Lorrie Baldevia
Courtesy of AssuredPartners
Name: Lorrie Baldevia
Firm: AssuredPartners
Location: Seattle, WA
Total Value of Policies: $6.3 billion
Background: Lorrie Baldevia describes her connection to insurance as deeply personal. The eldest of five children, she lost her father in a tragic construction accident at age 12 in Guam. Her mother raised the family on her own and was able to do so thanks to a life insurance policy—an experience that would ultimately shape her career. “It gave us a kind of financial security we wouldn’t have had otherwise,” she says. Baldevia moved to the United States at 17 on a full scholarship to Seattle University and worked multiple jobs while studying marketing, finance, and international business. After a series of early roles in financial services, she joined MCM, working her way up from administrative support to partner and after the firm was acquired, president.
Building Relationships: Baldevia leads a 15-person team that serves some 7,000 clients, including roughly 200 families she works with directly. Most of her clients are private business owners seeking help with succession planning, executive benefits, or protecting their assets. “We’re not just planning for the individual—we’re helping transition family businesses or protect against long-term risk,” she says. “Often, they’re looking for someone who understands both the personal and professional side of those risks.”
Competitive Edge: Baldevia says her practice stands out because of the ability to handle both business and personal insurance needs in one place—everything from buy-sell planning and executive benefits to insuring homes, cars and collectibles. “Most firms either focus on wealth or insurance,” she says. “We do both—in a way that looks at the full picture.” Her team also collaborates frequently with financial advisors and RIAs across the country in order to help them add insurance solutions to their clients’ broader planning strategies.
Investment Philosophy/Strategy: Baldevia takes a pragmatic approach when it comes to insurance planning. “I’m not here to sell you something—I’m here to help you buy what makes sense,” she says. She starts with conversations about risk and what needs protecting. That can lead to term insurance for temporary coverage, or permanent solutions for long-term planning. “Buying insurance is a process,” she explains. “You might start with coverage through your employer, then build on it over time as your life and responsibilities grow.” For business owners, insurance can also become a financial asset that they can use to help address future tax liabilities or transition risk.
Biggest Challenge: “I used to dwell on things that weren’t as important,” Baldevia says. “Now I think more strategically, and I try to mentor others to do the same.” She has focused on encouraging women and people from underrepresented backgrounds to enter the field. “It’s a great business that offers real stability—but the people doing the work should reflect the people we’re serving,” she says.
Best Advice: Don’t overthink it: “Start with what’s available through your job,” says Baldevia. “A lot of people think of insurance as something you’ll get around to someday, but just having something in place is a big step.”
Forbes
