Can Insurance Really Be Exciting? Randy Doss Thinks So.

Q&A with Property Broker Randy Doss on Career Paths in the Surplus Lines Insurance Industry

By THE BLACK COLLEGIAN Staff

Can you describe briefly the area of surplus lines insurance and your responsibilities as a Property Broker at CRC Insurance Services?

As a property broker working in the surplus lines insurance industry, my job is to help my customers by drawing upon my insurance education and training, a commitment to keeping abreast of an ever-changing marketplace, and managing a very service-oriented team. The Surplus Lines industry serves customers in a diverse group of sectors, including real estate investment trust (REIT); public entity, condos/homeowners associations; and builder’s risk that are not available from an Admitted company in a regular market. Coverage may not be available by an Admitted company due to high severity or frequency of losses, or because it’s located in a catastrophe areas, (i.e. coastal counties that are subject to hurricane force winds and/or flooding, earthquakes both California, Pacific Northwest and New Madrid fault lines, or hazardous flood zones). Basically, in any area or circumstance where the property is susceptible to some type of natural or man-made damage, depreciation or “loss.” Again, these are difficult properties to insure – standard insurance companies won’t insure this kind of risk. It’s my job to listen to the needs of my clients – the exposures their clients face – and find insurers that are willing to take on the risk. As a surplus lines broker, its also my job to protect my carriers by giving them all the information they need in order for them underwrite the risk and makes sense for both the carrier and the insured. My job is to be creative, by thinking outside the box to find best insurance solution in a timely fashion for whatever coverage needed. I have to keep in mind that my customers and the insured has put their trust in me to deliver the products and services needed to protect their assets and dreams.

You were an Engineering major in college, so can you tell us how you made a seemingly lateral jump to insurance? 

After two years as an engineering major, I realized that engineering was not the major for me. As such, I switched to the college of business, not knowing what I wanted to be when I grew up. Insurance 101 was one of the preliminary classes in the college of business. During the class, it felt like a light bulb just came on. It simply never dawned on me that insurance is needed in every aspect of our everyday life. I found myself intrigued by the different segments of insurance and various types of coverage. A number of guest lecturers, including underwriters, retail agents, surplus lines brokers and reinsurers came to discuss the surplus lines industry. There was a surplus lines broker that explained that there really was no risk this industry couldn’t write, and part of his job was that he could never say, “No, I can’t do that.” Just about anything can be done, its simply a function of price. At that moment, I fell in love with the industry and haven’t looked back since. Before I took the class, the main image I had of an insurance professional was the door-to-door salesman, and the main types of insurance I was familiar with were home and auto policies. It never occurred to me that insurance was so varied and complex. Most students today are probably in the same situation; they simply aren’t aware or took the time to think about of all the opportunities that the surplus lines industry has to offer.

What are the most important attributes of your field and the work that minority and women professionals need to be aware of, that work both as challenge and as opportunity?

What’s great about this industry is the most important attribute you can have is a willingness to work hard and an ability to produce results. This industry doesn’t really care how old you are or your past experience. If you produce results, the opportunities are limitless. Having said, that, there are not a lot of women in comparison to the number of men and even less minorities on the broker side of the business. I’m one of a handful of minority wholesaler brokers.

There are a number of minorities on the underwriting side and a growing number of women executives with large surplus line companies. I think a primary reason is that women and minorities haven’t discovered the great opportunities offered in surplus lines industry. Outreach programs like those that the one the National Association of Professional Surplus Lines Offices (NAPSLO) has launched will help minorities find out about opportunities in this industry. The opportunities are there – and the industry is always looking for talented people. In fact, I got into the industry after participating in an internship program during my senior year. I found the industry very willing to work with me and support me – but I also aggressively pursued this career. You can’t just sit back and wait for a great opportunity to come to you. You have to make it happen.

I believe this is an industry that really wants to reach out to talented people, regardless of race or gender. They want self-motivated, hard working and creative people. My experience has been that if you are willing to do the work, have ability and a commitment to excel, then the sky is the limit.

Are there concerns or opportunities related to insurance and surplus lines that are of particular interest to women and underrepresented minority professionals in the insurance industry that we should be aware of?

I do think the industry needs to do more to reach out to women and minorities – and I see that happening. We especially need to reach out to young people. There are a lot of people in their 40s and 50s in this industry – but not a big influx of young people. There are also a lot of people who are in the industry because of family or friends. I feel a big reason is because there is little known about the surplus lines and the insurance industry itself as it is very misunderstood. When you start talking about the surplus lines, or insurance industry for that matter, people’s eyes tend to glaze over and they just don’t understand it, so they’ve never considered it as a career option. The more we can educate women and minorities on the opportunities the industry has to offer, the more change we will see in the industry.

You've acknowledged that "fun" and "excitement" are not always associated with the idea of working in insurance.  And yet, you've found the work very gratifying.  What are the benefits of the work that people may not generally think about?

The benefits are endless. Entertainment opportunities with our clients are a big part of being a broker. I get exposed to many different people, places and things, because relationships are so important in this job. Bonding with people and make life long friendships is an aspect of my job that I find very rewarding. People have to really know and trust you prior to entrusting you with their business.

One of my favorite aspects of my job is making cold calls, which many people don’t like to do. I find it rewarding to call on someone I’ve never met and getting them to open up and discuss their needs. I also enjoy the art of broking deals. As previously mentioned, I am a property broker for which I find innovative solutions for a multitude of risk, from the simplest to the extremely complex. My expertise is in layered placements, where capacity is rarely a problem within the markets my company represents.

How can minority and women executives in insurance-related industries make effective use of membership in such organizations as the National Association of Surplus Lines Offices, of which I understand you are a member?  Are there other resources you would recommend to those on an executive track in your industry?

I strongly encourage membership in organizations such as NAPSLO. For NAPSLO, you can be a member if your company is a member. The list of organizations that represent this industry are endless. I’m a big supporter of the Young Insurance Agents, the Independent Insurance Agents, the National African-American Insurance Association, etc. You’ve got to use all the resources available – don’t expect it to happen – make it happen. As young people starting careers, we need to remember that there is such a wealth of knowledge to be found in people that work in our industry. Most are very willing to talk with you and help you. I am active in NAPSLO and always attend the conventions and functions. I make it a point to talk with as many of my peers as I can, including other brokers, underwriters and executives that can help me better understand this industry.

If you’re willing to ask for help, people are generally more than willing to give it. I also encourage young people to make as many contacts as they can and use the contacts they make. As previously stated, my insurance professor would bring in underwriters, brokers, retailers and reinsurers to speak to our classes. I always made it a point to talk to these people and ask if I could meet with them, either after class or in their office. Those contacts are how I got an internship and has helped me tremendously in my career. There have been a lot of people who has helped me and continue to help me in my career, and now I’m living my dream. Now it’s my time to give back. I enjoy talking with students in the classroom and talking with interns. In this information age, I encourage students to call, E-mail and/or text me – because I can now be the resource to other people and help them on the way to building their dream career.

Also of Interest

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