The Changing Face of the Independent Agent

Growing a business

Oklahoma native applies principles learned on the farm to successful insurance career

By Elaine Tolen

By the time he was 12 years old, Christopher S. Floyd, CIC, was driving large machinery on his family farm in northeastern Oklahoma. Hard work and working hard were ingrained at an early age. “My dad was a farmer and coal miner who raised cows and pigs, and grew vegetables,” Chris says. “I learned the importance of preparation, nurturing and patience when growing something. Dad also taught me not to be afraid to tackle any project.”

Those virtues would serve Chris well as he took a circuitous route to his current position as principal, vice president and personal lines manager at Bomford, Couch & Wilson, an independent agency in Miami, Oklahoma.

Courage to try something different

Growing up, Chris enjoyed certain aspects of farming, but that wasn’t a career path he hoped to follow. “I’d be working on the farm, imagining myself as a businessman in a suit with a briefcase who works downtown,” he laughs. “Besides the farm, my dad had a feed store, and I worked there. I learned about sales and enjoyed helping people find what they needed.”

In his senior year in high school in 1989, hard work paid off early for Chris. Having already acquired enough credits to start college, he spent a half-day at high school and the other half studying computer programming in college. A few years later—with a young and growing family to provide for—Chris put those plans on hold and tried out a variety of career possibilities. In 1999, an acquaintance from Chris’s church told Chris that he would be a good replacement for the person who was leaving a small mutual property/casualty company.

At the company, “I handled new business and renewals for the small book of rural and farm business,” Chris remembers. “Not enough to make a living on, but the job exposed me to the insurance industry and piqued my interest. I decided that I needed to work for the ‘big boys’ to advance my career.”

In early 2001, Chris saw a newspaper ad for a sales position with Farmers Insurance Group in Miami. (By the way, the town’s name is pronounced “my-AM-ah” after the Native American tribe from that area.) Farmers wanted employees to have a college degree, which Chris had not yet completed.

So the district manager gave Chris a personality assessment to determine his skills and potential, after which he had these encouraging words for Chris: “You’re kind of borderline as to whether you’ll make it in this industry.” Nevertheless, Farmers took a chance on Chris, assigning him to work with another agent.

He started with Farmers Insurance in a hard market period—made more so by the events of September 11, 2001, and the mold issue in neighboring Texas. All of this created some challenges to Chris’s new career.

Around that time, an acquaintance told Chris of an opportunity at Bomford, Couch & Wilson. A principal had just left the agency, and they would need someone to fill the void. Chris knew of the respected agency; he had talked with principals there two years earlier when he was just getting into the business.

Planting seeds of success

In January 2002, Chris was hired as a producer at the 18-employee agency. “Leaving Farmers was hard, but I thought it was the best decision for my career,” Chris says.

While he did inherit a limited list of clients and referrals from the departed producer, “I pretty much started from scratch again. That wasn’t so much fun and there were some lean years. I looked at every person as a possible client. I’d see someone walking down the street and realize, ‘Hey, I know that guy. I wonder if I could write his insurance?!’ ”

Chris had little commercial lines experience but “was very fortunate to be surrounded by others who had much experience and knowledge. Jim Couch [agency president/principal] has been a great mentor. He took a risk in hiring someone so green, and without his help I wouldn’t have been successful,” Chris asserts.

“For the first three or four years at the agency, I ate, breathed, slept insurance,” Chris says. And he learned the business quickly. “One thing I liked about the independent agency business was that the playing field was so different than with a direct writer,” he recalls. “There are so many more options for clients.”

The business at Bomford, Couch & Wilson is 60% commercial, 20% personal, 20% life & health; and even though Chris is the personal lines manager, he also sells commercial lines and life & health. Licensed in 10 states with the bulk of its business in Oklahoma, Missouri and Kansas, the agency works with clients that are “mostly small and mid-sized businesses; they like to have their insurance in one place,” he explains. “When you can see their overall risk—commercial and personal—you can help manage that risk better.

“And taking care of our clients’ risk is our first priority,” Chris continues. “If we do that well, the money will come. Our mantra is: ‘We write accounts, not policies,’ because accounts represent people.”

The insurance business in Oklahoma has been less affected by the economic booms and busts in other parts of the country, especially on the East and West coasts, says Chris. “We’re somewhat insulated here, and although some of our contracting clients have been greatly affected by the recent economic crisis, our agency has seen a modest increase in business lately.”

A missing piece of the puzzle

At Jim Couch’s encouragement, Chris attended his first industry association event in 2003: the Young Agents Mid-States Retreat, co-sponsored by the Big “I” associations of Oklahoma, Missouri and Kansas. “I didn’t know a soul,” Chris remembers. “ I stood at the back of the meeting room feeling invisible.”

That feeling of anonymity didn’t last long, as Chris quickly met young agents, company reps and association staff. “Meeting others in the business and building relationships with them took me to a whole new level,” Chris says. “I now have close friends all across the state; in fact, the Independent Insurance Agents of Oklahoma (IIAOK) young agents have become like family.”

