Brokers and consultants spend so much time focusing on clients and on the myriad outside threats to the industry that they too often overlook their own businesses. This idea of self-reflection—for both the industry as a whole, and the individuals who make it up — was a common theme during NAHU's recent Annual Convention in Albuquerque.
"What's your business philosophy?" Mark Gaunya asked, during a session titled "Practice management—Making it as a Successful Broker." Gaunya, co-owner and Chief Innovation Officer at Boston-based Borislow Insurance, urged the audience to think of themselves "not as brokers, producers or agents, but as business owners. Those other terms are the roles we fill; that's not who we are. You are a business owner who needs to run your business in a responsible way."
The session's panel of brokers discussed their various paths into the business and the keys to their success. Topics ranged from the safe — the importance of managing client expectations — to the more controversial — commission compression isn't the problem; it's brokers failing to define their value proposition.
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But much of the discussion centered on the importance of finding the right people for an agency.
"One of the biggest keys to our success is that I have an awesome accounts manager," said Suzy Alberts of Comprehensive Benefits Inc. "I give [her] a lot of the credit for the success I've had. She's great at what she does. I let her run, and she's never let me down."
Gaunya added that "assembling a team of people who are highly knowledgeable and highly passionate is, in my opinion, the key to success."
But how to go about finding that team? When an audience member asked for tips on recruiting great talent, the panelists had a lot to say.
David Contorno, President of Lake Normal Benefits noted that his first recruiting rule is to look for talent in non-traditional places. "Look completely outside of our industry," he said. "Many of the people who work for us did not come from the insurance industry."
He also mentioned the importance of firing fast and hiring slow, adding that the process takes "a lot of time and effort, along with a strong culture." Taking a page from Simon Sinek, Contorno noted that just like prospective clients, employees have to be attracted to your company's "why."
Borislow Insurance strives to recruit every day of the year, even instituting a company challenge called Recruit 365, Gaunya said. Whether at the grocery store or the ballpark, "we're always looking for great people." He noted that at one point, the company hired a summer intern to help with a client event. As he was bartending for clients, they watched him interact with people. "Now, he's the head of our technology practice. He had a degree in psychology, we hired him as an intern to deal with the bar, and now he's a whiz kid. My point is, look in unusual places. Just be aware.
The takeaway?
"You need a talented, passionate team to compete in today's environment," Gaunya said. "If you're not looking for great people, you're making a big mistake. Without them, you can't make your vision become reality."
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Paul Wilson
Paul Wilson is the editor-in-chief of BenefitsPRO Magazine and BenefitsPRO.com. He has covered the insurance industry for more than a decade, including stints at Retirement Advisor Magazine and ProducersWeb.
