Michael McCord is a Principal and Managing Director at the MicroInsurance Centre in Milliman’s Appleton, WI office. With over 25 years in the industry, Michael saw a growing demand for insurance for low-income individuals, but very few resources to support them. This market is vastly underserved because their needs are different. When thinking about how to service this demographic, the insurance industry needs to take on a complete paradigm shift. Michael explains why in this week’s episode.

Key Takeaways

• A little bit about Michael and what he does for Milliman.
• Very quickly, Michael realized that when low-income people did better and started moving up the ladder, a small disaster would occur, and they were right back on the breadline.
• When Michael, who has spent time throughout Africa, went to suggest the concept of insurance to help the people of Uganda, his idea was rejected.
• Michael has spoken to different types of executives in this field, the reason why so many companies target the “upper market” is because they don’t know how to access this lower-margin market and help more people.
• How do you define microinsurance?
• Selling insurance to low-income people has a lot of moving pieces. This means you have to be on the ground and talking to people to really understand their unique challenges.
• Michael lists some of the challenges with serving this particular market segment.
• There are four pillars to making microinsurance successful. Michael shares a bit of back story as to why.
• The reality is, there isn’t enough money in these policies. The margins are low, but you make up for it in volume.
• Is there more of an acceptance from regulators on the need for microinsurance?
• Michael shares an example of why a freemium model doesn’t work in this space.
• Michael breaks down how the insurance industry has to think differently for this demographic by sharing some common challenges people are running into, and how microinsurance helps fill that gap.
• Michael is doing a women’s risk insurance profile in Kenya. He shares some of his insights so far.
• Climate change is a real problem. Michael is seeing first-hand the impacts of it and the people who deeply depend on agriculture to survive.
• What does Michael wish he’d known about at the beginning of his career?

Keep Getting Better

Frm.milliman.com

Michael on LinkedIn

Quotes

“Microinsurance is specifically designed for low-income people. This is an active piece of the insurance continuum.”

“We’re going to do a $500 policy for low-income people. How do we operationally do that differently? It’s a paradigm shift. Low-income people need money within hours, [not days/weeks].”

“We have to define microinsurance with regulators, how to distribute it, who can distribute it, what technology they can use. We need to get all four of those pieces and if we don’t do a piece of that, then it will always fail.”

Rita Williams-Bogar provides consultative services to businesses and individuals in the areas of leadership and organizational development, emotional intelligence, diversity, insurance technical education, and more. She is a keynote speaker for the insurance industry and uses a client-centered approach to tailor workshops to her clients’ needs. Her mission is to share proven strategies to help people reach their potential. In this week’s episode, we learn about Rita and her vast career experience in the insurance industry.

Key Takeaways

• A little bit about Rita and how she found herself in insurance.
• Mentorship has been a huge part of Rita’s success.
• When Rita is able to blend her passion for psychology and leadership together, there’s something magical that just happens in a room full of students.
• There are no such things as “soft skills.” Soft skills are quite hard to successfully execute on!
• When the pandemic hit, people were panicking and didn’t believe they could do this job remotely. Rita knew it was possible.
• As an independent contractor, Rita’s biggest challenge was understanding how to price her services.
• Rita charged the same price she was being paid at her previous position. Mistake! That was way too low.
• Are you interested in teaching? Rita shares how she got her start.
• When it comes to diversity and inclusion, where does the industry stand?
• There’s a huge talent gap in insurance. What do insurance professionals need to be thinking about?
• So many people are unaware of the vast possibilities and opportunities that are in insurance. We need to be proactive in teaching newcomers what’s out there.
• Remember, normal is going to be different, going forward. Rita doesn’t believe we’ll get back to 2019’s “normal.”

Keep Getting Better

Personaldevelopmentsolutionsllc.com

Rita on LinkedIn

Njawbo.org

Quotes

“I would encourage people to follow their dream.”

“My price is my price. If this is not what you want to pay, what is it that you want to remove from the proposal?”

“Higher management had the right idea (to hire diverse candidates), but the people who were running the day-to-day operations had a different idea.”

Greg Offner is a multi-talented individual, with a passion for entertaining and educating others on topics that can improve their personal life and professional success. This passion comes from his 17-year stint in Corporate America, and over a decade spent as a professional entertainer. Greg is a keynote speaker, coach, and workshop facilitator that focuses on disruption and creativity in the workforce. Find out more on this week’s episode!

