Search
 

10 Characteristics of a Leader

The return of the hard market stresses need for leadership

By Tom Barrett, CIC, AIA | Updated on March 27, 2012
We anticipated it for years, and it’s finally here: the dreaded hardening market. Anticipated as a gradual swing taking place during a 36-month period, this market accentuates the leadership vacuum in our industry.

While we acknowledge there are sophisticated agencies in the marketplace, they are more the exception than the rule. Ours is a small business industry, which typically signifies a business with little structure. These agencies do not have detailed marketing and business plans, do not follow sales processes, have not created business budgets and take orders rather than selling products. Most have an inventory of nine coverage lines to sell, yet they only offer three. These agencies provide what the customer asked for rather than selling additional value. 

Related: Read a previous column by Tom Barrett “NU Waves.”

So why do we think we have a vacuum in the leadership of our industry? As agency team leaders, we owe more to our team members. And if you haven’t heard, beware: Commissions will begin to decrease. After a decade of a soft market where we have been underpaid and overworked, we’re about to get hit with a double whammy. 

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2024 ALM Global, LLC. All Rights Reserved.