All the world's a stage,
And all the men and women merely players;
They have their exits and their entrances,
And one man in his time plays many parts…
In his musings, Jacques talks about the seven stages of life: the infant, the school child, the lover, the soldier, the justice, the “lean and slippered pantaloon” and finally a second childishness.
Much like the seven stages Shakespeare describes, so goes the life of an insurance agent. We play many parts. We start as the school child, learning the basics of insurance through formal education, basic licensing courses, continuing insurance education and advanced insurance designations. At each step we gain knowledge that elevates us to the next level. Maybe that level is a “lover” of insurance, like insurance nerds who can’t wait to see what more they can learn. As we become the “soldier” (the producer) we fight the good fight to provide our customers with the ammunition they need to help to protect themselves in the face of some danger. We toil as soldiers until we become the “justice,” perhaps the agency owner who then brings that knowledge with them and hires new younger insurance “lovers” and “soldiers” to help them provide protection to a greater range of those in need. And then we become “the lean and slippered pantaloon,” the wise and wizened sage of the agency, passing on our knowledge to those who will succeed us. Helping grow the business and helping grow the individuals who will help the business grow.
The point is that whether you are just a novice on this stage we call insurance or riding off into the sunset in your pantaloons, you need to make sure you are keeping everyone informed of everything you do so in the event of your sudden departure you have provided all the steps necessary to keep the business running. Whether you are a sole agent or a principal of a huge agency, you must make sure you have documented everything your successor needs to keep the business running. Or maybe to just help them close everything down.
The key is to ensure that your successors, whether they be the “soldiers” or “justice,” or maybe just the executor of your estate, can make sense of what the business is and how to sustain it. It’s as simple as keeping a folder that contains all of your daily duties, legal obligations, contact information, or whatever it will take to help those that follow you know what it is that you did and how you did it. Make notes that light the way rather than leave them in the dark. It could be something as simple and mundane as “If you have this come up, call Clyde down the street.” Or it could be more complex, like “to determine the extent of the book of business of the agency, run this report in the agency management system.” The more information your successors have, the easier it will be.
This article is intended to be used for general informational purposes only and is not to be relied upon or used for any particular purpose. Swiss Re shall not be held responsible in any way for, and specifically disclaims any liability arising out of or in any way connected to, reliance on or use of any of the information contained or referenced in this article. The information contained or referenced in this article is not intended to constitute and should not be considered legal, accounting or professional advice, nor shall it serve as a substitute for the recipient obtaining such advice. The views expressed in this article do not necessarily represent the views of the Swiss Re Group (“Swiss Re”) and/or its subsidiaries and/or management and/or shareholders.
*Richard F. Lund, JD, is a Vice President and Senior Underwriter of Swiss Re Corporate Solutions, underwriting insurance agents errors and omissions coverage. He has also been an insurance agents E&O claims counsel and has written and presented numerous E&O risk management/ loss control seminars, mock trials and articles nationwide since 1992.
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