Executive Insights: Amwins exec Davis Moore extols insurance work
Among the tenets of this insurance leader’s success: Work hard, never stop learning and treat everyone with respect.
Ask Davis Moore why he loves working in insurance, and it may be challenging for him to whittle down his long list of reasons.
The vice chairman of Amwins Brokerage might start with the fact that he grew up around insurance, thanks to two uncles who were in the business and a sister who went into the industry before him. There’s also the fact that insurance enabled Moore, a third-generation native of Redondo Beach, Calif., to live on both U.S. coasts as well as abroad. And then there’s the work itself: Providing clients with a necessary, renewable product rooted in strong relationships and invaluable human capital.
“We’re not going to be replaced by technology,” says Moore, who serves as president of the Wholesale & Specialty Insurance Association (WSIA) 2021 Board of Directors. “We might be impacted by it, but we’re not going to be replaced by it.”
Moore adds that the insurance world is a place where professionals rarely do the same thing day in and day out; they are continuously growing and learning how to address new risks and assist clients in new ways. All told, this adds up to “an incredibly rewarding career in an exciting industry with a bright future,” he says.
But first, Moore concedes, the industry must rise to the challenge of filling the talent gap created by the glut of retiring baby boomers — one reason Moore enthusiastically gets behind WSIA and its steadfast work to boost insurance-career development, awareness and recruitment.
It follows that despite the uncertainly of mounting a major insurance convention in the current pandemic environment, Moore is thrilled to be able to gather in person with colleagues this week during WSIA’s 2021 Annual Marketplace in San Diego. The following are additional highlights from Moore’s recent interview with PropertyCasualty360:
PropertyCasualty360: How did you get into insurance, and what have been your biggest career milestones along the way/?
Davis Moore: I started my career by going to the College of Insurance in New York, which is now part of St John’s. I worked while in school on the underwriting side of the business for a year. Then I moved on the following year when I got an opportunity to go to London and work as a Lloyd’s broker. Then, I returned to the West Coast and started as a producer at Worldwide Facilities, where I was for 30-plus years.
In terms of milestones, there were some really significant events. I perpetuated the ownership of Worldwide in the early 2000s and began growing the business. In 2015, we decided to take on a private-equity partner to help us accelerate our growth. To put things in perspective, when I started a Worldwide in the late 80s, we were a $25 million premium business. In 2015, we were a $500 million premium business. And ultimately, we grew to be a $2.1 billion premium business before we became part of Amwins.
PC360: What was the most valuable piece of career advice anyone ever gave you?
Moore: Work hard, never stop learning and treat everyone with respect.
PC360: What are the biggest benefits to working in insurance, and what are the biggest misconceptions?
Moore: I always like to start with the negative. So I think one misconception is that the business is not fun or exciting, or that it’s generally not a great career path.
The benefits, I think, have really been proven over time. Look at recent events like the financial crisis in 2008 or the pandemic that began in 2020 and then where we are today. I don’t know of any other industry that survived as well or better than our industry as a whole.
PC360: What do you see as the top issues facing insurers right now?
Moore: Observing from the distribution side, it’s pretty obvious that our insurers haven’t been able to achieve their targeted returns over the past five to six years. They started taking corrective rate action in 2018 and 2019. But the losses, specifically the [natural catastrophe] losses, have continued to roll in and impact our industry.
Now we have emerging risks — created by things like social inflation, nuclear verdicts, claims inflation, wildfires and an increased number of weather-related events — that are challenging our industry. And last but not least, cyber events and ransomware are real threats.
PC360: Where do you see the most opportunity in insurance?
Moore: I mentioned emerging risks. Clearly there’s a need to bring solutions forward to solve for those problems.
PC360: What skills should the next generation of insurance professionals be developing?
Moore: They should select a path with an employer that is committed to professional development. That’s really important, whether it’s on-the-job training, technical training, or [learning] how to build a better network. All those are great opportunities. Another area that I think is coming to the forefront is specialization. That’s becoming increasingly important as our next generation works toward differentiating themselves.
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