BUILDING CREDIBILITY

Establishing your reputation at 25

in an industry dominated by 55-year-olds

By Jeremy T. Wittenbaum

How old is your insurance advisor? It’s more likely that they arcloser to 55 than not. The widening age gap between clients and their advisors creates a lifetime of opportunity for the next generation of insurance professionals. However, with this gap also comes a potential divide in experience and knowledge that ultimately can have negative repercussions for clients. So how do we, as young insurance professionals, bridge these gaps while establishing credibility and building our personal brands?

First, anyone looking to establish credibility in a service industry, especially insurance, must build a strong foundation of industry knowledge.

Whether you work for a mom-and-pop shop, a large brokerage, or something in between, the fundamentals are the same. I’ve earned my Associate in Insurance (AINS), Associate in Risk Management (ARM), and Chartered Private Risk and Insurance Advisor (CPRIA). Yet, I would argue that these designations built my credibility more than they provided foundational knowledge. On-the-job experience is what truly developed my understanding of the industry.

My education began with Insurance For Dummies by Jack Hungelmann. During the summer of 2017, between my sophomore and junior years of high school, I’d sit in my uncle’s office and constantly ask questions about what I was reading. What are Coverages A through F on a homeowners policy? What is the difference between basic, broad, and special perils? How does an HO-3 differ from an HO-5 homeowners policy?

Reviewing Insurance Services Office (ISO) forms was new to me, as I was accustomed to carriers using proprietary, broader forms such as Chubb’s. Once you learn the basic terminology and policy structure of the property and casualty (P&C) insurance industry, you will set yourself up for a lifetime of success.

I also learned by observing the day-to-day work of seasoned professionals. I watched my grandmother process renewals and policy changes. Once she was done, she’d put the paper file or daily on the ground, and I’d file it away in our file room. In doing so, I learned every client’s name.

While I dislike paper (and our agency quickly transitioned to 100% electronic files), this process was a blessing in disguise. At social or nonprofit events I’d meet clients and introduce myself, making a point to reference something specific about their account. That familiarity instantly established credibility.

Here’s a real-world example of how one well-timed sentence can do the same. I accompanied my father to a renewal review with a commercial client of more than 40 years. It was about four months after I had officially joined S P Agency, and I was still introducing myself to our clients.

The client has a few private passenger autos on their commercial fleet. They wanted to ensure that there was still coverage on their policy for their employees while driving company-owned vehicles on personal time. This coverage is needed to protect the employees because it fills the gap of the employee not having their own personal auto policy.

I butted in after they asked the question and said, “I believe you are referencing Broad Form Drive Other Car coverage?” The client’s tone immediately shifted. They knew I had done my homework. Sometimes all it takes is one, properly timed comment to establish yourself.

There are three primary parties in the independent agency relationship: the client, the advisor, and the insurance company. Before joining S P Agency full time, I worked for two insurance companies—Berkley One and The Cincinnati Insurance Companies. Within an insurance company, there are numerous departments including actuarial, human resources, marketing, sales, and underwriting.

Few things establish credibility with a client faster than being able to say you’ve worked for one of the insurance companies you represent and understand the inner workings of their business. By understanding the client-advisor-insurance company relationship, you will be a step ahead of your competitors while establishing credibility not only with clients, but with industry colleagues, too.

Industry knowledge alone, however, isn’t enough to establish credibility. At its core, a P&C advisor sells a piece of paper and a promise. We don’t offer a tangible product that clients can see or touch. Rather, we sell an intangible product based on our word.

Clients want to work with advisors who are reliable, responsive, and add value. Pick up the phone. Respond promptly to emails. Show up to your client’s home inspection. Thank current clients for referrals. These actions seem so simple but in today’s day and age, they’re becoming a lost art. Doing the aforementioned tasks jump-started my credibility not just within the insurance industry, but as a young professional overall.

The author

As a third-generation insurance advisor at S P Agency, Inc., Jeremy Wittenbaum works alongside his father, uncle, grandparents, and cousin, who have over 150 years of combined experience in the industry. He specializes in HNW/UHNW personal insurance and commercial insurance and has a proven track record of solving complex insurance problems and building long-term relationships. Jeremy graduated summa cum laude, in three years, from The Ohio State University with a degree in insurance. Prior to his current role, he gained valuable insights and skills from working for two insurance companies: Berkley One (subsidiary of W.R. Berkley) where he became well-versed in the HNW/UHNW space and The Cincinnati Insurance Companies (subsidiary of Cincinnati Financial Corp.) where he handled an $11 million territory and completed the commercial lines training class, finishing in first place out of 20 underwriter trainees. Clients are Jeremy’s top priority, and he’s committed to exceeding their expectations in every interaction. You can contact Jeremy at
(513) 985-3600.