Rising star Steve Miller shares key factors when it comes to recruiting and retaining the next generation of industry talent.
Come see the stars! As part of our ongoing coverage of the top brokers in the commercial insurance space, Risk & Insurance®with sponsorship from Philadelphia Insurance, expands its coverage of the Rising Stars – those brokers who represent the next wave of insurance brokerage talent.
Look for these extended profiles on the Risk & Insurance website and in your social media feeds now and through 2023.
In this episode, we chat with Steve Miller, Broker and Head of Innovation at Insurance Office of America, and a 2022 Technology Power Broker and Rising Star.
Risk & Insurance: Describe your journey in the brokerage space. What brought you to your career today?
Steve Miller: There is always an origin story, and mine is common.
My mother-in-law made her career as an account manager. She introduced me to her branch manager and found me an entry-level position. Most of the time I filed – paper files! I gradually evolved into account management and sales.
I was blessed with several fantastic mentors who taught me how to be a trusted advisor, educate and collaborate with my clients. In my 18 years of experience in the insurance industry, I have evolved into leadership and sales, and my experience as a service agent has really helped me understand the challenges our team faces. .
R&I: What excites you about the technology sector? What challenges you?
SM: I mainly focus on emerging technologies.
It is a deliberate decision to undertake difficult tasks. If something is really New, there is no actuarial data to project losses and determine prices. This means that extra effort must be made to truly understand a customer’s technology, its impact and its risks, and explain it to our carrier partners in a way that makes them want to invest in an emerging space.
Seeing and learning about new technologies is endlessly fascinating.
R&I: In your opinion, how could the insurance sector better attract talent?
SM: Training and opportunities are key factors.
Our industry does a poor job of promoting young talent. Entry level positions are so difficult to fill and retain that there is a reluctance to promote them. This compels qualified, ready-to-go employees to get the promotion they deserve.
We need to provide a roadmap to advancement that will retain and develop talent within brokerages.
R&I: What advice would you give to a young professional starting out in his career as a broker?
SM: Find a good mentor. The person in your office who exudes integrity, respect and transparency.
Watch how they work in partnership with their clients and underwriters. Partner with insurers and underwriters. Avoid intimidating brokers at all costs.
R&I: Looking ahead, which trends should be prioritized for the rest of 2022 and into 2023?
SM: Cyber liability continues to harden. We are seeing reduced capacity, strict underwriting requirements and price increases. This will be the main concern for the foreseeable future. &