IN-the-Know

Description: Dr. Simi George is the Chief Data Scientist and Product Officer at NeuralMetrics, which enables actionable and transparent risk-assessment intelligence for P&C carriers, brokers, and agents. She has more than 20 years of experience in data science, descriptive statistics, and analytics, delivering global impact via cutting-edge products and data-driven management. Previously, she headed the Data Science and Applied AI organization at AXA XL. In today's episode of the In The Know podcast, Chris Hampshire and Simi sit down for a conversation about how data science is driving decision-making in the insurance industry today.

Key Takeaways

• Simi knew by age 10 that she wanted to be a scientist but only entered the insurance industry six years ago.

• The elements of the insurance industry appeal most to Simi.

• Simi's message to data scientists who might be considering the insurance industry.

• Innovations and ideas are driving the industry forward today.

• A snapshot of data analytics in the current insurance industry.

• Data analytics needs from various segments within the marketplace.

• Defining unstructured versus structured data.

• Simi's predictions for the next stage of data analytics in the insurance industry.

• The future of the insurance industry is going to include improved interpersonal interactions.

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

• What has surprised Simi in the six years she has been involved in the industry?

• Simi's advice to her past self includes earning her CPCU designation.

Eric Hubicki is a Senior Vice President of Underwriting for North Carolina-based Topsail Reinsurance Underwriters, LLC. He has more than 25 years of experience in primary and reinsurance underwriting operations. After spending time on the primary side in underwriting and management roles, Eric started his reinsurance career with SCOR Reinsurance. He was an integral member of a specialty lines unit at Munich Re and BMS Intermediaries. Before joining Topsail Re, he was a Director at Arch Reinsurance Company. Eric's reinsurance responsibilities included marketing, underwriting, and account management for national, regional, specialty, and niche insurance companies. In today's episode of the In The Know podcast, Eric sits down with Chris Hampshire for a conversation about the world of reinsurance and fronting and the importance of insurance education and involvement in professional organizations in the insurance industry.

Key Takeaways

• Eric's accidental entry into the insurance industry.

• Questions Eric asked himself when transitioning into reinsurance.

• The importance of creating connections across the industry.

• A top-down approach attracted Eric to reinsurance.

• What does a fronting carrier do and how do they approach the marketplace?

• Eric's forecast on the future of the fronting space.

• With six insurance designations, Eric appreciates the value of continued education.

• Eric's roles and responsibilities as a mutual board member.

• The career benefits of involvement in professional organizations.

• Eric's best practices for effective mentoring and attracting talent to the industry.

• Eric's message for anyone considering a future in the insurance industry.

• What Eric knows now that he wishes he had known at the beginning of his career.

Quotes

• "In the insurance industry, I've never stopped learning and it's always challenging."

• "I've always been impressed in the insurance industry with just how good the people are."

• "CPCU has always been the gold standard of my insurance designations."

• "Insurance may not be the sexiest industry on this earth, but it is a wonderful place to be."

Erin Dop is a multi-line insurance producer and third-generation insurance professional at Fullenkamp Insurance, the agency her grandfather started in 1963. She is the latest CPCU designee in her family and is active in the Independent Insurance Agents of Iowa (IIAI) association. Erin was the recipient of the C. Daniel Fullwider Young Agents of the Year award for the state of Iowa in 2021. She continues to promote the industry through her efforts with the IIAI on various committees including the education committee and as the current young agent committee chair. In today's episode of the In The Know podcast, Erin joins Chris Hampshire for a conversation about growing up in the insurance industry, how digital evolutions affect small agencies, and the value of Erin's CPCU designation and involvement in the CPCU Society.

Key Takeaways

• The motivation behind Erin's decision to follow the family path into insurance.

• An average day in the life of Erin's work at Fullenkamp Insurance.

• Business acquisition and retention for a regional agency in the age of digital insurance.

• Erin's team educates clients with newsletters, in-person meetings, and a personal connection.

• A look at digital evolutions on the small agency front.

• Attracting and retaining talent starts with a robust compensation package.

• Erin's message to new talent is to just give it a shot.

• The social impact aspect of the insurance industry is an attractive feature for the next generation.

