National E&S's Phil Beakes reveals some industry insights and tips for success after several years of excelling in a business he didn't intially intend to be in.
Q: How did you get into the insurance industry?
A: I got into the insurance industry because right out of college I tried to be a Dentist and that didn’t work out so I ended up as an insurance adjuster. At 29 I opened my own firm with my college roommate who was also my best friend since I was 10 years old. We opened the firm up and the ensuing 18 years we grew it to the 10th largest in LA county.
Q: What is the best career advice you have gotten?
A: We’re hired for what we know and fired for who we are.
Q: Have you had any issues at the beginning of your career that made you who you are today?
A: The first company I worked for as an adjuster, when I asked for a raise they said ‘you’re an adjuster, you’re a claims cost. This industry does everything to minimize claims costs, so they’re going to minimize you.’ That wasn’t going to work for me, so I put a resume out there and a firm back in 1980 by the name of Emit & Chandler gave me an interview. The two guys who ran the company understood mentorship. They gave me a chance. In my first year I sold $100,000 in commission because I had good back-up, good mentorship and good work ethic. That kind of stuff tends to create success.
Q: What made you decide to get involved in training and engaging the next generation?
A: When we opened our own firm we were unique at the time because of the way we developed our producers. Every morning at 7:30 they were in my office for 30 minutes. We would go through how the day was before, what accomplishments they had, what are the obstacles they ran into, learn how to handle issues and plan for that day. Every morning for 90 days. So from those days I not only learned what needs to be done to train a producer, I did it because that’s how I was taught.
Q: What should insurance agents do that is often overlooked?
A: Part of their time every week has to be in conversations with young people to get to know them. You’re not trying to hire them, you’re just trying to get to know them, and for them to get to know you. Eventually a desk opens up or cash-flow improves and you want to take a run at it and you hire one. Then you train them to be middle-market level producers, do not stick them at a desk to learn how to do little bitty commercial accounts . There is an illusion out there that if you put someone at a desk they can learn the coverages, move them and eventually move up to large accounts. All you’re doing is sentencing them to low income and low income for the agency. I don’t believe in it, put them right in the breach.
