Long ago, when I was a newbie to the insurance industry, I was told that the definition of an expert was simply someone who knew more than the person he was talking to. Unfortunately, in our current litigious society, this definition is not satisfactory and it probably never was. Today, insurance professionals who hold themselves out as experts in one or more areas of insurance are held to a much higher standard.

Virtually all insurance organizations want their members to be viewed as professionals who offer expert advice and counsel to their clients and prospective clients. Specialization is one of the best ways to differentiate your insurance team. Specializing in one or more areas of our complex insurance market, such as marine insurance, workers’ compensation, international trade or life and health insurance takes extra effort and education, but the effort is well worth it.

In today’s technical and complex insurance market, you cannot qualify as an expert simply by knowing more than the person with whom you are talking. Becoming an expert requires continuing education, training and strict attention to the responsibilities of your particular niche of the insurance industry. And don’t think you’re exempt if you specialize in personal insurance: 80 percent of the litigation I am involved in deals with auto or homeowners policies. If you hold yourself out as an expert in any particular form of insurance, you may have created for yourself and your agency a heightened duty to advise and counsel your clients.