As president of Lloyd’s North America, Hank Watkins is busy bringing about bold changes in an era of security threats, changing weather patterns and shifting demographics. He took the time to tell Insurance Business America a little bit about it, as well as his own start in the business of insurance.
Q. How did you get into the insurance industry?
A. I started out of college. I went to Berkley and I wanted to work in San Francisco and international banks were not hiring because of the challenges in Latin America. Chubb International had a training slot and I took it. Three years later they sent me to Brussels for two years and then I came back to the US and decided this industry wasn't a bad place to be. In my early years, the mentors I worked with really helped me understand the value of the industry and what it could mean for me as a career.
You learn about so many other industries in the insruance business: mining, energy, retail, wholesale--all types of businesses you would never otherwise learn about.
It's been a lot of fun, I'm happy to say. It makes you very exciting at cocktail parties.
Q. What three words would you use to describe the ideal insurance professional?
A. Curious. Transparent. Honest.
Q. How would you change the industry, if you had the power?
A. I would figure out a way for the industry to explain to society how we're there for you not only when you have a bad day, but every single day of the year. There are a lot of insurance companies and brokers that are very dialed into corporate social responsibility through organizations like the Insurance Industry Charitable Foundation.
If we could do more of that and get people earlier, perhaps even in high school, and let them know we are a very responsible industry and we help societies rebuild after disaster and present a very interesting career path, we would do ourselves a lot of favors.
Q. What is your funniest insurance story?
A. During my first six months on the job at Chubb, I was right out of college and trying so hard to do the right things--including dressing appropriately. Back then everyone worse suuits everywhere. I remember being invited to go on a survey of a steel mill that they were considering insuring, so I show up to work dressed in my best suit to go see a prospect.
Little did I realize that when you go to visit a steel mill, it's a filthy, dirty environment. The engineer I went with was dressed appropriately, in his jeans, jacket and hardhat, and I showed up in a suit and you can imagine what happened. I came back filthy.
That was a learning lesson for me that you may have a perception of what you should be, but it doesn't apply to all situations.
Q. If you weren’t in insurance, where would you be?
A. I like to think I’d have gone into teaching. My brother and sister are both teachers.
