No More Business as Usual?
The P&C industry has become increasingly focused on the risks associated with climate change and extreme weather events. We recently asked Matt Cote, Assistant Vice President, Personal Lines Underwriting at Arbella, about this transformational issue and what Arbella is doing to address it.
WHAT IS THE IMPACT OF CLIMATE CHANGE ON PERSONAL LINES CUSTOMERS AND AGENTS?
Climate change is challenging conventional underwriting and causing significant insurance losses around the globe. The cost of claims is rising, but we’re also seeing historic reinsurance cost increases. Agents and homeowners are becoming increasingly interested in prevention and mitigation.
WHAT IS ARBELLA PERSONAL LINES DOING IN RESPONSE TO THE IMPACT OF CLIMATE CHANGE AND EXTREME WEATHER ON OUR INDUSTRY?
At Arbella, we’re taking strategic steps to minimize the impact of climate change, both internally and on our customers.
1. Loss Mitigation Tools and Initiatives – Water sensors, shutoff valves, smart home devices, and other evolving technologies can help homeowners mitigate the impact of rain, wind, and water on their properties. Arbella works with agents to recommend the best smart devices, and is conducting research to help develop new solutions.
2. Homeowners Discounts – We offer a 5% discount if one or more of the following loss mitigation systems is installed in or on the policyholder’s residence:
• Water leak detection and control system
• Temperature monitoring system
• Sump pump battery backup system
• Automatic backup power generator
• Lightning rod protection system
• Hurricane shutters
• Shatter-resistant or hurricane-proof windows
• Stay tuned for updates later this year!
3. Communication and Education – Like all carriers, Arbella sends warnings and messages to customers in areas affected by severe weather. Additionally, we provide ongoing communication, training, and education to our employees, agents, and customers to help raise awareness about the impact of extreme weather events.
WHAT CAN AGENTS DO ABOUT IT?
It’s important that everyone understands how insurance risks are changing. We must work together to effectively manage risks and help customers mitigate the impact of losses on their lives and properties. Reaching out to your customers annually to review their weather preparedness has never been more important.
The most important thing is to not ignore this issue. It’s here, it’s real, and it’s evolving quickly. Together, we need to educate consumers, offer them tools and support, and guide them through it.
People-First at Anderson, Bagley & Mayo Insurance
For more than 100 years, Anderson, Bagley & Mayo has provided a level of service that consistently exceeds customer expectations.
Tom Bagley knows a thing or two about employee and customer satisfaction. As President of Anderson, Bagley & Mayo Insurance (ABM), he’s learned that a little care goes a long way.
“Our motto is, ‘Where personal service is a tradition,’ and we really mean it,” he said. “We work hard to be accessible and treat people the way we would want to be treated.”
MEETING CUSTOMERS WHERE THEY ARE
ABM is a third-generation agency with offices across North Central Massachusetts. Headquartered in Leominster, ABM has 22 employees. Most are longtime residents of the area and thus have a deep understanding of and connection to the community.
“Many of our customers have trusted us with their insurance for decades, spanning multiple generations,” Tom said. “We get to know them well, at every stage of their lives.”
Over the years, ABM has prioritized relationships above all else, strengthening ties with their customers and community.
“Like Arbella, we listen to our customers and adapt and respond quickly. When we made the decision to no longer accept cash payments, one of our customers who had been with us 60 years told me we would lose her business as a result,” said Rich Bagley, Executive VP at ABM. “We talked as a company and decided to take cash as well as digital payments, in alignment with our commitment to meet our customers where they are.”
A COMMITTED EMPLOYER
Customers aren’t ABM’s only priority—employees are top of mind, too. Many who work at ABM have been with the agency for decades, a testament to its supportive and collaborative culture. Career growth is a major focus, with ABM paying for employees’ continuing education and licensing courses.
“Our motto is, ‘Where personal service is a tradition,’ and we really mean it. We work hard to be accessible and treat people the way we would want to be treated.”
“I was among the first six in the nation to achieve the CISR ‘Elite’ Designation, and the first in New England. I pursued it with the complete support of ABM every step of the way,” said Maureen Cronin, Vice President at ABM.
