With more than 250 employees, a dozen offices nationally and an international presence, the organization continues to realize success. Carragher strongly believes the diversity of the company drives innovation and she has cultivated a fast-paced, silo-free and lively culture in support of it. From new products that embrace the consumer in the financial services arena to proprietary insurance technologies, she is a recognized and respected industry advocate and change agent.

Role model for women in insurance

Carragher is also an active role model for women in the insurance industry. She conducts mentoring sessions for young women at Breckenridge and encourages flexible work arrangements, recognizing family priorities to both women and men raising children, caring for aging parents and those who care for pets. Carragher also started the influential Women's Networking Group at Target Markets Program Administrators Association.

A frequent speaker in different venues, Carragher is an established force in the financial services industry. She has served on many not-for-profit boards, ranging from children’s residential and behavioral service organizations to helping support families of those with cancer and the adoption of rescue dogs.

Carragher graciously agreed to share a few insights about the insurance industry, as well as some sage career advice, with our readers.

PC360: Can you describe your career path to becoming CEO?

Carragher: My early career was all about consulting: I learned a ton during this time working with diverse clients and industry thought leaders. I saw what worked — and didn't work — and was intrigued by the opportunity to put these findings to the test.

I joined Alexander & Alexander and had seemingly 'quick success' as a result of endless hours and hard work. I realized the industry was indeed for me, although the industry was not fully accepting yet of women.

At Aon, I held an executive position focused M&A and troubleshooting global divisions and really saw just about anything and everything. Fast forward to chief executive of Cambridge Solutions within Aon. During this time I was raising a son who lost his dad in the 9/11 tragedy and simply came to a crossroads. I could easily keep on the path doing what I was doing forever and was tempted by a few great offers. Honestly, it would have been easier in hindsight. But, starting Breckenridge Insurance Group with a trusted team, in a way that hopefully those who work here now can be proud, is what I needed to do as the rest was just sameness.

I didn't want to be part of the same old "old guy" network. We're building something here together and we're not letting in people who stifle creativity or growth or need to be king of the hill. The challenges we have and will face can be solved collaboratively and with great success if we embrace the diversity of the team and what each person brings to the table. At the end of the day, we pride ourselves on being a trusted, relationship-driven business and the dollars will follow.

PC360: Why do you find the insurance industry interesting?

Carragher: I find the dynamics of the markets to be the most interesting. It's a constantly changing world and the appetite for risks across industries and geographies is such a huge driver of the global economy.

Insurance is perceived as a necessary evil by some, but it's really a catalyst to growth. It's our job to find ways to make it efficient and relevant without overreaching — self-serving — that is simply shortsighted. This balancing act is crucial. It's more than finding a market and protecting against loss; it's looking at it from diverse perspectives and translating those market insights into actionable solutions with the right partner. Then, we drive hard to get the product to market quickly and solve a need profitably together.

I like the challenge of analyzing the landscape and the immediacy of the return when you get it right as you know you have a product that is necessary and differentiated.

Additional to this is the constant restructuring of the marketplace. While distribution models change, so does the overall capital structure. The market is constantly changing: consolidating and restructuring, so it is always interesting. I do tend to get bored easily — and this industry actually keeps me going!

PC360: What business accomplishment(s) are you most proud of and why?

Carragher: I set out with a close group of trusted advisors with the goal to build a company culture that would purposefully be more collaborative and frankly, enjoyable. We started with the question, why should promising or proven talent leave or forgo careers at the established insurance firms and come to work for Breckenridge?

We know what we liked and didn't like having worked in many of these firms and agreed that as founders, we would be deliberate in our approach to bringing on talented people from all backgrounds. Once a part of the team, we'd provide access to the benefits and resources of a large organization but without the bureaucracy or politics. We'd set forth the expectation to help one another as part of a team while supporting the career goals of the individuals within.

I think we've done that at the size we've been to date, and now, we're getting more formalized about it. It's an ongoing priority at 275 as well as it will be when at 2,000 or whatever the magic number is. We'll know when we get there but the culture we've created will be the constant.

PC360: What do you believe is the biggest challenge facing Breckenridge Insurance Group or the industry as a whole?

Carragher: I think we have to stop kidding ourselves about the complexity of the transactional elements of commercial insurance. We're seeing more stuff getting picked off now by the larger players in the standard markets who are hungry and have built their business on commodity product offerings. They are looking to leverage their infrastructure — from sales teams, to storefronts, to technology — to capture more share of the relationships they have. It doesn't matter if it's in the best interest of the insured, it's an arms race.

Breckenridge will continue to stay close to the businesses we serve at a senior level. The upside of being in a company structure like ours is access to experience and a nimble approach. We can mobilize on the fronts quickly if it makes sense and avoid the kind of price war some are embarking on. At the end of the day, we have to stay relevant and if you can buy it at the corner store, we're not adding value.

PC360: What advice do you have for the next generation and others building their careers in the insurance sector?

Carragher: I think insurance can be a fulfilling career on many levels. It's a business that is relationship driven but not exclusively. Insureds and their agents need product that solves a problem that could occur in the future.

Carriers want to engage with a partner who won't take unnecessary risks but also know the money is in insuring them. And, of course, the best solutions come from a diverse employment population. The individuals who succeed in insurance will be curious and problem-solving in nature. Data-driven while personable. Confident yet humble.

The skills one needs to thrive will come with mentorship and a few mistakes along the way as everyone in this industry has made some. Those who seek out new insights and perspectives — and share them with others — seem to have the greatest quantifiable success in my experience. No matter what discipline and at every level, from the associate broker to the program manager. If this is you, please call me as we're always looking. But get ready for some hard work!

A cocktail reception and award ceremony honoring Carragher will be held on Tuesday, June 2, 2015 at The Grand Hyatt New York Grand Ballroom.