Boggs continues to differentiate himself as one of the crucial candid, insightful, and impactful educators within the insurance coverage business. His current LinkedIn article, “Are You Operating a Half-Donkeyed Insurance coverage Company,” will not be solely sharply written however rings with fact that each insurance coverage skilled, particularly these in company management, ought to mirror upon. It’s a wake-up name disguised as a critique, laced with Boggs’ wit and knowledge.
Boggs begins by reflecting on a profession immersed on the planet of insurance coverage companies as an agent, a coach, and a coach. He has seen the spectrum, from the sensible to the bumbling. He famous some brokers who grasp their function with readability to those that, fairly frankly, ought to rethink their profession alternative.
The article presents a no-holds-barred evaluation of the present state of many companies, concluding {that a} overwhelming majority fall into what he calls the “half-donkeyed” class. It’s a provocative time period that captures the essence of a troubling fact. Many companies excel at figuring out their manufacturing numbers, ratios, and shutting stats, however neglect a deep and lasting understanding of insurance coverage protection, which is an important requirement since brokers promote protection.
This isn’t the primary time Boggs has leveled this type of critique. I’ve written about his contributions earlier than. In an earlier weblog submit, I mentioned his glorious “Twelve Guidelines for Studying an Insurance coverage Coverage,” which stays one of many clearest and most sensible guides for anybody within the insurance coverage area studying easy methods to learn a coverage.
In one other article Sixteen years in the past, “Insurance coverage Brokers, Adjusters and Attorneys Can Be taught Vital Protection Subjects Studying Chris Boggs’ Articles,” I famous how invaluable his insights are for brokers, adjusters, and attorneys alike when making an attempt to navigate advanced coverage language and ideas. His work by no means coddles or indulges. As a substitute, it challenges insurance coverage professionals to rise to a better commonplace of competence and integrity.
On this newest LinkedIn submit, Boggs shares a memorable quote from his father: “Loopy individuals don’t know they’re loopy; silly individuals don’t know they’re silly; and loopy silly individuals know the whole lot.” It’s humorous, however pointed. Boggs means that many within the insurance coverage enterprise, regardless of being well-intentioned and performance-driven, fall right into a class of “loopy silly.” It is a situation born not of malice or laziness, however of willful ignorance concerning the true complexities of insurance coverage contracts. They assume competence as a result of they will quote metrics however ignore the foundational want to know what is definitely being offered, certain, and promised.
The irony is sharp when contrasted with the best way courts in some jurisdictions view the function of insurance coverage brokers. Regardless of the immense complexity of insurance coverage insurance policies that Boggs so clearly outlines and the deep research required to really perceive protection, some judges nonetheless maintain that brokers are nothing greater than “order takers.” On this view of the usual of care owed by brokers to policyholder clients, the duty to make sure enough and acceptable protection rests virtually fully on the insured, who could don’t know what they really want or easy methods to ask for it.
I explored this troubling logic in my weblog submit, “Are Insurance coverage Brokers McDonald’s Order Takers or Skilled Advisors? The Massachusetts View,” the place courts absolve brokers of any responsibility to advise until a particular relationship exists. This authorized stance stands in stark distinction to the skilled actuality Boggs advocates, the place brokers usually are not passive clerks at a drive-thru window, however lively, knowledgeable counselors able to defending their shoppers from catastrophic gaps in protection. It’s a unusual quirk in insurance coverage agent negligence legislation that insurance coverage agent educators inform brokers of their monumental duty, which the legislation then ignores.
Insurance coverage is a enterprise rooted within the energy of phrases and the precision of authorized language. It calls for ongoing schooling, mental humility, and a dedication to mastery. Boggs’ article is a reminder that company success must be measured not simply by progress charts and fee numbers however by how effectively brokers actually serve their shoppers by figuring out the insurance policies inside and outside.
Anybody within the insurance coverage career who cares about being greater than common and aspires to be among the many small share that actually is aware of what they’re doing must be following Christopher Boggs on LinkedIn. His insights are vital for mastery of insurance coverage protection. His newest submit is one other instance of his ongoing mission to raise the business and name out those that suppose they’re within the high one % with out incomes it. For these able to do the exhausting work of turning into actually glorious, his voice is without doubt one of the greatest to study from.
Thought For The Day
“Excellence is the gradual results of at all times striving to do higher.”
— Pat Riley
