We welcome a special guest, Berkley Industrial Comp’s President & CEO, Chandler Cox, on this episode of ADJUSTED. Chan shares the story of Berkley Industrial Comp and how he and his business adapted to change for over 30 years.

A graduate of the University of Alabama with a B.S. from the College of Commerce and Business Administration, Chandler has served on the Board of Visitors for the school since 2012. After beginning his career at General Reinsurance Corp in Chicago, Illinois, Cox has called Birmingham, Alabama “home” for the last 38 years. Chandler earned his Chartered Property Casualty Underwriter designation in 1990 from the American Institute for Property and Liability Underwriters and has been a board member of the North Alabama Chapter of Chartered Property Casualty Underwriters for the last 30 years. Cox is an Alabama native, growing up in Geneva, Alabama. Chandler and his wife, Anna, have two grown children, Julia and Fletcher. The family enjoys spending time at the beach and going to Alabama football games.  

Adapting to Change in the Marketplace

NETWORKING IS ESSENTIAL: If you are in college, attend social gatherings. Speak with your professors, and former students, that may come to your college to speak about their insurance careers. The speakers may change your perspective on the insurance industry, and spark your interest in an insurance career. Your college professors may have a network that can assist you with obtaining a job interview. Some of the people you meet in college, you might keep in touch with throughout your career. It is important to have a network that is supportive of you in good times, and in challenging times.   You need mentors; latch on when you find a great one.

FIND YOUR NICHE AND DEVELOP YOUR EXPERTISE: The insurance industry has several specialties, such as Underwriting, Claims Resolution, Marketing, Agents, Actuary, and many more. When you have found your niche, keep developing your skillset.  Make sure you expose yourself to the different facets of the business and wear many hats.

KEEP ON YOUR TOES: Make sure you are constantly analyzing your business; don’t get complacent. Your business may be successful today, but will your business model work long term? Consider how possible legislative and business trends can impact your business in the future.  Think outside the box, and have a long-term plan to prepare for these changes. Stay hungry, and never stop learning. 

CHANGE IS HARD, BUT NECESSARY FOR SURVIVAL:  The world is constantly changing, and it is changing at warp speed. You have to exhibit leadership and set the right example for people in your organization. Preach about adaptability, and show your employees that you embrace change.  If you’re not ahead of the curve, you are going to get left behind. There are many businesses that were successful in the past, but when they refused to change, they became obsolete. When you have to switch gears, it is not going to be easy.  The biggest challenge about changing your business model is that you will have to make tough people decisions.

NOW IS THE TIME TO START A CAREER IN INSURANCE: If you are a college student and aren’t sure what career path to take, consider an internship. It is a great way to try it out, and internships are widely available now. There will be many people in the business retiring in the next ten years, which will leave a gap.   The fabulous thing about the insurance business is that it is an industry that is always going to around. People will always need insurance to manage their risks. The insurance business is filled with tremendous opportunities for learning, advancement, and a very rewarding career.