Key Takeaways

• Greg shares a little bit about himself, his non-traditional path, and how he got involved in disruption.
• After the financial crash, Greg found himself in insurance!
• And then something unexpected happened, Greg lost his voice!
• After COVID-19 hit, Greg had to reinvent himself.
• We’ve entered an autonomy economy. It’s never been easier to start your own business.
• The companies that understand why we're here, our purpose, are the ones that are going to last the longest.
• Greg realized more than a decade later that his goal was never money, it was freedom.
• There is a big emphasis on hardline numbers-driven growth in organizations, this means that the development of our people tends to fall behind.
• Soft skills are more important than ever, especially as we communicate more readily online.
• Only 5% of young kids are being taught mindfulness and resilience in schools.
• Employers are receiving employees who do not have soft skills or leadership skills, yet they are in leadership positions. This trickles down and affects an organization on several levels.
• Become a company people can’t wait to work for!
• Remember, no change is permanent. They’re going to keep happening, so how are you going to adapt?
• What does Greg wish he’d learned sooner in his career?

Keep Getting Better

Gregoryoffner.com

Greg on LinkedIn

Quotes

“This has been a year of change and the insurance industry is no different.”

“It’s never been easier to start a business and run it from wherever you want in the world. Folks want that freedom and flexibility.”

“People don’t want to be told what to do right now. Everyone wants the Instagram life that they see.”

Kevin Johnson is the President of Insurance Programs at Munich Re Specialty Insurance. Kevin has served in a wide variety of roles at Munich Re Specialty Insurance for the last 12 years and became President in 2019. Kevin is also the recipient of the 2021 Business Insurance Breakout award. In this week’s episode, Kevin discusses what he looks for in new talent, the bad reputation the insurance industry has and how to change it, and the successful elements of a new insurance program launch.

Key Takeaways

• A little bit about Kevin and how he got his start in insurance!
• What was something Kevin was looking for in an employer when he left college?
• Kevin looks back and shares why he is glad he learned underwriting early in his career.
• What does Kevin look for when hiring new talent?
• Let’s talk about the talent gap. Kevin shares what we can do as an industry to improve this.
• People want purpose-driven work.
• Our industry has a bad reputation, but it’s on us to share why the type of work we do is so important.
• How will the industry change due to the pandemic?
• Some things will always remain the same, despite the pandemic.
• Where is the future of insurance headed?
• We still have a long way to go when it comes to leveraging the data we currently have. We are quite behind compared to other industries.
• What are some of the elements of a successful program launch?
• Kevin shares some timeless advice on how to create long-lasting connections within the industry.
• What are some of the benefits of working for an international organization?
• It’s important that you go outside of the insurance industry to look for inspiration and to bring new thought diversity into this industry.

Keep Getting Better

Munichre.com

Kevin on LinkedIn

Quotes

“For college grads, you want to go deep and wide. A training program like a rotation-based underwriting training program allowed me to do both in a very short period of time and be able to make those connections.”

“We are looking for well-rounded graduates. Have they tapped into leadership roles, taking on more responsibility? To us, it creates a candidate pool of folks that can be future leaders for our organization.”

“Outside of our industry, the reputation hasn’t been the best and it’s on us to continue to drive that change and narrative change and carry the banner of what our industry really is.”

Justin Gress is the Vice President of Strategic Initiatives at Vantage Group Holdings Ltd. Prior to joining Vantage, Justin served as Director of Strategic Operations for North America for AXA XL. Vantage was launched in 2020 and Justin has been leading the charge in helping them build out their U.S. product offerings. In this week’s episode, Justin shares his thoughts on innovation, where the insurance industry is headed, and how he identifies new insurtech solutions for his market!

Key Takeaways

• Justin shares a little bit about his story and how he got into insurance.
• What questions should risk management professionals ask themselves before joining a new company?
• Justin shares the biggest difference between working for a startup vs. a larger more established company.
• You have to be hyper-conscious about what the company culture looks like in a startup and how you’re showing up with a smaller team.
• What is the state of innovation right now in the industry?
• Justin shares his process on how he identifies new insurtech.
• Closing the talent gap is on everybody’s minds. How is Justin trying to solve the problem?
• Justin believes it’s not going to be uncommon to see individuals with more than one expertise, from underwriting to data science, coming through in the industry. The siloed career professional with one skillset is going to be less and less.
• There’s a lot of moving pieces in the industry that make this space very appealing to new professionals. You just need to let them know about it.
• Justin shares his thoughts on where the industry is headed in five years.
• The customer relationship is going to be even more transformed in the future. Professionals need to be prepared for that.
• What does Justin wish he’d learned sooner in his career?

