When you think of insurance, what comes to mind? Maybe it’s broken windows and flooded basements. Or maybe you think of Jake from State Farm and their auto and car offerings. But what a lot of people don’t think of when it comes to insurance are all the unique businesses that require coverage and the exciting ways in which brokers and agents can offer it.
Lockton Companies, the world’s largest privately held brokerage firm, is constantly redefining the role that insurance companies play in the world of business. Simultaneously, they are also turning preconceptions regarding insurance companies on their head.
Recently, we spoke with two executives at Lockton about what makes their firm such a unicorn in the industry. What we learned was that their approach to insurance, their clientele, the impact they have on businesses, and the opportunities they provide for employees are all factors that set them apart from every other insurance company in the game.
Approach – Consulting Not Selling
One of the most unique characteristics of Lockton is its approach to selling insurance. First of all, they don’t sell insurance. Rather, Lockton is filled with brokers and agents who act as consultants that play an active role in the facilitation of a business. This differs from what people normally consider brokers and agents – salesmen who are simply selling a product.
The takeaway here is that working at Lockton as a broker isn’t a sales role and it’s nowhere near a typical insurance agent position. At Lockton, the consultant approach is what makes the job exciting and keeps it fresh.
This consultant-forward and creative-minded approach is why Lockton stands out in the insurance industry and makes it such a popular place to work.
Clients from Every Industry
From cannabis farms to deep-sea drilling operations, the clients that Lockton works with aren’t who you’d expect. The diversity and range of the companies that Lockton works with are part of the reason why working at the one-of-a-kind firm is so enjoyable.
As mentioned previously, Lockton’s consulting-led approach really allows them to be embedded within a company and understand the nuances of its particular business operations.
During Josh Luther’s time at Lockton, he worked with a chocolate candy manufacturer and got to see how chocolate-covered almonds are made. He worked with a bakery and got to see all the different bread being made. Josh even had a client that was a packaging company that did the Capri Sun juice boxes all the way to garbage bags and medical supplies. He exclaimed how fascinating it was to watch something start from raw material and get built into a final product that people everywhere will use.
At Lockton, you’re not just working in the insurance industry. You’re working in all the different industries that your clients are a part of.
Real-life Insurance Impacts
While it can be exciting to work with unique companies and be immersed in their operations, what really lights the fire of Lockton employees is making an actual impact on a business. Not only does it mean you’re doing your job right, but it’s incredibly gratifying and provides a massive feeling of self-worth.
When we asked Lauren Carson about what her favorite project was during her 14 years at Lockton she spoke about a time when she saved a company $1,000,000. After offering the company a full evaluation of their program, engaging in a deep conversation about their business, and understanding where they wanted to take things, Lauren and her team came back with a bunch of creative ideas that projected to save the company a massive amount of money.
On the flip side of that, not providing a company with the right support as an insurance firm can spell disaster for businesses. Josh Luther mentioned that without the services Lockton provides, “businesses could slow down, it could mean a company doesn’t earn revenue. It means a construction team couldn’t get on site do their work and they might shut the job down or slow it down,” for example.
The bottom line is that brokers at Lockton play a larger role in the success or failure of a business than you think, something that makes the job particularly rewarding.
A Wealth of Opportunities
In addition to Lockton’s approach, clientele, and impact, we felt that one of the most important features of their firm, especially as it pertains to students and young professionals looking for a job in insurance, is the opportunities they bestow on their employees.
When we were speaking with Josh Luther he celebrated the fact that the firm grows by double digits every year and how that creates opportunities for their people – both vertically and horizontally.
Josh explained that if you can become a subject matter expert in a particular field, your opportunities to explore other areas within the firm open up. Not only that, Josh mentioned that they even provide employees with training and education to help them make that move.
Whether it’s the skills you learn or the experiences you have, Lockton has incredible opportunities that are just waiting for you to explore. So if you’re looking to join a revolutionary organization that is changing the way the world sees insurance and the manner in which businesses use it, take a look at some of Lockton’s open roles.