Rising Star Patrick Miller Outlines the Career Moves That Led to Brokering Success
Come see the Stars! As part of our ongoing coverage of the best brokers in the commercial insurance space, Risk & Insurance®, with the sponsorship of Philadelphia Insurance, is expanding its coverage of the Rising Stars, those brokers who represent the next wave of insurance brokering talent.
Look for these expanded profiles on the Risk & Insurance website and in your social media feeds throughout 2023.
Here’s our conversation with Patrick Miller, senior client executive, Marsh McLennan Agency, and a 2023 Power Broker winner in the captives category.
Risk & Insurance: How did you decide to embark on a career in the insurance industry, and in the captives area specifically?
Patrick Miller: I started my sales career as a summer job selling ADT security systems door-to-door with some of my friends in college. We had great success and my mom knew a local agency owner that suggested I look into going into the insurance business. I then decided to switch my major to risk management and insurance at the University of Georgia, and I loved it.
As for captives, when I learned about how much opportunity a client has to take control of their insurance program through captives and alternative risk financing, it was a no-brainer; this is what I wanted to help my clients achieve.
R&I: What sets the captives space apart within the insurance sector? And how do you stay abreast of this segment of the industry?
PM: If a company is of the right size and has the safety and controls in place, this is a good starting place to have the captive conversation with them. It truly allows them to take control of their own program, turn their insurance program into another profit center, and decide the risk management decisions they want to make rather than the carrier telling them how to run their business. There are so many tools and workshops provided to captive clients, and these resources are only there to help the client’s business best succeed.
R&I: What are the biggest challenges that you help your clients handle? What do you value most about your relationships with your clients?
PM: The biggest challenges my clients face would be how to best manage their total cost of risk, and this is where we come in and help them. After taking on a new client, depending on how they understood insurance prior to working with us, we really help them understand that there is so much more to insurance than the premium at renewal. Because of this, my team and I have extremely close relationships with our clients. We think of them as our team and I would like to say they feel the same.
R&I: What do you enjoy most about your work? What do you find most rewarding?
PM: My clients and my coworkers are the best part of what I do. I would not trade my career for anything. I also would not trade the company where I work for anything. It sounds cliché to say my clients are what makes this job most rewarding, but the truth of the matter is that when you have the client relationships we have, it never feels like work; rather, it feels like we’re doing the best job we can to help who we truly care about.
R&I: While you enjoy mentoring your clients, who do you turn to as a mentor, and what motivates you to delve further into the industry to enhance your skill set?
PM: For pure mentor [relationship], Craig Herr at my company is someone who has truly helped me learn how to thrive in this business, and outside of business as well. I would not trade this relationship ever.
As for captive mentorship, Steve Norton has taught me more than I ever thought possible and has helped my clients so much. Steve Norton knows more about captives than I’ll ever know, and for him to have taught me so much, I am very grateful.
R&I: What actions do you take to stay up to speed and knowledgeable within a changing industry?
PM: Everyone in this business knows that industry knowledge is key. It is important to not only have an understanding of the insurance industry, but also possess knowledge of the prospect or client’s industry as well.
I intentionally attend industry-specific educational meetings with my clients, whether they pertain to insurance or not, which allows me to be on top of any industry changes and gain a better understanding of my client’s risk profile overall. &