Career Advice I’d Give my 23 Year Old Self If I Had to Start Over
If I were starting a new career in insurance today knowing what I know now (after 17 years in the industry), here's the advice I'd give myself:
✅ EB and Commercial are where it's at. Personal Lines (and very small commercial) will continue to be gobbled up by automation. A career in EB or Commercial will enable you to become a trusted expert (much like an accountant or attorney) to your client, who will need your expertise, thus ensuring growth, earning potential and long term stability.
✅You'll maximize your earning potential and marketability by moving to a new company every 4-5 years or so. I know those who came up in the days of pensions are cringing at that comment - but this is the reality. The younger generations are in a different spot than you were - it's just...what it is.
👉 Exceptions: If you're a producer building a book of biz OR if you're a recognized asset in your organization who's being consistently given above-average raises and promotion opportunities.
✅ Avoid captive agencies - they're a dying breed. They are also PL-focused and tend to pay below market.
✅ Avoid bank-owned agencies - it's really hard to serve two masters, and when you're bank-owned, the banking business will always be king.
✅If you're considering a producer opportunity and the role is 100% commission year 1 (or some crazy base salary like $20k) - RUN. 🏃♀️ Good agencies understand that you need to eat in order to learn, and desperation is never a good look for a salesperson.
✅ If you start down one path and realize it's not for you (i.e. Claims) and want to move into another area (say, underwriting), do it sooner than later. The more you climb the ladder and increase your earnings, the more difficult it will be to make a change due to the inevitable pay cut.
✅ Designations will yield more bang for your buck than most higher ed. CIC, CPCU, AU, AINS, ARM, CISR, CRIS etc. will make you more marketable and increase your earning potential more than a Master's degree if you are in sales, service or underwriting. Bonus - your employer will pay for these too, unlike most Master's degrees. Save your money. 😉
✅ Don't be entitled. Insurance is an awesome and lucrative career path but you have to "put in your dues" in the beginning. That might mean being in an office, or not making a ton of money right out of the gate. Find great mentors, buckle down, learn, commit to getting designations, and in 5 -10 years you'll have a ridiculously successful career track on your hands.