107: Doing Different Work Every Day with Stephanie Jonas

People in Insurance: Changing the Conversation

In this episode we’re thrilled to be speaking with Stephanie Jonas, Chief Operating Officer at JonasRe! In conversation with Boston Tullis’ Sarah Myerscough, Stephanie articulates how developing a passion for the industry can lead to a highly fruitful and rewarding career. She explores the cultural shifts developing across the insurance world in the last few years, the changes she anticipates in the near future, and how we might reassess the way we market ourselves to prospective new industry entrants.

Quote of the Episode

“We're learning constantly. We're never good enough. We never know enough. We have to be lawyers, we have to be advisors, we have to be accountants, we have to be compliance officers. We run the gamut of people's large businesses, making them feel better about their assets and how they're going to be protected. So, we are one and everything to all … This is not a transaction, we're not purchasing clothing, we're not buying pallets of paper, we are literally dealing with people's livelihoods, and all their assets, and it becomes very ingrained in you, if that's how you choose to play it.”

Sarah notes that for many people, developing a passion for working in the insurance world is an unexpected phenomenon. Stephanie suggests that this unfolds due to the sheer multiplicity of tasks, roles, and opportunities on offer in insurance. In any given day, brokers and insurers alike must wear a variety of different hats, all with the same incentive of managing a given client’s risks and finding solutions tailored to their specific needs. It is this variability of an insurance career which could perhaps become the key means by which we market ourselves to the next generation of insurance professionals.

Key Takeaways

For Stephanie, an insurance career becomes exciting when it is no longer approached in transactional terms. Our industry is ultimately built upon the people we meet and the conversations we have; not all of which will be easy, but which are all underpinned by the goal of delivering solutions to clients and thereby protecting their livelihoods and assets. When broking is no longer approached purely as a monetary exchange, and instead as a trade of resources and knowledge, it is easy to become hugely passionate about what we do as an industry. Changing the conversation in this way may lead those external to our industry to re-evaluate their preconceived notions of what we do.

Stephanie argues that if she were to market our industry to a group of teenagers in a school, she would ask them to think about everything in their environment – what are the materials? how was it made? how is it maintained? – and to consider the worst-case scenario if something were to go wrong. The resulting answers are microcosmic of the problem-solving we do as an industry, often dealing with potentially millions of pounds and many people’s livelihoods. In highlighting the scale of our industry and its pervasiveness in all aspects of life, we can highlight the variety of the work that we do, which could be hugely inspiring to young people seeking an exciting and multifaceted career.

Reflecting on JonasRe’s work with various large global business across the past few years, Stephanie notes that companies are becoming increasingly concerned about removing risks from their balance sheets. Requests for new and different types of cover are becoming increasingly frequent. Hence, Stephanie argues that in the future, retailers will necessarily become more focused on managing risk than pursuing transactions. Insurers and brokers alike will need to become risk managers first and foremost, instead of taking a more general approach of accepting orders and flinging back a price.

For Stephanie, there is no reason not to quote a risk. If JonasRe isn’t equipped with knowledge of a capability, they will find someone who is. Consequently, the business is constantly branching out, exploring new fields of knowledge and avenues of market opportunity. There’s no reason to turn a risk down, and even if your quote is rejected, you will nonetheless have acquired new knowledge with which to approach future risks.

Stephanie would be thrilled to hear from anybody looking to increase their volume in Canada, namely underwriters or specialist brokers interested in building up their business in the Canadian market. Her contact details are linked below!

Best Moments/Key Quotes

“I think [an insurance career] is very, for lack of a better word, sexy. It's bigger than investment banking; there's lots of money passing through; the people we deal with have billions of dollars going through Lloyds every year in premiums. We deal with the top people in the world, the top companies as well. You don't have to be the biggest or the best, you just have to try the hardest and give your best. And you have to really love it.”

“I think there has to be a big change in people becoming risk managers first, instead of accepting orders, flinging them out into the world and bringing back a price. That's where I think the change is going to be and those who do it are going to be very successful, and those who don't, may just remain stagnant.”

“There really is no end to finding solutions, pricing, risk management risk allocation, there really just isn't. There's really never a reason to say no.”

‘We want to be the people that are going to give more [and] give better, bringing that capacity and that knowledge to our clients to take that weight off their shoulders, because that's what we're here for.’

Resources

JonasRe: https://www.jonasre.com/

About the Guest

Stephanie Jonas is the Chief Operating Officer of JonasRe, a wholesale brokerage based in Toronto, with a wide range of risk specialisms.

Stephanie’s LinkedIn Profile: https://www.linkedin.com/in/stephaniejonas1000/

About the Host

Sarah Myerscough is the Sales and Marketing Director of Boston Tullis Group. The founder of The Insurance Brokers Podcast, she brings a wealth of experience and a fresh perspective on communication in the insurance sector. Boston Tullis works with insurance professionals to build effective communication both internally and externally through podcasting, event reporting, videography, and internal communications facilitation.

Website: https://bostontullis.co.uk/

Evaluation Link: https://s.bostontullis.co.uk/s/podcastevaluation