In 2005, Chris was asked to be on the IIAOK Young Agents Committee (YAC). “Getting involved with the YAC has been a great venue for education, networking and relationships,” he says.

Cultivating future leaders

After joining the group, Chris encouraged the committee to evaluate the YAC and look for ways to add value to it. “So we started asking, ‘What can we do to build a stronger organization?’ I looked at my own career and the things that had helped me to better myself professionally,” he says.

With Chris leading the dialogue, the committee identified five areas that are integral to any young agent’s career: leadership, government affairs, sales training, underwriting and claims, and regulatory affairs, plus community service because “giving back to one’s community is an important part of leadership,” according to Chris.

“We didn’t want a strictly educational vehicle; other organizations like The National Alliance and companies are doing a good job of that,” explains Chris. “We were just trying to round out a young agent’s learning experience—bring it all together and give him or her the confidence to go out and succeed.”

The result was the Future Insurance Leaders of Oklahoma (FILO) Leadership Program, which debuted in 2008 during Chris’s tenure as IIAOK Young Agents Committee chair. Supported by the association, the FILO program consists of six day-long meetings held over the course of the year, in addition to attendance at the IIAOK’s annual two-day convention.

Last year saw 15 young agents, including Chris, complete the program. This year, 13 young agents are in the program—not bad for a state with a smaller agency population. “There are about 400 agency members in the IIAOK,” Chris explains. “We don’t want a big group [in FILO], maybe 20 at the most each time. And as the program catches on, it will continue to grow,” he asserts. Participants must be 40 years old or younger, or must have been in the industry for less than five years but have at least one year of insurance experience.

As immediate past young agent chair and part of the first FILO class, Chris continues to support the program by helping direct this year’s sessions.

Day One of FILO is “Leadership & the IIAOK Association.” Operating on a shoestring budget, Chris says the Committee has been able to tap local resources to lead modules. This year’s Leadership session, held the first week in February, featured a certified professional Covey facilitator who led the group in establishing the foundation for great leadership.

Day Two is “Government Affairs,” held in early March at the state capital. According to Chris: “Our state and federal legislators have a huge impact on how we buy and sell insurance. It’s vital to understand the legislative process and to be active in that process.”

After attending the IIAOK’s annual convention in April, FILO participants meet again in May for Day Three, “Insurance Sales Training.” Chris says, “We are fortunate to have Jeff Gelona—an Oklahoma native and National Alliance instructor—provide first-rate sales training.”

July’s Day Four, “Underwriting the Risk & Claims,” has been held on the campus of National American Insurance Co. in Chandler, Oklahoma, led by company underwriters and claims people who provide an in-depth look at various aspects of the process. “It’s hard to be in the industry if you don’t have a working knowledge of underwriting and claims,” he says.

Day Five, “Regulatory Affairs,” is held in September at the offices of the Oklahoma State Insurance Department. This module helps young agents understand regulatory procedures, how filings are handled, and the importance of working together to help protect consumer rights.

In addition to participating in a conferment ceremony in October, each FILO class will decide on a group community service project. Chris says, “You can’t distinguish yourself until you’re willing to give back to others.” The class of 2008’s project was a Habitat for Humanity Project in Oklahoma City.

Giving back personally

In addition to his work through the YAC, Chris also makes time to help as an individual in his community. His tenure as the 2008-2009 Miami Area Chamber of Commerce president overlapped for several months with his 2007-2008 chairing of the IIAOK Young Agents Committee. “That was an interesting balancing act,” he remarks. His many other involvements include Rotary Club, his church, and serving as the Shawnee tribal election board chairman. (Chris’s great-grandmother was a Shawnee.)

Another cause that has captured Chris’s passion is The Harbor, a local homeless shelter that provides lodging, education and social services to families in transition. In July 2007, he explains, a catastrophic flood damaged 600 Miami-area homes and businesses, including The Harbor. “Already-homeless people with nowhere to stay—that really cut to my heart,” Chris remembers. “The Harbor had no flood insurance, no plan for rebuilding, no money to rebuild.”

With all of Chris’s other commitments, however, he felt that he couldn’t invest a lot of time helping the cause. “The director—who is a friend from church—asked if I’d serve on The Harbor’s advisory board. ‘Okay,’ I thought. ‘I’ll put in some time and be done.’ ” Not surprisingly, nearly two years later he’s still involved.

Since the flood, The Harbor residents have been relocated to a church basement, Chris explains. “We spent several months raising funds to repair the old facility but decided to purchase a building in a non-flood zone. It has to be refurbished, so the director and I are heading up the renovation project. I plan to bring in different teams to do various types of work. Being involved is a natural part of life—it’s like helping family—not a project you check off the ‘to-do’ list.”

Involving his wife, Kathy, and children in many of the professional and community activities has been a way for Chris to maintain a balance of family and business.

For the past 10 years, Chris Floyd has been sowing, nurturing and reaping success as an independent insurance agent. His commitment to work, family, and community embody the spirit of the Sooner State as captured in this line from the title song of the musical “Oklahoma!” (now the state song): “Plenty of heart and plenty of hope.” For Chris Floyd, Oklahoma is clearly “OK”—and then some.