Discussion highlights what younger generations seek as agency employees.
Last fall, the Agents Council for Technology (ACT) sponsored a technology forum during the Big “I” Young Agents Leadership Institute to discuss generational differences and technology preferences from the perspective of young agents. The group of more than 70 young people was predominately comprised of generation X (under age 46) and millennials (under age 28).
Young agents suggested the best way to describe the difference in generations was to look at how they greet their friends: baby boomers will usually ask, “How’s your job?” Gen X’ers will ask, “How’s your family?” And millennials will ask, “What did you do this weekend?” While everyone in the room smiled this generational distinction, there was no dispute that the different generations need to understand each other and work together effectively.
The young agents encouraged agency principals to foster a discussion of generational differences within the agency and adopt flexible employee policies that are results-driven and reflect the needs of the different generations. After all, generations are evolutionary and each will change its perspectives based on the life cycle of graduating from college, getting a job, getting married, starting a family, buying a home, furthering a career and beginning preparations for retirement.
Young people are well-suited for the insurance industry because they enjoy working in teams and working with people. They also have a keen insight into how other young people think and are more adept at soliciting young people as clients. With the profound changes in marketing from the emergence of social networking on the Web (Facebook, Twitter, LinkedIn, etc.), younger generations can teach established agencies how to be visible in cyberspace where the young and young-at-heart do their research, purchase products and network. Agents have a wonderful opportunity to begin to use these tools not only to learn about new ways to communicate and network but to establish a marketing presence to attract new clients.
The young agents also pointed out that social media enables them to do virtual networking in a similar way to the in-person networking baby boomers have excelled at in their communities. In fact, social networking is putting a personal touch back into the Internet, which promises to put relationship-oriented agents into a stronger position than when the Internet was dominated by large corporate direct-writing companies.
This article is part one of a two-part series exploring the technology needs of young agents and customers.
Angelyn Treutel (Angelyn@treutel.com) is treasurer, vice president and chief information officer of Treutel Insurance Agency and chair of the Agents Council for Technology (ACT).
For more information about ACT, contact Jeff Yates, ACT executive director, at jeff.yates@iiaba.net.
This article reflects the views of the author and should not be construed as an official statement by ACT.
Thursday, April 16, 2009
Thursday, April 9, 2009
UAIIA Newsletter
For a flyer on the benefits of membership, please click on the following link: www.uaiia.org/benefits.pdf
Thanks to our 2009 Associate Members: Acuity, Advanced Restoration, LLC, American Mining Insurance Co., Austin Mutual Insurance Co., Auto-Owners Insurance Co., Bear River Mutual Insurance Co., BELFOR, Burns & Wilcox, LTD, Capital Premium Financing, Inc., CNA Insurance, CSE (Civil Service Employees) Insurance Co., Colonial General Insurance Co., Colorado Casualty, Continental Western Group, Cresta Insurance, LLC, Dairyland Auto, EMC Insurance Companies, Encompass/Allstate, Employers, Germantown Mutual Insurance Co., HCC Surety Group, Kemper, Legacy Insurance Services, Inc., Magna Carta Companies, MetLife Auto & Home, Mountain States Insurance Group, MULTICO Rating Systems, Inc., Mutual of Enumclaw, National American Insurance Company, Networked Insurance Agents, Pennsylvania Lumbermens Mutual Insurance Co., Philadelphia Insurance, Premium Financing Specialists, Professional Lines Underwriting Specialists, Inc., Risk Placement Services, Safeco Insurance Co., Sagamore Insurance Company, Santa Fe Auto Insurance Co., State Auto Insurance, Statewide Insurance Corp., Surplus Lines Association of Utah, Swett & Crawford, Total Restoration, Inc., Transwestern General Agency, Travelers, UCA General Insurance, Utah Business Insurance Company, Utah Disaster Kleenup, Western National Insurance Group and Workers Compensation Fund
