IN-the-Know

Host Chris Hampshire is joined today by Hemant Sarma, Global Digital Internet of Things Manager at Chubb, the world's largest publicly traded property and casualty insurer. Hemant has been with Chubb for over 25 years and is responsible for developing enterprise strategies that leverage internet-connected technologies to advance the company's best-in-class risk engineering services. He has joined the podcast for a discussion about the Internet of Things and his work at StreamLabs, a manufacturer of commercial IoT water sensors, and how it all works.

Key Takeaways

• Hemant shares the journey that led him to a career in risk management.
• How did growing up in India inform Hemant's involvement in insurance?
• The application of IoT in the insurance world has only been accelerated by the pandemic.
• Examples of how IoT technologies benefit both insurance customers and underwriters.
• Improved applications of data allow Chubb to make better decisions.
• Real-time data helps to predict and prevent potential risks and improve underwriting data points.
• The apprentice program at Chubb helps to attract new talent to the insurance industry.
• Chubb also offers college scholarships and rotation programs to continue to build a pipeline of future employees.
• Characteristics that Chubb looks for in interviews and potential new hires.
• Hemant's career path has been guided by the kinds of problems that he aims to solve.
• He aims to tackle the challenges and opportunities that face the company.
• A look at the industry five years from now reveals that IoT is going to play a continually increased role.
• Details of a changing distribution model, the role of the underwriter, and the changing nature of risks themselves.
• Hemant reveals the wisdom he wishes he would have known when he started his career.

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IN2Risk 2022

Quotes

• "COVID-19 has made very clear the role of IoT in our lives."
• "IoT is going to be a gamechanger for the insurance industry."
• "We are continuing to build a pipeline of our future employees and candidates."
• "As roles evolve and the opportunity arises, keep an eye open for that and you will definitely find ways to dabble in IoT."
• "This is going to be a very interesting marketplace over the next five years."

Host Chris Hampshire is joined today by Dr. Brad Gronke, technical training manager for Gallagher Bassett and founder of Ignite P3. Dr. Brad is an outcomes-driven influential claims leader and public speaker with over 20 years of industry experience. He has joined the podcast for a conversation about diversity, equity, and inclusion and how the CPCU Society is working to broaden the talent base in the insurance industry. Dr. Brad shares the progress the insurance industry has made on diversity, equity, and inclusion, as well as some of the key areas that still have room for growth. He also offers insights into the meaningful ways that the insurance industry has supported him in expanding his network, improving his connections, and achieving his career goals.

Key Takeaways

• Dr. Brad reflects on his childhood dream of helping people, and the career path that has realized that dream.
• The aspect of human development that appeals to Dr. Brad and drives his mission.
• "Use it or lose it" applies to every aspect of human evolution, including our brains.
• How does the insurance industry present itself positively to the marketplace, and how could it improve?
• The insurance industry is there to carry people through loss, a fact that needs to be more clearly communicated.
• Humanity in business is always the best practice.
• The current state of diversity and inclusion in the insurance industry has plenty of room for future growth.
• It is essential that leaders focus on diversity, equity, and inclusion.
• Writing your personal diversity story is the first step in widening your reach.
• Key steps to attracting more diverse talent within the insurance industry.
• Dr. Brad reveals the successes that have come with starting Ignite P3.
• The value of the CPCU Society network in fulfilling passions and reaching career goals.
• Getting intentional, saying no, and increasing meaningful involvement.
• What Dr. Brad wishes he'd known when he started in the insurance industry 20 years ago.

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IN2Risk 2022

Quotes

• "If we don't work our brains, if we don't continue to exercise them and grow our knowledge, then they're going to atrophy."
• "Humanity in business is the best practice."
• "If we put humanity first, the profits will come, the people will come, the talent will come."
• As a leader, you have to be focused on diversity, equity, and inclusion."
• "Greater intentionality has helped me deliver amazing results, professionally and personally."

Chris Hampshire hosts this week's conversation from Risk World, where everyone is looking for the next generation of talent for the insurance industry. He is joined by Laura Botero, a senior in the Risk Management Program at Illinois State University, for a conversation about how she decided on risk management, how she is getting more involved, and her impressions of the insurance industry as top career of choice. Laura shares her advice to both young people who might be interested in a career in insurance and to those who are already successful in the industry, as well as some ways that the perception of the insurance industry can be changed for the next generation.

