Money in the bank…

Your credit score can lower or raise your monthly payments on virtually every loan / debt / insurance obligation that you have.

Have you checked it lately? (Experian, Trans Union, and Equifax are the 3 major credit reporting agencies, and federal law allows you to get a free report from them once a year).

Potential employers often will consider your score when reviewing your credentials for a new position.

Most consider 850 as a perfect score.

Depending on the type of loan / debt / job that you have (or are seeking), a credit score in the 700’s will typically either save you money or help you procure that position you are seeking.

More later on how to raise your score.

Harvey Dorland

Is it better to be a specialist or a generalist?

From an economic standpoint, the specialist is typically remunerated 20% or more more then the generalist.

By specialist, examples would be a D&O underwriter or broker versus a package one.

Or an HPR engineer versus a middle-market all-lines one.

Or a pension sales person versus a life, health and disability one.

Or a large group person versus a small group or individual person.

But… there are downsides!

The more versatile a candidate is - the more positions there are available.

Some employers have begun, in the past, to bundle… for example… D&O into all professional lines, or, inland marine into fire and general liability, or, workers’ compensation with general liability and auto.

If you don’t know the other lines, your compensation / worth is lessened.

Networking

Several years ago I was the guest speaker at a luncheon for thirty or so risk managers.

One of the things we talked about was networking.

This, of course, was not during a period of possible recession, but the same principles apply now as they did then.

Everything I read indicates, other than through yours truly (of course!), that more positions are filled from referrals / people that you know, than any other source.

So…. If you have a network, strengthen it.

If you don’t, start creating one.

The time to do this is while you’re employed, not waiting until it’s too late to get it done effectively.

More on Teammanship:

· The ability to be coached and to coach.

Discuss & negotiate issues in an open and fair manner, and change your position when it’s good for the team. Deal with differences in a constructive manner, being sensitive to the needs of others.

· The ability to influence superiors and be influenced by subordinates.

More next week.

Harvey Dorland