ABM has made a business of putting people first. “It makes sense for us to partner with Arbella,” Tom said. “We’re able to pick up the phone and call the CEO if we need to. They provide great customer service, both to us and to our customers.”
Shown l-r: Thomas F. Bagley III, Bernice Morrill, Richard Bagley, Maureen Cronin
LOOK TO THE FUTURE
Preparing the Next Generation of Insurance Leaders
Gen Z currently represents approximately 18% of the workforce, and that number is only growing. However, just 4% are interested in careers in insurance, according to The Pew Research Center. With 50% of the current workforce expected to retire in the next few years, this poses a serious challenge for all of us in the industry.
“Insurance carriers and agents must engage Gen Z and educate them on the many career paths we offer beyond underwriting, claims, and sales,” said Carla Lynch, Talent Acquisition Manager at Arbella.
PARTNERS IN ACTION
In 2022, Jim Hyatt, Executive Vice President and Chief Underwriting Officer at Arbella, saw an opportunity to do just that, and he has worked with other insurance companies and The Isenberg School at UMass to connect industry and academia in Massachusetts.
Jim and Anne Massey, Dean of the Isenberg School of Management, worked together to conceptualize the Isenberg Insurance Academy (IIA), an initiative that connects the next generation of insurance leaders with current industry professionals.
“This has always been an industry initiative, not just an Arbella initiative. It’s about getting young people interested in our business,” Jim said.
Today, more than 50 students are part of the IIA, participating in insurance case competitions, networking events, and on-site visits to insurance companies. Since the inception of the IIA in 2022, the number of Isenberg graduates entering the insurance industry has doubled.
TALENT MEETS OPPORTUNITY
“The Isenberg Insurance Academy fuels the future of insurance by spotlighting its dynamic career options, immersing students in real-world case studies, and bridging the gap to internships and careers through expert mentorship. It’s where talent meets opportunity,” said Mim Minichiello, Chief Performance and Talent Officer at HUB International.
Today, the IIA receives strategic input, career coaching, and more from several key industry partners, including Travelers, Liberty Mutual, Hanover, and Arbella.
“Arbella representatives have mentored our students, hosted them on office visits, and shared vital industry knowledge to help shape the direction of the academy,” said Sara Smiarowski, co-director of the IIA. “From the very inception of the academy, Arbella has provided vision and support along every step of our journey.”
Many Arbella agents are working on similar initiatives in their communities. We salute them. There are plenty of opportunities in the insurance industry for job seekers, no matter where their professional interests lie. It’s up to all of us to do what we can to open this field to new talent.
PEOPLE TO KNOW
Why We Chose Arbella
“Throughout the interview process, it was clear that Arbella cares about people—their employees, customers, and agents.”
- Rosemary Puleo
Underwriting Director
“At Arbella, I get to work alongside great people and make a positive impact in our industry and the community.”
- Allen Chaves
Assistant Vice President, Head of Product
“Arbella has an outstanding reputation. They’re committed to fostering a strong company culture, and they prioritize work-life balance. Arbella provides a supportive environment where employees thrive both personally and professionally.”
- Jaimee Doiron
Underwriting Manager
“Arbella is truly here to help the community and environment. They value work-life balance and provide excellent training opportunities to help you advance your career. Management always listens to and encourages new ideas.”
- Caroline MacLoud Product Analyst Associate
“Arbella has a remarkable talent for recruiting compassionate and intelligent individuals, with whom I am truly fortunate to work. They offer every employee a practical work-life balance and the necessary support throughout their professional journey.”
- Tiffany Rivera Product Analyst Associate
“I chose Arbella because of the culture. Knowing I would get to be part of a company that deeply values its people and partnerships made the decision to join Arbella incredibly easy.”
- Emily Niemiec Territory Manager
Shown front row l-r: Tiffany Rivera, Caroline MacLoud, Rosemary Puleo; back row l-r: Emily Niemiec, Jaimee Doiron, Allen Chaves
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