IN-the-Know

Career options available within the insurance industry are vast and rewarding but widely unknown, especially at the undergraduate level. Regardless, many in the industry would argue that the earlier one can get involved in insurance, the better. On today's podcast, Andrea Garcia joins Chris Hampshire to discuss her experience as a female in the reinsurance sector. Andrea is a Senior Underwriting Specialist and Second Vice President for General Reinsurance Corporation, underwriting casualty facultative business on behalf of Berkshire Re. She offers her thoughts on how to better attract business talent to the insurance industry as well as her insights on being a risk management student who transitioned into reinsurance.   Key Takeaways Andrea's education and experience led her to the insurance industry. The variety of career options that Andrea's risk management degree provided. Reinsurance provided the variety that Andrea was seeking. The value of extensive training in the early onboarding months. Effective ways to train new underwriters. Andrea's experience as a female leader in the industry. Ideas for increased inclusivity across the industry. A look at the five-year diversity strides within insurance. Trends that are leading the industry into the future. Why reinsurance? Andrea highlights the benefits of the sector. Andrea's experience with the CPCU Society. What Andrea wishes she had known at the onset of her career.   Keep Getting Better IN2Risk 2022   Quotes "I've realized that everything around us correlates to insurance." "Training is the most important aspect when joining a new company." "To have the right onboarding at the very beginning will only make you more confident later on." "Success is about creating your own pathway." "I just wish I had gotten my CPCU sooner, I really do."

Conversations about diversity, equity, and inclusion are improving in the insurance industry every day and today's CPCU Society podcast guest has witnessed the benefits of those strides firsthand. Kael Coleman is the CEO and founder of Protecdiv, the only minority-owned tier-one reinsurance broker in the market. Kael formed Protecdiv to directly address the lack of supplier diversity options and to increase the diverse offerings available within the market. On today's podcast, Kael joins Chris Hampshire for a conversation about reinsurance, why Kael decided to strike out on his own, and the opportunities that can be found at the intersection of a diverse-owned business combined with expertise in mortgage and catastrophe insurance.   Key Takeaways A 10,000-foot view of the mortgage and reinsurance credit space. The inspiration behind Kael's decision to work with supplier diversity. The challenges facing diverse-owned businesses in the insurance space. Opportunities at the intersection of a diverse-owned business combined with expertise in mortgage and catastrophe insurance. Kael's experience as a black man in the insurance industry. Has any real progress been made with DE&I in the insurance space? Unexpected surprises when starting a reinsurance business. Kael's advice for entrepreneurs who are considering starting their own businesses. Powerful considerations when joining the insurance industry. The key characteristics Kael looks for when hiring. Implementing modern data management and analytics. The importance of trust in the relationships of the insurance business. A five-year look at the technology and metric changes coming to the industry. The future of the reinsurance sector in the insurance landscape. Kael's advice for his younger, less experienced self.   Keep Getting Better IN2Risk 2022 Quotes "Conversations surrounding diversity, equity, and inclusion are just at the cusp of getting better." "A big thing we've lacked so far as an industry is metrics around DE&I." "Insurance is the most fun industry that you've never thought about." "What we do as an industry is one of the most important things that we do in our society that I think people don't really understand." "So much of our business is relationship-based. People have to trust you." "If people don't trust what you're saying, they're not going to do business with you." "Five years from now we're going to see a lot more integration of technology in the industry."