Key Takeaways

• Laura shares the journey that led her to the risk management industry.
• Interaction with prospective employers and other opportunities that are available to students of risk management.
• Insights into the current state of diversity, equity, inclusion, and belonging within the industry.
• Attracting new talent into the industry through scholarships and attendance at networking events.
• Laura offers a message to young people who might be interested in a career in insurance, and to those who are already successful in the industry.
• The benefits and networking opportunities that come with membership in Gamma Iota Sigma.
• Advice to employers for attracting talent through tuition reimbursement and other employee benefits.
• Changing the perception of the insurance industry starts with word of mouth.
• Laura addresses the global issue of the talent gap within the insurance industry and post-pandemic working preferences.

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IN2Risk 2022

Gamma Iota Sigma

Quotes

• "Insurance is so attractive to me because insurance is naturally global."
• "There are a lot of job openings right now in the insurance industry."
• "Take all of the opportunities. You never know who you're going to meet and what you're going to find out."
• "When looking at new talent or in the interview process, that connection is probably what drives students most."
• "I wish I had started earlier and listened to those people who told me to join insurance."

Cindy Baroway joins the conversation this week from the exhibit hall floor at Risk World. Cindy is the Executive Director for the University of Colorado Denver's risk management program and is a past Global President of the CPCU. She gives her thoughts on how the industry can attract new talent, how we can better hire and retain diverse talent, and her best advice for new graduates looking for an internship or career in insurance. Cindy also talks about why she joined the CPCU society, and the rewards her involvement has brought to her professionally and personally.

Key Takeaways

• Cindy shares her perspective on being a female executive in the insurance industry.
• Companies can cite that diversity is important to them, but making feel employees feel comfortable is critical as well.
• What other lessons can Cindy impart to companies trying to encourage more diversity in the executive ranks?
• If you're going to play golf or going out to have drinks after work, ask yourself if you are including everyone in the office.
• Students are looking for flexibility and impact when considering a role in insurance.
• What can companies do who are recruiting Risk Management students?
• Cindy shares her thoughts on the best practices to try and attract commuters and first-generation students to insurance.
• Cindy talks about the benefits she gained from being a part of the CPCU society.

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IN2Risk 2022

Cindy Baroway

Cindy Baroway LinkedIn

Quotes

• "If you can lead a group of volunteers, you're going to be successful in your business environment."
• "It's not so much just about how people look. If you're not welcoming, the minute they walk in the door, people aren't going to stay."
• "If you're going out to play golf, or you're going out to have drinks after work, or having even a Zoom happy hour, are you including everybody within that office that should be there as well?"

Anthony Trucks is a former NFL Athlete, American Ninja Warrior on NBC, international speaker, host of the Aww Shift podcast, and the founder of Identity Shift coaching. He uses cutting-edge science and psychology to upgrade how you operate so you can elevate your life and business to reach your full potential. After being given away into foster care at three years old, being adopted into an all-white family at 14, losing his NFL career to injury, and more he learned how to shift at a very young age, and now his life mission is teaching others how to Make Shift Happen in their lives. Anthony will be the closing keynote speaker at the In2Risk event this November in San Francisco. He has joined the podcast today to address major life challenges — how to overcome them and how to shift when things get crazy.

Key Takeaways

• Anthony shares the early childhood experiences that led him to make shift happen.
• Ownership is the first step to making true change — Anthony asked himself what he personally had control over and could shift to take control of his life.
• The process of effecting real change starts with embracing the discomfort.
• Consistently returning to the difficult, over time, transitions it into your new normal.
• "Embracing the suck" transforms the drive that will help anyone make lasting change.
• There is a space where you can exist without the anxiety or fear of a certain trajectory toward a death pit.
• Ask yourself about the work that you are doing — is this the right time to do it? Is this the right amount of time spent on it? Can I leave work at work?
• Anthony wants listeners to fall in love with your day, not just your destination.
• Progress happens when we stretch for more while still keeping a good rhythm in life.
• The core habits that help Anthony make shift happen include effective planning, pausing before saying yes, and maintaining a daily schedule.
• Creating boundaries with phone calls, texts, and emails will allow you to accomplish your high-priority tasks first.
• Five minutes of focus time is all you need to lean into productive flow.
• Avoiding distraction starts by taking yourself off-line to counteract your brain's desire for a dopamine hit.
• Anthony shares some of the major risk-taking moves in his career that paid off, and some that didn't.
• What will the future have to offer for those who want to make shift happen in their lives?
• Insights from Anthony's time as the first former NFL athlete on American Ninja Warrior.
• Anthony reveals what he wishes he had known at the beginning of his journey.

