Latinos and the Insurance Business

Many large corporations are trying to encourage business ownership among Latinos. Opportunities for insurance agency ownership, like the one advertised this week with Nationwide, appear to give the entrepreneur a head start by providing a proven business model to follow coupled with first class support. It is not uncommon to find agents who make a six figure income.

In some demographics, decisions about which insurance broker to do business with may be influenced by price, internet, television, or radio advertising. However in the Latino community, individuals or households are more likely to turn to friends, relatives or neighbors for advice. Latinos are also more likely to seek out a local broker who speaks Spanish and who understands their needs and concerns when language communication or cultural awareness becomes an issue.
There is an old stereotype that Latinos don't take insurance seriously. But once you get beyond the stereotypes, you can see that Latinos understand and value the importance of insurance. Only a small percentage of the Latino community considers insurance an unnecessary expense and this is no different than the general population.

Columbus is a great market for those that want to jump into the insurance industry. Here in Central Ohio we have more than 40,000 Latino residents that represent tremendous purchasing power. In ever increasing numbers, Latinos are buying houses, cars and all kind of commodities. The ongoing needs for culturally aware agents will only increase. If current demographic trends continue, by the year 2050 1 in 4 Americans will be Hispanic. Furthermore, Latinos do particularly well as entrepreneurs. Their success rates surpass all other demographics and are the fastest growing segment among new business owners

So I wonder, for the entrepreneurial minded Latino how do you feel about agency ownership as a business?

Are you Hiring Hispanic Professionals or Professional Hispanics?

When I first heard this reference I had to stop and think for a minute because the reference sounded like a word game. After reading its definition, I could see how this reference addresses an issue that can affect the way Hispanics are perceived in the workplace.

Definition by Alberto J. Ferrer:
"Professional Hispanics ride their culture and ethnicity to career advancement instead Hispanic Professionals leverage their efforts, experience and expertise to pursue career opportunities. "

The fact that someone speaks Spanish and check Hispanic as their ethnicity shouldn’t make them more or less qualified for a particular job. Experience, education and knowledge in conjunction with language skills should be the basis upon which the hiring decision is made. Furthermore, an individual’s ability to communicate in a language other than that spoken by the interviewer should be tested. The fact that someone grew up in an environment where Spanish was spoken does not ensure their ability to communicate with customers or clients at an executive level. Quite often a candidate may speak the language but may have a limited vocabulary with regard to a particular industry or country in which business is being conducted.

Many companies in their pursuit of hiring Latinos and bringing diversity into the workplace make the mistake of hiring professional Hispanics without realizing that the decision may negatively affect the company as well as the person hired. When demands are placed on employees that don’t qualify for the job the outcome can be disastrous. Expectations may not be met on both sides of the equation. By hiring someone that is not equipped to meet the job requirements, failure is assured.

There is no need to rush into an employment relationship with a Hispanic worker if he/she does not otherwise possess the required skill set. The Hispanic population is the fastest growing ethnicity group here in Central Ohio. We currently have more than 40,000 documented Latinos in Franklin County. We have a very diverse group with origins from all over Latin-America. Many of these individuals are highly educated with valuable experience as well as language abilities. The fact is that we have many Hispanic Professionals in the area that can be a great asset to any company. Just take your time to hire the one with the right education and skills as well as language ability.