One of the oldest insurance companies in the region, LBW Insurance was founded in 1922 and operates out of Valencia. Mitzi Like, the firm’s chief executive, began her career in the claims department in 1977 at St. Paul Fire & Marine Insurance Co. By 2002, she was LBW’s chief executive. The firm is licensed in all 50 states and has international offerings.
How long have you worked in the insurance industry, and what did you do before working at your current firm?
Insurance is the only industry I’ve ever worked in. I got my license in 1978 and formed Like Financial with my dad. Later, we merged with another firm to create LBW Insurance and Financial Services.
Tell me about your role at your firm. What are your main responsibilities?
I’m the CEO and managing partner. My role includes setting strategies for growth, leading the sales team, and growing the firm’s largest book of business.
What is one of the most important professional lessons you’ve learned?
After this many years in the industry, and this much experience, I’ve learned to trust my instincts. I’ve also learned ‘where there’s a will, there’s a way.’ It’s really tough to find good coverage options for certain clients right now, but we keep pushing. We’re persistent and we don’t give up. We find them a placement.
What do people get wrong about the insurance industry?
Most people think they need to get quotes from different brokers in order to get the best deal. In reality, the RFP process is about selecting which broker will go out to the entire market to get those quotes for you. We all go to the same carriers – any good agent is appointed with all of them. So the search is really about selecting the one trusted advisor who will bring you the quotes, advise you on them, and negotiate the best price.
What is a trend in the insurance industry that more people should be paying attention to?
Prices are increasing in Employee Benefits and Commercial Lines both (except Workers’ Comp). Insurance carriers raise their rates in relation to the amount of claims they paid out or expect to pay out in the future. So, things like increased doctor and drug prices, or increased wildfire losses, cyber attacks, or lawsuits against employers have an impact on insurance rates. So we have to go out to the market on most every renewing policy. It’s important because premiums are up. We need to make sure we present all the options to our clients and ensure they’re getting the best coverage at the best price.
How can an insurance firm best empower their employees?
For us, it starts with hiring good people, and then having confidence in them and their talent. That’s how we’ve been able to grow.
What are some notable trends regarding one of your firm’s insurance specializations?
All of our clients, not just those in the tech arena, are doing a much better job shoring up their cyber vulnerabilities. For our part, we’re working hard to showcase that enhanced cyber-security posture to the carriers, so we get better premiums and broader coverage for our clients. We created our Tech Secure division more than 10 years ago to address the increasing threats from things like malware and cyber criminals, and to work closely with firms in the technology sector. Business owners today have to prevent their data from being stolen, corrupted, deleted or held hostage. They have to worry about their vital systems being taken offline. They have to keep employees from accidentally sending funds to criminals instead of the firm’s approved vendors. These are just a few examples. You can get insurance that will respond in the case of a cyber event, but the companies offering those policies require clients to put several security measures in place first. Without them, the insurance companies won’t offer the coverage.
What’s next for your firm?
We’ve been an independent, family-owned agency for 100 years and have no plans for that to change. But in terms of what’s on the horizon, we’re paying close attention to developments in areas like cannabis, supply-chain disruption, AI and the metaverse. We have to stay on top of changing legislation and emerging risks. That’s how we’ll continue to be the best trusted advisors to our clients – and that’s how we generate growth.