(Season 1) Ending Oct. 25
Dec. 17, 2021

Lovejoy Risk Management Corp

Lovejoy Risk Management Corp

Precious Norman-Walton is the President and Co-Founder of Lovejoy Risk Management Corp, an Independent Insurance Brokerage in the Dallas/Ft Worth Metro area. With over 15 years of experience, and seven professional designations, she has served the industry in many roles, such as claims, underwriting, risk management and sales.  Tune in, you don't want to miss this podcast interview!


About the Guest 

[02:03] Precious had to move around a lot as the daughter of a veteran soldier, and she spent most of her youth in countries like the Philippines and Hawaii. Both of her parents live in Shreveport, Louisiana, a tiny town in northwest Louisiana.

[03:49] some credits can be transferred. After high school, immediately enrolling in a four-year institution is not the most cost-effective way to earn an education. Although there are more efficient ways to do this, the experience is rewarding.

[05:21] Precious' parents are both baby boomers. Baby boomers are primarily concerned with identifying their specialty, establishing themselves, and eventually retiring. This concept was presented to Precious as a child.

[06:44] Precious has spent the last several years of her professional career as a startup or scale person. She enters an organization, reorganizes it, and assists in developing a game plan.

Progress and Growth

[08:15] If you aren't progressing, if you aren't growing, you can develop in various ways, both traditional and unexpected. However, there is no such thing as standing still in the workplace. Being a lifelong learner is more of a way of life than a destination; you'll never run out of things to learn.

Insurance and Claims on Calamities

[09:40] For Louisiana residents, Hurricane Katrina changed everything. There was a lot of confusion, hostility, and suspicion, even about the role of insurance and why claims were being refused in the first place. As a consumer and a resident, Precious felt obligated to learn more about how it works, particularly the technical details.

[13:10] Precious finds herself regularly explaining policies to consumers for the first time. The adjuster will accept only decisions made years before meeting with the insurance adjuster. We cannot make amends retroactively, and all we need to do now is put what you have in place.

Diversity in Workplace

[14:13] Precious noted the organization's departments were diverse when she joined as a Charter Property Casualty Underwriter. She also saw that the farther up the organizational ladder you went, the more varied the employee workforce became and that she was one of the few dark-skinned and youthful people there.

 

Risk Management

[17:59] Risk management involves conducting a 360-degree evaluation, identifying what works well and where opportunities exist. It is critical to grasp the risk management discipline. Precious and her company partner are both licensed risk managers. They explain how, as an owner-operator, no two firms are alike.

[21:26] Precious defines superpower as her main goal of assisting businesses and individuals in their development. For her, it's crucial to know our abilities, superpowers, and the things you want your name to be connected with.

[25:01] Precious was elected to a seat on the National African American Insurance Association in 2022, which offers several mentorship programs for persons interested in working in the insurance industry. They help minority-owned insurance agencies achieve development, profitability, and scalability by encouraging and supporting them.

The Pandemic Effects

[29:52] During the lockdown, Precious witnessed a shift in the way commodities moved, particularly when firms were downsizing, and everything was in free fall. Everything has an opportunity cost, and everything has a trade-off. Insurance plans act as safety nets if something unforeseen happens throughout the process.

Importance of Policy Awareness

[31:14] Precious insists that you carry out a policy audit. Even if you aren't ready to switch policies, contact out to have someone walk you through the coverage, so you know what it covers and what it doesn't. You are aware that something terrible is going to happen before it does.

[32:40] Understanding and forecasting are essential. You may set your eyes on where the money is if you can sit down and adequately assess your abilities and ambitions while also paying attention to how things change.

[35:44] Because you are given a price for the year and a few options when you acquire a policy, premium financing is significantly more credit-sensitive. If your credit score is higher, you may be eligible for a lower percentage down payment and a cheaper annual percentage rate.

*Anuj Agarwal - Feedspot the founder of Feedspot.com notified us that The Trucking Entrepreneurs Podcast has been selected by their panelist as one of the Top 25 Best Logistics Industry Podcasts on the web. Currently we're ranked #9.  https://blog.feedspot.com/logistics_industry_podcasts/

The Trucking Entrepreneurs Podcast

Precious Norman Walton Profile Photo

Precious Norman Walton

President

Precious is the President and Co-Founder of Lovejoy Risk Management Corp, an Independent Insurance Brokerage in the Dallas/Ft Worth Metro area. With over 15 years of experience, and seven professional designations, she has served the industry in many roles, such as claims, underwriting, risk management and sales.