The variety and opportunity made possible by a career in insurance were on full display in Insurance Business’s recent celebration of International Women’s Day. But what are the underlying traits required to have a fulfilling and successful insurance career?
For Margaret Murphy (pictured top, left), claims director at CFC, genuine curiosity and a willingness to learn new things are critical. To be successful in your professional life, she said, you need to be willing to ask the tough questions, listen to the responses and foster genuine connections.
This emphasis on the need for passion and curiosity was echoed by Anita Fernqvist (pictured top, centre), COO of Zurich UK, who noted that insurance is an “incredibly interesting” industry which contains so many different facets.
“Being nosey and a desire to get involved will stand you in good stead,” she said. “The second [trait required] is passion. You don’t get the passion without being inquisitive, but believing in what you are involved in will always be a great foundation for your career. Ultimately, when times are tough at different points in your career, believing in what you do propels you forward.”
The power of being a great networker should also never be underestimated according to Sarah Murrow (pictured top, right), CEO of Allianz Trade in the UK and Ireland. In an industry as niche and relationship driven as insurance, she said, word of mouth promotion and personal recommendations are incredibly powerful tools.
To flourish in an insurance career, it’s essential to relish people interactions, noted Kate Browne (pictured below, left) chief operating officer for McGill and Partners Ireland, because the industry is undeniably a ‘people business’.
“This involves cultivating robust relationships with colleagues, clients, and underwriters, and adapting to evolving client needs through active listening,” she said. “A successful insurance professional is a creative problem solver, adept at reviewing challenges from various angles. This skill is particularly crucial in crafting comprehensive and cost-effective insurance programs.
“[…] In essence, a successful insurance career hinges on enjoying people interactions, building strong relationships, active listening, adept problem-solving, and effective negotiation skills. These qualities collectively navigate industry complexities, delivering optimal solutions for clients.”
Fernqvist agreed on the power of making connections, underscoring the importance of collaboration in the profession. We’re a multifaceted industry with an awful lot of different areas, she said, both internal but also out in the market. Being able to build and engage with strong networks is crucial.
In the same vein as the strength that comes from building and maintaining strong relationships, there is no substitute for hard work, Murrow said, which goes hand in hand with recommendations to open doors for progression. She highlighted that every individual chooses the level of effort they put into any task and that she has found that hard work, applied consistently, always pays off.
Browne added that: “A successful insurance professional is a creative problem solver, adept at reviewing challenges from various angles. This skill is particularly crucial in crafting comprehensive and cost-effective insurance programs.
Also championing the skills it takes thrive in insurance was Luisa Barlie (pictured below, right) who recently stepped up as CEO of ManyPets. It takes technical depth to succeed, she said, because insurance is a technical industry and it is important to understand its underlying dynamics and intricacies, to be willing to get stuck in the details.
“At the same time,” she said, “I think it’s important to be willing to let go of the comfort that comes from being ‘the expert’, and take the risk of moving to less familiar roles or even functions.
“Insurance is a much more dynamic industry than what people assume from the outside, but requires some courage - and the right sponsors - to craft a non-linear path that can lead to a very fulfilling and successful career.”
Murrow also touched on the dynamic nature of insurance as she encouraged those pursuing a career in the industry to be open to taking calculated risks. For her, she said, that meant accepting international assignments in Europe and leaving the comfort of her home in the US.
“It was hard and a little scary,” she said, “but the risk and the opportunities for growth and development were well worth it.
Expounding on this theme of resilience, Fernqvist noted that insurance is about being there in good times and bad for customers, and that means there are occasions where there are good times and bad times in terms of running an insurance business. Being resilient by nature, and building strength are key to staying the course.
“Then there’s adaptability,” she said. “We work in a constantly changing environment, that is the very crux of what we are here to protect our customers from, and, as such, our organisation and ourselves as individuals need to be able to pivot and thrive in constantly changing environments, whether it be changing markets, a changing economy, or weather events.
“The other thing that is certain is the need to adapt and stay relevant, which is as true for us as people as it is for the organisations we work in.”