1. Who’s Your Grand Daddy?
2. Agent, Young Agent & Company Person of Year
3. Can You Say “Up The Creek Without A Paddle?”
4. Chubbdog Millionaires
5. Wolf in Sheep’s Clothing
6. Obama and State Insurance Supervision
7. Salt Lake Bees Discount Tickets
8. Nilsson To Represent USA
9. Is Your Agency on Real Time?
10. Flyers in Newsletter
11. Top Five Complaints
12. Our Industry, Our Responsibility
13. Say What You Mean: Character, Integrity and Independent Agents
1. Who’s Your Grand Daddy? We sent out a final legislative update last week, but we failed to tell you about one thing that could affect many of you. In HB280S01, the continuing education bill, the grandfather clause date was changed. The enrolled bill reads as follows: A licensee is exempt from continuing education requirements under this section if: (A) the licensee was first licensed before April 1, 1978; (The old date was April 1, 1970.) (B) the licensee requests an exemption from the department; and (C) the department approves the exemption. (ii) If the department approves the exemption under Subsection (3)(d)(i), the licensee is not required to apply again for the exemption.
Here is how it works: After May 12, 2009 (when the bill is effective), if your license was effective before April 1, 1978, you need to send an email to mcovington@utah.gov with your license number and request the grandfather status. If your license shows a date after March 31, 1978, but you have held a license in another state previously, then you need to send proof of being licensed prior to April 1, 1978 and prior to transferring to Utah.
2. Agent, Young Agent, & Company Person of Year We hope you all are planning to attend our Annual Convention at the Zermatt Resort on June 11 – 13, 2009 or at least Free Day Friday. We’ve got a great program with outstanding speakers, trade show, entertainment, awards and golf. Go to the following link for further information: www.uaiia.org/_private/zermattconvention.htm.
We would like to receive your nominations for Agent, Young Agent and Company Person of the Year. If you know someone who is deserving, go to the following link for a recommendation form: www.uaiia.org/_private/2009nominationform.pdf. Thanks!
3. Can You Say “Up the creek without a paddle?” The nonpartisan Congressional Budget Office (CBO), actually under control of the Democratic Congress, released its estimates of impending budget deficits on March 20th. The CBO estimates suggest that deficits during the next 10 years will be 33% higher ($2.3 trillion, or $2,300,000,000,000 more) than what the new Administration’s deficit projections indicate.
Based on current CBO estimates, the cumulative deficit would be $9.3 trillion from 2010 to 2019, or nearly $1,000,000,000,000 annually. The total would more than double the national debt in the hands of the public, taking it from the current $6.7 trillion to $17 trillion. The Obama deficits would exceed the total accumulation of debt during all prior presidents. (From Jeff Thredgold’s Tea Leaf newsletter.)
4. Chubbdog Millionaires Ten employees in the IT department of Chubb Commercial Insurance have hit the jackpot. They are sharing in the winnings on a multi-state Mega Millions lottery ticket worth $216 million. The winners should get about $8.1 million a year each, before taxes, for the next 26 years from their lucky purchase. Apparently, no actuaries were consulted in the number selection; the group said their picks were random.
5. Wolf in Sheep’s Clothing A new bill introduced in Congress on April 2nd could be considered a wolf in sheep’s clothing. Representative Melissa Bean (D-IL) and Representative Ed Royce (R-CA) sponsored The National Insurance Consumer Protection Act.
“While it has an appealing title, this latest incarnation of Optional Federal Charter (OFC) legislation would damage the stable and healthy insurance marketplace to the detriment of consumers,” says Robert A. Rusbuldt, Big “I” president and CEO. “While the bill has a few changes, it is basically the same concept, optional federal chartering and deregulation of strong state consumer protections, which has rightfully been rejected and ignored by previous Congresses. There is no doubt the current regulatory system needs more uniformity and efficiency, but there are more prudent ways to accomplish this via targeted federal legislation.”
6. Obama and State Insurance Supervision National Association of Insurance Commissioners (NAIC) President and New Hampshire Insurance Commissioner Roger Sevigny says the most recent financial services regulatory proposal from the Obama Administration retains a role for state insurance commissioners.
