"We are still very much underrepresented in this space"
“We are still very much underrepresented in this space” | Insurance Business America
Insurance News
“We are still very much underrepresented in this space”
Solving the diversity dilemma in independently owned institutions
Insurance News
By
Chris Davis
With nearly two decades of experience and an impressive array of credentials Precious Norman Walton (pictured), an account executive at E.G. Bowman Co., is something of an icon in the insurance industry. As someone who started her career working for a local State Farm Agent, she’s a firm believer in the power of continued education to navigate the evolving market landscape.
“I pride myself on being a lifelong learner, which is a perfect match for the insurance industry because we face ever-evolving risks,” Norman Walton told IB.
And, since beginning her career nearly 20 years ago, Norman Walton has born witness to a significant shift in the types of threats the industry faces – particularly in areas like cyber risks and executive lines such as employee practice liability.
“As laws and society change, litigation changes too, directly impacting how insurance must evolve,” she explained. “This is definitely one of those careers [in which] you can write your own adventure. I’ve found it beneficial to stack my toolkit with the various disciplines so that I can pivot and also have a deeper understanding of all the various moving parts within the industry.”
Representing a community
In her role as the agent program manager for the National African American Insurance Association (NAAIA), Norman Walton is deeply involved in initiatives that support and empower independent agents, especially within the African American community.
“We are still very much underrepresented in this space, particularly with independently owned agencies,” she noted.
Despite African Americans making up nearly 13% of the US population, they account for just 2-3% of independent agency owners. And it’s this disparity that’s starkly evident as representation drops off steeply at higher management levels. To address this, NAAIA provides a range of tools and programming aimed at helping agents understand evolving risks, retain customers, and manage diverse insurance needs.
“It’s crucial to remind independent agents that they may work for themselves but don’t have to work by themselves,” Norman Walton told IB. “By putting them in a community and having camaraderie with others who are going through similar issues, it really helps them to crowdsource – [finding] sympathetic peers that can help them overcome the hurdles that they’re facing.”
Global leadership
Norman Walton’s involvement with the Society for Chartered Property and Casualty Underwriters (CPCU) has also shaped her perspective on industry challenges and opportunities. Since earning her CPCU designation in 2016, she has been active with her local chapter and now serves on the Global Leadership Council.
“Being part of the CPCU Society has been career-enlightening, exposing me to different industry aspects and putting me in the mindset of building legacies,” she shared. Her role has provided a global perspective, allowing her to understand industry pain points and successes worldwide.
Leveraging her decades of experience and diverse skill set Norman Walton focuses on providing tailored insurance solutions for middle market and large commercial clients.
“My risk management background and claims experience allow me to offer a comprehensive perspective to our clients,” she explained. She believes this holistic approach is particularly valued by financial institutions and municipalities, which benefit from the additional risk management services her firm provides.
Finally, Norman Walton highlights the importance of inspiring the next generation and newcomers to the industry. Her commitment to professional growth is clear by her numerous certifications, including CPCU, SHRM-CP, TRIP, AIC, AINS, AIS, and ACS. Each designation requires rigorous study, exams, and adherence to a code of ethics.
“Continuing education and staying abreast of changes and challenges are more important now than ever,” Norman Walton asserted.
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