IN-the-Know

David Marlett is a Professor in the Department of Finance, Banking and Insurance at Appalachian State University and the Managing Director of the Brantley Risk & Insurance Center. He holds the IIANC Distinguished Professorship and has taught courses in risk management and insurance for the last 25 years. The focus on today's topic is about the next generation of risk management, what David sees in his students, and what his company is looking for.

Key Takeaways

• A little bit about David and today's topic.
• David shares his journey and how he got to where he is today.
• With Hurricane Andrea, he learned how quickly the development of an economic area can happen and how insurance structures can fail.
• He has always been a teacher teaching a topic that he's always been fascinated and continued to be excited about.
• What made him decide to go into teaching and what is his experience like teaching risk management?
• David talks about the different ways of pursuing a teaching career within risk management.
• What advice can David give to professionals considering a career like his?
• What are the motivations behind the students who end up graduating from their programs?
• David shares how he tells the story of a profession in insurance for them to know what it is really like and get their attention.
• Are the motivations of the students now different from those 10‒20 years ago?
• David shares some best practices on how companies can successfully recruit in risk management programs.
• Companies that are looking to start getting into recruiting, what are the philosophical aspects they should add in their recruitment efforts?
• With the future of risk management in academia, David shares what he sees that will evolve especially with what happened with the pandemic.
• How does David see the risk management program changing and the industry to be different in five years from today?
• David shares what he wishes he'd learned sooner in his career.

Keep Getting Better

Appstate.edu

David on LinkedIn

Quotes

"Once we can get the students to listen to us, to meet people from the profession, to take a class with us and meet people from the industry, it's like turning a lightbulb on. They realize there are some really good opportunities here."

"The biggest thing would be to set up internships. So, the companies that year-in and year-out hire our top students don't wait and show up their senior year in the spring career fair and try to hire them, they're recruiting them their sophomore and junior year."

"So many things in life feel random, you just happen to be at the right place at the right time, but if you don't show up then you miss that opportunity."

Madhu Tadikonda is the President of Corvus Insurance overseeing risk, underwriting, and sales. He started his career at AIG, serving as both Chief Data Scientist in Commercial Insurance and then Global Chief Underwriting Officer. More recently, Tadikonda co-founded Archipelago Analytics, an innovative data platform that uses AI to digitize risk for large owners of commercial property. In this episode, he talks about the future of insurance, digitalization, and how he uses data analysis for better decision-making.

Key Takeaways

• A little bit about Madhu and today's topic.
• Madhu shares his story of how he got to where he is today.
• His consulting and investing career has always been around using data analytics for better decision-making.
• Traditional vs. Cyber Insurance. Madhu shares what are the benefits of the latter.
• What are the opportunities he sees with Cyber? Madhu shares different scenarios where different risks can be mitigated in our digitized world.
• Risks don't only happen individually but in aggregate and building confidence in your portfolios is important.
• How does Madhu see the current state of technology application of data in the insurance industry?
• Madhu also shares his perspective about insurtech and where it may lead to in the future.
• He also talks about how data analytics can evolve and be applied in the insurance industry in the next few years.
• Madhu shares what is underhyped, yet the most precious, in the insurance industry.
• What is the future for cyber price incentives for corporations? Madhu shares his insights.
• As a data scientist, Madhu shares his message to people who have interest in data and why the insurance industry can be a place for them.
• Data science and analytics can be used for good through insurance because it leads us to a secured and safer world.
• Madhu also shares his framework for decision-making throughout the changes he made with his career.
• Five years from now, what are the differences Madhu would see in the insurance industry?
• Madhu shares what he wishes he'd known way back when he started that he knows now.

Keep Getting Better

Canopius.com

Assure-space.com

Madhu on LinkedIn

Quotes

"Even small changes in decision-making can make a huge difference in companies that pay a hundred million dollars in claims per day."

"As smart as you think you are in pricing or underwriting, the bad guys are just evolving much much faster."

"The insurance industry is data science for good. When we're making analyses and using the price signals, we make workplaces, autos, and companies safer."

Jerry Theodorou is the Director of the Finance, Insurance & Trade Policy Program. Jerry develops and advances effective free-market public policy solutions to complex issues where federal and state governments have intervened. In this episode, he weighs in on what social inflation is, climate change insurance, and questions the ethical role insurance plays in the nuanced complexities of our society.

