As I look forward to my retirement (at the end of this year), and contemplate moving ahead to the next ‘adventure’, I also can’t help but reflect back on a career of approximately 40 years in the insurance industry. What did I learn, and how might it be of interest to you, the reader of “Compliance Corner?” Two points come to mind.
The first, and what I’ll miss the most, are the many friendships and acquaintances I’ve made and the daily contact I’ve had with many of you. I know that some will continue and new friendships will be made. But, aside from the obvious social aspect, why are those important?
None of us can effectively function in a vacuum. The knowledge, opinions, and even questions or challenges of others can have a huge impact on our work. Don’t ignore, but rather, welcome them. More often than not, you’ll be glad you did, and the quality of your work will reflect your efforts.
I’ve written before of the importance of educating or at least effectively communicating with customers, which is a form of education. So, I’m mindful of the second reflection, the importance of education in this ever-changing insurance industry. Why is that important?
In my opinion, even if you already have a diploma or formal degree, i.e., consider yourself to be ‘educated’ in one field or another, learning as much as you can about various aspects of insurance can not only open doors, but also make your job more interesting and rewarding. And, you never know where it will lead. For example, if I had not pursued a Certificate in General Insurance early in my career, I might not have had the qualifications to make the transition from health insurance to property and casualty.
More importantly, when your focus is on compliance, failure to stay abreast of regulatory changes and trends can have market conduct consequences for your company and result in significant penalties. Don’t go there.
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