From being told she shouldn't work because she was pregnant to being passed over for promotions simply because she is female, Sarah Muniz has seen a negative side of the insurance agency that is antiquated and leans heavily in favor of men. In an industry that is already suffering from a significant talent crisis, now is the time to take a look at the talent that is already in place but has been pushed out. Sarah Muniz has been in the insurance industry for over twenty years and is the author of Undiscovered Voices: Unlocking the Potential of Women in Insurance, a first-hand account of the challenges women face in the insurance agency. On today's podcast, she sits down with Chris Hampshire for an honest discussion about the experiences and prejudices that women in the insurance industry face and where we need to go from here.   Key Takeaways Sarah immediately fell in love with the insurance industry, but not with the way she was treated there. Living in fear prompted Sarah to write the book that shares her story. Unfortunately, Sarah's story is not an uncommon one in the insurance industry. The situations in which women are most comfortable sharing their stories. The impact that agency size has on managing these biases. Male brains versus female brains have different but equally capable ability to utilize problem-solving skills. The natural skills that women have to connect and read other people is an asset in the insurance industry. What fears are keeping women from speaking up? Insurance promotes average men — what does that mean for women? Solving the insurance talent crisis with the women who are already in the industry. The benefits of having females in insurance leadership roles. Ideas for creating more mentoring opportunities for women. Why is now the time to take a look at and correct these injustices? A five-year look to the future of the insurance industry. What Sarah wishes she had known at the onset of her career.   Keep Getting Better IN2Risk 2022   Quotes "It's surprising how common these stories are when women are in small groups." "I'm met with a lot of women who have said, yes, this resonates with me." "Every time I got pushback, I decided to do more research." "Although our brains work differently, we can come to the same problem-solving skills at the end of the day, we just may go about it in different ways." "Empathetic women are a huge asset in an industry where we're trying to protect other people in their time of need." "If we can take the talent we already have, foster it, and make things more equitable, we're going to attract more to our industry." "I believe we already do have a talent abundance, it's just going unnoticed." "We're not trying to push men out, we're just trying to come up with them."

Insurance-Linked Securities are the next frontier of the insurance industry, and Ethan Nadorlik is at the forefront of this rapidly developing financial innovation. Ethan has worked exclusively on insurance programs during his career and is a seasoned property and casualty insurance underwriter, leader, and strategist. On today's podcast, Ethan and Chris Hampshire sit down for a look at Ethan's career path in insurance, particularly in the Insurance-Linked Securities (ILS) space — what's new, what's changing, and what we can expect from this advancing technology in the future of the insurance space.   Key Takeaways Ethan's education and the career path that led him into insurance. How do insurance-linked securities work? The key differences between casualty- and insurance-linked securities. The evolution of these contracts starts with a risk originator. Highlights of the ILS approach to the insurance marketplace. What attracted Ethan to this new insurance space? The benefits of working with a start-up that is building value in the industry. The questions Ethan asks himself when deciding his next career move. The impact and value of the CPCU designation in Ethan's career. Ethan's motivation behind moving into the CPCU presidency for the Philadelphia chapter. Advice for attracting talent to the insurance industry. By working in insurance, you have the ability to change someone's life. A five-year look to the future of ILS and the insurance industry at large. The impact that Ethan's early work had on his insurance career. What does Ethan wish he had known at the onset of his career?   Keep Getting Better IN2Risk 2022   Quotes "My education was great batting practice for what I'm doing in my career today." "This is a new frontier, a chance to build something new and a chance to change our industry." "ILS is going to be the way of the future." "The real value of CPCU is the network you develop when you get involved in the society." "If you can get involved with a non-profit board it can show that you might be ready for a management opportunity." "Insurance is a vital part of our economy and of people's lives. You can make a difference in someone's life by working in insurance." "There are going to be tons of employment opportunities in insurance for the foreseeable future." "We've passed the proof-of-concept stage and now we're working toward scale, and I think it's really going to take off."

Insurance expert Ramya Sunad has worked in all segments of the industry. She is a lead property underwriter for USAA and also serves on both the executive and the Global Leadership Council for the CPCU Society. Ramya joins Chris Hampshire on today''s podcast for a conversation about the future of underwriting, changes in the insurance marketplace, and the value of getting involved with the CPCU Society.   Key Takeaways "I'm excited to be at work every single day." Ramya shares her journey into insurance. Adjusting and evolving from life in India to life in America. Key differences between the Indian and American insurance industries. Ramya's advice for anyone who is considering transitioning to America. What drew Ramya into the changing underwriting space? Making better insurance decisions based on exposure to climate, smart technologies, and more. Ramya's advice for finding the right career within the insurance industry. Attracting a diverse talent base is the key to an optimized, effective, and efficient team. Tactics for recruiting a more diverse talent pool, including celebrating what has already been accomplished. Ramya's opportunities and experiences as a result of her CPCU designation. The CPCU mentor program provides valuable leadership and networking opportunities. A look to the future of the insurance industry. Ramya reveals what she wishes she had known when she began her career in insurance.   Keep Getting Better IN2Risk 2022   Quotes "Network, network, network, always with the goal of finding solutions." "The world is shrinking faster than we have ever seen before." "Insurance can bring people from multiple backgrounds into our industry to make a real impact." "Find your passion and invest in it, then leadership will come naturally." "You certainly need diversity, people who think differently, who solve differently, who apply differently in your teams to make those teams that much more optimized, effective and efficient." "When I found my community within CPCU, I knew I belonged." "Belonging to the CPCU Society gives me a 50,000-foot view of the insurance industry."