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Anthony Trucks

IN2Risk 2022

Quotes

"Eventually there's a journey that takes place where this thing that you hated to do becomes something that you identify with now."

"We all know what we want, but for some reason, there's not enough of a drive."

"I have to fall in love with the day, not just the destination."

"I can still stretch for more while keeping a good, enjoyable rhythm in my life."

"Being able to put boundaries … is paramount to your success."

"People who can execute and execute consistently, I believe, have the greatest upside."

"I want the opportunity in the moment where no one else sees it."

Rick Graham is the Chief Risk Officer for SEPTA (Southeastern Pennsylvania Transit Authority), the nation's sixth-largest provider of public transportation. Rick leads a team of ten risk management professionals responsible for the authority's treatment of risk, management, and employee injury claims. He also oversees a comprehensive vocational rehabilitation program and currently serves as the VP of the Delaware Valley Chapter of RIMS. He earned his BA in political science from Meridian College. In today's live episode, from the 2022 RIMS Conference, Rick highlights the successes, challenges, and future of risk management and public transportation.

Key Takeaways

• Rick highlights the chapters of his risk management career.
• As a risk manager in public transportation, what does Rick want people to know?
• Public transportation provides great opportunities for inclusion and equity.
• Seeking solutions for the unique exposures that are presented in public transportation.
• Public transportation has seen major technology changes over the last decade. Rick highlights some of the innovations in railroad technology and smartphones.
• As a public entity, public transportation has been affected by the current state of the finance market.
• Rick details his approach to the changing dynamics of the environment, including the impact of climate change.
• Cyberattacks present a very real threat to any company. Rick emphasizes the importance of handling IT infrastructure with the same emphasis as physical infrastructure.
• How will public transportation continue to change as more people adopt a hybrid work model?
• The impact that the pandemic has had on the demand for public transportation.
• Future challenges in public transportation and the most important steps professionals can take today to prepare for the future.
• With a focus on DEI, changes still need to happen in the public transportation industry to effectively welcome more people in.
• RIMS recognizes that greater diversity, equity, and inclusion need to happen, and are working as a leader in increasing DEI in the industry.
• Why come to insurance? Rick shares some of the highlights and rewards of his career.
• Ideas for pulling non-traditional candidates into risk management industries.
• An optimistic look at the future of the risk management industry includes a younger, more diverse workforce.
• Rick reveals what he wishes he had known at the beginning of his risk management career.

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Richard Graham at RIMS

Richard Graham on LinkedIn

Quotes

"There is a lot of focus on diversity, equity, and inclusion right now, and public transportation really affords people to be inclusive and provide equity."

"We're acutely aware of [the impact of climate change] taking the risk management model and applying it."

"You have to look at your IT infrastructure the same way you look at your physical infrastructure."

"The most important thing that we have to do as a profession is not to accept things as they are today."

"We've got to look at diversity, equity, and inclusion as an opportunity, not as a threat."

Dr. Leroy Nunery is the President of Evolution Advisors, LLC. Dr. Leroy D. Nunery II is a Senior Advisor with Econsult Solutions and is Founder and Principal of PlūsUltré LLC, a boutique advisory and consulting company started in 2007 that focuses on turnaround, growth, and innovation planning, resource development, talent development, governance training and diversity, equity and inclusion strategies. In 2017, PlūsUltré was commissioned to author a groundbreaking study titled, "The Journey of African American Insurance Professionals: Past and Present," which has been widely praised and cited within the industry as a resource to better understand DEI dynamics. In today's episode, Dr. Nunery shares insights into his current work as president of Evolution Advisors as well as a look at the past, present and future of the industry.

