Ed Young on Where We’re Headed
“To me, ideas are worth nothing unless executed ... Execution is worth millions.” –Steve Jobs Anyone can take this advice to heart, whether you’re a stay-at-home parent or the CEO of a Fortune 500 company. Ideas are easy, but no one becomes successful because they had a great idea. Success comes from putting that idea into action. Being able to execute a plan is a skill every business leader needs. Here are three steps to help you improve your execution. 1. Ditch Perfection Have you ever watched a behind-the-scenes featurette of your favorite movie? Some of the most successful films were all but unrecognizable in their early phases. In fact, a lot of early concepts are terrible. Look up the original designs for Woody in “Toy Story” to see for yourself. Fortunately, rather than wait for the perfect script, creators executed their visions and make changes as needed. Putting off action in favor of creating the perfect plan or strategy leads to stagnant business. Successful people know that plans take many shapes before they reach their final form. Don’t jump into something without a clear plan, but don’t be afraid to define your strategy as you go. There’s a reason audiences won’t be flocking to theaters to watch the latest galactic adventures of Luke Starkiller this December. 2. Be Methodical While you shouldn’t wait for the perfect plan, you shouldn’t be flying in blind, either. You can be too energetic about execution. Make sure everyone involved in a plan knows their responsibilities. Confusion will torpedo any strategy faster than you can say, “Who was in charge of this?” The Harvard Business Review states, “Having the discipline to organize people, assemble resources, and then generate a plan that others can commit to Execute Strategy and Kill Stagnancy 3 Tips for Every Business Leader We’re not saying you should micromanage your team, but you do need to be checking in on a regular basis to evaluate progress on your plan. Schedule monthly or quarterly meetings to go over the strategy. This is where you look for any changes that need to be made and refine the strategy. A smart strategy feels reassuring, but learning to execute a plan is the only way to make progress. The best business plan in the world is worthless if you never follow through. will collectively improve execution.” 3. Evaluate, Evaluate, Evaluate
Nothing stays the same. While we may go through stretches in life where it seems like things have become set in stone, change is always coming. This is even true in insurance, a business that, historically, is slow to adopt change. Just ask Ed Young, CFO of INSURICA. “My whole career is change,” Ed says. “I got into insurance in 1989, starting out on the carrier side, holding the insurance contracts. Shortly after I got started, we had several hurricanes that blew through Florida and the eastern United States. I saw firsthand the impact insurance had on rebuilding after these disasters. It’s hard to think about what would have happened if insurance wasn’t there to restore everything.” Ed got his start in the finance side of the insurance world. During his first 10–15 years, he grew while at the company, doing a lot of mergers and acquisitions. In 2004, Ed had the opportunity to move to INSURICA. “INSURICA was doing a lot of acquisitions at the time, which was right up my alley,” says Ed. “Moving to the agency side of insurance was a big change, but I enjoyed it. Agents have to be able to give their clients good information so they can get the right coverage. It’s critical front-line risk management. The job demands relationship building, internally and externally. I enjoy that as much as I enjoy the people I work with. I’m engaged with some really quality people.” Over the course of 30 years in insurance, Ed had seen the industry change in many different ways. He cites the rise of “insurtech” as the biggest change the insured has ever faced. “Technology is rapidly expanding into every industry, including insurance. Insurtech introduces AI and other developing technologies into the game. The evolution of technology spotlights where we’re heading. If you’re not changing, you’re dying. INSURICA has to be ready to embrace those changes.” On top of tackling the changes faced by INSURICA, Ed has experienced all of life’s transitions that come with being a family man. He and his wife of 35 years have two kids, both in their 20s. When he’s not golfing, Ed and his wife are involved in service projects through their local church, bringing positive change to the community. Change is the only constant. That’s why it’s good to know we can count on Ed Young, a man who’s ready to embrace change and help lead INSURICA into the future.
2 • www.insurica.com • Specialized Insurance Programs for Specialized Industries.
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