On July 13, 2021, Rotarian Kristi Howton (Account Executive at Iscential, an insurance and financial services company) spoke to the membership of the Magnolia Rotary Club about "Risk Management". Pictured above from left to right is Kelly McDonald (President of the Magnolia Rotary Club) and Kristi Howton.
Kristi Howton in addition to being an Account Executive at Iscential was a professional recruiter for many years and uses that experience to help recruit members into her own Bear Creek-Copperfield Rotary Club. She stated that instead of asking potential members to join Rotary, she asked potential members if they would like to meet with high caliber people who are helping those in need. Kristi indicated that she gets a better response when she asks that same person after the meeting if they would be interested in joining forces with the high caliber individuals they has met to help those in need.
Kristi then gave a slide show concerning "Risk Management". She began with a slide that stated that her agency, Iscential, believes that "customers deserve a unique risk management, insurance, and financial plan that is designed to fully assess their situation, is easy to understand, is simple for the customer to implement and transcends their expectations".
Another slide spoke to why her company is a noble business:
  • Purpose: We expand lifestyles and make a difference in your life.
  • Mission: We grow and protect assets.
  • Promise: We provide trusted advice that leads to peace of mind.
  • Performance: We provide candid vulnerable conversations with timely precise execution.
  • Vision: We see a world where all claims are covered, income is fully protected and everyone retires financially independent.
Kristi the told everyone a little history of Iscential:
  • Founded in 1993
  • 27 Offices
  • Licensed in 40 States
  • 140 Associates
  • 1000 Years of Combined Experience
Kristi then explained what "Risk" is:
  • Likelihood of
    • Being exposed to danger
    • Losing something of value
  • Resulting from a given action, activity or inaction
  • Can be foreseen or unforeseen
  • Part of every human endeavor
Kristi then explained that there are only 4 things you can do with risk:
  • Assume it
    • Loss should cause little to no financial impact
  • Avoid it
    • Takes a change in perspective and behavior
  • Mitigate it
    • Do something to lessen or remove the risk
  • Transfer it
    • Buy insurance to cover the risk
Kristi then gave percentages of taking risk in different situations:
  • 1:10,000 - Chance of being struck by lightning
  • 1:1,000 - Chance of car being stolen
  • 2:100 - Chance of house catching fire
  • 3:100 - Chance of paid malpractice claim
  • 12:100 - Chance of disability
  • 26:100 - Chance of flooding
  • 50:100 - Chance of assisted living
  • 80:800 - Chance of cyber attack
  • 95:100 - Chance of not retiring financially independent
  • 100:100 - Chance of death
After talking a little bit about what rights your insurance company and you have and don't have, Kristi spoke to liability that not everyone thinks of. She called this "Closing the back door" and explained why we should worry about the following questions:
  • Who's cleaning your house?
  • Whose name is on the title of your kid's car?
  • Who drives the rental car?
  • Is your vendor's certification real?
  • What do they think you have?
Kristi then finished up with the following question : What will your Rotary legacy be?
  • Donations to the Rotary Foundation.
  • Does your family know how important Rotary is to you?
  • How many lives will you touch?
For more information about Kristi's Rotary Club, go to https://portal.clubrunner.ca/3919/. For more information about Iscential, go to https://iscential.com/.