“We are encouraged by Secretary Geithner’s statements that this proposal will maintain the important role that state regulators play in supervising insurance companies,” Sevigny said. “We agree with his assertion that financial institutions must not be allowed to ‘cherry pick’ among competing regulators in search of the lowest standards and constraints. We also agree that there is a need to address how resolutions would operate for financial structures and activities outside of the existing FDIC system for banks and the existing state guaranty fund system for insurers. However, any expansion of federal resolution authority should not displace those proven systems.”
7. Salt Lake Bees Discount Tickets Members of UAIIA can now get discount tickets to Salt Lake Bees baseball games. You can receive $2.50 - $3.50 savings on individual tickets. Here are some of the special game nights to consider: Opening night April 9th, fireworks nights -- May 29th, June 5th, July 4th & 5th, July 23rd, 24th, and 25th, August 22nd and September 5th. Go to the following website to get tickets online: http://www.ticketmaster.com/promo/qgb68v -- Our company password is: UAIIA
For further information call Eric Woodbury at (801) 350-6917.
8. Nilsson To Represent USA Utah’s C. Brett Nilsson, CIC, chairman of the Independent Insurance Agents & Brokers of America (IIABA or the Big “I”), was recently selected to represent the United States of America on the World Federation of Insurance Intermediaries (WFII) World Council.
The WFII provides a platform for agent and broker associations from around the globe to exchange information about common issues and concerns and to initiate and coordinate advocacy actions. In its 10-year history, the WFII has worked on promoting and representing the interests of insurance agents and their customers before influential international organizations including the International Association of Insurance Supervisors, the World Trade Organization, the Organization for Economic Cooperation and Development, and the United Nations.
9. Is Your Agency on Real Time? If your agency hasn’t implemented Real Time, the next major advance in agency workflow, here is your chance to learn about it. There will be a webinar on May 6th, which will explain Real Time, demonstrate it, discuss the benefits, and outline what your next steps should be. There is no charge for agents or others to attend the webinar. After you logon to the Internet session, you will be able to listen to the audio through your computer headset or speakers. If you would prefer, you will also be provided with a toll number you can call to listen to the audio. To register for the May 6th session (1:30 – 2:30 p.m. eastern time), go to the following web address:
https://www1.gotomeeting.com/register/771210636
10. Flyers in Newsletter Check out the flyers in this month’s paper newsletter for a discount on FedEx shipping, information on American Mining and for the latest information on a Utah CIC Institute.
11. Top Five Complaints According to the National Association of Insurance Commissioners (NAIC), the top five complaints against insurance companies are as follows in order of the highest complaint: 1. Delays 2. Denial of Claims 3. Unsatisfactory Settlement 4. Premium and Rating 5. Cancellation.
The top five complaints by type of coverage are: 1. Accident and Health 2. Auto 3. Homeowners 4. Life and Annuity 5. Commercial Multi-Peril.
12. Our Industry, Our Responsibility At the end of our electronic Newsletter, I’m posting an article entitled: “Say What You Mean: Character, Integrity and Independent Agents”. This article made me feel good about working in the insurance industry, but also made me realize what an awesome responsibility we have to maintain our character and integrity. It was written by Mitch Dunford, who is CEO for Insurance Journal’s parent company, Wells Publishing, Inc. Mitch has roots in Utah and has stopped by our association office a few times. He gave me permission to send this article to our membership.
13. Say What You Mean: Character, Integrity and Independent Agents
By Mitch Dunford
April 2, 2009
"I meant what I said, and said what I meant..."
Although that quote was written in 1954 by Dr. Seuss in his book "Horton Hears a Who," it is a powerful reminder today to act with character and integrity.
