Written by: James Caragher, CPCU, CIC
Inc. magazine released its 2015 ranking of America’s fastest-growing private companies and identified one thing the leaders of companies on the list all have in common: they are perpetual students. Here’s the article: What the Companies on the Inc. 5000 All Have in Common
In its 2014 rankings release, Inc. identified 3 traits for entrepreneurs that – when added to perpetual learning – are critical traits of top performing commercial insurance producers. Here’s how Inc. defined the 3 traits last year.
1. Risk taker = enthusiastically takes on challenges; highly opportunistic perception of risk; takes rational approach to decision making to mitigate risk
2. Business focus = emphasize profits, goals, and metrics; aligns employees with company goals; view decisions through a “will-this-make-us-money” lens
3. Determination = tremendous work ethic and drive to achieve; confronts and overcomes obstacles; undeterred by failures or roadblocks; a high adversity quotient
Here are the equivalent commercial insurance producer definitions for these 4 traits. These are traits that we see demonstrated by the most successful people we’ve recruited and developed as commercial producers with our clients, the country’s top commercial risk management and insurance brokers.
1. Perpetual student = skilled in analytical and critical thinking; problem solver; learns rapidly; intellectually curious; coachable
2. Risk taker = understands that building a book of business from scratch requires more time and effort devoted to work than many careers and makes the commitment; energized that the career is ultimately 100% commission based with uncapped income potential; big-money motivated
3. Business focus = builds close client relationships; shows genuine concern for the needs of others; earns client trust
4. Determination = “fire in the belly” drive to achieve; “used to winning”; hates to lose; strong self-discipline; perseveres and overcomes barriers in achieving goals; bounces back rapidly from discouragement and rejection
Top commercial insurance producers are, at the core, entrepreneurs growing their own business inside of a commercial insurance brokerage. Find these 4 traits of successful entrepreneurs when you recruit and hire new producers.