Wednesday, December 7th, 2022

Monarch president shares her five-step course of to problem-solving


It’s a chance that Yiana Stavrakis (pictured) is aware of effectively as the top of an insurance coverage firm. “The extra you bear [the problem-solving process], the extra you understand a mixture of social and analytical abilities are required,” noticed Stavrakis, president of Monarch E&S Insurance coverage Companies.

That blend of social and analytical abilities consists of emotional intelligence, teamwork, and sound decision-making. “Not as soon as have I successfully solved an issue in a vacuum,” Stavrakis admitted. “A singular perspective will result in incorrect assumptions, incorrect decision-making, and in the end a scarcity of credibility. The issue-solving course of takes longer utilizing a group strategy, however the outcomes are at all times value it.”

Earlier than becoming a member of Monarch in 2020, Stavrakis offered strategic gross sales and advertising and marketing steerage as chief gross sales officer for Specialty Program Group. However her insurance coverage journey began with Metro Insurance coverage Companies, an actual property MGU, the place she honed her underwriting and claims administration abilities.

She is amongst a stellar line-up of insurance coverage leaders talking at the Girls in Insurance coverage Summit in San Francisco subsequent month. Because the chief of a full-service MGA and wholesale brokerage, she applies her personal five-step problem-solving course of on the job, which she shared with Insurance coverage Enterprise. Step one, she stated, is figuring out the issue whereas making certain an surroundings of transparency and open-mindedness.

“I attempt to not bounce responsible and even solutions instantly, so my group feels comfy coming to me with points and are engaged in serving to discover a answer,” she careworn.

The second step is contemplating potential options and forming a working group of stakeholders to collaborate with. For Stavrakis, making a secure surroundings for sharing concepts and artistic brainstorming is important for this stage.

The third step, and essentially the most tough, is making a call. Pulling a set off on an answer might be scary, however Stavrakis cited clever phrases from the pilot Amelia Earhart: “Probably the most tough factor is the choice to behave; the remainder is merely tenacity.”

She defined: “There’ll by no means be an ideal reply, ever. In case you are open-minded to suggestions, analysis totally, and monitor outcomes persistently, you’ll make the very best determination with the data you’ve at that second.”

The fourth step is to create a plan to implement the answer. Throughout this part, correct communication is integral to success, Stavrakis stated. It’s additionally greater than seemingly that errors will happen at this stage, however leaders ought to stand agency and hold pushing ahead towards the purpose.

“There will likely be occasions once we should take possession of missteps, however this makes us human, and if we act shortly primarily based on legitimate suggestions, there will likely be minimal collateral injury,” she added.

Lastly, the fifth step is to solicit suggestions and monitor outcomes. A strong plan at this stage ought to determine roadblocks and alternatives shortly, permitting for course correction on the fly, Stavrakis stated. Leaders ought to have the endurance and adaptability to pivot when issues aren’t working as deliberate.

Stavrakis additionally favors a “conceptual” strategy to problem-solving, which includes prioritizing primarily based on impression and strategically tying options throughout numerous issues. Insurance coverage leaders also needs to have the foresight to contemplate how every determination impacts one other.

Although decision-making requires tenacity, she cautioned fellow insurance coverage leaders towards prioritizing pace and making calls primarily based on private impulse. “Don’t bounce to options shortly and get the suitable folks engaged, so you’ve well-thought-out proposals,” Stavrakis suggested.

“You don’t have all of the solutions alone, however you might be accountable for guiding the ship there with the suitable folks rowing in the identical course.”

Insurance coverage leaders are addressing a number of the business’s most impactful points on the Girls in Insurance coverage summit in San Francisco on October 4 on the JW Marriott Union Sq..

Go to sanfrancisco.ibwomenininsurance.com to study extra concerning the occasion.



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