Q&A with Bill Fair, Chief Underwriting Officer
As Chief Underwriting Officer, Bill oversees our growing Lawyers Professional Liability and Management Liability teams. He has a background in finance and law, but his passion for inspiring and engaging employees as well as meeting or exceeding client needs lead him to question how people think and what ultimately drives and motivates them, hence Bill began studying the work of world-renowned Positive Psychologist and former President of the American Psychological Association, Martin Seligman. He received a Master’s in Applied Positive Psychology in 2014.
Learn more about Bill’s career trajectory and unique background.
“Our leadership team has been very focused on creating a Berkley Select culture that is not only one of the best places to work, but is also one of the most successful in our product space. I’m happy to say we have a great team in place and our business is growing profitably.”
Bill, tell us a bit about your 25+ year career path in commercial insurance. What keeps you engaged in this industry?
Coming out of law school I had decided I didn’t want to practice law for the rest of my life. My brother and some friends were in the insurance industry and really seemed to like their jobs. I ended up getting a job as a Property & Casualty underwriter for a large insurance carrier and really loved it. I subsequently worked for a few reinsurance companies and have thoroughly enjoyed myself and am so happy I made the move to insurance years ago.
Although I’ve been doing this for a long time now, the thing that still gets me excited about the job is the fact that I’m still learning and growing. I’m constantly meeting new people and learning new things. I’m happy to say that after so many years of continuous learning, I’m now able to share my experience with others and hopefully contribute to their job satisfaction, furthering their growth, learning and enjoyment of the industry.
Commercial Insurance is a competitive business. What differentiates Berkley Select underwriters from the competition?
At Berkley Select we have very talented, smart, experienced underwriters that focus on only a few products, and know those products very well. I think our biggest differentiator is the way we are singularly focused on our customers. The culture of support, collaboration and community we’ve created internally at Berkley Select allows our employees to fully service our customers needs with confidence.
What are some Berkley Select milestones you are proud of that were met since you joined the company a year and a half ago?
Creating a best in class team is what I am most proud of. Our leadership team has been very focused on creating a Berkley Select culture that is not only one of the best places to work, but is also one of the most profitable in our product space. I’m happy to say we have a great team in place and our business is extremely profitable.
What are some goals the company is striving for as we head into 2023 in just a few months?
In 2023 we are looking to grow our book and meet our strong profitability targets. We’ll do this by leveraging our resources, including our fully staffed underwriting and marketing departments, to more efficiently write profitable business. We are all striving to improve not only efficiency, but innovation and focus on our customers.
Let’s shift the conversation a bit and discuss your Masters Degree in Applied Positive Psychology. What led you to this unique pursuit?
From a very young age I was interested in what made people successful. Like all of us, I witnessed people with seemingly all the breaks and resources (e.g. money, education, connections) struggle or fail while others with none of those privileges succeeded. I began studying “success” by reading everything I could and stumbled across a book called “Emotional Intelligence”. This not only opened my eyes about what was needed to succeed but led me to another book “Learned Optimism” which changed my focus from learning about success to learning about what makes us happy and fulfilled. This is a more compelling definition of success for me and piqued my interest into the scientific study of happiness, meaning and purpose in life.
How did you apply the applied positivity psychology model to both you and your team during those first few months of the Covid-19 pandemic – being that these were such unprecedented times in business and everyday life?
Fundamentally, human beings are social in nature and having positive relationships is the single biggest factor in determining our happiness. The pandemic isolated people and strained our relationships when we weren’t able to interact with colleagues, friends and family. In an effort to lessen this psychological strain, my team and I tried our best to lessen the effects of the psychological isolation even if we couldn’t change the physical isolation.
If there is one everyday tactic that you say you apply from the Master’s program for your own well-being, what would you say it is?
I meditate every day. There is overwhelming scientific evidence that meditation has a myriad of mental and physical health benefits, including lowering stress, decreasing blood pressure, reducing anxiety and depression, improving sleep, lessening pain and improving cognition.
Today, October 10th, is World Mental Health Day – a day to recognize mental health issues around the world and to mobilize efforts in support of mental health. What is your take on the current mental health movement here in America? What do you think is working and what needs improvement?
There has been a growing movement to de-stigmatize mental illness in America. By removing negative and inaccurate stereotypes surrounding mental illness, we open up much needed communication on the subject and improve the chances that someone suffering from mental illness will seek help. While progress has been made, much more work needs to be done.
What are some of your hobbies?
I love to ski & snowboard, travel, listen to live music and spend time with my family.
What is your favorite quote?
“In the end the great truth will have been learned: that the quest is greater than what is sought, the effort finer than the prize (or rather, the effort is the prize), the victory cheap and hollow were it not for the rigor of the game.” — US Supreme Court Justice Benjamin Cardozo