Words of wisdom: Dr. Steven Weisbart
Triple-I’s former chief economist shares the biggest challenges, industry changes and accomplishments from his 50-year career.
Shortly after earning his Ph.D. from the Wharton School at the University of Pennsylvania, Dr. Steven Weisbart began teaching risk management and insurance at Atlanta’s Robinson College of Business at Georgia State University (GSU), formally beginning a 50-year career in insurance.
This past year, Dr. Weisbart retired after 15 years with the Insurance Information Institute (Triple-I), where he spent the past 13 years as chief economist. He remains active with the organization as a non-resident scholar.
“Dr. Weisbart leaves an enduring legacy, and we’re thrilled he’s agreed to join our non-resident scholar network,” Sean Kevelighan, CEO, Triple-I, said in a release. “His insightful economic analyses enhanced our industry-wide credibility, and his creation of a non-resident scholar network broadened substantially our intellectual expertise and reach. He was a gifted writer and a team player who worked collaboratively with everyone at the Triple-I.”
In the following Q&A, Dr. Weisbart shares insights from his career spanning Triple-I, the Teachers Insurance and Annuity Association (TIAA), American Risk and Insurance Association and GSU.
Where did you start, or how did you get into the industry?
Weisbart: My formal insurance career started after graduate school. I was fortunate to be offered a job as an assistant professor of insurance in the Department of Risk Management and Insurance in the Robinson College of Business at Georgia State University (GSU) in Atlanta.
GSU had no dorms and was strictly a commuter school at the time, so I taught two different types of students. During the daytime, it was a typical student body of recent high school graduates from the area. In the evening, my students were primarily full-time workers and were at least 10 years older than the average daytime student. This group wanted to know how our curriculum applied to their daily work “in the real world.”
I had a terrific time teaching every course they offered during my seven years at GSU. Toward the end of my tenure there, I was asked to write a proposal to help Allstate apply management skills and knowledge to help improve its life insurance business. I became the lead instructor in this highly unique educational program. It gave me further exposure to the world of operating life insurance companies.
Who were some of your greatest influencers or mentors?
Weisbart: At Penn, my greatest influencer was the department’s chair, Dan McGill, Ph.D., who was internationally known as a pioneer of the pension industry. In fact, he created the Pension Benefit Guaranty Corporation. Dr. McGill was also the co-chair of my Dissertation Committee.
At Georgia State, I was influenced by many of the professors I worked with. Being around them helped me gain confidence in my teaching style. At the Triple-I, former CEO Bob Hartwig had the most influence on my career there.
However, my most important mentor was my father, Ira, who was an independent insurance agent. He was the first person in New Jersey to earn the CLU (1947) and CPCU (1948) designations and taught CPCU classes. I grew up around insurance. I saw my dad interact with his clients and visit people to handle their business claims. I also went with him to many company conventions. I would not have had an insurance career without that influence.
What were some of your most memorable experiences, cases or claims?
Weisbart: I have had many career highlights, but there are a couple of experiences that stand out. Having responsibility for developing the Allstate life insurance program at Georgia State is certainly among them.
Being invited to appear on a “60 Minutes” segment on life insurance business practices in 2016 is also quite memorable. I will never forget the experience of being interviewed by Lesley Stahl. The show’s producers would not tell us in advance what topics the interview would cover. In hindsight, I wish I had been better prepared.
Where did you see the biggest changes during your career?
Weisbart: Throughout my career, I experienced the most changes in the property and casualty sector. Evolving technology will continue to make a big difference, as will the understanding of claims — also, the ability to underwrite and price more accurately. Underwriting variables have made it easier to capture and assess risk.
What did you do before you got into the industry?
Weisbart: I was an English major at Cornell University, where I earned my bachelor’s degree. Developing my ability to write during my undergraduate studies served me very well throughout my career. It is one of the most important core skills you can have going into the business world.
What were some of your greatest challenges, and how did you overcome them?
Weisbart: I was always learning about aspects of insurance I did not know. As the world changed and insurance evolved, I focused on keeping up with the changes. A good example is how cyber claims have evolved in recent years.
What do you think are some of the biggest misconceptions about the insurance industry?
Weisbart: The biggest misconception is the broad belief that insurance companies are greedy and only interested in making a profit, nothing else. I find that absurd. There seems to be a complete misunderstanding of the many benefits insurance companies provide to individuals, families and businesses.
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