Heath Ritenour’s Tales of Insurance, Business Development, and What Really Counts
In the realm of business leadership, there are many CEO’s, entrepreneurs, thought leaders, and innovators ready to grow businesses at all stages. While some follow traditional strategies based primarily on metrics, others lead intuitively, focusing on organic growth, people, and infrastructure. Heath Ritenour, CEO, and Chairman of Insurance Office of America is a prime example of intuitive and innovative leadership in action.
At the helm of a company that has expertly navigated many changes over thirty plus years in existence, Heath Ritenour leads by example. The renowned businessman imparts values into corporate culture, sets the tone for success, and ensures that the future of IOA is bright.
Currently, Heath Ritenour’s IOA is the 13th largest privately held insurance company in America. Ritenour has worked tirelessly with his peers and his network to help the company achieve that goal since coming on board in 1996. Harnessing his expertise in the industry throughout his initial years with the company, Ritenour gained the experience needed to successfully take the reins as CEO in 2007.
By continuing to grow and modernize IOA, Heath Ritenour understands that he can create endless opportunities for their producers, while simultaneously providing clients with the best insurance services and experiences available. Thus, the innovative thinker remains at the forefront of technological advancements, customer service and experience additions, and growth opportunities.
As an insurance broker, Heath Ritenour holds property and casualty general lines (2–20) and health and life (including variable annuity contracts, 2–15) insurance licenses. He specializes in all types of coverage, including personal, business, and risk management. Heath Ritenour was named a “CEO of the Year” honoree in 2018 by the Orlando Business Journal and was also named to the 2020 “Hot 100 List” by Insurance Business.
Recently, Heath Ritenour took part in an enlightening discussion about business, and how his life has impacted his role as a leader in the insurance industry.
What sets your company apart from others?
IOA [Insurance Office of America] was really founded on the vision that a brokerage could put agents and customers first. By putting people above profits, our employees are happy to be here, which creates a company culture that is reflected in everything we do. This subconsciously trickles into every customer interaction, visible in the passion of our team members, in the pride and care they put into their work, and in their willingness to ensure that all customers feel heard, welcomed, and informed.
We’re an independent insurance brokerage in a world filled with huge companies, which are consistently playing a larger part in the industry with further mergers and acquisitions every day. Staying independent is how we’re able to grow while keeping the same great environment for our employees and customers. While these larger counterparts find themselves more concerned with corporate structure and metrics, we are able to focus solely on providing the best customer experience and maintaining long-term positive relationships.
What changes would you like to see in the insurance industry?
Heath Ritenour: Insurance has been very slow to adapt to using the latest tech available, and while it’s finally happening, it also means it’s an industry that’s really ready for disruption. Implementing intuitive technology and machine learning within the field could streamline processes greatly, and provide potential customers with information regarding policies, coverage, and pricing without having to put forth too much effort on the front end. While insurance is often tailored to the individual, and contains so many different parameters, adding intuitive technology could really modernize the experience.
In the realm of insurance, customer education also plays a pivotal role in the outcome of the experience. While industry insiders certainly understand the minute differences between various policies and coverages, the average person may not. Thus, it is our job as professionals to proactively bring useful information to customers in a way that’s engaging, informative, and useful. It’s our job to proactively consider what may fit a client’s needs, or what factors may maximize a successful experience for the customer. At IOA, that’s something that we focus on. Proactive education is something that we pride ourselves on. Thus, I believe that an increase in readily available consumer information, presented in a productive manner, would also impact the insurance industry in a positive manner.
How do you remain productive and efficient as CEO of such a multi-faceted business?
My day is pretty busy, and it can involve a lot of multi-tasking. I’ll go from dealing directly with employee and customer issues to having to attend to some of the other businesses we own. One day, this might be dealing with real estate assets, while on others, I might have to work on our promotions company or the payroll business.
With my days so varied, I’m constantly asking myself, “Is this the highest and best use of my time?” Essentially, I create a hierarchy of importance for all of the tasks that need to be completed. Then, I focus on tackling the ones that are at the top of that list and try to work my way down. This ensures that the tasks that absolutely require my attention are given precedence, and are not lost in the wayside of “busy work.”
While all tasks on anyone’s to-do list may certainly feel important, being able to categorize them in a hierarchical fashion ensures that one’s time is maximized to its fullest potential. If a high-priority item has the potential to make great change for the company, it certainly deserves more time than a task that won’t move the proverbial needle.
What is a setback you were able to learn from, professional or otherwise?
Being diagnosed with cancer at age 39 would be considered a huge setback for anyone. I really felt that way about it, especially at the start of treatment. Simultaneously, I felt both so angry and so helpless. It was the realization that I could learn from the experience that was key to me feeling better about going through that experience. Suddenly, there was “purpose” to everything that I was going through.
Above all, I learned the value of the little things in life, how very precious they are. As a result of my treatment, I got to have some very special conversations with my children. Now that I’m healthy, I don’t take anything for granted, and that’s an important thing to remember, especially now.
While this was a very personal experience in my life, it does carry over into my professional sphere. I am genuinely thankful for each day that I get to grow IOA, and for the team members that continue to dedicate themselves to the company. It’s very meaningful to be able to lead teams of individuals who believe in the mission of a company and to build a corporate culture where individuals want to succeed.
What advice do you have for fledgling entrepreneurs?
Heath Ritenour: Once you start having some level of success, it’s easy to get set in your ways. It’s so important that you maintain your curiosity. Keep exploring and asking questions, because that’s how you find new opportunities. Being open to change, feedback and evolution is key to continued growth, professionally and personally.
I also believe that the number one way to achieve success is through hard work. I know so many people think it’s talent, or intelligence, or just luck, but I truly believe it is hard work above all else that allows people to achieve their goals. Putting in the proverbial 10,000 hours to master a subject may seem daunting, but in the end, is the best way to be prepared to handle the success that comes with being an authority, leader, or innovator in a chosen field.
How do you positively impact the world?
I believe that by creating a really wonderful place to work at a thriving company, I’m creating careers. One thing that’s important is that we create a truly independent environment that allows employees to have a rich home, life while engaged in a lucrative career.
I’m also really proud of how our company gives back to the community, especially with the IOA Corporate 5K. It’s great to be able to combine my love of sports with community service. Throughout the years, IOA has done a tremendous amount of community outreach, charitable giving, and community service. This has helped us to make a direct impact on the communities that we actively serve. It has allowed us to be involved in those communities, to understand the needs of individuals, and to make a difference. Even the smallest gestures can have a lasting impact.
Originally published at http://professionaltales.com.
