I love October. It's a time to enjoy the change of seasons, reflect back on three-quarters of the year already past and realize we still have some time to finish what we envisioned in our original annual business plans.
One of the things that has been on my mind these days has been how can we best plan to sustain this industry. The insurance marketplace is going to continue demanding an infusion of new intellectual capital to provide innovative ideas, new products and reliable services to meet the needs of our customer base. How can we accomplish this?
In 1991, AAMGA chartered a group of young insurance professionals within the association called the Under Forty Organization or UFO. Some within the ranks believe the acronym stands for “underpaid future owners,” but we will leave that to another article. The group now numbers more than 400 insurance professionals under age 40 and employed by AAMGA members. The immediate past president of the UFO has a seat on the AAMGA board, attends all meetings and participates in discussions to chart the future direction of the association, its university and the AAMGA Chair of Insurance & Risk Management at Georgia State University. The UFO's 19th annual meeting and election of officers just concluded in Austin, Texas, with the largest number of attendees in its history.
UFO had its origin in the realization that this is still a business built on and fostered by trusted relationships. Allowing our young executives to meet and confer, exposing them to all facets of the business, sharing ideas and knowledge and enhancing their capabilities is essential to our industry's sustainability. However, this won't happen unless each of us mentors junior employees and directs their progress, just as we do with our businesses each year. We also must look to attract more young people to the insurance profession. Becoming involved in high school, college and university programs, career fairs and centers, sponsoring events, giving guest lectures or talks, becoming involved in an insurance fraternity and providing internships are just a few examples of how we can best “fertilize” and then cultivate these prospects.
Although the old adage says the grass is always greener on the other side of the fence, that may be because that grass was given more fertilizer and attention than where you might be standing right now. As the market continues to evolve, we must take every opportunity to become engaged in advancing and sustaining our future. So enjoy the fall, but plan for the future of your business and the industry by cultivating young insurance professionals who can further enrich the industry.
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