Key Takeaways

• A little bit about Jerry and his extensive career.
• What is social inflation and its impacts?
• What is human life worth? What are pain and suffering worth? How do you really put a price on these things?
• Companies that overpay for something in fear of the consequences hurt everyone, including the surrounding economy.
• What should you know about litigation funding?
• Jerry weighs his thoughts on how climate change is impacting the insurance industry.
• People are questioning whether the country Kuwait will be inhabitable in a few years.
• Risk management is what this industry is all about, and with big data readily available, it becomes easier to calculate that risk and charge a fair price for it.
• There's an argument being made currently that credit-based insurance scores are discriminatory. The facts are if you discriminate against others, you are less competitive.
• Jerry shares his thoughts on how the industry will adapt to our changing world in the next five years.
• The insurance industry has been the one funding and supporting our infrastructure. Jerry explains what roles the bonds market plays in all of this.
• What does Jerry wish he'd learned about sooner in his career?

Keep Getting Better

Rstreet.org

Jerry on LinkedIn

Quotes

"People are talking a lot about inflation these days with 6% over-year inflation, but that's economic inflation, which is driven by supply and demand. Social inflation is rising loss cost for reasons not driven by economic factors."

"Institutional investors are looking for diversifying asset classes that are uncorrelated to credit and debt markets, and [litigation funding] is quite lucrative, but there are some ethical problems."

"Something is happening. There are still climate change deniers, but the facts are air temperatures are rising and sea levels are rising."

Richard Parker is the Divisional President and Co-Founder of Assure Space, an underwriting agency that provides insurance for all aspects of the space industry including traditional launch and in-orbit launch vehicles and satellites. He's been in the space industry for the last 35 years and shares what's happening in this exciting industry in this week's episode!

Key Takeaways

• How does someone get into space insurance?
• Richard shares his extensive background and what he's up to today with Assure Space.
• In this context, space insurance is covering the asset in space and how it got there.
• Most of Richard's business is in the commercial sector and not in the public/government sector.
• When would an insurance claim be fulfilled in this industry?
• In a good year, a satellite company might only sell 4‒5 spacecraft in a year.
• Quality control is incredibly thorough in this industry. There can't be room for error, which is good for the space insurance industry because it means there is a very small failure rate.
• What questions do you ask before insuring a spacecraft?
• Where is this industry headed in the next five years?
• Richard shares his thoughts on how the insurance industry can be more exciting for young talent.
• So many people do not know space insurance even exists. Education and publicity are key.
• What does Richard wish he'd known sooner about his industry?

Keep Getting Better

Assure-space.com

Quotes

"When we talk about space insurance, we're really talking about first-party insurance."

"When I think about space insurance, I think we're really lucky to be covering satellites and rockets. The satellite manufacturer industry is very competitive."

"This is exciting. It's never stopped being exciting. We were the first insurer to provide hardware on a space station. It's never ending, the space station insurance business."

Matthew Kahn is the President of Risk & Insurance and oversees the National Workers' Compensation Conference and ErgoExpo. He has over 20 years of experience leading media and conference organizations. During his career, he has been successful with the digital transformation of content creation and marketing services. In this week's episode, we get to know more about Matthew, how insurance journalism has evolved, and the rising value of conferences brought on by the pandemic.

Key Takeaways

• A brief summary of how Matthew got started with the Internet 1.0 world and why he called himself a generalist.
• Matthew breaks down why there is a stigma around risk and insurance in the trade publication industry.
• 9/11, climate change, the pandemic, just to name a few, all have risk components. Matthew shares how they anchor their approach in creating content.
• The National Workers' Compensation Conference is one of the top annual conferences in the industry. How did Matthew manage to set this up during the pandemic?
• How will the conference dynamic change, moving forward, as a result of the pandemic?
• With remote working being ingrained into our systems, the value of conferences will complement this new working environment.
• Matthew explains how they use digital and virtual tools to maintain engagement at events.
• The evolution from print to digital has now accelerated, but how has the pandemic impacted insurance journalism?
• Insurance journalism is constantly evolving but its main purpose remains the same, which is, who is your audience and how do you engage them? Matthew further expands on this.
• Was there anything Matthew wished he'd known out of college that he now knows? He shares his words of wisdom.

