LOG IN Alert Search Send Message BROKERAGE INSURANCE DELEGATED INSURANCE SUCCESS STORIES BROCHURES CLAIMS INSIGHTS ABOUT US CONTACT US CRITICAL THINKING FOR PROPERTY AND CASUALTY PROFESSIONALS HOME / INSIGHTS / BLOGS / CRITICAL THINKING FOR PROPERTY AND CASUALTY PROFESSIONALS 11 September 2019 by Regina Kirwan | Chief Marketing Officer, GenStar and Genesis People may assume critical thinking, the ability to objectively analyze and evaluate an issue, comes to us naturally. Yet most would also agree that our thinking is biased and sometimes uninformed. For those in the Property and Casualty insurance industry, profitability depends on the quality of our thought processes and ultimately, the quality of our decisions. Better thinking … critical thinking … should, in theory, yield better decisions. A critical thinker is one who: Evaluates key information Asks relevant questions Considers alternatives Comes to a logical conclusion Communicates with confidence In today’s business world, multiple elements distract us from disciplined thinking. We are bombarded with input from a variety of sources, including emails, texts, data and notices. Our environment is changing as technology evolves and cyber security issues emerge. The pace of business is faster. When you consider the many internal and external factors affecting us on a daily basis, we face a constant uphill battle of managing information. Some issues that we see in the Property and Casualty industry cause us some real critical thinking challenges just as we go about our business day: The Council of Insurance Agents and Brokers’ (CIAB) Commercial Property/Casualty Market Report Q2 2019 revealed increases across all-sized accounts and most lines of business. 1 How does a Property and Casualty professional navigate a changing marketplace? The construction industry employs approximately 10 million people in the U.S., according to Statista.2 With advances in technology, there may be fewer workers at a job site. Does the current payroll make sense for the exposure? Regarding sexual abuse and molestation, the N.Y. Child Victims Act was recently extended until a victim is 55 years old, with a one-year window to file claims that were previously time barred, beginning August 14, 2019.3 Have you started discussing this change? In addition to the above, we face numerous challenges in the insurance world, including: data overload, entrenchment, herd mentality, high emotion, reliance on tools, skipping steps and unconscious bias. If we take a moment to PAUSE, we can begin to develop solutions based on probing questions that can lead to better outcomes. We use this handy feature with movies and music — why not in our business lives? Critical thinking will enable us to reach thoughtful and hopefully profitable decisions. As Richard W. Paul, a leading expert on critical thinking theory famously said, "Critical thinking is thinking about your thinking while you’re thinking in order to make your thinking better." 4 Now let’s pause for a moment and think about that! Endnotes https://www.ciab.com/market-intel https://www.statista.com/statistics/187412/number-of-employees-in-us-construction https://www.law.com/newyorklawjournal/2019/03/22/suits-for-sexual-abuse-deadlines-and-statutes-of-limitations https://sites.google.com/site/robertsseniorpresentation/professional-identity Latest Posts Facial Recognition - Is It Possible to Remain Anonymous? - May 26, 2020 DRONES, DRIVING, AND MORE: TECHNOLOGY IN CLAIMS - Nov 19, 2019 Your Insurance Experts Are Retiring. Now What? - Nov 08, 2019 Collecting Biometric Data? Liability May Be Greater Than You Think - Oct 16, 2019 Why Underwriting? - Oct 07, 2019 LOOKING FOR A SOLUTION? ...or Choose a coverage type NEED MORE HELP? SEND US A MESSAGE FIND A BROKER Terms of Use & Important Legal Information Privacy Policy General Re Corporation Genesis Insurance Berkshire Hathaway General Star Management Co. 120 Long Ridge Road, Stamford, CT 06902 (203) 328-5700 More contact info General Star National Insurance Company is licensed in the District of Columbia, Puerto Rico and all states. General Star National Insurance Company has its principal place of business in Stamford, CT and operates under NAIC Number 0031-11967. Insurance is placed with General Star National Insurance Company by licensed producers. General Star Indemnity Company is an eligible surplus lines insurer in all states, the District of Columbia, Puerto Rico, and the Virgin Islands. It has the status of an unlicensed insurer in California and operates under NAIC Number 0031-37362. Insurance is placed with the General Star Indemnity Company by licensed producers and, for risks that qualify, by licensed surplus lines brokers.