It’s About the Money

Rev. Jesse Jackson issued a challenge to the agents present at the Independent Insurance Agents of America’s annual meeting last week: Take off the blinders and see that a multicultural clientele is economically advantageous. Put the moral and ethical contemplation about doing the right thing aside, Jackson said, and think for one moment about the $800 billion market that black and Hispanic markets represent. “Redlining is a way to say, ‘I fight for the right to limit my market.'”

That Jackson would pose such a challenge should come as no surprise to the insurance industry. A speech he had given earlier this year was solid evidence of his intentions. He co-wrote a book with his son titled It’s About the Money: The Fourth Movement of the Freedom Symphony… that aims to teach its readers about the many nuances included in the financial services realm. He heads the Wall Street Project, which challenges corporate America to end the multi-billion dollar trade deficit with minority vendors and consumers.

Ready for its new role

The executive leadership at the Big I has been preparing for this challenge. Their invitation to the Democratic reverend just a week before a large presidential election was proof that his message was important to them.

Jackson’s message did not fall solely on Caucasian ears, as it might have in the past. No, the Big I responded to his challenge by inviting both the National African-American Insurance Association and the Latin American Association of Insurance Agencies to join the national convention. The presence of both groups and their members was profoundly felt.

The IIAA, NAAIA and LAAIA will have completed their mission of integration when we no longer notice their presence, when the convention represents the natural variation of our own melting pot of a country.

“We can not have diversity unless we have education,” Jackson said, adding that when minorities become economically literate they will “choose insurance rather than the lottery.”

Most inherent in his statement was that this education must come from the public education system or from the agent, a consumer’s first line of defense.

The agent plays a very difficult role. For the consumer, he is their advocate, their leader and their teacher. For the companies the agent represents, the agent is their best underwriter and the key to their profitability. Integrating those two roles is often an impossible task. Jackson is asking that agents remember their role as educator before categorically denying a minority risk.

Another challenge

It was perhaps my preoccupation with the integration that invited me to categorize the members and participants of the past IIAA. For four hours, I sat behind the group of IIAA past presidents and award nominees. One-by-one, they were invited to stand and receive recognition for their contributions to the IIAA. Many of them, as their reception from the crowd indicated, were incredible men. The reception for C. Courtney Wood nearly brought me to tears, though I knew nothing of the man.

But they were only men. And by this, I mean there were no women. A few moments later, a speaker, upon presenting a bouquet of roses to the wife of the outgoing president said, innocuously enough, “Of course, behind every good president is a good wife.”

If I were to add to Rev. Jackson’s challenge, I might add that I hope the IIAA can someday say, “Behind every good president is a good spouse.

Topics Agencies Training Development