"Horton Hears a Who" tells the story of Horton the Elephant, who hears a small speck of dust talking to him. It turns out the speck is a tiny planet, home to a city called Whoville that is inhabited by microscopic-sized people known as Whos. The Whos ask Horton (who cannot see them but can hear them) to protect them from harm, which Horton promises to do — despite opposition from the other jungle animals who believe Horton has lost his mind. As it becomes more difficult to protect the Whos, Horton is encouraged to leave the Whos to fend for themselves. Yet Horton stands behind his promise, declaring, "I meant what I said, and I said what I meant, an elephant is faithful 100 percent."
Horton's motto is a good reminder for all of us. There is little debate on where we find our country economically. The auto industry is in crisis; financial markets are a mess; the unemployment rate is growing daily; banks are closing; foreclosures are at an all-time high; and bad economic news continues.
Despite the constant diet of bad news and stark economic realities we are left to deal with, if you look at the situation through the clear lens of truth, you'd find that what led us here was not a crisis of cash, but a crisis of character.
Decades of dishonesty, greed and the notion that character doesn't matter have caught up to us. As business leaders, politicians and others in positions of trust have relied upon the crazy notion that competency is everything and personal integrity is expendable, we find ourselves reaping the fruits of that ideology — and it's not good.
Integrity and trust are fundamental principles of leadership and power,
and are the foundation of a strong economy. Our unique economic system is tied to freedom, and freedom is tied to responsible and ethical behavior. When we allow in ourselves and in our leaders a pattern of irresponsible behavior, we give up our freedoms in an effort to repair the damage. And as our freedoms erode, so does our unique economy.
You have chosen to work in the insurance industry. While others seek to minimize risk you embrace it. You study it, you calculate it, you even profit from it. You are now, and have been for hundreds of years, our economy's last line of defense. You make it possible for businesses to open and grow, for loans to be made, for new inventions to come to market, and for young people to buy their first car or their first home.
Without you and your industry, the way of life to which we have grown accustomed would slow to a grinding halt.
Inside the insurance industry, there is tremendous potential for growth, both personal and financial. The industry is one of the most lucrative professions in the world.
But with that opportunity comes a responsibility: to act with integrity and with character in how you do business. Our economy cannot afford to lose confidence in our industry.
To close a sale, there may be temptation to not fully explain a policy's new conditions or exclusions. There may be temptation to suggest coverage exists that really doesn't, and then to blame someone else for the error when the claim is denied. Our industry must resist temptations to deceive.
It starts with a personal decision in each of us to do the right thing: to value our character, reputation and the important role our industry plays in the health of our economy more than money. To say in our quiet moments, "I meant what I said, and I said what I meant."
There is astonishing power when a single person makes a single, honest decision. It can be contagious. As dishonesty breeds mistrust, honesty gives rise to trust, and trust provides the foundation for more honesty. It starts with one, each one of us doing the right thing for the right reason.
A government "stimulus" package will not save us. A bailout of AIG or GM will not solve the underlying problem. Instead, the quiet personal resolve to act with character and integrity in everything we do, and to demand the same behavior in our leaders, will lead to long-lasting, positive change. There is still something noble in the American spirit. I believe in us. I believe in our character as Americans to dig deep and to dig out of any problem, to do the right thing, and to do the extraordinary.
___
Mitch Dunford is CEO for Insurance Journal's parent company, Wells Publishing Inc. E-mail him comments at mitch@insurancejournal.com
Thanks to our 2009 Associate Members: Acuity, Advanced Restoration, LLC, American Mining Insurance Co., Austin Mutual Insurance Co., Auto-Owners Insurance Co., Bear River Mutual Insurance Co., BELFOR, Burns & Wilcox, LTD, Capital Premium Financing, Inc., CNA Insurance, CSE (Civil Service Employees) Insurance Co., Colonial General Insurance Co., Colorado Casualty, Continental Western Group, Cresta Insurance, LLC, Dairyland Auto, EMC Insurance Companies, Encompass/Allstate, Employers, Germantown Mutual Insurance Co., HCC Surety Group, Kemper, Legacy Insurance Services, Inc., Magna Carta Companies, MetLife Auto & Home, Mountain States Insurance Group, MULTICO Rating Systems, Inc., Mutual of Enumclaw, National American Insurance Company, Networked Insurance Agents, Pennsylvania Lumbermens Mutual Insurance Co., Philadelphia Insurance, Premium Financing Specialists, Professional Lines Underwriting Specialists, Inc., Risk Placement Services, Safeco Insurance Co., Sagamore Insurance Company, Santa Fe Auto Insurance Co., State Auto Insurance, Statewide Insurance Corp., Surplus Lines Association of Utah, Swett & Crawford, Total Restoration, Inc., Transwestern General Agency, Travelers, UCA General Insurance, Utah Business Insurance Company, Utah Disaster Kleenup, Western National Insurance Group and Workers Compensation Fund
