"What would you be doing if you weren't in the benefits industry? What do the two careers have in common that make them appealing and a good fit for you?"

Language gaps

I enjoyed answering this question because it caused me to reflect on what I've always known: I would have been an interpreter. I was actually in the middle of applying to graduate school to obtain a Master of Arts in Conference Interpretation when the opportunity to finish my last year in college in France presented itself and I headed for this experience instead.

How does that compare to working in the employee benefits industry, where I ultimately have spent the majority of my working life? It's so similar, because benefits involves learning a complicated, nuanced language that must be interpreted for the client. "I speak insurance" is something I commonly say to my prospects and clients, allowing them to feel relieved. When you consider all of the technical jargon, and even explaining common terms like deductibles, copays, out-of-pocket maximums, slim networks and HSAs, it is truly a foreign language for the consumer. So, ultimately, I became that interpreter, and am very happy and satisfied that I chose this field.

Joan Garnett, executive vice president, Garnett-Powers & Associates, Inc.

It's simple

I would be coaching professional women who feel stuck in their careers and in their relationships and giving them tools to help them fall in love with their lives. Everything rewarding that I've ever done (including my current role as the owner of a boutique employee benefits agency) has the same through-line: taking something complex and simplifying it. I am most gratified when someone gains a new perspective or tool from something I've shared.

Amy Evans, president Colibri Insurance Services

On the street

If I wasn't in the benefits industry, I'd likely find my way back to Wall Street or trading. Prior to jumping into the benefits consulting arena in 2014, I spent nearly 17 years trading options on commodities in New York City. In fact, when you are trading options, you are buying and selling premium. My role as an options market maker was to price, underwrite and market insurance contracts, often hundreds per day.

During my years on Wall Street, I spent the majority of my career working for boutique firms, so when I entered the industry, I decided to partner with a niche consultancy, providing specialized expertise and often competing against the large, national firms. One of the most appealing aspects of working alongside my team was their expertise in underwriting and pricing risk, with particular regard to the ancillary benefits, components which tend to be overlooked by traditional medical brokers. Understanding the underwriting process and how these products are built provides leverage for our clients and allows for more customizable solutions. Furthermore, it creates a more proactive experience, allowing us to go to the market, rather than waiting for the market to come to us.

Kevin Kennedy, benefits consultant, TriBen Insurance Solutions

Dreams or DREAMS?

I guess it depends on if I need money or not. If I needed money, I'd probably be a lawyer or forensic scientist. All three jobs (benefits advisor included) require analytical thinking and problem solving. They require looking at an issue from multiple angles to determine the best course of action moving forward.

If I didn't need money (because I was so independently wealthy), I'd travel and try and solve problems around the world like Bill and Melinda Gates do. Can you believe that it's 2019 and children are still dying from not having access to clean drinking water? That is totally mind-boggling.

Rachel Miner, founder and owner, Thrive Benefits

Elementary

I would likely be in some kind of investigative position. I am efficient and passionate about uncovering problems and then developing and applying fixes. I do it all the time in data analysis, financial projections, and clinical plan management in my current role. It all involves some kind of research, strategy and execution. Maybe I'd be a private investigator!

Emma Passé, COO, E Powered Benefits

Helping hand

I'd still be helping people improve on what they're doing and helping them reach for their goals. But I'd be working with people in a variety of industries, and I'm sure it would look very different from what I'm doing now. I'd still be improving processes and communication because that's me at my core! But I'd bring less industry expertise to my clients. It would be much more difficult helping them envision their future because it would be dependent on them to tell me what it is. It would be fun, I'm sure, but much less fulfilling because there aren't a lot of industries like employee benefits, where people get to have such a direct impact on the lives of others in such a profound way. I feel very protective of advisors who are in this for the people, and I'm emotionally attached to them and the work they do.

Wendy Keneipp, partner and coach, Q4intelligence

Socially conscious

If I wasn't in the insurance industry, I would be a social worker in a public policy position, focused on children's and family issues. In the insurance industry, we do this by advocating for care, ensuring that there is a safety net for basic needs, that we are educated in what is available, and about what we should be providing as a community and as a nation. Marion Wright Eddlemon is a hero!

Lori Fearon, PayneWest Insurance

A+ ambitions

I grew up in a very small town, with very little by way of opportunities, leaving me with a narrow view of career options. I decided to become a teacher, went to school, and on to teach history.

Today, my advice for those who don't know what they want to be when they grow up is to consider teaching. The ability to convey knowledge to others is a skill that will never be undervalued, no matter how fast the world changes around us, as long as you are keeping up with the world as well. In addition to the fulfillment of educating others, teaching is the best way to not only move others forward, but also move yourself forward (faster) as well.

Derek Winn, Business Benefits Group

Dollars and sense

Given my passion to help others and develop meaningful relationships with the intent to add some level of hopefully substantial value to my clients, if I was not in insurance I would be in finance. Aside from finance being an extreme passion of mine, it also allows you to develop and cultivate relationships with clients to best serve them while having a tremendous impact on their quality of living.

The have a stark similarity in that they are both challenging in their distribution model, but also in how benefits/funds are allocated and managed by the advancements in technology. With the current political climate focused on the rising cost of health care, along with the rising growth in income inequality, we are seeing both industries having to adapt to be more consumer and fiscally transparent. Both come with their separate set of challenges but I feel the way we manage that disruption is the same. Embrace change and be on the forefront of disruption and educating clients and consumers on these new viable alternative options.

Anthony Kai Williams, employee benefits advisor, PSA Insurance & Financial Services

Face time

If this benefits gig didn't work out, I'd be doing marketing, public speaking and social media as a full-time career. The good news is that I've found a creative way to incorporate my passion for marketing into my day-to-day benefits business, which not only makes it so much more fun, but allows me to build my personal brand and business at the same time. My industry friends and I enjoy helping industry colleagues grow theirs in our weekly LinkedIn video series. Each week we share tips on how we've personally built our brands via social media and how advisors and brokers can, too.

Eric Silverman, founder, Voluntary Disruption

Advocation

You know those one word "break the ice games" people play, "If you had just one word to describe yourself, what would it be?" For me the word would be "Advocate". I often describe myself by saying advocating is not just what I do, it is who I am. If I wasn't a benefits advisor, my career and life focus would be working in the autism community as an advocate for access to education, employment, housing and mental health. One out of 59 people are on the autism spectrum and yet there are not adequate services and resources to serve this population.

As a mom of a young adult on the autism spectrum, I am especially passionate about creating transition programs for young adults who at 21 age out of the system and no longer have mental health and educational support. My dream would be to create communities where people on the autism spectrum can live and share their special gifts within their communities, to not just survive in the world of neuro-typical people but thrive and contribute to make our communities more diverse and vibrant.

Of course being an individual with an advocating purpose and focus dovetails nicely into my being a benefits advisor who works to help employers navigate the confusing world of employee benefits. I get to exercise my mama bear tendencies while I fight hard to advocate for cost saving and value based solutions for my clients as they tackle the rising costs of health care.

Barbara Schlaefer, JC Rose Associates

Servant of the employees

I would own another company that serves businesses and in turn their employees as scale. I used to run an Internet Marketing agency and greatly enjoyed helping companies increase their revenues through creative marketing strategies on and off line.

What do the two careers have in common that make them appealing and a good fit for you? Both careers when done right help business owners and companies increase EBITA one way or another which helps them create more jobs.

Chris Yarn CEO- Walk On Clinic, Inc

Instant Insights /

Alternate realities: Brokers' backup careers

More From HR Executive

Related Stories

Recommended For You