Professors' Points

The Definition of Insanity

Kevin Lynch
Insurance Experts' Forum, January 7, 2011

Perhaps you have heard this definition of insanity: “Doing the same thing over and over and expecting to get different results. “ Unfortunately, too many financial service professionals act as though they have never heard those words.

What are you going to do differently in 2011?

Are you going to take advantage of this New Year to start doing things differently? Unless 2010 was your best year ever—and even if it was—there are undoubtedly some changes that you should be considering that have the potential to take your business to the next level.

The start of a new year is a great time to evaluate your book of business.

Who do you want to do business with?

Another question that’s just as important: Who in your book do you no longer want to do business with?

The start of a new year is a great time to schedule annual review appointments with your “A Clients.”

How much business do your “A” clients provide your business?

Where should you be spending your time?

The start of a new year is a great time to practice Stephen Covey’s admonition to “Begin with the end in mind.”

Where do you want to end the year in 2011?

What is your plan to get there?

Will your current activity level get you there?

Traditionally, we all make New Year’s resolutions, and just as traditionally, we fail to keep those promises to ourselves. In 2011, let’s make a resolution to work on our business, not only in our business.

Do you need to find ways to do more with fewer resources?

Do you need to hire the assistant you always said you would have by now?

Do you need to upgrade your knowledge base by completing the professional designation program most meaningful to your growth and development as an insurance professional?

Do you need to find new markets or expand the markets you currently serve, or is this the year that you specialize, passing off C Clients to an associate and spending all your time on A Clients, or those B clients with potential?

One of the icons of this business, Charlie “Tremendous” Jones, once said, “You will be the same person in five years as you are today, except for three things: the people you associate with, the tapes you listen to and the books you read?”

Who are you going to associate with in 2011? What tapes are you going to listen to? What books will you read? Who will you become in 2011?

Last New Year’s, I wrote an article for Advisor Today, the publication of NAIFA. In it I talked about goals for 2010. One of mine was weight loss. In 2010 I successfully lost 40 pounds, dropping from 278 to 238. This year I am going to match or exceed that amount.

In 2011, I invite you regain your sanity and to remember the slogan from the old advertisement for the U.S. Army: “Be All You Can Be.”

Kevin Lynch, CLU®, ChFC®, RHU®, REBC®, CASL®, CAP®, LUTCF, CFP®, is an assistant professor of insurance at The American College in Bryn Mawr, Pa. He also is the host of "Wealth Today," a featured presentation on www.thewealthchannel.com.

Readers are encouraged to respond to Kevin using the “Add Your Comments” box below. 

This blog was exclusively written for Insurance Networking News. It may not be reposted or reused without permission from Insurance Networking News.

The opinions of bloggers on www.insurancenetworking.com do not necessarily reflect those of Insurance Networking News.

Comments (0)

Be the first to comment on this post using the section below.

Add Your Comments...

Already Registered?

If you have already registered to Insurance Networking News, please use the form below to login. When completed you will immeditely be directed to post a comment.

Forgot your password?

Not Registered?

You must be registered to post a comment. Click here to register.

Blog Archive

Too Much Manual Effort is a Show Stopper

Examining the administrative burden of doing business in the E&S market.

The Efficiency CIO vs the Agility CIO

There is a role for both types of CIO, each organization has different priorities whether they’re an insurer, intermediary, vendor, start-up, etc.

Becoming a 24/7 Insurer

Insurers should be in the business of making life safer and better for consumers all the time.

Putting Your Investments Where Your Transformation Is: Part 2: Optimizing Your IT Investments Portfolio

Sam Medina continues a 3-part series on Transforming the IT Investment Budget in order to fund new programs and initiatives without the necessity of additional capital expense.

The Mobile Side of Digital: From OK to Great

What are the mobile leaders, including Allstate, Progressive, State Farm and Geico, doing to go from standard to strong?

Using the Data Deluge to Empower Consumers

Insurers can learn from the use of activity tracking in other fields to help their customers make better decisions.