1. Who’s Your Grand Daddy?
2. Agent, Young Agent & Company Person of Year
3. Can You Say “Up The Creek Without A Paddle?”
4. Chubbdog Millionaires
5. Wolf in Sheep’s Clothing
6. Obama and State Insurance Supervision
7. Salt Lake Bees Discount Tickets
8. Nilsson To Represent USA
9. Is Your Agency on Real Time?
10. Flyers in Newsletter
11. Top Five Complaints
12. Our Industry, Our Responsibility
13. Say What You Mean: Character, Integrity and Independent Agents
1. Who’s Your Grand Daddy? We sent out a final legislative update last week, but we failed to tell you about one thing that could affect many of you. In HB280S01, the continuing education bill, the grandfather clause date was changed. The enrolled bill reads as follows: A licensee is exempt from continuing education requirements under this section if: (A) the licensee was first licensed before April 1, 1978; (The old date was April 1, 1970.) (B) the licensee requests an exemption from the department; and (C) the department approves the exemption. (ii) If the department approves the exemption under Subsection (3)(d)(i), the licensee is not required to apply again for the exemption.
Here is how it works: After May 12, 2009 (when the bill is effective), if your license was effective before April 1, 1978, you need to send an email to mcovington@utah.gov with your license number and request the grandfather status. If your license shows a date after March 31, 1978, but you have held a license in another state previously, then you need to send proof of being licensed prior to April 1, 1978 and prior to transferring to Utah.
2. Agent, Young Agent, & Company Person of Year We hope you all are planning to attend our Annual Convention at the Zermatt Resort on June 11 – 13, 2009 or at least Free Day Friday. We’ve got a great program with outstanding speakers, trade show, entertainment, awards and golf. Go to the following link for further information: www.uaiia.org/_private/zermattconvention.htm.
We would like to receive your nominations for Agent, Young Agent and Company Person of the Year. If you know someone who is deserving, go to the following link for a recommendation form: www.uaiia.org/_private/2009nominationform.pdf. Thanks!
3. Can You Say “Up the creek without a paddle?” The nonpartisan Congressional Budget Office (CBO), actually under control of the Democratic Congress, released its estimates of impending budget deficits on March 20th. The CBO estimates suggest that deficits during the next 10 years will be 33% higher ($2.3 trillion, or $2,300,000,000,000 more) than what the new Administration’s deficit projections indicate.
Based on current CBO estimates, the cumulative deficit would be $9.3 trillion from 2010 to 2019, or nearly $1,000,000,000,000 annually. The total would more than double the national debt in the hands of the public, taking it from the current $6.7 trillion to $17 trillion. The Obama deficits would exceed the total accumulation of debt during all prior presidents. (From Jeff Thredgold’s Tea Leaf newsletter.)
4. Chubbdog Millionaires Ten employees in the IT department of Chubb Commercial Insurance have hit the jackpot. They are sharing in the winnings on a multi-state Mega Millions lottery ticket worth $216 million. The winners should get about $8.1 million a year each, before taxes, for the next 26 years from their lucky purchase. Apparently, no actuaries were consulted in the number selection; the group said their picks were random.
5. Wolf in Sheep’s Clothing A new bill introduced in Congress on April 2nd could be considered a wolf in sheep’s clothing. Representative Melissa Bean (D-IL) and Representative Ed Royce (R-CA) sponsored The National Insurance Consumer Protection Act.
