I don’t usually tell people that I’m a qualified expert in insurance as it’s not relevant, but I’m mentioning it today as I just presented at a private insurance event. There are lots of interesting nuances in insurance. You and I probably think it’s just that once a year renewal of our auto policy, or maybe the regular premiums we pay for life and pensions. That’s an important part of it and is a challenge as people don’t buy insurance, it has to be sold. Think about it. You don’t wake up and think “oh, I might die today! Better get some life insurance”, but you learn through advisory sales that this is what you need to do.
Then there’s a whole other raft of insurance where the real money is made: commercial insurance. Insuring ships, aircraft, offices and employees is where the big-ticket policies arrive. These are more complicated, as the risks have to be calculated in more depth. Under assess the risk and the insurance company loses; over assess and a competitor might steal the business. Equally, the corporate relationship becomes important in this space, as that’s where the strength of understanding the client comes from.
I don’t usually tell people that I’m a qualified expert in insurance as it’s not relevant, but I’m mentioning it today as I just presented at a private insurance event. There are lots of interesting nuances in insurance. You and I probably think it’s just that once a year renewal of our auto policy, or maybe the regular premiums we pay for life and pensions. That’s an important part of it and is a challenge as people don’t buy insurance, it has to be sold. Think about it. You don’t wake up and think “oh, I might die today! Better get some life insurance”, but you learn through advisory sales that this is what you need to do.
Then there’s a whole other raft of insurance where the real money is made: commercial insurance. Insuring ships, aircraft, offices and employees is where the big-ticket policies arrive. These are more complicated, as the risks have to be calculated in more depth. Under assess the risk and the insurance company loses; over assess and a competitor might steal the business. Equally, the corporate relationship becomes important in this space, as that’s where the strength of understanding the client comes from.
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