Here's one memorable piece of advice imparted on Patrick Albrecht (seen here) by his father, who also worked in insurance: "Don't get stuck behind a desk."
Wholesale & Specialty Insurance Association (WSIA) Board of Directors Member Patrick Albrecht also serves as president of the Associated Insurance Administrators, Inc. (AIA), and as a Colonel in the U.S. Air Force Reserve.
When Albrecht is not busy with all of these duties, he loves to watch his son play high school baseball or, occasionally, catch a game of golf.
This Alabama-based insurance leader recently set aside some time to talk to PropertyCasualty360 about the changes and challenges currently impacting the insurance business.
PropertyCasualty360: How did you get into insurance?
Patrick Albrecht: I started working for my dad at his managing general agency after I got off active duty at the Air Force. I served from 1995 to 2002, but I wasn't planning on staying in the military as a civil engineer. I got my MBA while I was active, so when the opportunity came available to jump into the insurance business, which I'd grown up in, I felt it would be a good transition.
PC360: Was your father a mentor for you?
For WSIA 2021 Board Member Patrick Albrecht, insurance is a family affair. (Photo provided by Patrick Albrecht) Albrecht: Yes. He taught me about the importance of the relationship aspects of the business and how to grow those relationships both on the customer retail agency side and carrier side by making personal connections and developing trust.
Albrecht: What was the most valuable piece of advice he gave you?
PC360: "Don't get stuck behind a desk!" I try to balance it. You know, I'm an engineer and data guy at heart so it's easy for me to sit behind a computer all day. But I try to force myself to get out and either visit with our staff and employees or our customers and carriers.
PC360: In your opinion, what have been the most significant changes for the insurance industry?
Albrecht: The trend toward more virtual and remote-type work. It has made it more difficult to have personal interactions with your customers and carrier representatives. The relationship aspect of this business is critical; it's hard to develop a relationship over a video or phone call. That's all happened within the last two years. But the trend toward remote work probably has been the single biggest change.
PC360: What skills do you think the next generation of insurance professionals should be developing?
Albrecht: Even now, I think we're seeing a rise in the level of expertise required in order to be successful in our industry. It used to be that you could have a very broad knowledge of the insurance industry and succeed. But in today's world, you have to be very, very knowledgeable within a specific industry or niche, like workers' compensation, which is what we do here, or within a particular line of business, like property, professional liability or cyber coverage. Interestingly, more and more universities are adding risk management and insurance programs that produce graduates with the aptitude for developing this expertise.
PC360: Where do you see the most opportunity for the insurance industry?
Albrecht: The great thing about the insurance industry is, it's always transforming. [This enables insurance professionals] to find a need within the commercial businesses and individuals it protects, services, or provides risk mitigation for. There's always a need for it. A significant amount of capital is flowing into the industry right now, and it's just a matter of where the biggest risks are these days, who is willing to pay to reduce them, and how it can be done profitably. There's a need for innovation, technology and creative, critical thinking. A great example is cyber risks, which have really blown up in the last two or three years. That's why WSIA's Emerging Issues and Innovations Committee is focused on identifying opportunities like this.
Matthew Candelaria is a freelance writer based in Lakewood, Colo.
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