It’s a chance that Yiana Stavrakis (pictured) is aware of effectively as the top of an insurance coverage firm. “The extra you endure [the problem-solving process], the extra you understand a mixture of social and analytical expertise are required,” noticed Stavrakis, president of Monarch E&S Insurance coverage Providers.
That blend of social and analytical expertise contains emotional intelligence, teamwork, and sound decision-making. “Not as soon as have I successfully solved an issue in a vacuum,” Stavrakis admitted. “A singular perspective will result in incorrect assumptions, incorrect decision-making, and finally a scarcity of credibility. The issue-solving course of takes longer utilizing a crew strategy, however the outcomes are all the time value it.”
Earlier than becoming a member of Monarch in 2020, Stavrakis supplied strategic gross sales and advertising steerage as chief gross sales officer for Specialty Program Group. However her insurance coverage journey began with Metro Insurance coverage Providers, an actual property MGU, the place she honed her underwriting and claims administration expertise.
She is amongst a stellar line-up of insurance coverage leaders talking at the Ladies in Insurance coverage Summit in San Francisco subsequent month. Because the chief of a full-service MGA and wholesale brokerage, she applies her personal five-step problem-solving course of on the job, which she shared with Insurance coverage Enterprise. Step one, she stated, is figuring out the issue whereas guaranteeing an surroundings of transparency and open-mindedness.
“I strive to not bounce guilty and even solutions instantly, so my crew feels snug coming to me with points and are engaged in serving to discover a resolution,” she burdened.
The second step is contemplating doable options and forming a working group of stakeholders to collaborate with. For Stavrakis, making a secure surroundings for sharing concepts and inventive brainstorming is vital for this stage.
The third step, and probably the most tough, is making a call. Pulling a set off on an answer may be horrifying, however Stavrakis cited smart phrases from the pilot Amelia Earhart: “Essentially the most tough factor is the choice to behave; the remaining is merely tenacity.”
She defined: “There’ll by no means be an ideal reply, ever. In case you are open-minded to suggestions, analysis completely, and monitor outcomes constantly, you’ll make the perfect determination with the data you’ve got at that second.”
The fourth step is to create a plan to implement the answer. Throughout this section, correct communication is integral to success, Stavrakis stated. It’s additionally greater than possible that errors will happen at this stage, however leaders ought to stand agency and maintain pushing ahead towards the purpose.
“There can be occasions after we should take possession of missteps, however this makes us human, and if we act rapidly based mostly on legitimate suggestions, there can be minimal collateral injury,” she added.
Lastly, the fifth step is to solicit suggestions and monitor outcomes. A strong plan at this stage ought to establish roadblocks and alternatives rapidly, permitting for course correction on the fly, Stavrakis stated. Leaders ought to have the endurance and suppleness to pivot when issues aren’t working as deliberate.
Stavrakis additionally favors a “conceptual” strategy to problem-solving, which entails prioritizing based mostly on impression and strategically tying options throughout varied issues. Insurance coverage leaders also needs to have the foresight to think about how every determination impacts one other.
Although decision-making requires tenacity, she cautioned fellow insurance coverage leaders in opposition to prioritizing pace and making calls based mostly on private impulse. “Don’t bounce to options rapidly and get the best individuals engaged, so you’ve got well-thought-out proposals,” Stavrakis suggested.
“You don’t have all of the solutions alone, however you might be answerable for guiding the ship there with the best individuals rowing in the identical course.”
Insurance coverage leaders are addressing a few of the business’s most impactful points on the Ladies in Insurance coverage summit in San Francisco on October 4 on the JW Marriott Union Sq..
Go to sanfrancisco.ibwomenininsurance.com to study extra in regards to the occasion.