“While it has an appealing title, this latest incarnation of Optional Federal Charter (OFC) legislation would damage the stable and healthy insurance marketplace to the detriment of consumers,” says Robert A. Rusbuldt, Big “I” president and CEO. “While the bill has a few changes, it is basically the same concept, optional federal chartering and deregulation of strong state consumer protections, which has rightfully been rejected and ignored by previous Congresses. There is no doubt the current regulatory system needs more uniformity and efficiency, but there are more prudent ways to accomplish this via targeted federal legislation.”
6. Obama and State Insurance Supervision National Association of Insurance Commissioners (NAIC) President and New Hampshire Insurance Commissioner Roger Sevigny says the most recent financial services regulatory proposal from the Obama Administration retains a role for state insurance commissioners.
“We are encouraged by Secretary Geithner’s statements that this proposal will maintain the important role that state regulators play in supervising insurance companies,” Sevigny said. “We agree with his assertion that financial institutions must not be allowed to ‘cherry pick’ among competing regulators in search of the lowest standards and constraints. We also agree that there is a need to address how resolutions would operate for financial structures and activities outside of the existing FDIC system for banks and the existing state guaranty fund system for insurers. However, any expansion of federal resolution authority should not displace those proven systems.”
7. Salt Lake Bees Discount Tickets Members of UAIIA can now get discount tickets to Salt Lake Bees baseball games. You can receive $2.50 - $3.50 savings on individual tickets. Here are some of the special game nights to consider: Opening night April 9th, fireworks nights -- May 29th, June 5th, July 4th & 5th, July 23rd, 24th, and 25th, August 22nd and September 5th. Go to the following website to get tickets online: http://www.ticketmaster.com/promo/qgb68v -- Our company password is: UAIIA
For further information call Eric Woodbury at (801) 350-6917.
8. Nilsson To Represent USA Utah’s C. Brett Nilsson, CIC, chairman of the Independent Insurance Agents & Brokers of America (IIABA or the Big “I”), was recently selected to represent the United States of America on the World Federation of Insurance Intermediaries (WFII) World Council.
The WFII provides a platform for agent and broker associations from around the globe to exchange information about common issues and concerns and to initiate and coordinate advocacy actions. In its 10-year history, the WFII has worked on promoting and representing the interests of insurance agents and their customers before influential international organizations including the International Association of Insurance Supervisors, the World Trade Organization, the Organization for Economic Cooperation and Development, and the United Nations.
9. Is Your Agency on Real Time? If your agency hasn’t implemented Real Time, the next major advance in agency workflow, here is your chance to learn about it. There will be a webinar on May 6th, which will explain Real Time, demonstrate it, discuss the benefits, and outline what your next steps should be. There is no charge for agents or others to attend the webinar. After you logon to the Internet session, you will be able to listen to the audio through your computer headset or speakers. If you would prefer, you will also be provided with a toll number you can call to listen to the audio. To register for the May 6th session (1:30 – 2:30 p.m. eastern time), go to the following web address:
https://www1.gotomeeting.com/register/771210636
10. Flyers in Newsletter Check out the flyers in this month’s paper newsletter for a discount on FedEx shipping, information on American Mining and for the latest information on a Utah CIC Institute.
11. Top Five Complaints According to the National Association of Insurance Commissioners (NAIC), the top five complaints against insurance companies are as follows in order of the highest complaint: 1. Delays 2. Denial of Claims 3. Unsatisfactory Settlement 4. Premium and Rating 5. Cancellation.
The top five complaints by type of coverage are: 1. Accident and Health 2. Auto 3. Homeowners 4. Life and Annuity 5. Commercial Multi-Peril.
