{"id":3116,"date":"2021-08-08T01:46:22","date_gmt":"2021-08-08T01:46:22","guid":{"rendered":"https:\/\/suretyone.com\/blog\/?p=3116"},"modified":"2021-08-08T17:39:00","modified_gmt":"2021-08-08T17:39:00","slug":"word-surety-bond-guy","status":"publish","type":"post","link":"https:\/\/suretyone.com\/blog\/word-surety-bond-guy\/","title":{"rendered":"My Word on Being a Surety Bond Guy"},"content":{"rendered":"

An adult at some stage of his (or her)\u00a0game ponders his choice of profession and what if any contribution that he makes to the body common, his world, his family, etc. It\u2019s easy to get caught up in the day-to-day battle to simply \u201cfinish\u201d, rather than looking at the broader picture, . . . the proverbial \u2018not being able to see the forest for the trees\u2019. A career in insurance can be like that. In my chosen niche, surety bond brokering and underwriting it can be difficult to see what value that we bonding agents offer other than being just a \u201cbond source\u201d.<\/p>\n

Why do I bond? The easy answer is to make money, but that\u2019s not really it. I could make money doing many things that are not remotely related to insurance. So, how do I fit in here? What do I do that helps people? Do I matter? Fortunately, there is a philosophical mechanism that you can use to answer the question. Sakichi Toyoda, the Japanese industrialist, inventor, and founder of Toyota Industries devised the \u201cFive Whys\u201d. This little trick told me why I truly \u201cdo what I do\u201d. This is how it went, . . .<\/p>\n

Why do you get up and go to an office every day?
\nTo sell surety bonds.<\/em><\/p>\n

Why? (do you sell surety bonds)
\nBecause people need them.<\/em><\/p>\n

Why? (do people need them)
\nBecause surety bonds are necessary to obtain occupational licenses, take elected positions, accept contract jobs, etc.<\/em><\/p>\n

Why? (would a person seek licenses, elected positions and jobs that require bonds)
\nBecause those folks want to work in their preferred professions and earn money.<\/em><\/p>\n

Why? (would people want to work and make money)
\nTo pay for their basic needs, raise healthy happy children, save for their children\u2019s education, save for the inevitable health problems that come with age and to enjoy a dignified retirement that places no burden on society or their kids.<\/em><\/p>\n

So, what do I do? Do I really sell surety bonds, or do I support people\u2019s hopes to live a decent life, raise healthy, happy children, save for their children\u2019s education, save for the inevitable health problems that come with age and to enjoy a dignified retirement that places no burden on society or their kids? I\u2019m going with the latter. It\u2019s the truth and it makes me feel good about me.<\/p>\n

In the course of \u201cdoing what we do<\/a>\u201d, we must partner with insurance companies that are focused on profitability, whether or not their combined ratio falls favorably within their peer group, volume, and other measures of being the \u201cbig dog\u201d in the surety business. Inevitably there is friction, carrier zero-loss underwriting philosophy too often running counter to a bonding agent\u2019s efforts to give applicants what they need in order to accomplish those aforementioned laudable personal and family goals. The most common reason for a surety bond declination is the ubiquitous \u201ccharacter\u201d judgment, generally based in\u00a0great part\u00a0on a FICO or National Risk Score. The fact of the matter is that a person without means is generally just as honest as one with economic means. In simple terms, just because a person is poor does not mean that he will not keep his promises. Surety bond companies should keep this simple fact in mind, not only because it\u2019s the right thing to do but also because insurance companies (in addition to creating shareholder wealth) ostensibly exist to serve a social good. Helping as many people as possible, even in those cases that seem marginal will yield big dividends in more ways than increased premium volume. \u201cA rising tide lifts all boats.\u201d, comes immediately to mind however if in the end a corporate surety is concerned only with the bottom line then I\u2019ll close on this. If you want to make money in the insurance business, you have to go where the risk is.<\/p>\n

Love thy neighbor<\/a>, give of yourself as liberally as you can to alleviate the suffering of others. Remember that as an insurance (or surety bond) professional you have a unique opportunity to help, advocating for others through an aggressive approach to writing and delivery of your products to as many and diverse insureds as you can reach. Want a good sample of your power of good? Last month I wrote a mechanic’s lien release bond for a lady that sought to pull equity out of her home. Reason? To pay medical bills incurred during her fight to save her husband from cancer. This is but one sample of the tremendous impact that you can have on the lives of others.<\/p>\n

~Constantin Poindexter, CEO Surety One, Inc.<\/p>\n","protected":false},"excerpt":{"rendered":"

An adult at some stage of his (or her)\u00a0game ponders his choice of profession and what if any contribution that he makes to the body common, his world, his family, etc. It\u2019s easy to get caught up in the day-to-day… Continue Reading →<\/a><\/p>\n","protected":false},"author":1,"featured_media":3120,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[80],"tags":[1728,1734,1871,51,2329],"yoast_head":"\nMy Word on Being a Surety Bond Guy • Surety One, Inc.<\/title>\n<meta name=\"description\" content=\"In surety bond brokering and underwriting it can be difficult to see what value that we bonding agents offer other than being just a \u201cbond source\u201d.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/suretyone.com\/blog\/word-surety-bond-guy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"My Word on Being a Surety Bond Guy • Surety One, Inc.\" \/>\n<meta property=\"og:description\" content=\"In surety bond brokering and underwriting it can be difficult to see what value that we bonding agents offer other than being just a \u201cbond source\u201d.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/suretyone.com\/blog\/word-surety-bond-guy\/\" \/>\n<meta property=\"og:site_name\" content=\"Surety One, Inc.\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Surety1\/\" \/>\n<meta property=\"article:author\" content=\"https:\/\/www.facebook.com\/Surety1\" \/>\n<meta property=\"article:published_time\" content=\"2021-08-08T01:46:22+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-08-08T17:39:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/suretyone.com\/blog\/wp-content\/uploads\/Surety-One-Inc.-Why-We-Do-It-3.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"853\" \/>\n<meta name=\"twitter:card\" content=\"summary\" \/>\n<meta name=\"twitter:creator\" content=\"@SuretyOne\" \/>\n<meta name=\"twitter:site\" content=\"@SuretyOne\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"C. 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