This week, Alex sits down with President & Founder of Insure Maine, Ruth LaChance.
AS: Welcome back to Serra Speaks for episode three. I am so excited to be joined today by Ruth Lachance, who is president and founder of Insure Maine, Inc. Is that right?
RL: That is right, you got it.
AS: Yay, I got it. Ruth, thank you so much. I kind of hounded you to come on this show, because I just know that you have so much great stuff to share. Tell me a little bit about you, how you got started, you're based in Hallowell?
RL: I am, yep.
AS: Okay. And tell me a little bit about yourself and how you got started.
RL: So I come from a family of eight kids, right? Traditional mom and dad, four boys, four girls. And so when I say how I got started, a lot of my background comes from that rich family connection and values, those family values that are still really important to me, you know, but let's fast forward. So I am really happy to be here. And I don't feel I didn't feel like I was hounded at all.
AS: I’m so glad.
RL: So, so I moved to Maine in 1988 and I worked for a computer company, and I was in sales. And I've always been in a sales position because back in the day my father told me, “I don't understand with an accounting degree, how you're going to sit still in an office.” So I found a way, you know, you find a way. And I would sell computers and I had a business degree so I could go in and talk to them about debits and credits. And then, as happens to a lot of women and men, but women when they decide to maybe marry and have a kid, or two or three. What do you do? You know, so that you feel like that opportunity slams that door in your face, when in essence, that is truly an opportunity to find something else to do. So I went from sales to going home because I couldn't stand that my daughter took her first step at daycare. I couldn't take it. I just couldn't take it. We have an adoptive son that was four years older. So we were blessed to have you know, a daughter of our own. So I went home and I said, “oh my goodness, I'm not sure this is for me either” but I created an office at home and worked from there. From there, I worked with a lot of real estate agents. Before you could go to realtor.com and look up an address, we had these MLS books. So I would create these MLS books for all these real estate agents around the state.
AS: Wow.
RL: And that was that was a good job.
AS: Yeah, yeah
RL: It would pay me so I could stay home with my daughter until kindergarten started or preschool started and that was a big deal. And then what do you do now? I'm like, okay, so they're back at school. I was lucky enough to always be there for all their sports events because those heartstrings get torn constantly, I think, for the female professional, especially with this pandemic, when you look at who’s not working right now? It’s all the women. They're homeschooling
AS: And they're juggling, juggling, juggling
RL: Constantly, even more today than I did 20 years ago when I first moved to Maine.
AS: And so when you then moved on from doing the MLS work, how did you get involved in insurance to the point of where you are today, being president of your own company?
RL: Well, that's great. My accountant really liked me. He and I got along, famously, and I kept sending him people, because he did such a great job for me and he used to work for the IRS. So he really does a great job and he said, “I'm thinking about opening up a mortgage broker and I'd like you to go take the class and take the test, I'll pay for it. And you can be done at three o'clock when the kids get off the bus so you can still go home.” So that's what I did. It was an awesome job, you know, again, I got to go home after school and get the house settled. I was really lucky I had in laws as well, that really helped out because you know, that family thing is really important. So I was a mortgage broker and the real estate market burst. What was that? 2008?
AS: Yeah.
RL: 2008. So, I started doing some graphic design and I took my test knowing that I needed a flexible schedule. I had a daughter in high school that was a pretty good softball player. I didn't want to miss a game and I didn't for four years I never missed a game. And you know, from there, it's just, boy, so where do you go with insurance? Well, you know, when I started in 2009, and I was an agent, so I would talk to businesses… never had a problem talking to people, as my father recognized early on that you're not a bean counter in the back of the room, you're going to need people and I do, I really need that interaction with people. So it's really involved today into finding businesses who will let me in the door and talk about how maybe life insurance will help their employees, how life insurance can save for retirement, there's so many new kinds of life insurance policies now, it's not just for when you die. So I have a lot of life insurance clients, as well as the niche that I'm in now is health insurance for people who have Medicare. So we all think that that's retirement, and it's not always retirement, some people are on disability. Some people need to understand if they're lower income, what can I do about all this expensive stuff. So what pulls me is helping those people empowering themselves, to take care of themselves, and have a policy that's the right fit, not one that cost them four or $500 a month, some people have that kind of cash flow, but not my average client.
AS: You're really passionate and it comes through when you talk about your product and your work and when the services you offer people. But your career has taken many twists and turns and you've done many things. And that is very common amongst women, women are far more likely to switch careers. Once, twice, three, four times. I know I've had, there's been many incarnations of the me. So what is your best advice to women who are thinking about making a career change, or they're afraid of losing ground? You know, they, they feel like they've gotten so far in their career. They don't know if they want to go into a new field because they'll lose seniority? What would you say to those women?
