coverage details, policy benefits, or premium costs, clear communication ensures that clients comprehend the value proposition. This skill is particularly crucial when persuading clients to invest in comprehensive coverage that adequately protects their interests. From building trust to understanding client needs and resolving conflicts, strong communication skills are a driver for success in insurance. Brokers who prioritise their communication abilities are better equipped to provide exemplary service, create lasting client relationships, and thrive. #brisbanejobs #insurance #insurancerecruitment #careersininsurance #perthjobs

New Post: Insurance Sales Agents - https://lnkd.in/eVfWBCxq Sales Agents are professionals who play a key role in the insurance industry by helping individuals and businesses choose insurance policies that meet their specific needs and financial goals. They provide valuable guidance, assess risks, and educate clients about different insurance options. In this comprehensive guide, we provide insights into the responsibilities, skills, and…

Ever wondered what fuels the passion for those in the UK insurance broking sector? 🤔 📣 It's a world that's as dynamic as it is rewarding, and here's why: Firstly, the sheer variety is unparalleled. No two days are the same in insurance broking. Whether it's crafting bespoke policies for unique risks or navigating the latest market trends, the work is as diverse as the clients that are served. It's this constant evolution that keeps the mind sharp and the job endlessly intriguing. Secondly, there's the human element. Building relationships is at the heart of what brokers do. It's about understanding the client, empathising with their concerns, and delivering solutions that truly make a difference in their lives or businesses. It's more than transactions; it's about trust and partnership. Lastly, the impact is tangible. In the UK, where the insurance market is among the world's leading financial sectors, brokers work underpins economic stability and growth. Knowing that they play a part in that is an incredibly fulfilling job. So, if you're seeking a career that offers variety, connection, and a sense of purpose, insurance broking might just be your calling. #InsuranceBroking #CareerPassion #UKBusiness Check out our Insurance broking opportunities on our website. 👀