Each day we ask the readers a question on our Insurance Nerds Daily Digest newsletter. Below are our favorite answers:
How are Fridays different now compared to when you started in the industry?
I work from home now.
What was the craziest thing about the insurance industry when you started that has thankfully changed by 2018?
Typing and collating Fire Policies! Yes, happy to say I am “vintage”!
The amount of paper!!
At the time I started in insurance we had to submit a copy of every policy to ISO – Insurance Services offices to have the rating and endorsements audited – 100%. And if you got a ” Crit” criticism back you had to endorse the policy to correct it. Of course, we still have to rate and issue policies per the carrier filings within the states (unless non-admitted paper) and are subject to state auditors coming and doing an audit and leveling fines but it is a much more efficient process than having all that “Paper” being passed around – because it WAS paper – nothing was automated, at that time. Paper Paper Paper.
The rating bureau for each individual commercial building.
If you could change one thing about the insurance industry, what would it be?
I would love to live in a world where clients who say “lets bind this today!” actually bought something that day.
What’s the best advice you got early in your career?
ALWAYS READ THE POLICY.
Don’t be afraid of taking risks in your career. Capitalize on insurance education and join employee resource groups. Be engaged in your work. Find your passion in this crazy industry and pursue it!