12. Our Industry, Our Responsibility At the end of our electronic Newsletter, I’m posting an article entitled: “Say What You Mean: Character, Integrity and Independent Agents”. This article made me feel good about working in the insurance industry, but also made me realize what an awesome responsibility we have to maintain our character and integrity. It was written by Mitch Dunford, who is CEO for Insurance Journal’s parent company, Wells Publishing, Inc. Mitch has roots in Utah and has stopped by our association office a few times. He gave me permission to send this article to our membership.
13. Say What You Mean: Character, Integrity and Independent Agents
By Mitch Dunford
April 2, 2009
"I meant what I said, and said what I meant..."
Although that quote was written in 1954 by Dr. Seuss in his book "Horton Hears a Who," it is a powerful reminder today to act with character and integrity.
"Horton Hears a Who" tells the story of Horton the Elephant, who hears a small speck of dust talking to him. It turns out the speck is a tiny planet, home to a city called Whoville that is inhabited by microscopic-sized people known as Whos. The Whos ask Horton (who cannot see them but can hear them) to protect them from harm, which Horton promises to do — despite opposition from the other jungle animals who believe Horton has lost his mind. As it becomes more difficult to protect the Whos, Horton is encouraged to leave the Whos to fend for themselves. Yet Horton stands behind his promise, declaring, "I meant what I said, and I said what I meant, an elephant is faithful 100 percent."
Horton's motto is a good reminder for all of us. There is little debate on where we find our country economically. The auto industry is in crisis; financial markets are a mess; the unemployment rate is growing daily; banks are closing; foreclosures are at an all-time high; and bad economic news continues.
Despite the constant diet of bad news and stark economic realities we are left to deal with, if you look at the situation through the clear lens of truth, you'd find that what led us here was not a crisis of cash, but a crisis of character.
Decades of dishonesty, greed and the notion that character doesn't matter have caught up to us. As business leaders, politicians and others in positions of trust have relied upon the crazy notion that competency is everything and personal integrity is expendable, we find ourselves reaping the fruits of that ideology — and it's not good.
Integrity and trust are fundamental principles of leadership and power,
and are the foundation of a strong economy. Our unique economic system is tied to freedom, and freedom is tied to responsible and ethical behavior. When we allow in ourselves and in our leaders a pattern of irresponsible behavior, we give up our freedoms in an effort to repair the damage. And as our freedoms erode, so does our unique economy.
You have chosen to work in the insurance industry. While others seek to minimize risk you embrace it. You study it, you calculate it, you even profit from it. You are now, and have been for hundreds of years, our economy's last line of defense. You make it possible for businesses to open and grow, for loans to be made, for new inventions to come to market, and for young people to buy their first car or their first home.
Without you and your industry, the way of life to which we have grown accustomed would slow to a grinding halt.
Inside the insurance industry, there is tremendous potential for growth, both personal and financial. The industry is one of the most lucrative professions in the world.
But with that opportunity comes a responsibility: to act with integrity and with character in how you do business. Our economy cannot afford to lose confidence in our industry.
To close a sale, there may be temptation to not fully explain a policy's new conditions or exclusions. There may be temptation to suggest coverage exists that really doesn't, and then to blame someone else for the error when the claim is denied. Our industry must resist temptations to deceive.
It starts with a personal decision in each of us to do the right thing: to value our character, reputation and the important role our industry plays in the health of our economy more than money. To say in our quiet moments, "I meant what I said, and I said what I meant."
There is astonishing power when a single person makes a single, honest decision. It can be contagious. As dishonesty breeds mistrust, honesty gives rise to trust, and trust provides the foundation for more honesty. It starts with one, each one of us doing the right thing for the right reason.
A government "stimulus" package will not save us. A bailout of AIG or GM will not solve the underlying problem. Instead, the quiet personal resolve to act with character and integrity in everything we do, and to demand the same behavior in our leaders, will lead to long-lasting, positive change. There is still something noble in the American spirit. I believe in us. I believe in our character as Americans to dig deep and to dig out of any problem, to do the right thing, and to do the extraordinary.
___
Mitch Dunford is CEO for Insurance Journal's parent company, Wells Publishing Inc. E-mail him comments at mitch@insurancejournal.com
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