Keep Getting Better

Theinstitutes.org

Wcconference.com

Riskandinsurance.com

Quotes

"Insurance is absolutely vital. The entire global economy cannot operate without the structure of insurance to mitigate and transfer risk."

"Just because something works well in one channel, it does not work well when you just copy it in another one. Our team was not in favor of doing the whole virtual conference."

"Now that we are going into the third year in this pandemic and remote work has gone on so long, I think the longer it persists, the more ingrained it's going to be."

Lisa Davis is President and Chief Underwriting Officer at Canopius Group. Lisa has worked in the industry for more than 25 years and began her career as a construction underwriter. Today, Lisa talks about how many emerging opportunities there are for young professionals that she did not have access to when she first got started, how the industry has changed for the better over the decades, and what insurance professionals need to keep an eye out for as we progress into this fast-paced future.

Key Takeaways

• How did Lisa get into underwriting and risk management?
• Lisa does a lot of underwriting within the U.S., but the ownership comes from outside of the U.S. and needs a multinational risk management perspective. How is this different from more "traditional" or regional U.S. underwriting positions?
• What kind of cultural differences has Lisa run into?
• Lisa is very fortunate to have had really strong female mentors in her life that have pushed her forward in her career.
• Embrace your personal brand. It doesn't matter what age you are, it can be used as a huge benefit to your career, going forward.
• Lisa believes the industry has gotten better when it comes to promoting diverse people from within, but there's still some room for improvement.
• There are more opportunities than ever in the insurance industry. The world is rapidly changing and people still need insurance.
• What things are Lisa seeing differently now that she is in a C-suite position?
• Things are moving so fast that within five years, certain things will be seen as old-fashioned. Lisa shares her thoughts on what we need to do to better prepare for the future.
• What does Lisa wish she had learned sooner about her career and the industry?

Keep Getting Better

Canopius.com

Lisa on LinkedIn

Quotes

"You're underwriting risk for the U.S., but you're thinking about it with a multinational hat and that gives you the ability as an underwriter to help you think about things differently."

"It's important for people to understand that having a personal brand that is somewhat different from what the younger folks are working with, can really be used as a benefit to yourself and the company you're working for."

"Insurance is something that everyone needs and as we are moving more into remote working, there are so many opportunities now for young folks to get in the industry."

Ari Chester is the Chief Operating Officer of Americas Reinsurance at SiriusPoint, a global reinsurer with over $3 billion in capital. In this week's episode, we learn a little bit about Ari, the three things SiriusPoint looks for when investing in products and companies, why Ari is proud of getting his CPCU certification, and so much more!

Key Takeaways

• A little bit about Ari and how he discovered insurance.
• Why did Ari choose to work at SiriusPoint?
• Ari shares what's different about leaving the consulting/McKinsey world vs. working within the insurance industry.
• Where is the future of reinsurance headed?
• What does SiriusPoint like to invest in and how do they manage risk?
• Ari wants to work with people who have a thesis; a mission, and he looks for someone open to feedback.
• What types of challenges does the industry face right now?
• Ari talks about the benefits of getting his CPCU certification.
• It's so important, no matter where you are in your career, that you have a commitment to learning.
• Insurance is a very relationship-intensive business, you need to consciously be building your network.
• Why does Ari recommend joining the insurance industry?
• What did Ari wish he knew at the very beginning of his career?

Keep Getting Better

Siriuspt.com

Ari on LinkedIn

Quotes

"I wanted to work somewhere where it was a bit edgy, more of a startup feel, where the core mission wasn't just to do insurance but to disrupt and make a difference."

"One of the challenges is adoption. The technology is available and present, but it doesn't mean it'll be used."

"There's a lot of benefit from continuing to learn in an industry that's fast-changing. I truly believe in a mission of continuing education."

Traci Adedeji is the Insurance Operations Program Lead at AIPSO and a fellow member of the CPCU Society Leadership Council. With over 30 years of experience, Traci has specialized knowledge in the auto insurance industry. In this episode, she talks about diversity, how to start a conversation about inclusion, where self-driving vehicles are headed, and what the world of insurance will look like as more of these types of vehicles are seen on the road.

