Financial Insurance

Monarch president shares her five-step course of to problem-solving

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 notice a mixture of social and analytical abilities are required,” noticed Stavrakis, president of Monarch E&S Insurance coverage Companies.

That blend of social and analytical abilities 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 in the end a scarcity of credibility. The issue-solving course of takes longer utilizing a staff strategy, however the outcomes are at all times price it.”

Earlier than becoming a member of Monarch in 2020, Stavrakis offered strategic gross sales and advertising and marketing steerage as chief gross sales officer for Specialty Program Group. However her insurance coverage journey began with Metro Insurance coverage Companies, an actual property MGU, the place she honed her underwriting and claims administration abilities.

She is amongst a stellar line-up of insurance coverage leaders talking at the Girls 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 mentioned, is figuring out the issue whereas guaranteeing an atmosphere of transparency and open-mindedness.

“I attempt to not bounce in charge and even solutions instantly, so my staff feels comfy coming to me with points and are engaged in serving to discover a answer,” she confused.

The second step is contemplating potential options and forming a working group of stakeholders to collaborate with. For Stavrakis, making a protected atmosphere for sharing concepts and artistic brainstorming is important for this stage.

The third step, and probably the most tough, is making a call. Pulling a set off on an answer could be scary, however Stavrakis cited smart phrases from the pilot Amelia Earhart: “Probably the most tough factor is the choice to behave; the remainder is merely tenacity.”

She defined: “There’ll by no means be an ideal reply, ever. If you’re open-minded to suggestions, analysis completely, and monitor outcomes persistently, you’ll make the very best determination with the data you will have 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 mentioned. It’s additionally greater than doubtless that errors will happen at this stage, however leaders ought to stand agency and maintain pushing ahead towards the purpose.

“There will likely be occasions after we should take possession of missteps, however this makes us human, and if we act shortly primarily based on legitimate suggestions, there will likely be minimal collateral harm,” she added.

Lastly, the fifth step is to solicit suggestions and monitor outcomes. A sturdy plan at this stage ought to determine roadblocks and alternatives shortly, permitting for course correction on the fly, Stavrakis mentioned. Leaders ought to have the persistence and suppleness to pivot when issues aren’t working as deliberate.

Stavrakis additionally favors a “conceptual” strategy to problem-solving, which includes prioritizing primarily based on influence 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 towards prioritizing velocity and making calls primarily based on private impulse. “Don’t bounce to options shortly and get the precise folks engaged, so you will have well-thought-out proposals,” Stavrakis suggested.

“You don’t have all of the solutions alone, however you’re chargeable for guiding the ship there with the precise folks rowing in the identical route.”

Insurance coverage leaders are addressing among the business’s most impactful points on the Girls in Insurance coverage summit in San Francisco on October 4 on the JW Marriott Union Sq..

Go to sanfrancisco.ibwomenininsurance.com to be taught extra concerning the occasion.

Leave a Reply

Back to top button