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Welcome, everyone! We are delighted to have you on board for The Leader Show hosted by Louis Carter. Your presence here is a testament to your keen interest in learning and expanding your knowledge in the realm of leadership. Our guest today is Patrick Ryan, CEO of Ryan Specialty Group, a global insurance company that offers innovative solutions to insurance carriers, agents, and brokers with specialized needs.
In this episode, he discusses his values, professional journey, and the core principles that have shaped his leadership and the organization. So, without further ado, let’s jump in!
When asked to share his values as a leader. In response, Pat shares that his values are old-fashioned yet timeless. He mentions that he pursued a career in the insurance industry because of its entrepreneurial opportunities and the fact that it didn’t require any capital.
Additionally, Pat mentions that his core values include integrity, empowerment, self-optimization, and teamwork. He believes in sharing knowledge, opportunities, responsibilities, and equity with key people in the organization. He also emphasizes the importance of a client-centric approach, prioritizing clients’ needs above all else.
Throughout his career, Pat has been focused on innovation and flexibility, adapting to changes and anticipating shifts in the industry. He stresses the significance of learning from history, studying industry changes, and avoiding unintended consequences. While visions, strategies, and tactics may change, Pat asserts that core values should remain constant.
Next, Pat discusses the importance of values, empowerment, and listening in a professional service business such as the insurance industry. He emphasizes his company’s focus on recruiting, training, and retaining talent, which has resulted in a 97% retention rate.
Apart from that, Mr. Ryan highlights the importance of listening to both clients and team members and fostering a culture that constantly answers the “why” behind decisions and actions. He feels that this approach has contributed to the company’s growth, trust, and strong relationships with team members and clients.
Moving on, Lou asks Pat what it means to be an excellent leader. The latter responds by suggesting that an excellent leader is someone who is trusted, respected, and demonstrates strong character.
According to Pat, leaders must not only talk the talk but also walk the walk, ensuring that they embody the values they promote. He also emphasizes the importance of accepting one’s own imperfections and learning from mistakes.
Pat strongly believes that leaders should empower and enable others while also inspecting their work to ensure progress. Additionally, he advocates for owning one’s mistakes, admitting them, correcting them, and moving forward. In cases where employees struggle with integrity or interpersonal issues, Pat believes coaching can be employed to help them improve.
However, if they fail to adapt or continue to block progress, it may be necessary to let them go. That’s because adapting to change is crucial, and leaders must be able to manage it effectively within their teams.
Lastly, the speakers discuss how important it is for leaders to help others make choices and understand when they need to move on. Ryan emphasizes the importance of coaching and supporting employees through change, even if they might be resistant.
Lou agrees and notes Ryan’s insights and the valuable lessons he has shared in the podcast.
Thank you for listening!
