Randy Doss, 29

Successful Wholesale Broker in Property Coverage

Randy Doss is a wholesale broker specializing in property coverage for CRC Insurance Services in Houston, Texas. Although Randy didn’t intend to enter the surplus lines industry, he admits it’s the perfect profession for him, requiring a blend of intelligence, effective communication, and strong inter-personal skills. By helping people find coverage for distressed risks, he’s found his career both professionally and personally rewarding.

Falling into a Surplus Lines Career
Like many in the surplus lines industry, Randy sort of “fell” into this profession. He started off as an engineering major in college, but after taking a few courses, he realized it just wasn’t for him. He was attending the University of Louisiana at Monroe and decided to transfer to the college of business. 

“I signed up for Insurance 101. During the class, it felt like a light bulb just came on. I was intrigued by the different realms of insurance and various types of coverage. A guest lecturer came to discuss the surplus lines industry. He explained that there really was no risk the industry couldn’t write. It might cost a lot, but there was someone out there that would write the risk. I fell in love with the industry and haven’t looked back since,” said Randy.

“Before I took the class, the main image I had of an insurance professional was the door-to-door salesman, and the main types of insurance I was familiar with were home and auto policies. It never occurred to me that insurance was so varied and complex. Most students today are probably in the same situation; they simply aren’t aware of all the opportunities that surplus lines industry has to offer.” 

On Mentorship in the Industry
Randy was fortunate to work under brokers with large books of business and who mentored him early in his career. This helped him to quickly achieve a high level of success. Now at 29, he’s been in the business for a while and has the chance to give back. “I’ve had the opportunity to recruit, work with, and mentor young people straight out of college. Right now I have an assistant, and it’s gratifying to see her face light up when we write a deal or when she understands something new about the business.”

On Being a Broker in the Tough Property Market
“I specialize in property coverage. In this area of surplus lines, a lot of what we do is look into the future and try to predict what’s going to happen in terms of natural disasters. Computer models are used to help determine if a flood, hurricane, or earthquake is likely to occur, and if a catastrophe does happens, what the maximum loss will be to a particular area.”

“Property coverage is considered very complex. Right now, California earthquake coverage is tough. Many think it’s not a matter of if an earthquake will occur but when. After Hurricanes Katrina, Rita and Wilma hit, it was difficult to find insurance companies that would write property coverage in Florida and the entire Gulf Coast. As a result, we were forced to creatively package coverage for our clients.”

“There’s a lot of information the underwriter needs in order to write these risks, and as the wholesale broker, I work closely with the retail agent to get this information from the insured. In this role, I’m not just a salesperson. I act as a consultant and advisor to the retail agent and underwriter. It’s a very intellectual sale.”

Knight in Shining Armor: The Rewards of Working in the Industry
“What’s most rewarding is I get to be of service to people. Often times, there’s no other coverage option out there. We’re the last resort. It’s like being a knight in shining armor because we come to the aid of companies with distressed risks. In addition, when a catastrophe hits, you see the devastation, and it’s the surplus lines industry that pays to clean up and rebuild the community. There’s a lot of gratification in knowing this.” 

“There’s nothing about the industry that I don’t find personally rewarding and fulfilling. I work with great people. I’ve been able to see the country and travel abroad. On a personal level I love sports, and the industry has enabled me to attend a lot of sporting events with clients and business associates—including baseball and basketball games, and even the Kentucky Derby.”

“It’s also very feasible to balance your career with a personal life. The business is flexible. If you’re single, you can travel. You can take advantage of today’s technology, such as a laptop and Blackberry, and work from just about anywhere. If you have a family, you can design a schedule that fits their needs. You can bring them to an industry convention for a nice vacation. If there’s a downside to this business, I haven’t found it yet. It’s absolutely wonderful.”