IN-the-Know

Sandip Chatterjee is the Executive Vice President of Client Management & Innovation at MedRisk, leading the Account Management organization. He also leads the Product & Innovation for MedRisk where he is responsible for the creation of new solutions to drive improved experiences and outcomes for MedRisk Customers and Partners. Prior to joining MedRisk, Sandip was a Managing Director at Marsh McLennan leading the Analytics Delivery Organization for North America. Sandip has 20-plus years of experience in insurance and building and launching disruptive solutions to drive business growth and profitability.

In today's episode of the In The Know podcast, Chris Hampshire and Sandip discuss analytics, highlight the impact of advanced technology in the insurance space, and offer updates on managed medical in the workers' compensation segment.

Key Takeaways

• Sandip highlights the background of his insurance career.

• The appeal of the data analytics sector of the industry.

• Key data interpretation differentiators between a TPA, broker, and managed medical provider.

• Sandip's advanced approach to analyzing data.

• The evolution of "Big Data" analytics in the insurance industry in recent years.

• The role of generative AI in using existing data to create new data.

• Strategies for effective partner collaborations that drive better business decisions.

• Sandip reflects on his experience as an analytic expert in the insurance industry.

• Analytics is a powerful tool, but it is only one of many tools available.

• Sandip addresses the talent shortage in the insurance industry.

• A five-year look at potential changes to the data analytics aspect of the insurance industry.

• Sandip shares the advice he would have liked his early insurance industry career self to know.

Quotes

• "Each of these industries within insurance is answering different types of questions."

• "The data is good, but it only tells you part of the story."

• "There are more tools and solutions available… and better ways of analyzing the data itself."

• "It is becoming easier to use existing data to create new data."

• "There are a lot of different things that are happening in the data world today that are very, very exciting."

• "Analytics is a very powerful tool, but it is one of many tools."

• "There is a very strong purpose behind the insurance industry. We are trying to put life back together."

Michael Koscielny, MBA, CPCU, CIC, ARe, AIC, API, AIS, AINS, is chief executive officer and founder of Born2Lead, LLC. He has over 40 years of experience creating effective teams and innovative processes for underwriting and pricing for various insurance companies. He currently serves as Director of Marketing for Graduate Programs at The University of Olivet. He is an instructor for The National Alliance CISR and CIC designations and a Facilitated CPCU Study Group Leader for The Institutes. Koscielny has held many roles for The Institutes CPCU Society, including 2017 global president of the CPCU Society Leadership Council, 2017‒2018 President of the Underwriting Executives Council, and 2023 President of the Society of Insurance Trainers and Educators. He has written numerous articles and given many presentations. He published his first book Born2Lead: Lessons in Leadership, in 2023. In today's episode of the In The Know podcast, Chris Hampshire and Michael discuss his new book, the importance of training the next generation of leaders in the insurance industry, and the many mentorship and training experiences that led to success throughout his career.

These onsite episodes of the In The Know podcast are brought to you by Gallagher Bassett.

Key Takeaways

• Michael shares his unexpected journey into the insurance industry.

• Insurance became his calling when Michael realized that insurance serves as the next responder in natural disasters.

• An overview of the unique demands of the Florida insurance market.

• The "why" behind Michael's short-lived retirement from the insurance industry.

• Writing a book successfully starts with not telling anyone that you're writing a book.

• Michael shares additional steps to effectively writing and publishing a book.

• Born2Lead highlights 13 attributes that address the reality that behaviors are not natural, they are learned.

• Michael shares his experience with trust, one of the essential attributes that is outlined in his book.

• Strategies for effectively training people and developing leaders.

• Instilling leadership qualities in others starts with giving them opportunities they wouldn't have otherwise.

• Benefits of membership and active participation in the CPCU Society.

• For Michael, initial leadership opportunities were met with hesitation but additional training and mentorship led to success.

• Michael reflects on what he wishes he would have known at the onset of his career.

Quotes

• "When there is a natural disaster, the first people there are the first responders. And when they leave, who's next?"

• "Most of the people I know in this business really care about the people they serve."

• "There is a real need in our marketplace today for teaching leadership skills to emerging leaders."

• "Acknowledge people, and not just the negative things they do."

• "When someone does a great job, I want everyone in the organization to know."

• "We're all born to lead, it's just a choice we have to make."

• "As I made those steps in my career, more opportunities came to me in my work life."

