"Catch as many sunrises as possible" and 9 Questions with Carey Wallace
Question 1:
Tell us about yourself. What's your background?
Carey:
I consider Pittsburgh as the place I am from because my parents are both from there and I have a large extended family that still lives there, but I am an army brat, so I’ve lived all over the country.
My childhood was spent moving about every 18 months, so I got to see a lot of different places, meet a lot of different people, experience a lot of different things, and was forever “the new kid” in class.
I've lived everywhere, so I’ve never really met a stranger. That military lifestyle definitely teaches how to get to know people quickly and adapt fast.
I attended a total of 12 different schools growing up. While our roots were in Pittsburgh, we took a pretty big lap around the states including Virginia, Alabama, Texas, Washington State, Florida, and Hawaii. We eventually finally found our way back to Pennsylvania, where I graduated high school.
I went to college in West Virginia and my husband and I settled in the DC area to start our lives together. I have an aunt who kept track of all of the places we lived with all of our different addresses and phone numbers, which was kind of handy, because my first job required a secret clearance. I had to call her and say, “Can you please tell me where I lived?” so they could do the research.
Question 2:
What did you tell your parents you wanted to be when you grew up?
Carey:
I was a nerd. I absolutely loved science and math. I really thought that I wanted to be a chemist, and pictured myself working in a lab somewhere, so I was pretty sure I was going to go into science in some way. When we lived in Florida and Hawaii, there was a brief time I thought that I wanted to be a marine biologist—who wouldn’t want to work with dolphins and turtles, right?
When I got into high school, I was part of an investment club and that got me focused more on investments and business, and I think that is what influenced me to eventually choose my path in finance where I am today. But the entire time growing up, I thought I was going to wear those goggles and the white jacket.
Question 3:
What attracted you to the insurance industry, and what keeps you in it?
Carey:
I did not find insurance. Insurance found me. I started my career in Northern Virginia at a technology startup that was funded by a government contractor. The startup had a total of nine employees when I joined them, which grew to 50 by the time we took it public. That process of taking a company public was super-exciting. I learned a lot, and while it was stressful it was mostly exhilarating.
I was convinced at the end of it that I wanted to take companies public for the rest of my life.
I was in the process of interviewing with a consulting company as part of their IPO team when I found out I was pregnant with our first child. I quickly realized that the IPO work lifestyle wasn’t going to work with raising kids. So, I after some soul-searching I decided to take a 12-year hiatus and stayed home with my kids. When my kids were entering middle school, they told me, "It's time for you to find another hobby, we’ve got this!”
Business operations, finance and what makes a business work was my thing, so I put my resume together on a Thursday, and I think I was hired the following Tuesday. I wasn’t really looking for a career, at that point I just wanted to get out of the house.
I went to work for PIA, which was Professional Insurance Agents Association of Ohio. It was an association right around the corner and allowed me to stay close to home and in our community. My oldest daughter has some special needs, so I wanted remain accessible and be around for my kids' activities.
PIA is now known as Ohio Insurance Agents Association. What attracted me to the organization was the mission of the organization and the opportunity to work with over 1,300 entrepreneurial business owners across the state of Ohio. They just happened to sell insurance. Shortly after I joined, I was elevated to the CFO position and I was able to put my old skills to work as the organization went through a merger with Big I. Honestly, it felt like old times!
I worked OIA for 12 years. My role became externally facing and I got to build a data analytics company as well as much needed consulting services to help agencies transition their businesses. I knew that with the right data and insights agency owners would be best prepared to make sound business decisions. While this is not exactly the same as taking companies public, it certainly scratched the same itch that I had before and was incredibly rewarding work.
The reason I stay in insurance is the people. I honestly love the agents that I get to work with. Insurance has introduced me to the most incredible and genuine people that care deeply about their clients, community and staff which is inspiring. I love that my work allows me to help these entrepreneurs win. It's a really good day when I get to help somebody either keep a business in their family or understand how to leverage data in order to grow their business and plan for their future. Those are the days where I feel like I am making an impact.
