Boggs continues to tell apart himself as some of the candid, insightful, and impactful educators within the insurance coverage business. His current LinkedIn article, “Are You Operating a Half-Donkeyed Insurance coverage Company,” shouldn’t be solely sharply written however rings with reality that each insurance coverage skilled, particularly these in company management, ought to mirror upon. It’s a wake-up name disguised as a critique, laced with Boggs’ wit and knowledge.
Boggs begins by reflecting on a profession immersed on this planet of insurance coverage companies as an agent, a coach, and a coach. He has seen the spectrum, from the sensible to the bumbling. He famous some brokers who grasp their function with readability to those that, fairly frankly, ought to rethink their profession selection.
The article gives a no-holds-barred evaluation of the present state of many companies, concluding {that a} overwhelming majority fall into what he calls the “half-donkeyed” class. It’s a provocative time period that captures the essence of a troubling reality. Many companies excel at realizing their manufacturing numbers, ratios, and shutting stats, however neglect a deep and lasting understanding of insurance coverage protection, which is crucial requirement since brokers promote protection.
This isn’t the primary time Boggs has leveled this type of critique. I’ve written about his contributions earlier than. In an earlier weblog publish, I mentioned his wonderful “Twelve Guidelines for Studying an Insurance coverage Coverage,” which stays one of many clearest and most sensible guides for anybody within the insurance coverage discipline studying tips on how to learn a coverage.
In one other article Sixteen years in the past, “Insurance coverage Brokers, Adjusters and Attorneys Can Be taught Essential Protection Matters Studying Chris Boggs’ Articles,” I famous how useful his insights are for brokers, adjusters, and attorneys alike when attempting to navigate complicated coverage language and ideas. His work by no means coddles or indulges. As a substitute, it challenges insurance coverage professionals to rise to a better normal of competence and integrity.
On this newest LinkedIn publish, Boggs shares a memorable quote from his father: “Loopy individuals don’t know they’re loopy; silly individuals don’t know they’re silly; and loopy silly individuals know every part.” It’s humorous, however pointed. Boggs means that many within the insurance coverage enterprise, regardless of being well-intentioned and performance-driven, fall right into a class of “loopy silly.” This can be a situation born not of malice or laziness, however of willful ignorance concerning the true complexities of insurance coverage contracts. They assume competence as a result of they will quote metrics however ignore the foundational want to know what is definitely being bought, sure, and promised.
The irony is sharp when contrasted with the way in which courts in some jurisdictions view the function of insurance coverage brokers. Regardless of the immense complexity of insurance coverage insurance policies that Boggs so clearly outlines and the deep examine required to really perceive protection, some judges nonetheless maintain that brokers are nothing greater than “order takers.” On this view of the usual of care owed by brokers to policyholder prospects, the accountability to make sure ample and acceptable protection rests nearly fully on the insured, who might do not know what they honestly want or tips on how to ask for it.
I explored this troubling logic in my weblog publish, “Are Insurance coverage Brokers McDonald’s Order Takers or Skilled Advisors? The Massachusetts View,” the place courts absolve brokers of any obligation to advise except a particular relationship exists. This authorized stance stands in stark distinction to the skilled actuality Boggs advocates, the place brokers aren’t passive clerks at a drive-thru window, however energetic, knowledgeable counselors able to defending their purchasers from catastrophic gaps in protection. It’s a unusual quirk in insurance coverage agent negligence regulation that insurance coverage agent educators inform brokers of their huge accountability, which the regulation then ignores.
Insurance coverage is a enterprise rooted within the energy of phrases and the precision of authorized language. It calls for ongoing training, mental humility, and a dedication to mastery. Boggs’ article is a reminder that company success needs to be measured not simply by progress charts and fee numbers however by how properly brokers actually serve their purchasers by realizing the insurance policies inside and outside.
Anybody within the insurance coverage career who cares about being greater than common and aspires to be among the many small proportion that actually is aware of what they’re doing needs to be following Christopher Boggs on LinkedIn. His insights are needed for mastery of insurance coverage protection. His newest publish is one other instance of his ongoing mission to raise the business and name out those that assume they’re within the prime one p.c with out incomes it. For these able to do the laborious work of turning into actually wonderful, his voice is among the finest to study from.
Thought For The Day
“Excellence is the gradual results of all the time striving to do higher.”
— Pat Riley
