Broker Spotlight: Shane Smith, Risk Replacement Services, Inc.

Broker Background

Meet Shane Smith, a dynamic insurance broker with Risk Replacement Services, who has navigated the twists and turns of the insurance industry for over two decades. Shane's extensive experience and adaptive approach have allowed him to excel in an industry known for its constant evolution. Today, he shares insights from his remarkable career, shedding light on the transformations within the industry, the lessons learned along the way, and advice for those embarking on their own insurance journey.

What got you interested in insurance?

"I was originally a drummer in a band, and my wife and I both needed health insurance. One of my bandmates had a connection to the insurance industry, and I landed an entry-level position at American Safety. I started at the bottom and quickly advanced from managing paper work and ‌quality control to becoming a broker and having a book of my own. This is my 21st year in insurance."

How have you seen the insurance industry change?

"The industry has seen many changes, from the emergence of cyber insurance to the challenges of navigating hard and soft markets. I've also witnessed the rise and fall of carriers and products, and how insurer techs have changed the way we interact with policies and clients. These changes have demanded both adaptability and a forward-thinking approach to insurance."

What’s one of the biggest things you’ve learned working in insurance?

"You need both creativity and flexibility in insurance. This balance between flexibility and firmness, especially in areas like cyber insurance, requires nuanced understanding and innovative strategies to ensure your clients are satisfied and have the coverage they need."

If you were to give advice to a young person working in insurance, what would it be?

"Insurance is a rewarding field that requires a keen understanding of policies and the ability to explain them clearly to clients. Negotiation and mitigation are key skills, and being able to advocate for clients while balancing market realities is crucial. I've also emphasized the importance of patience and continuous learning to anyone starting out in the industry."

What is your proudest or most fulfilling career moment?

"There was a challenging situation where I successfully renewed a law firm's insurance policy under better terms despite a recent claim — and all under an extremely tight deadline. This moment, and moments like this, stand out as a reminder that I’m good at the work that I do and that it matters."

Describe your insurance career in one word.

"Adventurous."

What do you value most about your partnership with Counterpart?

"When I work with Counterpart, I know that I can talk to an underwriter who understands what I'm looking for and can quickly deliver what I need. This business is fast paced, and knowing I’m going to get a friendly, quick response to my clients’ needs makes all the difference."