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Wednesday, December 7, 2022

Monarch president shares her five-step course of to problem-solving

It’s a possibility that Yiana Stavrakis (pictured) is aware of properly as the pinnacle of an insurance coverage firm. “The extra you bear [the problem-solving process], the extra you understand a mixture of social and analytical abilities are required,” noticed Stavrakis, president of Monarch E&S Insurance Services.

That mixture of social and analytical abilities consists of 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 finally an absence of credibility. The problem-solving course of takes longer utilizing a workforce strategy, however the outcomes are at all times price it.”

Before becoming a member of Monarch in 2020, Stavrakis supplied strategic gross sales and advertising 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 abilities.

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 mentioned, is figuring out the issue whereas guaranteeing an atmosphere of transparency and open-mindedness.

“I strive to not soar responsible and even solutions instantly, so my workforce feels comfy coming to me with points and are engaged in serving to discover a resolution,” she harassed.

The second step is contemplating potential options and forming a working group of stakeholders to collaborate with. For Stavrakis, making a protected atmosphere for sharing concepts and artistic brainstorming is crucial for this stage.

The third step, and probably the most troublesome, is making a call. Pulling a set off on an answer could be horrifying, however Stavrakis cited clever phrases from the pilot Amelia Earhart: “The most troublesome factor is the choice to behave; the remainder is merely tenacity.”

She defined: “There won’t ever be an ideal reply, ever. If you might be open-minded to suggestions, analysis completely, and monitor outcomes constantly, you’ll make the perfect choice with the knowledge you have got at that second.”

The fourth step is to create a plan to implement the answer. During this part, correct communication is integral to success, Stavrakis mentioned. It’s additionally greater than doubtless that errors will happen at this stage, however leaders ought to stand agency and preserve pushing ahead towards the purpose.

“There might be instances after we should take possession of missteps, however this makes us human, and if we act shortly based mostly on legitimate suggestions, there might be minimal collateral harm,” she added.

Finally, the fifth step is to solicit suggestions and monitor outcomes. A sturdy plan at this stage ought to determine roadblocks and alternatives shortly, permitting for course correction on the fly, Stavrakis mentioned. Leaders ought to have the persistence and suppleness to pivot when issues aren’t working as deliberate.

Stavrakis additionally favors a “conceptual” strategy to problem-solving, which entails prioritizing based mostly on impression and strategically tying options throughout varied issues. Insurance leaders also needs to have the foresight to think about how every choice impacts one other.

Though decision-making requires tenacity, she cautioned fellow insurance coverage leaders towards prioritizing pace and making calls based mostly on private impulse. “Don’t soar to options shortly and get the precise individuals engaged, so you have got well-thought-out proposals,” Stavrakis suggested.

“You don’t have all of the solutions alone, however you might be liable for guiding the ship there with the precise individuals rowing in the identical route.”

Insurance leaders are addressing a few 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 study extra concerning the occasion.

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