Keep Getting Better

Vantagerisk.com

Justin on LinkedIn

Quotes

“When you’re in a startup, you have to realize you’ve got to build everything from scratch. You’ve either got to buy it or build it, and you’re going to get your hands dirty.”

“In many ways, things continue to speed up. There are so many opportunities to get involved from an innovation perspective.”

“There’s a ton of room for innovation, so a fresh set of eyes is important.”

Storm Wilkins, ESQ., CPCU is the Executive Director of the Maguire Academy of Insurance and Risk Management (MAIRM). She brings more than 25 years of experience and deep technical knowledge, previously working in the insurance industry as a former trial attorney. In this week’s episode., Storm shares what she sees in young risk management professionals and students, why it’s critical to be proactive in your outreach to attract talent, and how to bridge the diversity and inclusion gap in the industry.

Key Takeaways

• A little bit about Storm and how she got her start in insurance. 
• Storm gets excited about insurance because there’s so much you can do with it. 
• What advice does Storm have for students interested in risk management? 
• When it comes to diversity inclusion, what does this sector need to do more of? 
• The good news is that companies want to make an impact, they want diversity, and they’ve reached out to Storm to try and find a solution.
• You need systemic solutions when you’re facing systemic problems. 
• So many people do not know risk management is a possibility for them. Sustained outreach is key in showing people what’s possible in the field. 
• Let’s talk about risk management scholarships! 
• How is the industry going to be different post-pandemic? 
• Storm shares how the industry will be different in 2026. 
• What does Storm wish she learned sooner in her career? 

Keep Getting Better

Sju.edu/mairm

Storm on LinkedIn

Quotes

“19% of folks in the risk management industry identify as non-white. 10% is African America and 6% is Asian. Women are 60% of the industry, but less than 20% of that is occupied by women in C-suite. LGBTQ+ is also not fairly represented.”

“It’s necessary for everyone in the industry to do sustained outreach so people who don’t know about the industry, do know about it.”

“There’s lots of changes that are going to be accelerated by the pandemic, but obviously, it’s a people business first.”

Sean Kevelighan is the President and Chief Executive Officer of the Insurance Information Institute (III), a position he’s held since 2016. He has served in various public sector posts in Washington, D.C. As a political appointee in the administration of President George W. Bush, he served first in the Department of Treasury as a spokesperson for economic issues, and eventually became Senior Advisor for the Office of Tax Policy. In this week’s episode, Sean shares his perspectives on where the insurance industry is headed and some of the upcoming climate and economic risks that could occur if we don’t position ourselves correctly, and the importance of educating the public in matters of insurance and how it affects their everyday lives.

Key Takeaways

• A bit about Sean and how he found himself in insurance.
• When Sean became exposed to the insurance industry, it really opened his eyes as to how it impacts and benefits so many people’s lives.
• How does III help educate the public about insurance in simple language?
• Sean shares how III helps companies identify risk.
• What do we need to know about climate risk?
• As more and more people move into harm’s way (for example relocating to a state that’s prone to natural disasters), it’s important that III thinks of ways to bring more awareness of these risks to the general public.
• How can we better brace ourselves for economic risk?
• Sean shares his hopes for the future and where the future of this industry is headed.
• People know that innovation and disruption are the way forward.
• As new emerging risks happen, we need to have better standardization processes in place.
• What does Sean wish he’d learned sooner about the insurance industry?

Keep Getting Better

iii.org

Sean on LinkedIn

Quotes

“Value is a moving target, so you need to be moving with it. Consumers want to understand how they can be more resilient to the risks and the changes that are happening in our climate today.”

“Close to five years ago, there was a big discussion whether or not innovation was a threat or opportunity. I think people really dug in. All industries are in line with digital innovation.”

“One of the problems we’re facing today as a society is over 50% of IT costs are going towards legacy systems.”

Heather Schwartz Sanderson, Esq, is the Founder of Sanderson Firm PLLC, a law firm committed to providing comprehensive compliance solutions to the Medicare Secondary Payer Act (MSP). Aside from being a lawyer, Heather is a passionate writer and works in this space heavily to make sure she is part of future reforms in the legislature so that she can better help and serve her clients. In this week’s episode, Heather discusses where this industry is headed, why it’s important to be part of politics, and why there’s still a huge need for lawyers in this sector.

