By: Jameson P. Mcshea


The biggest problem with the insurance industry today is derived from the perception. When you think of insurance, what do you think? Is a there a picture that comes to mind? Today’s leaders in insurance are seen as money hungry, premium rising monsters with no emotion- cue the title reference. But is there a story in insurance that sparks romanticism? Is there a face behind the curtain walls and sky risers insuring the country?


Most people do not know that the first fire fighters in the world were funded and started by insurance companies.


John Millen, a communications training veteran and a long time Mogul in the insurance industry initiated this topic with a reference to “story-telling.” Story telling in the insurance industry is incredibly important. With so many people devaluing the use of insurance because of their personal record of avoiding disaster, its important not only to recall the many different disasters that have happened- but cite where insurance companies have come to the rescue. In 2015, the life insurance industry paid out $617,455,351 in claims, while the property casualty insurance industry paid out $27,000,000 in claims. These numbers are not irregular, they occur every year.

Now, think about your entertainment. Think about the inspiration stories from your newsfeed. You hear about athletes recovering from career ending injuries, or people recovering from Hurricane Katrina. But do you hear about the financial help? For the younger generations, the use of insurance is completely taken for granted. But, this is the industries fault. The industry became this faceless monster through neglect. Neglecting to tell the story of how insurance started in 1666 after the Great Fire of London displacing 200,000 people and leaving the city in ruins. Neglecting to express the parenting role insurance has taken for those in need and in trouble.


Insurance may not be the sexiest industry, but for us- we see ourselves as the risk managers. We are the people you turn to when all is lost. I recently had someone ask me my occupation and I quickly responded with, “I’m in insurance.” With a smug look, the person giggled and said “oh okay.” Immediately, I thought of John Millen and his evaluation of the current population. Without the proper understanding of insurance, the motives seem money hungry. But, with risk changes, premiums must flow accordingly. Are car insurance premiums rising because we are money hungry? Or are they rising because car accident claims have sky rocketed with texting and driving. Are business owner policies really becoming over priced- or is the industry adding cyber insurance coverage to the policy because of the enhanced risk in our cyber age.

There is a romantic, altruistic face to the insurance monster. The picture just needs to be painted.


For more information on what we do here at McShea Insurance, give us a call: (508)-420-9011 or click below to contact us about consultation. We have a new age of insurers with a passion for helping and refacing the industry.

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