Owning and operating an insurance agency will present many rewards and challenges. Whether you are in the business for a few years or fifty years, there is a good chance you will have to lead your team through a crisis. Managing a crisis can be a tough and challenging time for everyone involved. A crisis will uncover aspects of your leadership skills that even you are not aware of or prepared for. While you can’t control a crisis, you can control how you respond to it.
Below you will find insight on skills and strategies you will want to leverage when managing your agency through a crisis.
Gather as Much Information as Possible:
It is critical to do your due diligence in times of crisis. Make sure you have as much detail as possible so that you can make informed decisions. Being well informed is especially critical when it comes to developing an action plan and communication strategy. There will be a lot of questions as you work through the crisis management process, so obtaining all the facts will help you to move through the situation more fluidly.
Respond with Compassion:
In a crisis, your employees may be struggling in a lot of different areas. They may be trying to deal with heightened stress and understand unfamiliar emotions. Understanding that reactions will vary from person to person is essential. Responding towards all staff with empathy and compassion will help to create stability during an uncertain time.
Don’t Overpromise:
Your default response may be to try to soothe fears and make everyone feel better during a crisis. A desire to put your team at ease is natural and shows how much you care. However, making promises which cannot be delivered will create problems in the long run. Be aware of the limiting factors of the crisis as well as any personal limitations you may have when assessing the situation and communicating the next steps. Approaching the situation openly and honestly will help you build trust in a difficult situation.
Deploy Authentic Communication:
When a crisis occurs, trust is in danger. Employees may have suffered some trauma and will have a lot of questions as you work through the recovery process. Clear and authentic communication is critical to bridging this gap and restoring confidence. The employees of your agency will want to see that the information you are providing and the action plan you are communicating line up with the reality they are seeing.
Take a Team Approach:
Managing a crisis is not a solo job. Attempting to go the road alone will lead to exhaustion and less than desirable results. You will need the assistance of other leaders in your organization. Involving other trusted personnel will help to provide a more well-rounded understanding of the specifics of the crisis and the impact it has on various operations of the agency. A team approach will also allow for better results when it comes to developing and deploying action items.
While having to handle a crisis is not ideal for any agency, utilizing these five strategies will help you and your team as you work through the response and recovery process.
About the Author
Justin Goodman has spent the past 20 years in insurance. He is the co-founder and CEO of Total CSR and co-founder and Managing Director of Project 55. By the age of 29, he was recognized as one of the top five construction insurance experts nationwide by Risk and Insurance Magazine. He also was named to Insurance Business Magazine’s Hot 100 and most recently the 2024 Insurance Journal Agent of the Year. Justin has trained over 50,000 CSR’s, account managers and producers through his work at Total CSR. He has a passion for developing the next generation of insurance professionals. When not with his family, he devotes his free time to speaking engagements and advising agency owners across the country.
