In an industry where most professionals came into insurance via some other line of business, Stacy Warren, executive vice president and chief operating officer at Lockton, is an anomaly because she started working as a receptionist and file clerk in a friend's independent Allstate agency and has never looked back.
"I think there is such tremendous opportunity in this industry. There are so many diverse paths that you can take that offer unique opportunities, and this industry is growing and evolving at such a rapid pace," she shares.
Because much of what insurance provides is rooted in trust, Warren believes that women are particularly well-positioned to succeed and thrive. "What women bring to the table are skills that are very strong generally in communication. Empathy, I think, is huge. Problem-solving, adaptability and communication — those are all strengths that I really feel that women bring to the table that allow them to grow in the industry."
How to hire leaders
At Lockton, Warren leads the company's Private Risk Solutions practice, overseeing all aspects of growth, client strategy, talent development and business performance for teams that serve ultra-high-net-worth individuals throughout the U.S. Her team comprises primarily women, and her hiring philosophy might surprise some leaders.
"I do not look for people that check a box in a job description. I look for people who have grit and drive first, whether it's a promotion of a new hire. I'm looking for people who really want to perform, they want to excel. So, oftentimes, I will promote and hire people where the role may be a little bit outside of where they are at the moment. But I've found that creates a lot of loyalty when you take chances on people, and they really want to excel for you because they know that you took a chance on them."
Warren also likes people who will challenge the status quo and ask questions for the good of the team. "One of my 'Stacyisms' as I call it, is be a squeaky wheel. I want the squeaky wheel. I want you to challenge us around how we get better as an organization…So, I'm always looking for people that I think will fit that mold and think outside of the box to continue helping my organizations evolve."
Another hallmark of her leadership style is to encourage her teams to embrace change and be accountable. "My last couple of roles have been constantly involving change, and that creates fear. So that curiosity and willingness to learn really goes hand in hand," she adds. "Leaders have to be able to inspire their teams to not have that fearful mentality. And the other thing that I would say is ownership and accountability. I think that's essential. I'm always looking for proactive problem solvers and leaders that base their success on the team's success. If the team isn't successful, the leader can't be successful."
Warren also realizes that as her team explores new technologies and ways to operate, not everything will work as planned, and she gives them the room to fail and to learn from those mistakes. "You think you have it perfectly right on paper, but when you actually execute, it doesn't always work out the way that you thought," she explains. "So, another 'Stacyism' is that mistakes are portals of discovery. I feel very strongly that sometimes you learn more from mistakes or you learn just as much from mistakes as you do from the things that went right. So, we always do post-mortems and evaluations around the mistakes so that we can reshift and redirect."
Mentoring is a two-way street
Another area where Warren is investing in her team and others is through various mentoring programs. She credits her mentors and the support system she was able to create with much of her career success because they helped to build her brand, opened doors and provided opportunities for her. "I think mentoring, for me personally, it's my way of giving back. I mentor associates. I had a mentor call yesterday with one of my associates and I love doing it. They inspire me as much as I hope I inspire them."
When asked how women can find a mentor, Warren replies, "I think it starts with finding someone that you respect and you like their leadership style. You like what they represent, or they may have a role that you aspire to be in. And don't be scared to go outside of your organization. Be brave! One of my leaders did a great job going outside of our organization and finding a very senior person that she thought would be a good mentor."
Warren believes that leadership is a journey and encourages women to take risks because they can often set the stage for future opportunities. While she realizes that those in the industry can be risk-adverse, she says, "Those opportunities and risks that I took really propelled me in my career to get where I am today."
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