Key Takeaways

• A little bit about Traci and how she got started.
• Traci attributes her willingness to learn in helping her accelerate her career growth.
• Traci shares where the industry is, as a whole, when it comes to diversity and inclusion.
• We need to give ourselves credit that there is a problem and there isn't a simple fix out there quite yet.
• How do we talk about race in a safe way?
• How do we begin to attract different sets of people in the industry?
• What makes the insurance industry so attractive to newcomers?
• Traci shares her thoughts on the future of the auto insurance industry.
• Everyone needs auto insurance.
• We need a diverse set of people and experiences when programming automated underwriting.
• Are you comfortable interacting with the people you work with? Traci shares how you can begin getting out of your comfort zone.
• You cannot let yourself be limited by your own false beliefs!
• Traci thought because she wasn't white, she didn't have the right degree, that she wouldn't be able to excel in her career. This is false!
• Your possibilities are as limitless as you make them.

Keep Getting Better

Traci on LinkedIn

Quotes

"Diversity is the biggest opportunity we have to secure the future of our industry."

"If organizations take the time to create an inclusive and nurturing environment, that fertilizes the ground and sets the stage for better conversations."

"The insurance industry is COVID-19 proof. There are also more diverse opportunities in this space than there were 15 years ago."

Matthew Luhn is an author, storytelling consultant, and inspirational speaker. Matthew trains CEOs, entrepreneurs, marketing teams, and other professionals how to use the secrets of great storytelling to captivate an audience and sell a product or service. He has worked on numerous Pixar films including, Toy Story 2, Monsters Inc., Finding Nemo, Cars, Ratatouille, UP, and more. In this week's episode, you'll learn how to tell a better story, some of the best ways to leverage data in your story, and how insurance professionals can become captivating storytellers.

Key Takeaways

• A little bit about Matthew and how he got his start in storytelling.
• How can people tell a better story? There are five pillars to a good story!
• The key to crafting a good story or presentation is to practice.
• How can insurance professionals stand out from their competition?
• What actually makes you different in your industry? Be honest.
• Leverage the power of testimonials and metaphors when talking about your product.
• How can insurance professionals become more creative in the workplace?
• If people are having fun, they're going to be more creative!
• Want to practice being a better storyteller? Think about real-life experiences of how the company has made their life better.
• Why did Matthew get into inspirational speaking?
• How do people really do it in the entertainment world? Matthew wanted to bridge that gap and show businesses how to light people's days up.
• What does Matthew see the future of work headed?
• One of the biggest enemies of creativity and innovation is fear.

Keep Getting Better

Matthewluhnstory.com

Matthew on Twitter

Quotes

"Just like anything you want to get better in life, it's about practicing."

"The other thing that makes you unique is the people."

"When people are having fun and they enjoy where they work, they will be more creative."

Spenser Villwock is the Executive Director & President of the CPCU Society! He has over two decades of leading purpose and mission-driven organizations to achieve greater outcomes. In this special episode, Spenser dives into the latest updates and changes happening within the CPCU Society and what members can look forward to in the upcoming year.

Key Takeaways

• A little bit about Spenser and how he found himself in insurance.

• As a new President, what attracted Spenser the most about the CPCU Society?

• Spenser's challenge for the CPCU Society is to reinvent themselves in a way that attracts a wider audience and better serves the needs of today's workforce.

• Spenser does an overview of some of the challenges industry professionals are experiencing as a whole.

• Unfortunately, the industry is ignoring these changing demands and still trying to do what worked last year, or five years ago, and it's not making a big impact.

• What upcoming changes can members expect to see within the CPCU Society under Spenser's new leadership?

• Spenser is excited to diversify the membership portfolio.

• There are five new categories of membership happening. Spenser breaks this down.

• You can expect these changes to take place on Nov 1st!

• What is Spenser's impression of the local chapters within the CPCU Society? And where does Spenser see areas of improvement?

• There's been a consolidation of interest groups within the membership. What's going to happen with the interest groups?

• What does Spenser's vision for the future look like?

• Spenser shares what he wishes he'd learned sooner about his career.

Keep Getting Better

Cpcusociety.org

Spenser on LinkedIn