THE CEO INTERVIEW www.ceotodaymagazine.com 14 Why is life insurance so important? It’s tough to survive without it after the death of a breadwinner. Life insurance is the only thing that can ensure you’re able to take care of your family’s hopes, dreams and goals for the future – from where you live, to your children’s education and so much more. Assets can ‘disappear’ after a death when everyone has to get paid, and things can get tied up in probate. It’s something I experienced firsthand as a teenager when my father died in a car accident. I watched my mother make ends meet by first selling the property around us, then eventually the house. It was a slow decline as money ran out. I’ve seen it happen that way, and I’ve seen the difference when adequate life insurance was in place. I’ve spoken with many people whose late spouses were covered with Modern Woodmen life insurance and that protection was the only money they had left after other things were paid off and the bills continued to come. How has the COVID-19 pandemic impacted your industry? For Modern Woodmen, our disaster recovery/business continuity plans provided a smooth transition. We were prepared from a business standpoint, but from a psychological standpoint, I think everybody, at all companies, was affected. Employees were sent to work from home and were isolated, worrying about the news and seeing what the pandemic was doing. COVID obviously impacts our industry and selling life insurance. Over a million people have died, and it’s not over. Naturally, in our industry, we study mortality and are very careful with our finances. The reserves we set aside are predicated on possible catastrophic events, such as a pandemic or a financial market collapse. So overall, the industry has handled things in stride. Have we paid out more claims and more money? Absolutely. That’s why our members bought life insurance and why we exist. We’re fulfilling our promises, and we were built for situations like this. What have you learned from the past two years? I’ve had to learn to be more patient and to step away from situations, discussions and media reports that are emotionally charged, in order to keep a balanced perspective. The immediate thing in the face of the pandemic was the business side – can we keep things running and maintain service? That played out in the first 2-3 weeks, and I learned that yes, we can. What I didn’t foresee at that time was the ‘long tail’ of the psychological impact of the pandemic. Over the past two years, I’ve thought more deeply about the psychological impact of the decisions we make and the importance of communicating with people directly. Can you tell us a little bit about your life and the things that brought you to where you are today? The circumstances of my father’s death and how it impacted our family led me here. The experience of us not having adequate life insurance caused me to take courses in college to learn more about the industry. There I discovered the noble, social and moral good that’s done with life insurance. It’s different from other kinds of insurance; it’s not about replacing a house or a car. It’s being able to help financially fulfil people’s dreams for tomorrow, and that’s powerful. Life insurance is about paying forward, toward the hopes and dreams of your loved ones. It’s not for you, but for the generations to come, and it can be transformational. That appealed to me, and I gained a passion for it as I learned more. I felt that we can’t let people pass away without being protected. That can be devastating to people; I’ve lived it. Personally, I had a great childhood. I received an athletic scholarship from Mississippi State University and was working, singing with a band for spending money. I felt like I didn’t suffer, but my family did. My family’s experience ignited my passion for this business. What are the most important lessons your career and work for Modern Woodmen have taught you? I’ve taken away many lessons, but a few rise to the top. 1. You can’t inspire people without passion. Passion provides your sense of purpose. It gives you energy, a fire from within, and it acts as a magnet to attract others. At the core of discipline, you will always find passion. 2. Don’t hire like-minded people; hire those with like values. Every leader needs to hear diverse opinions and different ideas in order to make the best decisions. Having like values allows participants to feel safe during spirited, or even heated,
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