Q&A with Howell Wallace

Last year, Howell Wallace celebrated 50 years with Pratt Insurance, an IA&B member agency that is Smyrna, Delaware’s oldest continuously operating business.

Q. First and foremost, congratulations on your 50th anniversary with the agency! After serving in the U.S. Marine Corps, you took a position with Pratt Insurance. What prompted you to enter the insurance industry?

A. After my discharge from the Marine Corps, I worked in the parts department of an auto dealership, which I didn’t care for at all. Next, I worked in an auto glass and upholstery shop, which I enjoyed but didn’t see as being my career. Then I had an opportunity to work for Campbells Soup Company in the institutional division, which I enjoyed and where I learned the Xerox sales method.

My dad was good friends with Verne McGrew, the owner of Pratt Insurance, and he called me and said that Verne wanted to expand the agency and needed someone with sales experience, as he could teach them the insurance business. I went to see Verne, and he offered me the job at a salary that was 50% less than what I was earning at Campbells. Plus, I had to buy my own car, unlike Campbells that gave me a company car.

For whatever reason, I said yes and started working at Pratt on July 8, 1974. In 1976, I bought 50% of the agency, and in 1978 I bought the remaining 50%.

Q. Obviously, the industry has changed drastically over the years. What was your typical workday like when you first began your insurance career?

A. We had to learn how to put together coverages and rate them by hand as there were no computers to do it for you. Looking back, it made you learn what you were doing rather than being dependent on the computer system telling you what to do. Certainly, it’s much better now, but the process did make you become a student of insurance and learn what you were selling.

One of my biggest challenges, not being born and raised in rural Delaware, was learning how to get places. I would have an appointment and ask how to get there, and I was told to go to the third crossroads and turn left. Now I was from Baltimore and had no idea was a crossroads was. Of course there was no GPS then. It sure made life interesting, but I managed to make it work with the help of some wonderful people.

Q. Over the years, you led the agency through significant growth. What do you consider your greatest professional accomplishment?

A. Building a staff who have dedicated their careers to grow Pratt and take care of our clients. We have achieved numerous goals and accolades from our carriers and within our community, but without our staff we could not have accomplished them.

Q. Certainly it hasn’t always been easy. What kept you going through the toughest times of your career?

A. The Marine Corps philosophy of “never quit.” Without question there were times after I bought the agency when I thought, “What have I done? This isn’t working.” Then I would remember my drill instructor from Parris Island screaming at us and not allowing anyone to quit no matter what we were doing, and I would think, “If I survived Cpl. Giles, I can do this.” And I got it done. I owe that man a lot!

During tough times, I would also think of my staff and their families who had put their trust in me to take care of them. Also, I owe my family who unconditionally supported me.

Q. We appreciate the perspective that your experiences provide. What do you consider the biggest threat(s) facing independent agencies?

A. First, I certainly respect those agencies who have sold to or merged with the national firms as there are numerous, valid reasons why they have done so. I do not plan to follow that path as I have three of my children working in the agency who agree with me to keep Pratt independent. That could change in the future after I am no longer involved … but I hope it does not.

Secondly, we all must remember that insurance is a people business, where we see the best and the worst of people depending on their situation at the time we meet with them. All the computers in the world do not mean anything when you are helping someone who has trusted you to take care of them when a loss occurs. We can never forget that!

Finally, at this point I do not know what AI will do for us or to us. Nevertheless, it is coming, and we will have to learn how to manage it so that it does not manage us.

Q. What is the best advice you would offer those agents just beginning their careers?

A. Make a commitment to learn all you can about the ever-changing world of insurance. Get involved and give back to your community. Respect and learn from your co-workers.

And while insurance is deeply embedded in a world of computers and analytics, never forget that we are dealing with people of all walks of life who depend on us to properly protect them from a loss that could alter their lives.

Q. When you’re not working, how do you enjoy spending your free time?

A. We are living our dream on a 145-acre horse farm. My wife Margo and I bought our first horse when the farm was only eight acres, and we were hooked. We have been to Dubai, Qatar, England, and all over the United States showing and racing horses. This allowed us to meet the most interesting people from all walks of life who all share a common interest – the love of a horse.

We have several ponds on our farm and usually have about 100 ducks, a herd of 25 deer, and wild turkeys enjoying a great life. We feed everything that lives there and do not allow any hunting, so they are in a safe environment.

I can, and do, sit by a pond or in the woods watching nature at its finest. It doesn’t get any better than that!