Since she joined the industry in the 1990s, Lisa Lindsay (pictured above in a charity cyle race) has witnessed significant changes in the insurance world.
As the executive director of the Private Risk Management Association (PRMA) which provides education for agents who serve high net worth clients, Lindsay spoke to Insurance Business about her 30 year career in insurance.
Introduced to insurance via her father, Lindsay, a science graduate who specialized in renewable natural resources, told Insurance Business that it satisfied her enquiring mind: “There is a fair amount of complexity in how you help… deciphering insurance contracts … being creative in how you help clients solve problems,” she said.
But her career, said Lindsay, is driven by her love of people: “It’s a fulfilling role, because you are with a client at their happiest time - maybe they just got married, or had a child - and then in their most vulnerable moments. Insurance has been a great way to actually make a difference in people’s lives on a regular basis,” she said.
Her interest in people and industry standards are a natural fit, and Lindsay confirmed that the industry is moving away from a sales focus towards a customer-centric approach. Insurers now see they have to talk to customers to understand their needs and objectives.
“Sure, at the end of the day, if you add value, they will purchase something from you. But our approach … is that we have as much obligation to educate our clients about how not to have a loss, as to educate them that if you have a loss you have made a conscious decision in how that loss is going to get settled,” she said.
But apart from passion, the foundation of a successful career in the sector, said Lindsay, is knowledge. Starting out as a telemarketer, Lindsay learned that unless she was knowledgeable, customers would call back and talk to somebody else.
“I learned early in my career to be the best I can be about talking to clients and helping them make informed decisions,” she said.
Not a victim of overt sexism, Lindsay said women tend to have to work harder. Women also tend to have qualities they can use to their advantage, she said, citing the ability to put egos aside, listen, and problem solve for the greater good.
“I enjoy very much working with women at times because I think they roll up their sleeves and get things done,” said Lindsay.
She said the insurance industry has changed radically since she started in New York in the 1990s, when women tended to go into personal lines and men erred towards commercial lines.
"I think things have certainly changed for the better".