AS: To those women, I probably would say, I'm a little bit of a gambler, as the room probably knows and I don't mind moving. I in fact, I'm looking for agents right now for me to train, you know, you get free training, free, I put people in front of you, that sort of thing. But I would say to always do your research, we have, you know, the encyclopedias at our fingertips now with our cell phones and our laptops. And you can research or, you know, simply give me a call, I would talk to anybody that wanted to that had an inkling of, maybe I want to step into this as a part time thing, because I did that with my insurance, because I was still getting paid somewhere, you know, with some of my other projects that were going on. But I wasn't really sure because it was a straight commission thing. So don't be afraid to be successful. Don't be afraid of that. Empower yourself. And what makes, what gives me the passion is watching clients and my other agents. I mean, I have agents that work for me now. So I meet with them once a month face to face or in a Zoom these days. But hopefully, as we get, you know, vaccinated, we're going to be able to meet face to face again, but take the chance, as they say.
AS: So, tell me what qualities that you look for in your agents that you see in yourself, like, what are the similarities between you and your agents?
RL: That's a great question because the first thing that I have to do every year is I have to go to medicare.gov and take what they call an A HIP test. So it's ethics, you have got to be an ethical person, you know, you have to have a passion for who for what you do and you got to have good character. You got to have great character, you know, so if, if we did a Google search on you, what are we going to find? You know, and you can explain it because everybody makes mistakes in their lives. Me included.
AS: I saw a meme recently that said, the 1990s.. so many memories and so little video evidence. Thank God, I was a teenager in the 90s. Right, I mean, right? We want to make sure we all have impeccable, you know, public background, private backgrounds as well.
RL: We also we also were 16 and 21 at one point, as well, you know, I've lived in downtown Boston.
AS: But those are the fun grownups right.
RL: Yeah
AS: Those are the fun grownups are the ones who have stories. You know what I mean? You want people who are able to relate to other people because everyone's got stories.
RL: That's right. Exactly. Exactly. Everybody’s got stories to tell. And I think that, you know, honest, we don't want anybody who, because you have a fiduciary responsibility to do what's best for the client, not what's best for my checkbook. You know, I just left somebody who wanted to switch her plan. And I said, “it's not in your best interest to switch.” Now, I could have walked out of there with a commission today. But instead, what did I do? I passed her three or four business cards and asked for a referral.
AS: That's great.
RL: Yeah, yeah.
AS: And so do you think that really caring about the outcome for people and compassiona is a really important quality for everybody?
RL: I think it is. I do.
AS: It's interesting. We had Betsy Sweet last week and she was here just talking about her experience in her businesses and how compassion is really at the center of what she thinks is lacking in a lot of ways in politics and business and all. But this is exactly what you're saying. There's a common theme here, you know.
RL: Yeah. Oh, definitely. When we were growing up four boys, four girls in my family, family of eight kids, two parents, 10 of us. And the boys got to go to college and the girls, my father told me to learn to type. And I really was offended by that in 1978. What?
AS: That was also the year I think the women got to have credit cards on their own on without their husbands signatures, right? If my memory serves me correctly, not that long ago.
RL: But I did learn to type. So I took his advice and said, there you have it, dad, I learned that last week. So now I'm going to move on to what else I want to know.
AS: What do you got for the next 72 hours, pops?
RL: Right, exactly. You know, so living in that kind of world and and one of the things that I find for women is that there were a couple of positions that I actually left that I found out that I wasn't getting paid the same as my male compadre. Now that shocked me in the 80s when I figured that out, late 80s, early 90s. And I thought, why? I have the same education, I have more experience. In my opinion, I'm better at it.
AS: Right?
RL: So what the heck, right? So when I go and approach somebody and say, Well, you know, he's got a family of three, you've got a little dog at home. And I thought, oh my aching head. One interview I had with a very prominent man here in Augusta asked me why wasn't married at 29
AS: Wow.
RL: Wow. And that, so that was 1989. That wasn't that long ago that I was asked that question.
AS: And, you know, we talk a lot about the 82 cents on the dollar. That's where we are today, right? Women to men. Do you feel like you've seen it change over time? Or do you feel like in 1989 pay was still that like, even worse?
RL: I think it was even worse. Yeah, I definitely know it was worse. But one of the things that I figured out, becoming a mortgage broker, or an insurance person. Haha, you can't, you have to pay me the same.
AS: Well and so do you think entrepreneurship has helped level your assembly? And do you recommend that?
RL: Absolutely. I really do recommend it because you just don't know until you try. You know, how many times did Michael Jordan have to make that foul shot before he actually started getting them you know, you're going to fail. Just pick yourself up and know that that next door that opens could be your door. And fulfill your desire to not only make the same money but find that passion and fulfillment from your job, which we talk about every day.
AS: Where do you think you've seen the most changes in the workforce? Obviously, salary has been one of them, right? We just mentioned but what else has changed? Do you think in for professional women over the course of your career?
