Insurance Advice from Warren Buffett
As one of the most successful investors and businessmen on the planet, Warren Buffett commands a great deal of attention in the business press. You probably can't go a week without seeing articles about how to emulate his success or how to run your business like Warren Buffett. At Insurance Journal, Ben Taylor recently featured a fascinating testament to his success, Timeline: From Teen to Octogenarian, How Buffett’s Wealth Has Grown. In the piece, Taylor notes:
"Buffett has controversially avoided tech stocks and fancy new investing technology, preferring to evaluate companies by simple, time-tested standards. Is the market undervaluing a company’s intrinsic value? Does the company have a smart, responsible management team? Is the organization based on a fad, or is it a strong leader in a durable industry?"
It's worth a glance and leaves no doubt: he's earned his place in the pantheon of business successes.
If you want to find out what Warren Buffett has to say specifically about insurance, look no further than InsNerds.com, a fun blog by Carly Burnham and Tony Canas. Their blog is aimed at young insurance professionals and focuses on insurance, insurance careers and technology. They do so with humor, smarts and passion - it's a good blog to add to your regular reading list.
Carly and Tony recently featured "What We Learned at Dinner with Warren Buffett," a series of posts in which they gleaned insurance advice and wisdom from the "Oracle of Omaha" and then consolidated it into three parts. Buffett's interest in insurance has been a consistent theme throughout his business years. As the CEO and largest shareholder of Berkshire Hathaway, Buffett's business holdings have included Geico and Gen Re, along with numerous other majority and minority interests in insurance and financial companies held by Bershire Hathaway. In scouring Buffett's writings about insurance, Carly & Tony focused on finding "insurance knowledge that can be useful to today’s insurance professionals."
The series is a great virtual "cliff notes" to his writings - Carly and Tony have done the hard work. Here's a rundown of the three articles:
• What We Learned at Dinner with Warren Buffett
- this first post introduces the series and shares three insights on the fundamentals of insurance
• What we Learned at Dinner with Warren Buffett – Part 2 - the second post in the series focuses on 3 challenges of the industry and 3 of its strengths.
• Warren Buffett’s Tips for Success in the Insurance Industry - The final post in the series focuses on 5 key recommendations about how to be successful in today's insurance industry.
By the way, when you're done these articles, there are others that might be of interest. You don't have to be an up-and-coming young insurance professional to enjoy InsNerds - there's info for people of all experience levels. But if you have young staff on your team, you might point them to the young professionals section of their site for insurance career advice. It can be hard to attract young people to our industry, but many of these articles offer a good starting point.
• Photo credit: by Mark Hirschey via Wikimedia Commons