Today was a very informative day about the state of Iowa. We visited the Capitol, which really expanded my knowledge of the state, and also Vermeer, a company that greatly expanded the manufacturing business in Iowa. Tonight we were asked to blog about our dream job in Iowa. If it were up to me, my dream job would be running (CEO) an enormous insurance brokerage in the state of Iowa. The Capitol for the state of Iowa could impact this job both positively and negatively. Insurance regulation has been a hot topic in America as of late, with the new health care reform taking action. My dream job however, would be in the Commercial Property and Casualty insurance industry. I’m not quite sure if I am right on this, but I believe the Insurance Commissioner of Iowa, Susan Voss, ultimately has the final say on rating factors in Iowa. Rating factors inevitably affect the final premium in which the insured has to pay in order for coverage to take place. As I stated earlier, this will affect my job because it will either push premiums up or down making it a hard or soft market. In a hard market, premiums are high and harder to come by, and vice versa for a soft market, where premiums are low and easier to come by. But the Capitol would have a role in this because all the lobbying going on with insurance regulation and rating.
Later in the afternoon, we participated in a business simulation where we had to make business decisions in a competitive environment. My team did not effectively implement our strategies we planned on using before the simulation started. We all had leadership roles, VP of Strategy, Operations, Business Development, Planning, and Finance. Yet when we started our first year of business within the simulation, we failed to do our own jobs. We each got caught up in making decisions for other people’s role. If I were to carry these skills over into a competitive environment when I graduate, I will be searching for a job for quite a while. We should have taken a step back, reviewed our roles individually, and planned together what we each wanted to see long term for our business.
All in all, it was yet another great day at LIU! I am very excited about our day tomorrow.