For me, it’s 100% about the people and the relationships. I would have never in a million years thought insurance was going to be where I would be, and I certainly did not go looking for it, but I am so thankful insurance found me.
Question 4:
What does it mean to “lead from behind” or “manage up?”
Carey:
A lot of people believe that in order to lead, you need to be the person in charge. I completely disagree. Managing up is when you use your voice and care enough to dig in, say what you think and stand for something you believe in regardless of the position you hold in a company. Surround yourself with as many smart people as you possibly can and learn from each other.
I've chosen in my career to work in small organizations where I had a wide purview—that purview is one of the things that provided me the opportunity to manage up. You can influence people in a very significant way by being smart, consistent and reliable. It takes a lot of grit, commitment, a willingness to roll-up your sleeves and do the work.
When you are not the person that may be the ultimate decision maker, you still have a ton of influence in how you carry yourself, how you work, and how you contribute to your team. I've had the ability to be the person in charge that makes the final decision. But I can tell you, it's really important for people to know the power that they have at any level. That power is earned. It's earned by your behavior. It's earned by how you approach your work, the example you set and by how much you care.
If you don't care enough to have a voice, then it's really difficult to be viewed as a leader. I think we all have the ability to lead. I encourage many people that are just starting out to understand that kind of power and not look at it as a hierarchical thing, but instead as a behavioral thing. Anyone from any position can lead. I’ve spent most of my career leading from behind.
Question 5:
What are some of the challenges now facing the insurance industry and independent agents, and how can data help?
Carey:
Customer expectations, carrier expectations and the immediacy that we all have grown accustomed to impacts every part of our lives. Insurance is no different. We expect to have immediate answers and access to information in every part of our lives. Technological advances is causing insurance to become more complex than it ever has been.
There are a lot of things changing in our industry, and I think the pandemic has shone a light on the differences between those that embrace data and technology so they are able to adapt to the changes vs. those that choose not to.
When I look at the agents at the end of their careers and compare them to those that are just starting their careers—their experiences, challenges and expectations are far different. What worked 10-20 years ago is no longer going to work 10-20 years from now. I believe that the independent insurance agent industry as a whole is incredibly resilient and strong. It is starting to transition and really understand how to leverage data, utilize technology to scale and become more efficient, so they meet the changing expectations and focus the time needed on providing advice and building relationships.
I strongly disagree with those say technology is going to take the place of an agent. I think the advice and the context they provide is priceless. But being able to be more efficient and be more predictive about what they do is incredibly important, and leveraging data is the way that will happen.
I believe the winning combination has to be a blend. Keep the core of what you do and the advice you give to your clients. Then allow yourself to scale that and get really efficient by using technology. And get really smart about where you spend your time and energy—and do that by understanding the data and trends that are right inside your agency.
The agents of today and of the future are the ones that can figure out the right dynamic between data, technology and relationships.
Question 6:
How do you think a company like AgencyKPI can help address challenges for independent agents when it comes to data?
Carey:
I believe that AgencyKPI is focused on helping agents better understand where to place their business, how to operate, and utilize the data they have to become more efficient—and make smart, well-informed business decisions.
I’ve had the pleasure of presenting a couple of times with Trent and we’ve talked about the many ways data can impact agencies and their operations. Independent agents have a lot of decisions to make. They can pick their partners. They can pick their clients. They choose the technology and tools they want to utilize. They decide which niches, products, and areas they want to focus on. But how do you know if all those decisions are making sense?
I think AgencyKPI gives agencies the context, benchmarks and the process for agencies to really evaluate the decisions they’re making and the impact it has on both the agency as a whole as well as their clients.
I also love that you have agents leading AgencyKPI. That, I believe, is incredibly important to have that perspective. By agents for agents makes a huge difference in our industry. I know people use that term all the time, but you can feel the difference when the organization has a deep understand the inner workings of our industry, versus those that just recognize an opportunity in our industry. Our industry is filled with InsurTechs and all kinds of solutions. It's the agent-led ones that I think are going to really make a difference for independent agencies.
