Take Five: Meet Eric Chenowith...former pro basketball player now insures them
When you see Eric Chenowith around Corona del Mar, where he resides, you know immediately that he played basketball: He’s a 7’1” man who often wears Kansas Jayhawk gear, so it would be kind of hard to miss. Chenowith played at Villa Park High School, became an All-American team member, then played for the University of Kansas and was drafted by the New York Knicks in the second round in 2001. After retiring from ball, Chenowith went into the insurance business, and in 2018 founded Leverage Disability and Life Insurance Services. I caught up with him to talk business and hoops with March Madness beginning this week.
By Amy Senk
Q: Your business offers insurance policies to athletes that would protect their financial future in case of injury. Can you describe how you find a typical client and what goes into creating a policy for them?
A: The policies also protect their future earnings from illness as well, and we’ve seen several claims within the market for illness the past few years. I find clients by paying attention to professional draft boards and free agency periods. College athletes need coverage a year out from their perspective draft, and professional athletes need coverage one to two years away from their first or next free agency period. Once I build a database of potential clients, I reach out to their college coach or university compliance office. For professionals, I call their agent or financial adviser. Their future projected market value determines the limits and types of coverage they qualify for.
Q: Is your focus on basketball players, or do you insure men and women athletes in all sports?
A: My focus is on all four major sports at the college and professional level. I also insure women athletes, and clients have ranged from the WNBA to Women’s World Cup Soccer participants. The LPGA and WTA are new markets I recently just tapped into as well. I have relationships with about 50 Power Five institutions and a network of financial advisers, so there is never a lack for variety of risks.
Q: What is a typical day at the office like for you?
A: First thing I do is to get through emails that have come in from underwriters at Lloyd’s of London since they are eight hours ahead of us. I then go through bind orders and quote requests from the east coast to the west coast in that order, since they typically start coming in around 6 a.m. By 8 a.m., I’m caught up with them and can then prepare for orders coming in from the western United States. Once orders are satisfied, I go back to research and prospecting the next potential clients. My business is sort of an annuity in that there is a draft and free agency period for all major sports providing numerous opportunities every year on end.
Q: You played basketball at the college and professional level – do you have a favorite game memory that you can tell us about?
A: My favorite college memory had to be playing in Allen Fieldhouse for four years. KU has the best fans in the world, and AFH is the best sports venue in the world, so the combination is unbeatable. My favorite professional experience had to be participating in training camp with the Lakers in 2003. The roster included Shaq O’Neal, Kobe Bryant, Karl Malone, Gary Payton, Luke Walton and was coached by Phil Jackson. Every day was surreal and an endless learning experience.
Q: What advice do you have for young athletes hoping to play at a Division One or professional level?
A: The best advice I can give to young athletes is to take every day as an opportunity to get better because you will never get this time back. Once you let up or stop working hard, your competition slowly starts to pass you by, so never let up until your goals are attained. Once they are attained – set new ones. Keep pushing until you can’t push anymore. The mental toughness you develop in sports will carry on to your professional life, which you will have to lean on because the real world is inevitable and never stops once you enter it.