As PIMA approaches its 50th anniversary, we had the privilege of speaking with Patricia (Pat) Eisenhauer, a pioneering figure in the affinity insurance market and the first female president of PIMA. Throughout her career, Pat contributed significantly to the evolution of the affinity insurance industry, making her a key figure in its history.
Reflecting on her experiences, Pat mentioned, "I was the only woman in the room," highlighting the unique challenges she faced as a female leader in a male-dominated industry. This statement captures the essence of her trailblazing journey—a journey that broke barriers and laid the foundation for the future of PIMA and the affinity insurance model.
In our conversation, Pat shared pivotal moments from her tenure with PIMA, offering lessons and advice for current and future members as they navigate the insurance industry's ever-evolving challenges. Her insights provide a valuable perspective on PIMA's growth and the innovative solutions that continue to drive its success today.
Lesson #1: Embrace Opportunities, Even When They Challenge the Norm
Pat's journey into the insurance industry was shaped by her willingness to embrace opportunities, even when they didn't align with the traditional paths expected of women at the time. Growing up in a family deeply involved in insurance, Pat's early roles ranged from file clerk to office cleaner at her father's business, Sid Murray Agency. However, it wasn't until her father asked, "If you're in business, why aren't you in insurance?" that Pat realized she needed to formally pursue this interest.
This conversation prompted Pat to transfer from Our Lady of the Lake University to the University of Texas at Austin, where she could study insurance more seriously. Reflecting on this pivotal moment, Pat noted, "And so I transferred. It was a good place to go." At that time, the head of her department, whom she described as "a great teacher and a promoter," encouraged her to take on the challenge of completing both the CLU and CPCU courses. Despite the difficulty, she passed all but one of the ten exams.
Pat's bold decision to further her education in this challenging environment was just the beginning. Her subsequent move to Wharton, where she was one of only five women in a class of 500, underscored her determination to break through the barriers of a male-dominated industry and proved that courage and determination are crucial to advancing in any field.
Lesson #2: Always Advocate for What's Right
During a time when many industry leaders preferred to avoid direct collaboration with insurance regulators, Pat took a different approach. She believed it was essential to engage with the regulators rather than hoping to stay under their radar. Reflecting on this, she recalled how others advised her to "just do what you need to do and hope you don't get caught." But Pat knew this wasn't a sustainable strategy.
Instead, Pat rallied PIMA members to actively participate in ethical discussions with regulators. One pivotal moment occurred when PIMA members, led by Pat, presented their case to the National Association of Insurance Commissioners (NAIC). The meeting, held in Baltimore, was a turning point. "We just swamped the regulators," Pat remembered, emphasizing the importance of having the associations, which were the clients of PIMA members, present at the meeting.
Through her efforts, Pat and her colleagues secured a favorable outcome, allowing the affinity insurance model to continue thriving. This experience underscores a critical lesson: advocating for what's right, even when it's challenging, is essential for long-term success. Pat's leadership in this area safeguarded the interests of PIMA members and set a standard for ethical insurance practices within the industry.
Lesson #3: Innovate to Meet Industry Needs and Drive Growth
After becoming president, Pat quickly recognized that for PIMA to grow, it needed to embrace a more diverse range of insurance products and services. This realization led her to advocate for including Multiple Employer Trusts (MET) administrators within PIMA's membership, a move that significantly broadened the organization's reach and relevance.
Reflecting on this strategic decision, Pat emphasized the importance of being inclusive and forward-thinking in the insurance industry. She explained, "Many of the original members wanted to limit the membership to "pure" associations, but if PIMA was to grow, we needed to include the administrators of MET and what we called associate members." Ultimately, Pat's persistence paid off, and this innovation helped solidify PIMA as a leader in the affinity insurance market.
In addition to expanding PIMA's membership base, Pat also took a bold step by advocating for an internal audit of the organization. Some within the organization resisted this move, but Pat knew it was necessary to ensure transparency and financial health. Reflecting on this challenging decision, she mentioned, "We went from having a lot of money to not having any money." The audit was crucial for identifying areas where PIMA could improve its financial management and ensure the organization's long-term sustainability.
Pat's story illustrates the importance of innovation in driving growth. By recognizing emerging needs, advocating for necessary changes, and being willing to challenge the status quo, she was able to contribute to PIMA's success and ensure that the organization remained relevant in a changing industry. Her efforts remind us that staying ahead of industry trends, being adaptable, and maintaining financial integrity are key to long-term success.
Encouraging a Legacy of Excellence and Determination
Pat Eisenhauer's contributions to the affinity insurance industry and PIMA are a testament to her bravery, innovation, and leadership. As the first female president of PIMA, Pat broke through gender barriers and led the organization through significant challenges and changes that have had a lasting impact. Her journey teaches us the importance of embracing opportunities, advocating for what's right, innovating to meet industry needs, and taking risks as a leader.
While reflecting on her time at the University of Texas at Austin, Pat shared how the Chairman of the Finance, Insurance, and Real Estate department challenged her with the words, "I want to see what you do, and what you can do." This simple yet powerful statement became a guiding principle throughout her career, pushing her to achieve excellence and break new ground in the affinity insurance industry.
Pat's success in meeting that challenge is a testament to what can be accomplished with determination, courage, and a commitment to excellence. Future PIMA members can draw inspiration from Pat's journey, understanding that the key to success lies in rising to meet challenges head-on and striving to do their best in all endeavors, even if they're the only ones in the room representing their perspective or background.
As PIMA continues to grow and evolve, Pat's legacy will continue to inspire the organization and its members to reach new heights, just as she did.
PIMA® (Professional Insurance Marketing Association®) is a member-driven trade association focused exclusively on the affinity market.
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