It’s a possibility that Yiana Stavrakis (pictured) is aware of nicely as the top of an insurance coverage firm. “The extra you bear [the problem-solving process], the extra you understand a mixture of social and analytical expertise are required,” noticed Stavrakis, president of Monarch E&S Insurance Services.
That mixture of social and analytical expertise contains emotional intelligence, teamwork, and sound decision-making. “Not as soon as have I successfully solved an issue in a vacuum,” Stavrakis admitted. “A singular perspective will result in incorrect assumptions, incorrect decision-making, and in the end a scarcity of credibility. The problem-solving course of takes longer utilizing a staff method, however the outcomes are all the time value it.”
Before becoming a member of Monarch in 2020, Stavrakis supplied strategic gross sales and advertising and marketing steering as chief gross sales officer for Specialty Program Group. But her insurance coverage journey began with Metro Insurance Services, an actual property MGU, the place she honed her underwriting and claims administration expertise.
She is amongst a stellar line-up of insurance coverage leaders talking at the Women in Insurance Summit in San Francisco subsequent month. As the chief of a full-service MGA and wholesale brokerage, she applies her personal five-step problem-solving course of on the job, which she shared with Insurance Business. The first step, she stated, is figuring out the issue whereas making certain an surroundings of transparency and open-mindedness.
“I strive to not bounce responsible and even solutions instantly, so my staff feels comfy coming to me with points and are engaged in serving to discover a answer,” she pressured.
The second step is contemplating potential options and forming a working group of stakeholders to collaborate with. For Stavrakis, making a secure surroundings for sharing concepts and artistic brainstorming is essential for this stage.
The third step, and probably the most tough, is making a choice. Pulling a set off on an answer could be scary, however Stavrakis cited sensible phrases from the pilot Amelia Earhart: “The most tough factor is the choice to behave; the remaining is merely tenacity.”
She defined: “There won’t ever be an ideal reply, ever. If you’re open-minded to suggestions, analysis totally, and monitor outcomes persistently, you’ll make the most effective choice with the data you could have at that second.”
The fourth step is to create a plan to implement the answer. During this section, correct communication is integral to success, Stavrakis stated. It’s additionally greater than possible that errors will happen at this stage, however leaders ought to stand agency and hold pushing ahead towards the aim.
“There can be instances once we should take possession of missteps, however this makes us human, and if we act rapidly primarily based on legitimate suggestions, there can be minimal collateral injury,” she added.
Finally, the fifth step is to solicit suggestions and monitor outcomes. A strong plan at this stage ought to establish roadblocks and alternatives rapidly, permitting for course correction on the fly, Stavrakis stated. Leaders ought to have the endurance and suppleness to pivot when issues aren’t working as deliberate.
Stavrakis additionally favors a “conceptual” method to problem-solving, which includes prioritizing primarily based on influence and strategically tying options throughout varied issues. Insurance leaders must also have the foresight to contemplate how every choice impacts one other.
Though decision-making requires tenacity, she cautioned fellow insurance coverage leaders in opposition to prioritizing pace and making calls primarily based on private impulse. “Don’t bounce to options rapidly and get the correct individuals engaged, so you could have well-thought-out proposals,” Stavrakis suggested.
“You don’t have all of the solutions alone, however you’re answerable for guiding the ship there with the correct individuals rowing in the identical path.”
Insurance leaders are addressing a number of the trade’s most impactful points on the Women in Insurance summit in San Francisco on October 4 on the JW Marriott Union Square.
Visit sanfrancisco.ibwomenininsurance.com to be taught extra in regards to the occasion.