BREAKING IN THE INSURANCE INDUSTRY
BY : CONOR MORAN ASSISTANT VICE PRESIDENT , JGS INSURANCE
When I graduated from the College of Charleston I had plans to take on the world . Funny thing was , I wasn ’ t sure of the career path . However , there were two things I knew I wanted : a career in sales and a career that was portable .
What I mean by portable , is a career that would prep me with the skills to land a new job wherever it may be ; whether it be California , Ireland or as far east as China . The most obvious choice for me was to consult with my best friend and hero , my father . He suggested I check out the world of Property & Casualty Insurance .
I had a few preconceptions about insurance , mainly that it was a necessary evil for all businesses and individuals to have , and therefore selling insurance to everyone would be a piece of cake . I have since come to realize this preconception was very far from reality !
I started simple and created a foundation of beliefs that centered around insurance products that people and / or companies needed that I could provide . These products are more required than desired , so that is the position I took and the direction I was heading . I became confident that as long as I could understand a business and its related risk , I could customize an insurance program to best fit the needs of that client . Sales would be more like a real estate transaction - price is king - and I was certain I could find the best one .
As I get deeper into the world of insurance , I ’ m realizing that I have much more to learn . I now understand that insurance is much more than a policy to cover insured losses ; it is about risk management “ best practices ” to protect the assets of companies .
I am lucky to have gained some hands-on experience by shadowing senior producers ,
Breaking Into The Insurance Industry
A Millennials Point Of View
risk control consultants and underwriters . Did you ever wonder how everyday products like ricotta cheese or windows become a finished product ? I never would have thought that being in the insurance industry would mean that I would be touring facilities to learn about how products are manufactured , how family businesses get started , and how these finished products eventually get to retail shelves or end users . I ’ ve come to learn that by touring these operations we must assess business exposures in their workforce , distribution via their own fleet of vehicles , potential liabilities arising out of their products and sustainability / contingency after a catastrophic property loss .
During one facility visit in particular , we identified potential risks that could result from employee negligence . Management had assumed that training their employees when they came onboard was enough . Unfortunately , that ’ s not always the case . More often than not , small incidents can lead to big claims . Attention to detail is how accidents can be avoided and getting the management team to buy into a culture of safety is a crucial step . If management is behind the idea , it then sets a precedent within the company that steps up efforts to promote safety awareness . Not only is this important for their employees , but it will keep their insurance costs down as well . Exposure analysis is just one of the many proactive services that are offered .
With every renewal comes a service timeline for the policy period , providing visual evidence of what is expected from their insurance broker throughout the period .
I ’ ve since learned a critical piece of information : that businesses must have a solid partnership with their insurance brokers to develop a proactive risk management program . For example , most people will see a doctor when they have health issues . They get their prescription , get fixed and go on their way . Whereas when people visit a dentist , they get their routine teeth cleanings , then the dentist develops a six month plan for another routine visit so that you don ’ t have to worry about gum disease or cavities . I am learning that at JGS , we are similar to a dentist - we help clients stay out of trouble with our proactive service approach .
If a buyer can ’ t completely understand what they are buying , it then creates a lack of control that the buyer has over the situation . What you don ’ t understand , you cannot control , which is a huge reason why people hate insurance .
My knowledge is ever expanding as I soak up all that I can day by day . I will be attending a two-week course at the Hartford Insurance School to gain the fundamentals of insurance coverage . I know that this is the start to the beginning of a great career , no matter where in the world it takes me .
Stay tuned to see what happens to Conor Moran in the next 120 days ! +
Conor Moran is a lifelong resident of Monmouth County and graduate of Christian Brothers Academy . Conor is a graduate of the College of Charleston with a degree in Business . Throughout his schooling , Conor was involved in numerous campus activities and community service projects . Conor served as President of his fraternity , the alpha chapter of Pi Kappa Phi , where he led the fraternity to a record breaking year of fundraising for the community . Conor prides himself on providing excellent customer service ensuring his clients receive the best insurance products to suit their ever-changing needs . Conor loves to travel and experience new and different cultures . Closer to home , Conor enjoys spending his free time with his family and friends at the beautiful Jersey Shore .
31