Key Takeaways

• A little bit Heather and how she got into the medicare secondary payer space.
• What is MSP and how does it work?
• Heather shares why she made the leap from corporate to develop her own firm.
• Heather has been learning a wide range of skill sets now that she is self-employed. Learning how to generate new business is just one of the skills that she is enjoying.
• Heather started her business during the pandemic but she has been busy. There is still a huge need in this sector.
• Heather shares her involvement in politics and her experience with changing/enforcing legislation.
• How did Heather get started with writing so much?
• Where does Heather see the industry headed in the next 12‒18 months?
• Why should someone join this space in 2021 and beyond?
• What does Heather wish she’d known about her career when she first got started?

Keep Getting Better

Sandersoncomp.com

Heather on LinkedIn

Quotes

“The need is still there. It’s been a pandemic but right now, Medicare has two threatened proposed rules which would drastically change the need for Medicare secondary payers.”

“We see reports all the time that the Medicare trust fund is running out by a certain date. The Medicare secondary payer act was designed to preserve the trust fund, so there’s been more enforcement on it for that reason.”

“I’m not just going to sit here and complain about it. I want to do something about it. To the extent there are future reforms, I want to advocate for my clients.”

Christopher McDaniel is the President of the RiskStream Collaborative, the first global cross-insurance sector consortium focused on innovation in the insurance space. Christopher shares his thoughts on the future, why blockchain will be an essential part of the insurance industry, and why now is the time to act on, and learn, these new technologies if you want to gain a competitive edge.

Key Takeaways

• A little bit of Christopher and how he found himself in this field.
• How does blockchain work?
• How has blockchain evolved from when it first got started to where it is today?
• GDPR and blockchain? There might be some conflicts happening.
• Fast-forward to the future, how will blockchain be used in the insurance industry?
• The insurance industry has a talent gap. Can AI and blockchain help fill some of these needs or at least upskill more people?
• AI will help more professionals shift into new roles, and it will be able to automate some tedious ones. For example, underwriting.
• Christopher shares some of the biggest challenges we’re facing in the industry right now and how they will affect our ability to perform our work in the future.
• Don’t wait to see how “things go.” Take action now or else you’ll be at a competitive disadvantage.
• This is not just about learning new technologies, it’s about keeping up-to-date with the latest in the insurance landscape.
• What does Christopher wish he’d learned sooner?

Keep Getting Better

Web.theinstitutes.org/riskstream-collaborative

Christopher on LinkedIn

Quotes

“Blockchain allows for the sharing of information in a very secured way.”

“The biggest challenge now is to just get folks comfortable with these new technologies.”

“If you sit on the sidelines and wait until everybody does this, you’re not just going to be playing catch up in four to five years, you’re going to be at a competitive disadvantage.”

Megan Stewart Hodge is an executive, public speaker, and advocate for diversity, equity & inclusion. She strives for whole-person success in her interwoven career and personal journey, prioritizing authenticity in life and as a leader in the insurance industry. Megan is also the Founder of Cultiver LLC, an advisory practice focused on fostering cultures of inclusion. She shares how the insurance industry can become more inclusive for a wide set of diverse individuals in this week’s episode!

Key Takeaways

• A little bit about Megan and why she started Cultiver.
• Megan explains a time where she was able to see everyone show up in an organization as their full authentic selves. It was amazing. There was so much innovation.
• A lot of organizations haven't done the work necessary to make a culture inclusive.
• You have diverse talent, but now it’s time for promotions. Now what?
• So many people don’t feel like corporate America has a role for someone that looks like them.
• How has COVID-19 impacted diversity in the workplace?
• We need to recognize the challenges people of color are experiencing every day, not sweep them under the rug.
• As an employee, how can you protect and nurture your wellbeing?
• It’s so important to give people some grace. Everyone has been overwhelmed.
• Keep continuing the empathy for the people on your team.
• How can companies get better and be more supportive towards their employees’ well-being?
• Our old way of working wasn’t perfect, but we have an opportunity right now to be better.
• Burnout is very real and boundaries need to be established.

Keep Getting Better

Cultiveradvisors.com

Megan on LinkedIn

Quotes

“At some point, if you put your head down and assimilate, you look in the mirror one day and you don’t recognize yourself. You don’t hear your own voice, and that’s when you lose people from the workforce.”

“Diverse hires don’t feel supported. They don’t feel like they have a voice or a career path that’s sustainable.”

“Give ourselves grace. There are still a lot of circumstances that haven’t changed.”