This is one of the most profitable and recession-proof industries by all measurements. You can really feel the difference when a solution comes from a place of understanding that gets to the root cause because they’ve lived it, and they're doing something to change it or to enhance it—versus just an outsider that cant possible have that perspective.
Question 7:
What is “Dreams on Horseback?”
Carey:
Dreams on Horseback is an equine-assisted learning organization. Dreams on Horseback is focused on helping all kinds of people. It started out with socio-economic, disadvantaged kids, and it moved to those with special needs.
There's now a program for Alzheimer's patients, military families and just about anyone who has something going on in their lives. You can find a lot of peace, and a lot of progress, around horses.
The organization has been a huge part of our lives for over 15 years, and it has impacted every single one of my family members in different ways. My husband Kevin and I were involved on the Board of Directors, and helped build programs for people on the Autism spectrum.
Both of my girls have been heavily involved with horses as well. My younger daughter, Lindsay, volunteered in various programs and rode competitively. My oldest daughter, who is on the autism spectrum, was a participant in the programs, eventually a volunteered in those programs and loves taking care of the horses.
My daughter, who is on the autism spectrum, has always been the person in need of help. This organization allowed her to become a mentor to younger kids who also are on the spectrum. They found a way for her to volunteer and help others, and that was incredibly empowering for her. She's got great relationships with her co-workers and with the horses. It’s allowed her to have a job for the last eight years. She's one of the hardest workers and most consistent workers that they have, because she loves it. She's a different person there too, which is pretty special.
The experience of volunteering at Dreams inspired my younger daughter to focus her career on working with people with special needs. When you live and you grow up with someone who has some challenges, and you see the impact we all can make just simply by volunteering, being patient and accepting others, that's pretty impactful. I attribute that life lesson to Dreams on Horseback and the community of people the organization brings together.
It’s funny, horses and Dreams on Horseback have been such a huge part of our lives, but I'm allergic to horses, actually I’m deathly allergic. I have to take so much Benadryl to be around my kids when they're around horses, it's hilarious. For many years, I was allergic to both of my kids because of the amount of horsehair they had on them at any given time.
“Good Morning America: Disney, Points of Light Volunteer Family of the Year nominee: Meet the Bell-Wallaces.”
In 2019, thousands of families across the US were nominated for the Disney and Points of Light Volunteer Family of the Year. We were nominated by another family at the barn, and we ended up being one of the top five finalists featured on GMA! It was a really incredible honor for all of us to have something we do—because we love it—be recognized in such an unimaginable way.
Question 8:
What can you be found doing when you're not working?
Carey:
Prior to COVID one of my favorite things to do was travel. I enjoy visiting places with different culture, and most recently we had the opportunity to travel to Cambodia and Vietnam with our friends. It was truly a trip of a lifetime.
Obviously, travel has come to a screeching halt, and over the past year we have been spending as much time outside as possible. I love racquet sports especially tennis and pickleball.
When possible, I spend as much time as I can in or around water as well. My current favorite water activities include kayaking and paddle boarding.
My husband recently bought a fishing boat when he turned 50, and while I am not a big fan of fishing, I love going out on his boat with him. It is incredibly peaceful to be out on the water.
Question 9:
What is it about a sunrise that speaks to you?
Carey:
I am an early riser, so I catch as many sunrises as possible. If I am somewhere where you can see a sunrise, I’m looking at it. I love the calmness and stillness at sunrise.
Many times, I am one of the only people up and there is something about watching the world around you wake up. I spend a lot of time near the beach, and the views are always different and many times unexpectedly breathtaking.
I can’t think of a more peaceful moment. It gives you perspective, time to reflect and sets the tone for the rest of the day. It is hard to have a bad day when you start with a sunrise.