Key Takeaways

• Dr. Nunery shares the journey that led to his current position.
• The goals of Evolution Advisors as an MBE-focused firm and what they are looking for when meeting with potential investment companies.
• Growth capital, partnerships, and opportunities for expansion all illustrate DEI in action.
• Key characteristics of the most successful agencies in the industry.
• "The Journey of African American Insurance Professionals: Past and Present" had a major impact on the industry. What inspired Dr. Nunery to author this groundbreaking piece?
• While talking about inclusion is essential, so is recognizing and respecting historical roots.
• There were 52 African-American-owned mutual life insurance companies formed around the reconstruction period after the Civil War. Dr. Nunery shares the inspiration he gains from this history.
• The critical importance of diversity is not limited to only to color, gender and race, it needs to include underserved, uneducated and untapped markets as well.
• African Americans are as likely as anyone to buy insurance products, but too often they

buy the wrong products for their needs.

• Dr. Nunery reflects on the current state of diversity, equity and inclusion in the insurance industry.
• What messaging could make this industry more attractive to the next generation of professionals?
• Attracting talent into today's industry needs to include opportunities for AI, predictive analytics, digitizing, and omnichannel marketing strategies.
• A five year look into the future of the industry reveals that developing broader relationships and committing to a more positive impact is essential.
• Dr. Nunery reveals the things he wishes he knew when he started his career in 1969 that would have increased his confidence and flexibility.

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Dr. Nunery on LinkedIn

Dr. Nunery on Twitter

Quotes

"It's an exciting time to be in this industry, because it's DEI in action. It's implementation, not just words or philosophy."

"While we talk about inclusion, folks, you do have historical roots here. Appreciate those. Learn from them."

"What we're trying to do by telling these stories is to inspire people to reach further."

"The work is important, but you've also got to build relationships and be exposed."

Theresa Fabela is the President of Dorchester Insurance Company and is accountable for Underwriting, Claims, Accounting, Budget, and Reinsurance. She leverages the company's expertise in writing island-based property and casualty exposures to profitably grow the business. She is also the President of the Virgin Islands Insurance Guaranty Association and Virgin Islands Association of Admitted Property & Casualty Insurers. In today's episode, she shares how she solidified the company's presence in the Caribbean, while successfully guiding the Company through two Category 5 hurricanes that devastated the Caribbean in 2017.

Key Takeaways

• A little bit about Theresa and today's topic.
• Theresa got her first job in insurance in 1999, but it wasn't always a linear path.
• In 2011, Theresa decided to pursue her CPCU. She shares the connections she made then that caused her to move to Dallas.
• Triple-A offered her a job in the Virgin Islands. What were some of the factors that made her decide to move there?
• What is the difference between the Virgin Islands' market and the domestic market?
• There are only three property-casualty insurance domiciles in the Virgin Islands. Theresa shares what they are.
• How did Theresa prepare for the two hurricanes in 2017? She shares her experience going through it.
• People were offering her an escape from the island and Theresa explains why she turned their offer down.
• Theresa describes what it was like being in the hurricane and how she first made contact with her boss after the hurricane.
• The aftermath of the hurricane was devastating. Theresa recalls how they got everything together despite the challenges before them.
• While they were trying to get everything cleaned up, they heard about another hurricane coming. Theresa shares how they prepared for a category five hurricane.
• Theresa shares the things she is proud of and grateful for being a local insurer in the Virgin Islands.
• Are there any changes she wants to implement in underwriting following this experience?
• One of the lessons Theresa learned was about frame housing. She continues to share what that is.
• Another lesson she learned was about hollow cinder blocks. She explains why they're not great.
• What is it like being a female leader in the insurance industry?
• Theresa talks about her many fascinations about insurance and why it could also be an interest for others.
• It's important to bring new talent but it's also important not to lose focus of the potential in the talent the insurance industry already has.
• Theresa wishes she'd known earlier that insurance was going to be her career. She explains why.

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Theresa on LinkedIn

Theresa on Twitter

Quotes

"What really got me excited about insurance at that time was hearing a risk manager of Disney talk about all the work that they do. And it really opened my eyes that there are so many jobs in insurance including running an insurance company at Disney."

"It's a different experience than I think that most insurers face where you're actually in the middle of a catastrophe along with everyone else."

"Today was a good day and tomorrow is going to be better."

