(Note: This story appears in the January 2023 issue of ED Magazine)
Erick Thorson of World Insurance Associates may come across as blunt — but it’s all in the best interest of his clients.
ED: What’s one trait about yourself that people you conduct business with wouldn’t know about you or would be surprised to find out?
THORSON: A trait my clients find out about me quickly is that I am honest and sometimes very blunt/straightforward with them. Something people expect — especially with insurance brokers — is for us to kind of be “Yes men,” but I am always truthful with my clients with what is happening within the market and what options are truly available.
ED: What attracted you to the insurance industry in the first place? When you were younger, what career path did you think you’d pursue, and how did it evolve into insurance?
THORSON: I was initially not attracted to the insurance industry. I am third generation insurance now and watched my dad grow up. He loved what he did and that always surprised me. I initially wanted to be a professional golfer and pursued that for two years after college. I quickly realized I am nowhere near good enough to be successful at this sport. So, I called my dad, told him I am quitting golf and would see him in the office the next day. The rest is history and I have loved every day being in the insurance space. I think I love insurance even more because I pursued another career and chose this career.
ED: When you’re not in the office or working first-hand with a client, how do you enjoy spending your time? What are your favorite hobbies?
THORSON: I still love to play golf. I play a lot of golf with clients and living in Scottsdale (Arizona) allows me to play year-round. I also love taking trips with my wife and 10-month-old son. We love to travel.
ED: Despite its extreme significance (especially in this industry), insurance can sometimes seem dry or intimidating — what tactics have you used that have helped make this subject matter more digestible and easy to comprehend?
THORSON: I have been very lucky to be around the carrier side as our family also owns an insurance carrier. So, what really helps me keep the information very simple and easy to digest for the clients is knowing the mechanics of what is actually happening on the back end of a policy.
Once a client knows how and why their rates or the rates in general are going the direction they are, they are able to understand that it is not always them causing the rate increases or why certain coverages are included or excluded. I truly help clients understand the full spectrum of how the insurance industry works well past the brokerage side.
ED: What’s the strangest claim you’ve ever dealt with in the industry?
THORSON: The worst ones are the inherent fraudulent claims that cannot be proved. For example: there was a slip and fall claim a dancer turned in and they somehow happened to find the one corner of the entire property that was blind to any cameras. The client knew it was fraudulent but could not prove anything.
ED: If you could change one thing about the adult nightclub industry, what would it be and why?
THORSON: I wish more carriers would be willing to accept this risk. I think it is one of the best risks to insure. It has security cameras and staff everywhere, the well-run clubs are very well maintained and lastly the patrons are typically very hesitant to want to submit a claim for the record of it.
ED: Do you have a favorite sports team? Is there a sporting event you’ve never attended, but wish to?
THORSON: LA Kings; Stanley Cup.
ED: Do you have a favorite band or music artist? Do you have a concert wish list?
THORSON: Country; I am finally getting to see Garth Brooks in Las Vegas in 2023.
ED: Do you have a dream vacation destination? Or a personal favorite location you like to visit?
THORSON: Any Discovery Land Company property; Baker’s Bay, Bahamas.
ED: What’s your most memorable industry-related experience (either EXPO, our outside of EXPO)?
THORSON: The EXPO in 2021 was amazing!
For more information, visit worldinsurance.com or call (818) 889-7240.