RL: I no longer have to dress like the men. You know, I remember I used to feel like I had to go wear my my white collar and my black suit. And now I feel like…. I don't. I can still I can put some flowers on, I can put some earrings on maybe a spray of some perfume and carry my own. So I think that that's one thing. I don't have to look like a man to get paid like a man. And as far as opportunity I do think more doors are open at this point. I used to live in Knoxville, Tennessee. One of the things I would say to, I was in sales and I would say oh my goodness, and I would sell to medical clinics or hospitals, small hospitals, I sold billing medical billing systems in Knoxville and Kentucky. And I can remember saying, boy, if it's this hard for me, yeah, I can't imagine what a person of color
AS: Yeah.
RL: A female of color would have in the bible belt. One of those, one of those occurrences is what moved me back to New England and said, I just need to go back where I belong.
AS: Well, and we talk eighty two cents, but as we've mentioned, I think in both previous episodes, women of color make substantially less than that to this day, right? In 2021.
RL: Right.
AS: So the inequities are real.
RL: They are real, they are real. And I really do like these movements that are happening the Me Too, and the Black Lives Matter. It does matter. And even me being brought up somewhat in South Florida and in the New England area. I said, well, I've never been prejudice. I've never been. I've had a black boyfriend or I had a Cuban boyfriend in high school. And my father didn't like it so much, but it really wasn't his decision. So when I look back on some of those things, I think, well, I guess I do have some thoughts that I need to rethink. You know, when I thought not me, I'm not prejudice. Well, there are some stigmas that have been set in our heads since we were in elementary school, probably.
AS: And the willingness to be aware of our own internal ingrained prejudices is what's going to help move everything forward.
RL: I hope so.
AS: And in and stop talking about it and actually effectuate reform and change
RL: Exactly
AS: In the workforce and beginning to end, nuts to bolts..
RL: Right, like how many white guys are on the on the cover of a particular magazine that we see every month?
AS: Oh, my gosh, that's a common conversation right here. What do you want for your daughter?
RL: I want her to come home.
AS: Okay, as far as her career and her opportunities, what's the picture you want for your daughter, Lindsay?
RL: I speak very highly of her because she does have a business degree and a minor in marketing. So she's a…
AS: The apple didn't fall that far.
RL: Right. Right. But she but she has taken it on by herself. Yeah, one of the things that I hope that she gets to… She's a very kind of secure person. She's had the same job since she graduated from college. She's turning 29 this summer, I can't even believe that. But so what I want for her is I want her to be an equal in that multi million dollar, it's actually a billion dollar company that she works for in Tampa Bay now. And I'd like for her to come home one day and say, the boys are asking… Well, she did do this, the boys are asking me to go golfing with them, I'm going to have to go learn to golf. So that's encouraging to hear that. I mean, I don't I can't remember anybody that ever any group of guys white, black, or you know, whatever skin color that actually invited me to come play golf with them. I remember being a softball coach for my daughter and the guys asked me if I wanted to go to the garage and have a beer after practice. And I went absolutely, you know, and I'm the only mom out there catching for my lefty pitcher daughter. And looking around the room, this again was in the 90s, where are all the moms? They can catch too, you know, so it's not what I want for her. I think I want her to recognize what I did and her father, for her and take it to the next level for whenever she has a family. So that she enlightens and lets those children, whether adopted or birth or whatever she decides to do… that she takes them to that next level.
AS: What do you read? What's your go to? Do you read the news?
RL: I do read the news. I read the newspaper. My husband loves the newspaper every morning.
AS: Yeah
RL: Yeah. So we you know, we read our KJ every morning. I read a lot, a lot of policy stuff. Policy meaning insurance policy, I look at what our legislators have voted on in the last week, every Sunday. That's one of my go to’s. I look at the economy, I look at the classifieds and I always wonder…. The classifieds shrunk by you know, since the invention of the net and job fairs and all those things. So I try to look to see who's hiring. That used to be my list of people to go talk to, right? Who's hiring, they're doing well, why don't I go in and see if they need insurance or whatever, you know, whatever occupation I was in at the time, but I also take my weekend read is usually a novel that doesn't make any sense to anybody.
AS: Yes, down time.
RL: Never Neverland.
AS: You need it.
RL: Yeah, that's my vacation.
AS: If you had to give a sentence of advice to the women out there, just one sentence to wrap us up and take us home. What would it be?
RL: I think women in business today need to have a couple of things going for them. A funny bone and a very strong backbone.
AS: Well, that is the best ending to a conversation that we've had yet, Ruth Lachance. Thank you so much for making the time out of your busy day to come talk with us.
RL: Oh, I'm blessed that you asked me. Thank you.
AS: I’m so excited. Thank you so much. And until next time, thanks for listening to us on Serra Speaks.
AS: Thank you for joining us for this episode of Serra Speaks where we talk with women about business not about women in business. Please be sure to hit subscribe and stay tuned for upcoming episodes.