• Erin highlights her scholarship opportunities and the professional and personal importance of her CPCU designation.

• The impact of involvement in the CPCU Society on Erin's career.

• A five-year forecast for the future at Fullenkamp Insurance.

• Erin's advice to her early-career self.

Quotes

● "It's tough to move completely to a digital standpoint when the relationship is so key."

● "It can be tough to get people excited about working in the insurance industry if they've never had a conversation with their agent."

● "Why insurance? Why not! Why not give it a try?"

● "If I have questions or concerns… I know I can reach out to someone in the CPCU Society."

● "We are all after the same goal of doing what's right for the insured."

Tony LaRocca is a claim specialist for FCCI Insurance Group who specializes in handling litigated commercial auto and liability claims. Tony is a lifelong learner who works diligently to handle claims with compassion and empathy. Tony is also a self-proclaimed coverage nerd. Tony obtained his CPCU in 2014, has volunteered and served the Dallas Chapter CPCU in various volunteer roles including as the 2021 Dallas Chapter president and he currently serves the Claims Interest Group as the vice chair. On today's episode of the In The Know podcast, Tony joins Chris Hampshire for a conversation about the state of litigation, how the approach to handling claims has changed over the years, and how technology will continue to impact the insurance industry in the future.

Key Takeaways

• The recommendation from a friend that led to Tony's enriching insurance career and CPCU designation.

• Tony highlights a week in the life of a litigation specialist.

• The step-by-step compassion approach to claims handling.

• The evolving role of a claims adjuster requires a collaborative approach to each case.

• Why should more people consider claims as a career path?

• How Tony became a coverage nerd and what exactly that means.

• The benefits of Tony's CPCU designation to his career.

• Tony's involvement in the claims interest group and the lessons he has learned from it.

• How is technology impacting the world of claims?

• A look at the future and growth of the insurance industry.

• Tony's advice to his early career self is to take more risks.

Quotes

• "Litigation is a collaborative approach. What is the best strategy for each case?"

• "There is an unlimited amount of opportunity to learn new things in a claims career."

• "I've been amazed at all of the knowledge I've been able to get from being professionally involved in the CPCU."

• "We are seeing the use of technology helping us, but I don't know if we're letting it help us enough."

• "Don't be afraid to fail. You have so much to learn when you fail."

Fela Abioye has spent the last 13 years working in the commercial insurance industry, mostly for The Hartford. From workers' compensation claims representative to general property and casualty production underwriter, Fela also continued his education, securing a Senior Claim Law Associate, SCLA designation, and a Chartered Property Charter Underwriter and CPCU designation. Fela is currently a Managing Director responsible for the profit, loss, and growth of a middle market book of business while leading a team of production underwriters. In 2021, Fela launched The How to Corporate podcast, a show dedicated to helping working professionals advance their careers. Fela joins Chris Hampshire in today's episode of the In The Know podcast to discuss career development, crafting your personal brand, and the questions you need to ask yourself when considering a major career move.

Key Takeaways

• Fela's professional journey from life insurance to The Hartford.

• Underwriting appeals to Fela because no two risks are ever the same.

• The impact that the CPCU designation has had on Fela's career.

• The motivation behind the How to Corporate podcast.

• Topics covered in Fela's podcast range from talent shortage to career growth.

• Extracurricular activities help Fela give back to the insurance industry and the community.

• Why does Fela think more people should consider a career in the insurance industry?

• Fela's methodology for decoding why you might feel held back in your career.

• Navigating office politics when you're not in the office full-time.

• Tactics for building a personal brand that speaks for itself.

• Creating career opportunities for yourself starts with intentional relationship building.

• Consider your long-term "why" when looking at making a major career move.

• A five-year look at the changes within the insurance industry.

• Fela's thoughtful advice to his early career self.

Quotes

• "I fell into the insurance agency, but it's been one of the greatest experiences of my life."

• "I wouldn't be here if it wasn't for other folks looking out for me… and I find it my duty to do the same for others."

• "There are so many opportunities within this industry to do so many different things, it attaches to nearly every single skill set out there."

• "Be the owner of your own career. Development doesn't start with your manager, it starts with you."