Carly Burnham has almost 20 years in the insurance industry and was recently named Product Development Manager at Constellation, a growing portfolio of medical professional liability insurance. Constellation was formed as a response to the ever-changing realities of healthcare and its dedicated to reducing risk and better supporting physicians and care teams. She is also Co-Founder and Chief Editor at Insurance Nerds, the go-to source for transformational talent development and career management serving the global insurance ecosystem. In this episode, Carly shares why insurance educators are needed more than ever, best ways to attract talent in the insurance industry, and what Insurance Nerds helps to solve for in the space.

Key Takeaways

• A little bit about Carly and today's topic.
• Carly started out at an insurance agent in her hometown in Minnesota. She shares the most important lesson she learned from her experience.
• She learned that she really enjoyed evaluating risk and that's what got her into underwriting.
• She shares how she discovered Constellation and what she loves about this company.
• How does Carly evaluate new opportunities in insurance?
• Product Development vs Underwriting. Carly shares the similarities and differences of both roles.
• Why did Carly and her partner Tony Cañas start Insurance Nerds?
• Carly started writing about professional opportunities and educational suggestions for their fellow millennials in the industry. The company has since grown into a podcast, video series, and a new book.
• Carly found that the resources available in insurance were only found in textbooks. This inspired her to improve upon the industry.
• With all the changes happening in the industry, there is a need to explain what this industry is about at a basic level.
• How does an introvert advance dynamically in the insurance industry?
• What is Carly's message to employers to best attract talent?
• Carly shares what she sees in the industry five years from now.
• Carly previously believed that being an introvert would limit her opportunities. She shares what she would tell herself back then.

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Insnerds.com

Carly on LinkedIn

Carly on Twitter

Quotes

"You can see when the leadership at your organization believes what they're saying to the employees and to the market and it's refreshing to work somewhere you can see that in practice."

"There's a large need for new talent but there aren't necessarily programs to develop future talent."

"Just being authentic as you bring new employees in and letting them know what opportunities they really have at your company is another way to help someone see their value in an organization."

Nick Lamparelli is a 25-year insurance veteran who has been an agent, a broker, a marketer, and, more recently, a catastrophe modeler. Five years ago, he left the corporate world and Co-Founded reThought Insurance Corporation. His Managing General Agent (MGA) model paved a new way to form strategic relationships with insurers, reinsurers, and other capacity providers to innovate in the commercial flood market. In today's episode, he talks about the future of risk by analyzing it from this new perspective. He also shares how new technologies are involved in a number of new enterprises and how insurance professionals can seize those opportunities.

Key Takeaways

• A little bit about Nick and today's topic.
• Nick quit medical school to get into insurance. He shares his journey on how he got to where he is today.
• Catastrophe modeling created a purpose for Nick around insurance. He explains why.
• How did Nick approach understanding the different models that made sense to both consumers and the market? Were there any "aha" moments for him?
• We use models in catastrophes because we currently have no other way to do it in an actuarial approach.
• He explains how he was able to utilize alternative reinsurance with these models.
• Why did Nick decide to go out on his own and start something new?
• You have so many stakeholders in insurance. Nick asked himself how he can create something that was going to satisfy each of them.
• Nick advises not to fully replace your source of income through consulting unless it earns enough to pay for your bills and lead you in the right direction.
• What were the steps he went through starting his own MGA? Were there any surprises he encountered along the way?
• An evolution is occurring and Nick shares his own experience with that while starting his own MGA.
• If you're gonna start an MGA, Nick advises you to budget two for two. He explains what that means.
• MGAs are extremely challenging but they're a marvelous tool in our toolbox. Nick shares an example of how they work.
• What are Nick's thoughts on what changes we can expect for the future in insurance?
• Nick shares a thought from Bill Gates where human beings overestimate the advances of technology in the short term and underestimate it in the long term. He explains how this relates back to what he predicts for the future of insurtech.
• Nick also talks about auto insurance as an example of this evolution.
• The things we insure are changing because of technology. Nick shares that it's important for insurance professionals to understand this as well as prepare for what's to come in the future.
• Insurance is a marvelous industry and it's got all the wrong stereotypes. If Nick could go back in time, he would tell himself not to take the standard path in his career.

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Nlamparelli.com

Nick on LinkedIn

Nick on Twitter