Rosa Royo is the Director of Worker's Compensation and Loss Prevention at Miami-Dade County Public Schools. A graduate of Barry University, Ms. Royo has been a Risk Manager for over 30 years and has specialized in Worker's Compensation for the last 20 years. She is employed by Miami-Dade County Public Schools and supervises a high-volume customer-service-driven worker's compensation program. In 2016, she relaunched the Rebuilding Me program to include providing athletic trainers, meditation, and cooking demonstrations to the district's transportation yards, resulting in a reduction in claims of 61% over three years. In 2018 and 2022, Ms. Royo was recognized by Risk and Insurance magazine as a Risk All-Star. In 2019 she was a Comp Laude honorable mention and a Business Insurance Woman To Watch. She was awarded the Rosa Royo Legacy Award in 2023 by Bloom magazine. Under her leadership, the program was honored with its second Theodore Roosevelt (Teddy) award in 2023. In today's episode of the In The Know podcast, Chris Hampshire and Rosa discuss the role that effective risk management plays in one of the nation's largest school systems, the importance of incentives and education in employee engagement, and key components of the bright future of the insurance industry.

Omari Aarons-Martin is the Executive Director and Chief Operating Officer of the National African American Insurance Association, a 2,100-member 501c6 organization that works to diversify the insurance industry and provides professional development programming to its members. A champion of workplace inclusion and equity, Aarons-Martin has received recognition from Insurance Business America, the Greater Boston Chamber of Commerce and Business Equality Magazine for his leadership and volunteerism. He is a member of the Board of Directors for Big Brothers Big Sisters of Eastern Massachusetts and common cathedral, an outdoor congregational community for the unhoused, and serves on the Board of Trustees at Roxbury Community College. Aarons-Martin earned a Bachelor of Arts degree from Xavier University in Cincinnati, Ohio and Master of Divinity cum laude in Global and Community Engagement from Boston University School of Theology where he was a Howard Thurman Fellow and served as President of the Association of Black Seminarians. In today's episode of the In The Know podcast, Chris Hampshire and Omari discuss the current and possible future state of DEI in the insurance workplace, the role that NAAIA is playing in training and connecting African American members of the industry, and the need for increased collaboration and connection across all facets of the insurance industry.

These onsite episodes of the In The Know podcast are brought to you by Gallagher Bassett.

Key Takeaways

• Omari recalls his personal invitation into the insurance industry.

• The most appealing aspect of the industry was his transferable skills.

• The role that seminary theology training has played in Omari's career.

• Inclusion in the insurance industry is increasing at a promising rate.

• DEI at the C-suite level is still a work in progress.

• At NAAIA, members have access to extensive training and development.

• Attracting new talent through professional development offerings for African Americans.

• Tactics for better supporting and fostering professional DEI relationships.

• Benefits of the accessibility of in-person versus virtual meetings.

• The importance of collaborating and sharing ideas with your professional circles.

• A five-year look at the future of the insurance industry.

• Omari shares a few of the many things he would have liked to know at the onset of his career.

Quotes

• "I now understand central motivation, what brings people to the table and what they really care about."

• "We've seen a lot of activity around diversity, equity, and inclusion — more conversations and more transparency."

• "There is still much more [DEI] work that we need to do as we look at CEOs, C-suite, senior manager roles to see inclusion really take hold."

• "We know that the way people move through the industry is in relationships."

• "Starting with an audit and assessment of the [DEI] environment where you are is key."

• "Finding the right solutions to close the [DEI] gap is really important."

John M. Howard is chairman and CEO of Truist Insurance Holdings where he oversees the retail and wholesale insurance businesses. He has three decades in financial services and currently serves as executive sponsor of the SERVE (Supporting Emergency Responders & Veterans Engagement) Business Resource Group at Truist. He is chairman of the board of both The American College of Financial Services and The Institutes, board officer secretary for the Council of Insurance Agents & Brokers, an overseer of the Maurice R. Greenberg School of Risk Management, Insurance and Actuarial Science at St. John's University, and a member of the Insurance Policy Committee of the Board of Governors of the Federal Reserve System. Additionally, he is a prior chairman of the board of trustees of Gill St. Bernard's School, and recipient of the Hall of Fame Award from the Tri-County Scholarship Fund. Howard earned a bachelor's degree in economics from Columbia University and an MBA from Duke University and is a U.S. Navy veteran. In today's episode of the In The Know podcast, Chris Hampshire and John discuss the transformative retail and wholesale market, the changes that have impacted the insurance industry, and how an unconventional path has benefitted his career, from his days in the Navy to his current role as CEO.

These onsite episodes of the In The Know podcast are brought to you by Gallagher Bassett.

Key Takeaways

• John shares the unconventional career path that led him to his current position.

• Doing deals was initially more interesting to John than insurance itself.

• John's approach to transitioning from carrier to broker.

• A CEO's perspective on effectively building company culture.

• Evaluating whether an insurance brokerage company is a good cultural fit.

