NU Online News Service, May 2, 2:44 p.m. EDT–Agents concerned about ethical behavior must realize it involves more than meeting regulatory requirements and an obligation to ensure integrity in the eyes of clients, consultants advised at an industry meeting here.
The message was delivered during a full-day seminar titled, "Ethics in the Wholesale Insurance Marketplace," part of the American Association of Managing General Agent's 79th annual convention.
Mike Jones, a risk management consultant, author and teacher at Georgia State University, Department of Risk Management and Insurance, one of the speakers, noted that ethics "is a business of utmost good faith."
"We help people like no one else does," said Mr. Jones. "The trust [customers] have in us is verified when they have a claim. The nature of our business requires that we [complete that claim] every time. Ethics is the foundation of what we do."
However, ethical choices are not always easy, he said, and can take courage.
Business pressure, a feeling of entitlement, greed, laziness and addiction to power all conspire to make business executives less ethical.
However, living an ethical life allows one to "sleep at night," he observed.
A code of ethics involves honesty and value to the business process. He added that an effective code of ethics should be easily understandable.
"Ethics is about what we do and how we do it," said Mr. Jones. "One's reputation," he added, "takes years to build, but seconds to destroy."
"Ethics is not just about doing the right thing, but also feeling good about it," said Bruce Weinstein, a CNN ethics analyst, author and lecturer.
He noted that acting unethically and using deception to get business also destroys trust that cannot be regained.
"Taking the high road ends up enriching us," he said.
"Building trust is the key component to our integrity," he added.
"Ultimately, it is up to us how we live our lives," he said. "In every action, we can see how our actions can affect others, and we have to evaluate that. Simply, [we must determine] it is the right thing to do."
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.