• "What do you want people to think of when they think of you? Decide that first, then act accordingly."

Adam Carmichael is the President of The Institutes Knowledge Group, where he leads strategic development and delivery of courses and associated exams for the Institute's Risk Management and Insurance Designation programs, including the CPCU program. With over 20 years of experience at The Institutes, Adam is highly experienced in the Risk Management and Insurance industry as well as in public policy research related to property, casualty, and insurance issues. As a holder of the CPCU designation, Adam has joined the podcast today to discuss with Chris Hampshire the CPCU, The Institutes, and the future of professional development.

Key Takeaways

• Adam's career journey and CPCU designation.

• The evolution of CPCU exam testing.

• Comparing the challenges of current online versus old-style in-person testing.

• The gold standard value of the CPCU designation and what it denotes in the marketplace.

• Insights from Adam's role on the CPCU Ethics Council.

• Recognizing people who are "in good standing" with their designation.

• Research and data that highlights the adaptation of the designation.

• Maintaining the integrity of the online testing process.

• The future of the CPCU program.

• Ideas for getting the word out about the CPCU certification program.

• Promoting ethics within the insurance industry.

• A five-year look at the future of the CPCU designation.

• Adam's advice to his early career self.

Quotes

• "The exams are ultimately that measure that you're going to have to pass in order to earn your designation, and that designation has meaning."

• "The CPCU designation means so much to so many of us."

• "We will continue to develop and evolve the course content to match the skills that are needed for each generation of leaders."

• "The CPCU program and designation is going to keep growing in the future."

Paul Rosner, J.D., CPCU, is a managing shareholder with Soha & Lang who has worked in the property and casualty field since 1989. He is a former casualty adjuster, large loss property adjuster, claims supervisor, and claims manager. As an attorney, he focuses his practice on property and casualty insurance coverage and bad faith litigation. He has also served as an expert witness on insurance bad faith and claims handling. Together with Chris Hampshire, he dives into the attorney's role in insurance law, the increase of litigation in today's climate, and the impact that insurance has on every aspect of law.

Key Takeaways

• From liability adjuster to coverage attorney, Paul highlights his career journey.

• The motivation behind earning a CPCU designation.

• An overview of the benefits of CPCU involvement to Paul's career.

• What attracted Paul to the claims aspect of the industry?

• Surprises about claims that Paul only discovered as an attorney.

• Advice for identifying a specialty within risk management.

• Paul's methodology for solving problems on a case by case basis.

• A look at the why behind litigation claims in today's climate.

• Getting more comfortable with presenting starts with just doing more presentations.

• The impact that increased inclusion has in addressing the talent gap in insurance.

• Improving the message inviting people to join the insurance agency.

• A five-year look to the future of risk management.

• Paul's message to new talent considering the insurance industry.

Quotes

• "Having a background in claims was really helpful to working as a coverage lawyer for insurance companies."

• "My CPCU designation has been fantastic for my career for many reasons."

• "I enjoy trying to help find a solution that will help the insured get the insurer case resolved with as little litigation as possible."

• "Together as a firm we are stronger by having diversity in all areas."

• "As an attorney, not matter what area you work in, insurance is going to touch on what you do."

Rachel Perry is the chief innovation officer for Aon's North America Commercial Risk Solutions. In this role, she leads risk innovation and works closely with key external and internal stakeholders to meet unmet client needs and growth. Together with Chris Hampshire, she offers a look at the future of innovation and technology in risk management, including increased diversity and inclusion, attracting the next generation of talent, and the many areas where the industry is working to innovate and improve.

Key Takeaways

• Success for Rachel began as a first-generation college graduate.

• Rachel's motivation behind going to college and the support she found there.

• Diversity in risk management and insurance through the University of Georgia.

• The impact of an MBA and CPCU on Rachel's career trajectory.

• Rachel's experience as a woman of color and executive in the insurance industry.

• Ideas for industry efforts to improve inclusiveness and attract diverse talent.

• The importance of mentorship in bringing up the industry's next generation.

• Improving the message that the risk management industry sends to the world.

• The current state of innovation and technology in today's insurance industry.