• Characteristics for new hires don't have to follow a conventional path.

• The CEO role has not always been what John initially anticipated.

• Key communication and education skills that apply to a wide variety of constituencies.

• John's involvement at the Institute professional organization at the volunteer level.

• "Never stop learning" – John's advice about continued education.

• Attracting new talent to the industry starts with embracing diversity and highlighting opportunities.

• The value of mentors in crafting a successful career.

• John's view on the transformative advent of technology in the insurance industry.

• The impact of technology on the brokerage community.

• Insights into current and future changes in the wholesale space.

• A five-year look at the future of the insurance industry.

• The advice that John would have benefited from in his early career.

Teresa Chan is the Director of the Master's in Insurance Management program at Columbia University. She launched the program in 2019 after 27 years of insurance industry experience in legal, product, and business development. Prior to joining Columbia, Teresa was an advisor on the formation of MGU start-ups funded by Willis Group that leverage emerging technological capabilities to underwrite specialized markets on digital platforms and a consultant for energy performance warranty insurance. Teresa has a J.D. from Fordham University and a B.S. in Operations Research from the School of Engineering and Applied Science at Columbia University. She has been recognized by Business Insurance as one of "25 Women to Watch" and by ReActions Magazine as one of the "Top Insurance Women." In today's episode of the In The Know podcast, Chris Hampshire and Teresa take a look at the value of giving back through insurance education. Teresa highlights her experience with transitioning from the corporate world to starting up an educational program at Columbia, the current state of the industry DEI, and her satisfying experience as a female leader in insurance.

These onsite episodes of the In The Know podcast are brought to you by Gallagher Bassett.

Key Takeaways

• Teresa highlights her career path from engineer to law school and eventually insurance.

• Characteristics of the insurance industry that appealed to Teresa initially.

• Teresa's approach to learning about a new topic, including product development.

• Top learning experiences from 27 years of experience.

• Bringing innovation to the new Insurance Management program at Columbia.

• Transitioning from a stable corporate job to starting up an educational program.

• The current state of DEI in the insurance industry compared to the onset of Teresa's career.

• Teresa's experience as a female leader in the insurance industry.

• Strategic tactics to address the talent gap in the industry.

• A five-year look at the future of the insurance industry.

Jen Cogbill is the Senior Vice President of the GBCARE Advisor Team at Gallagher Bassett. With over 28 years of experience in the insurance industry, Jen currently directs GBCARE Advisor team strategies and training initiatives for the Gallagher Bassett Client Services and Claim Operations team. Her responsibilities include client engagement, industry presentations, data analytics, and review of integrated products and services. She acts as a liaison between the client servicing team, the product development team, and managed care operations to optimize products and service offerings. In today's episode of the In The Know podcast, Chris Hampshire and Jen discuss the role of medical management in the workers' compensation sector, the evolving state of the medical management sector in a post-pandemic world, and other key issues that are impacting the medical space in today's insurance industry.

Key Takeaways

• Jen reflects on her early career goals and the opportunities that led her to her current position.

• The appeal of workers' comp in supporting a company's brand, reputation, and financial success.

• An overview of the role of medical management in the workers' compensation sector.

• The evolving state of the medical management sector in a post-pandemic world.

• Defining evidence-based medicine support and the role it plays in workers' comp.

• Recent changes in the world of medical management data.

• Top issues that are currently impacting the medical space nationwide.

• Jen's advice for new managers as they begin leading teams.

• Jen shares her experience as a female leader in the industry.

• Tactics for attracting future talent into the insurance industry.

• A five-year look at the future of the insurance industry.

• Jen shares what she wishes she would have known at the onset of her career.

Traci Adedeji is the incoming 2024 President and Chair of The Institutes' CPCU Society and works as a Vice-President at JP West, Inc., where she heads the firm's personal and small commercial lines insurance operations. Her insurance career began in 1984, and her experience includes leadership roles with several national carriers. Her professional affiliations include membership in the Society for Insurance Trainers & Educators (SITE) and the National African American Insurance Association (NAAIA) — Boston chapter, where she serves as a board member. In addition to CPCU, Traci holds the Institutes' ARM, API, and AIDA designations, and IRMI's TRIP designation. In today's episode of the In The Know podcast, Chris Hampshire and Traci discuss the current state and future possibilities of the CPCU Society, the challenges facing the insurance industry, the power of diversity in a successful career, and the vision Traci has for the CPCU Society in the coming year.

These In2Risk 2023 onsite episodes of the In The Know podcast are brought to you by Gallagher Bassett.

Key Takeaways

• Traci highlights her career journey toward becoming the 2024 President and Chair of The Institutes' CPCU Society.

