Within the insurance industry, we take certain attributes forgranted: diligence, detail orientation, a fundamental understandingof data.  

However, it's rare to take a step back and examine the actualpsychological characteristics of insuranceexecutives — how they think, how they makedecisions, how they approach interactions withothers. 

What is the psychological profile of an insuranceexecutive — and how does this profile differ fromthe attributes of executives in other fields? 

A recent study by Russell Reynolds Associates sought toanswers these questions by analyzing the leadership and behavioralattributes of 87 insurance executives, andcomparing those executives to the more than5,000 executives across all industries in RussellReynolds's database.  

Three psychometric tests were used:  

• 16pf, which measures communication and teamworkstyles. 

• OPQ-32, which examines personality related to management andleadership roles. 

• Hogan Development Survey, which identifies patterns of behaviorthat tend to appear when a person is stressed or underpressure. 

The overall findings were striking. Insurance executives,defying stodgy industry stereotypes, score high on some quitevibrant personality traits.  

The 'secret sauce'

Understanding this profile (as well as how these traits can bedeveloped) can be of tremendous value to anyone in the insurancefield. 

The personality traits of insuranceexecutives — the "secret sauce" of this group ofexecutives — fall into three camps: possessing aconcerned eye, being a steady pair of hands, and embodyingdynamism. 

Here is our profile of what makes a good insuranceexecutive: 

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1. They possess a concerned eye

Insurance executives are more likely to worry beforesignificant occasions than the average executive. This is adouble-edged sword — this characteristic raisesthe right concerns, but can create mental drag due to the resultinganxiety. 

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2. They are a "steady pair ofhands" 

Insurance executives score higher than the overall executivepopulation on a cluster of traits that relate to procedural andinterpersonal steadiness. 

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3. They are more trusting and more likely to perceiveothers as reliable

In our research, again and again, top executive groups scorehigher than the overall population for beingtrusting — the ability to trust othersfacilitates a whole host of productive, collaborativeinteractions.

To develop this trait, consciously reflect back on situationswhere you feel you withheld your trust from a business partner orgroup of business partners, and where that lack of trust was notultimately validated.

What in your mind were the reasons for not trusting? How can you"rewrite the story" for future interactions toward putting yourfaith in others where appropriate? 

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4. They are emotionally even-keeled

According to our psychometric results, insurance executives aremore emotionally even than their peers in otherindustries — which can be a true asset in anindustry facing constant disruption.

To develop this trait, seek regular feedback fromcolleagues about your emotional style. Are you perceived as beingemotional or intense? Are these perceptions magnified when usingcommunication channels like email? 

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5. They prioritize well

With a million priorities constantly in play, it's perhaps notsurprising that insurance executives are more oriented towardprioritization than their executive peers.

To develop this trait, constantly re-evaluate yourpriorities against your broader strategic goals. Make sure you'remanaging the "urgentvs. important" tradeoff correctly. And askcolleagues for feedback on your prioritization – sometimes anoutside set of eyes can spot issues easily. 

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6. They embody dynamism

This cluster of attributes is perhaps the mostsurprising — andmeaningful — set of results. Insurance executivesscore higher for a group of dynamic traits than the averageexecutive. 

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7. They are bolder and more achievementoriented

Compared to the overall executive population, insuranceexecutives are more likely to act with confidence and pursueambitious goals.

To develop this trait, embrace your own convictions. Placegreater trust in your inner voice — and don'thesitate to verbalize your position on an issue followed up by theproper supporting points. Vet your goals against a yardstick ofscale — are they ambitious enough? 

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8. They seek a high level of activity

And insurance executives can speed up their actions to match thespeed of the business around them. 

This is another group of traits we often see in very successfulpopulations, broadly speaking — the ability tomove fast and to embrace constant activity.

To develop this trait, constantly have your key priorities inmind, facilitating speedy but well-considered decisions. Look atareas where you feel you do not move quickly — ordo not enjoy a high level of activity — andattempt to identify and correct for the unifying themes.

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Your self-assessment

So what should insurance executives think about as they look atthis psychological profile? 

First, consider to what extent you conform to — orcontrast with — the three areas of attributes described(concerned eye, steady pair of hands, dynamism). Are there aspectsof your personal style that you would develop to be more closelyaligned with these attributes? Why or why not?

Moreover, it's useful to think about what these attributes sayabout how the industry will move forward. Based on thispsychological profile, how will insurance executives cope withchanges like digital disruption, the rise of big data and diversityconcerns?

On a personal level, consider how you can leverage your ownpsychological attributes to be a useful part of thesechanges.  After all, deeper understanding of your ownleadership style is interesting to reflect upon — butpowerful when put into action.

Limore Zilberman is a member of Russell Reynolds Associates'Financial Services Sector and Digital Transformation Practice, witha concentration in insurance. She advises boards, CEOs andsenior-level executives on hiring, benchmarking, development andsuccession. Zilberman is also a member of the firm's DiversityPractice.