• A 3‒5 year look to the future of focused areas of improvement, including climate risk, intellectual property, and digital assets.

• Additional areas of focus in the industry that are not yet at capacity.

• Major improvements that are coming to the risk management industry in the next five years.

• Rachel's advice to her early-career self.

Quotes

• "Having my MBA, my CPCU, and my Risk Management degree have all been instrumental in my career, no question."

• "Our industry is making progress, and there is a lot more work to be done."

• "If there is a talent we want to invest in, then there need to be sponsors to help do so."

• "At Aon, we are working to do a better job of closing the relevance gap."

• "We are focusing on new innovations to help meet the needs that we think are out there for our clients."

• "There is a heightened awareness within our industry that we need to innovate more."

• "Clients have started thinking about their risks differently, and how we can help them manage their risks."

Danielle Stewart currently serves as the National Head of Wholesale Distribution for Everest Insurance. Prior to joining Everest, Danielle served over a decade at Liberty Mutual Insurance across multiple roles and geographies including Underwriting, Field Distribution, Leadership, and Corporate Strategy positions. Together with Chris Hampshire, she shares the benefit of saying "yes" in her career, the power of networking in the wholesale distribution market, the value of the CPCU designation, and what it means to be a woman working in today's fast-changing insurance industry.

Key Takeaways

• A successful career path includes a lot of saying yes and a lot of taking risks.

• Danielle's approach to physical relocation for each new role.

• The benefits of earning an MBA at any stage in your career.

• Strategies for extending your network further than before.

• The motivation behind Danielle's decision to earn her CPCU designation.

• Confidence, technical knowledge, and other benefits of the CPCU.

• Danielle's decision to enter the wholesale distribution market was relationship-based.

• The benefits of the wholesale market to the entire industry.

• Working as an aggregator of business through strengthened relationships.

• Danielle's experience as a woman in the insurance industry.

• Creating plans for gender equality starts with finding male allies and eliminating bias.

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

• Danielle's advice to her early career self.

Quotes

• "My career path was a lot of saying yes and a lot of taking new risks."

• "By stretching yourself geographically in roles, you have to approach situations with a lot less bias or assumptions."

• "It has been invaluable to get that extended network; to be able to connect with people in a similar place in their career."

• "The CPCU gave me earlier knowledge and quicker knowledge on the fundamentals."

• "I can see the massive benefit that wholesale provides to our market.… it's a lifeblood of the market."

• "Wholesalers, from a distribution perspective, have a unique ability to serve as aggregators of business."

• "You have to be strategic about what you do, who you do it with, and when you do it."

• "As this business moves quicker, opportunities are going to come faster."

Description: Elizabeth Kramer is the Chief Underwriting Officer for Munich Re Specialty Insurance, their primary specialty insurance operation for property, casualty, and specialty lines. Liz is also the president of the Association of Professional Insurance Women (APIW) and a CPCU designee. She joins the podcast for a conversation with Chris Hampshire about inclusive leadership in insurance. They discuss Liz's experience as a female executive in the insurance industry, what attracted Liz to reinsurance and specialties, and the advice that she has for attracting and retaining talent to the insurance industry.

Key Takeaways

• Liz shares the motivation behind earning her CPCU and ARe™ designations.

• The surprising move behind Liz's MBA experience.

• What attracted Liz to reinsurance and specialties?

• Liz's experience as a female executive in the insurance industry.

• Gender diversity, family planning, and career advancement breaks in industry.

• Advice for attracting and retaining new talent to the industry.

• Navigating the impact of technology and innovation in insurance.

• What stays the same in the industry and what has changed?

• The networking advice that Liz would give her younger self.

Quotes

• "Any continuous learning you have is going to help you in the next stage of your career."

• "Reinsurance is a fascinating and critical part of the insurance industry."

• "The insurance industry does a very good job at the entry-level, in particular, around gender diversity."

• "We need to expand the reach of where we attract talent from universities."

• "I would be careful that we don't ignore all of the traditional information and knowledge that the industry has."

• "We really need to focus on attracting strong talent to the insurance industry."

• "We need to talk more about resilience and risk mitigation."