• Traci's "selfish" vision for the CPCU Society in 2024.

• An honest assessment of the post-pandemic challenges of the society.

• Addressing the talent gap in the insurance industry.

• Traci's message regarding the benefits of involvement in the CPCU Society.

• The value of networking within the CPCU Society.

• Diversity of thought has been a key component of Traci's successful career.

• The state of diversity in the insurance industry.

• Traci's vision of success as the 2024 CPCU Society president and chair.

• Students play a critical role in the success of the future of the insurance industry.

• The value of mentoring and service in a successful career.

• Traci's daughter has joined the industry and has opportunities to grow as a leader.

• A five-year look at the future of the insurance industry.

• The advice Traci would offer her early career self.

John Smith is President and Chief Executive Officer at Pennsylvania Lumbermens Mutual Insurance Company (PLM). With more than 40 years in the insurance business, he was a property underwriter at Aetna Casualty, a branch manager at CNA, and the Northeast Regional Vice President at General Accident. John has served on the Board of Directors of both PLM and Indiana Lumbermens Mutual Insurance Company (ILM) since the companies affiliated in 2013 and has served on many boards of directors including the National Association of Mutual Insurance Companies (NAMIC), the Insurance Society of Philadelphia (ISOP), The Institutes, and the Hardwood Federation. John was awarded the 2018 Distinguish Leadership Award from the Insurance Society of Philadelphia (ISOP), the 2019 Chairman's Award from the National Association of Mutual Insurance Companies (NAMIC), and a 2020 Franklin Award given by ISOP and The Institutes CPCU Society. In today's episode of the In The Know podcast, Chris Hampshire and John discuss the steps to building a career you love, the importance of team building and diversity, and what it takes to succeed in today's insurance industry.

Special thank you to the Pennsylvania Lumbermens Mutual Insurance Company (PLM) for being a generous annual partner of The Institutes CPCU Society.

Pennsylvania Lumbermans Mutual Insurance Company

Key Takeaways

• John started his prestigious insurance career not knowing what an underwriter was.

• Transitioning from a stock company to a smaller mutual company.

• A great team, hard work, and a lot of luck are John's keys to success.

• The skills John looks for when he's hiring a new member of his team.

• Creating a clear career path through training, education, and mentoring.

• Instilling a company culture from the CEO's perspective.

• Working for a smaller company can have a big impact on a career.

• The state of technology in the insurance industry today.

• A look at where the industry is heading in the future.

• Taking charge of your career to craft the story that you want to tell about your work.

• John's advice to his early career self was to get to the corner office.

• The importance of diversity in a successful company.

Brian Chance is a Senior Vice President, Claims and Risk Manager in the Cost Based Efficiency division at Stephens Insurance, LLC. In this role, he engages with clients to develop strategies to eliminate hidden costs inside their workers' compensation programs. Brian has 30+ years of experience in the insurance industry with a focus on large employer self-insured workers' compensation programs. He specializes in developing processes to identify, quantify, and eliminate hidden costs in large workers' comp programs. Brian holds an MBA from Drexel University in Philadelphia and a bachelor's degree from Rutgers University as well as CPCU and AIC designations. He currently serves as Past President of the National Retail and Restaurant Defense Association. In today's episode of the In The Know podcast, Chris Hampshire and Brian take a look at the workers' compensation and claim spaces and the broker's perspective on all that is currently happening in workers comp.

Key Takeaways

• Brian reflects on the decisions that led him to working in workers' compensation.

• Transitioning into the broker and claims side of the business.

• Crafting an effective workers' comp program with each client.

• Details of a cost-based efficiency approach to workers' comp.

• Key improvements to the workers' comp industry over the last decade.

• Mitigating the costs of medical workers' comp claims.

• Steps of a brokerage perspective on approaching claims.

• Brian's decision to become an instructor in risk management.

• Utilizing AI data to improve decision-making and increase desired results.

• Ideas for articulating the value of the insurance industry to new talent.

• Advice for anyone who is considering a career as a claim rep.

• A five-year look at the future of workers' compensation technology.

• Brian's kind advice to his early career self.

Quotes

• "Having those physical labor relationships in my life and growing up doing those things myself, I really appreciated what it must be like for an injured worker to basically have their livelihood at risk."

• "The most important component of any workers' comp program is the focus on the injured worker."

• "We're in the position to make sure the injured worker doesn't make decisions out of fear or worry."

• "We have developed metrics that evaluate the cost of a workers comp platform."

• "The incentives to do the wrong thing have started to go away in the industry."

• "I became an instructor because I wanted to impart the knowledge I've gained growing up in the industry. Because it's a great industry."

• "Claims handling is as much an art as it is a science."