Why emotional intelligence matters to the insurance industry

The COVID-19 pandemic made people all around the world change the way they look at their neighbors, their community and themselves. In this fast-changing environment, we find it challenging to connect with our own emotions and open ourselves to others’ experiences and requests for help and support. As we look ahead and adapt to the “new normal,” elevating our emotional intelligence is a key ingredient for our success, especially in the insurance industry.

Taking a step back and analyzing the success variables within our industry, emotional intelligence (EI) ranks high on the list. Our ability to identify, understand and manage our own emotions and the emotions of others is the foundation that allows the policyholder to trust the agent and policy they purchase and believe the resolution of their potential claim will be positive. As organizations and leaders, how can we provide the support our people need and access our own emotional intelligence in times of COVID-19?

Why do emotional intelligence and the insurance industry go hand in hand?

As any insurance executive would attest, despite the rising role of technology, it remains at its core a people business. Insurance products exist solely because of emotion. Humans are emotionally driven, and insurance is a product we can use to mitigate adverse events in our life, therefore reducing the emotional impact of those events.

While we’re in the midst of an insurtech revolution in the industry, emotional intelligence can be a leading driver for innovation. In an industry that is constantly under pressure to innovate, practicing this emotional skill could help move companies forward.

In insurance, abilities like sales, communication, empathy, leadership and intuition are directly correlated to the level of emotional intelligence we possess. We must begin making EI the center of every hiring (or firing) decision we make and take the reins to ensure we can deliver for our valued policyholders well into the future.

Why do we need to practice emotional intelligence now?

Generational turnover, social responsibility, insurtech entrants, and the impact from COVID-19 have uncovered the need for EI to drive the evolution into the future, especially in the post-COVID world.

Very few jobs can make a lifelong impact on a stranger like an insurance claims manager. The degree of positive or negative impact depends on the level of emotional intelligence possessed, and that impact will be felt for years.

How do we immerse our team in emotional intelligence?

Over the last two years, we’ve witnessed first-hand the increased rate of change and workplace pressures. People who have enhanced ability to adapt, manage their emotions and work well with a diverse range of people will be sought after by employers and human resource departments in all areas of the workplace across industries. As business challenges continue to grow in the coming years, the need for emotionally intelligent professionals will only increase.

Emotional intelligence is like a muscle: It can be built, trained and grown through a purposeful, intentional focus on development.

What to look for when hiring:

• Willingness to learn – Look for those who are hungry to learn and have a history of continued education. Emotionally intelligent people thrive in constant learning!
• Resumes v. networking – Emotionally intelligent people score high on self-awareness and relationship management. If you found the prospect because they leveraged their network to get in front of you, then you probably have a winner. Very few people with high emotional intelligence rely simply on submitting a resume to get interviews.
• Servant leadership – When conducting an interview, ask pointed questions regarding the prospect’s leadership philosophy. Servant leaders are emotionally intelligent, lead by example and are empathetic toward their team to ensure they have what they need to succeed.

Create a work environment that fosters emotional intelligence

We must not only hire based on high emotional intelligence but also create environments where it can be nurtured and grown.

• Continued education – Companies who pay for continued education keep the emotionally intelligent talent! If Janet wants to go for the CPCU, pay for it and ensure she has the time to dedicate to further her education.
• Corporate responsibility – Ensure your company is active in the community and encourage your employees to give back on company time. Emotionally intelligent employees seek purpose, want to make an impact around them and want to work with those who also hold this virtue.
• Change the performance review – Stop grading your team on how hard they worked, how many times they stayed late or started early and how little vacation they took because they are “team players.” Start grading your team on skills in line with high emotional intelligence:
  • How empathetic were they with elder insureds?
  • What was their customer service score?
  • How are they progressing on their continued education?
  • How many volunteer hours did they do this year?
  • Did they use all their vacation days to maintain work/life balance?

Of all the skills we can learn, developing emotional intelligence might be the “make it or break it” key capability for this new era. When it comes to insurance, we must remember that behind every policy and claim are people who have families and employees who rely on us to deliver the promise outlined in their policy. To do this, we must hire and retain talent who are highly emotionally intelligent to understand the core of our customers’ needs and ensure we are delivering the highest customer experience, especially in their time of need.

Joshua Cruce bcc@boltpr.com was fortunate to find his life’s passion at a young age during his time in the U.S. Army – to protect and serve. Today, he serves as chief strategy officer at Brush Country Claims where he leads the charge in the carrier-vendor relationship.

Related:

• Attracting and retaining the next generation of claims talent
• The traits of accessible leaders