| Summer 2008
|
Ken Lauber is vice president of field operations at Texas Mutual Insurance Company. |
Ken's Corner
Straight Talk About Hard Cash
Executives love clichés. In annual reports, they express shock that another year is in the books. In marketing materials, they talk about going the extra mile, thinking outside the box and synergizing to produce maximum return on investment.
Personally, I prefer a more direct route to communication. I admit, however, that I was tempted to slip into "corporate speak" when I sat down to write this installment of "Ken's Corner." To understand why, let's revisit the Spring 2002 issue of this newsletter.
The cover story was titled "Hard Cash Despite Hard Market: Texas Mutual Pays $22 Million in Dividends." The author painted the picture of a drastically different workers' comp landscape than we are accustomed to these days.
Years of under-reserving caused some carriers to restrict their coverage, reduce their services or abandon the Texas market altogether.
By paying dividends for the fourth consecutive year, Texas Mutual demonstrated that it had the financial strength and stability to endure the hard market. Our foresight and preparation paid off for us and our policyholders.
Six years later, the market has done a 180. Many of the same carriers who abandoned you and your clients are back to compete for your hard-earned business. Again, Texas Mutual's foresight and preparation have paid off in the form of a $150 million dividend payout.
This would be a perfect time to dust off two of the oldest corporate clichés in the book: 1. In the workers' comp world, as in life, change is the only constant. 2. The more things change, the more they stay the same.
But, that's not my style. I will leave you with this thought instead.
It doesn't matter whether the market is hard, soft or somewhere in-between. You can count on three things.
First, Texas Mutual will be prepared. Second, we will deliver the tools you need to make your clients happy. And third, you will never catch me comparing my job to that of a captain navigating the Texas Mutual ship through the turbulent waters of the workers' comp market.
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