In this episode of In the Know, host Chris Hampshire is joined by Gregg Golson, Vice President and Program Director at J.S. Held University. Gregg has over 25 years of comprehensive experience in claims management and has resolved over 12,500 property claims in his career. In their conversation, Gregg and Chris discuss all that is changing in the world of claims, from technologies and leadership to exciting changes that the future holds.    Key Takeaways A little bit about Gregg's career path and what attracted him to claims. The challenging aspects of training others on claims. Gregg's tips for attracting the next generation of claims adjusters and leaders. Primary drivers of change in the claims world, including cost and increased PPE. The genesis and impact of J.S. Held's proprietary system claims progress products. The applications of drones and other disruptive technologies in claims and project progress monitoring. A look at the future of property insurance and flood coverage for coastal areas. Gregg's involvement in CPCU designations, including publications, over the years. Leadership and networking opportunities that are available through CPCU. The value of investing in your people at the employer level through CPCU. CPCU designees are always considered role models to others. Looking to the five-year future of claims. Gregg reflects on what he wishes he would have known when he started his journey.   Keep Getting Better IN2Risk 2022   Quotes "One of the best ways we can attract people to claims is talk about the cool jobs that we have." "At CPCU, there are always people working behind the scenes to make you better and set you up for success." "Leadership is such a great opportunity to network." "CPCU is superior at providing leadership skills and direct technical knowledge." "I don't know of anyone who has joined CPCU who hasn't become an influencer at their company." Once you become a CPCU, you are looked at as a role model by other people."

In this episode of In the Know, host Chris Hampshire is joined by Lucian McMahon, senior manager at Verisk Analytics Extreme Event Solutions Group, where he leads the research and development of scenarios for the Arium liability catastrophe modeling platform. Lucian details where this industry is headed, emerging liabilities that are of most interest, and why someone with a data background should consider getting involved in the insurance industry.   Key Takeaways Lucian wasn't planning on joining the insurance industry, initially. A little bit about what Lucian does at Verisk Analytics Extreme Event Solutions Group. The role of research in processing and quantifying emerging risks. Lucian details the recent example of a major asbestos claim. A look at the future of emerging risks in the liability space, including climate change liability. Perceived risk plays a major role in anticipating and estimating future liabilities. Details about emerging liabilities regarding PFAS chemicals. Property liability clash refers to natural events that also have liability implications, such as wildfires in California. Why should someone with a data background consider getting involved in the insurance industry? A five-year look at the journey and future of liability catastrophe modeling. What Lucian wishes he had known at the beginning of his own journey.   Keep Getting Better IN2Risk 2022   Quotes "[We are] asking the right questions and then crafting a narrative around which it is reasonably credible that liability might spread and ultimately manifest in losses in the insurance industry." "The possibilities of different liability events and how they might manifest are very fluid and complex." "I think climate change liability is very interesting in the context of how people respond to climate change." "Often we are trying to anticipate and estimate how human beings respond to risk, even perceived risk." "Insurance in many respects is a very data-rich space." "We're in an exciting space and solving problems that many people said weren't possible to solve just a few years ago."

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.   Keep Getting Better 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.   Keep Getting Better 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.   Keep Getting Better 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.   Keep Getting Better 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.   Keep Getting Better 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.   Keep Getting Better 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.    Keep Getting Better 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.   Keep Getting Better 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.   Keep Getting Better 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.   Keep Getting Better Nlamparelli.com Nick on LinkedIn Nick on Twitter

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."