From Military Service to Employee Benefits - Two Veterans' Journey into Healthcare
Transitioning from military service to civilian life can be a daunting task for some veterans. However, with the right support and guidance, veterans can find fulfilling careers in various industries.
One such industry is insurance consulting, which offers a unique blend of strategic thinking, problem-solving, and client management. In a recent episode of the podcast @SelfFunded with Spencer, hosted by Spencer Smith and featuring Cliff Favors and Winston Elliott, the topic of veterans transitioning to civilian careers in insurance consulting was explored in depth.
Networking and Support: Key Factors for Success
One of the key takeaways from the episode was the importance of networking and support for veterans transitioning to civilian life. Cliff Favors and Winston Elliott, both veterans themselves and employees at Lockton, emphasized the value of reaching out to others who have already made the transition. They highlighted the Houston veteran community as an excellent resource for connecting with like-minded individuals and gaining insights into different industries.
The Rewards of the Benefits Industry
Despite its reputation as a potentially dull field, the benefits industry, particularly insurance consulting, offers rewarding opportunities for veterans. Cliff Favors mentioned that the benefits industry is often misunderstood and under-appreciated. He emphasized that the industry plays a crucial role in solving people problems rather than just crunching numbers. By focusing on the human aspect of business, insurance consultants can make a positive impact on the lives of employees and their families.
Lockton: A Trusted Partner in Insurance Consulting
Lockton, a privately held insurance broker, stands out as a company that prioritizes its clients' interests. Winston Elliott highlighted the unique advantage of being privately held, as it allows Lockton to focus solely on serving its clients without external pressures from shareholders or private equity firms. The company's commitment to comprehensive support was evident in its approach to medical coding and identifying questionable claims. With a team of medical doctors and coding experts, Lockton goes beyond traditional insurance brokers, acting as trusted advisors to business owners and CFOs.
The People Solutions Approach
Lockton's people solutions approach sets it apart from other insurance brokers. Rather than simply offering cost-saving solutions, Lockton aims to be a trusted advisor to its clients. By addressing not only healthcare concerns but also broader business challenges such as retention, compensation, and leadership development, Lockton positions itself as a strategic partner in the growth and success of its clients' businesses.
Tradeoffs and Challenges
While transitioning to a civilian career in insurance consulting can be rewarding, it is not without its challenges. Spencer Smith, the podcast host, highlighted the need for consultants to be proficient in their subject matter. The complexity of the healthcare industry requires consultants to continuously update their knowledge and skills to provide the best solutions for their clients. Additionally, veterans transitioning to civilian life may face the challenge of translating their military experience into relevant skills for the insurance consulting field. However, with the right support and networking opportunities, these challenges can be overcome.
In conclusion, veterans transitioning to civilian careers in insurance consulting have a unique set of skills and experiences that can be valuable in this field. By leveraging networking opportunities, seeking support from veteran communities, and aligning with companies like Lockton that prioritize client interests and comprehensive support, veterans can find fulfilling careers in insurance consulting. While there may be challenges along the way, the rewards of making a positive impact on businesses and individuals make it a worthwhile endeavor.
Chapters
00:01:23 Winston Elliott's Impactful People Strategy Journey
00:03:04 Transitioning from Military to People Solutions
00:05:17 The Impact of Winston's Daughter's Illness
00:13:19 Navigating the Transition with Veteran Networking
00:16:46 Hidden Gem: The Service Mentality in Insurance
00:20:05 Perpetually Private Insurance Broker with Exceptional Team
00:22:57 Comprehensive Business Growth Solutions
00:24:15 The Role of Benefits Consultants in Healthcare
00:32:36 Optimizing Benefits and Achieving Long-Term Goals
00:43:08 The Power of a Growth Mindset
00:51:06 The evolving landscape of mental health resources
(01:00:40) Collaborative approach to healthcare challenges
