Insurance Business America issue 4.06 by Key Media

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Get to know 144 women who have shattered the industry's glass ceiling AT YOUR SERVICE

The important role brokers can play for hospitality clients

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ONE ON ONE WITH DOMINIC BURKE

JLT's chief executive talks company culture, cyber insurance and more

THE OVERTIME CRUNCH

Will new rules for overtime pay punish insurance agencies?

11/06/2016 4:52:27 AM

Drive Sales Like Never Before To drive sales, you need full visibility into new sales and renewal opportunities, pipeline, forecasts and activities. As a digital agency, Weatherby-Eisenrich Insurance relies on Sales Automation within Applied Epic to drive sales like never before. See how at appliedsystems.com/drivesales

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Producer Weatherby-Eisenrich Southlake, TX

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ISSUE 4.06

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CONTENTS

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UPFRONT 03 Editorial

Closing the gender gap

06 Statistics

FEATURES

SPECIAL REPORT TECHNOLOGY

COVER STORY

ELITE WOMEN

IBA surveyed hundreds of producers to find out which industry tech tools are most helpful

Dominic Burke discusses how JLT’s culture has helped it tackle the industry’s many challenges – including cyber

09 Opinion

Why embracing technology is key to good customer service

10 News analysis

Insurance agencies speak out about the new overtime rule

14 Workers’ comp update

A new study reveals the pitfalls of opt-out plans

A HOSPITABLE ENVIRONMENT? Brokers can play a vital role in educating hospitality clients

16 Technology update

The importance of technology in driving the bottom line

PEOPLE 73 Career path

Bruce Gifford’s success comes down to a few simple rules

80 Other life

Taking the field with Dr. Adam Seidner

FEATURES

AGENCY INSIGHT The heads of Fred C. Church insurance reveal how their agency has stayed relevant for 150 years

Imagining the insurance agent of the future

This month’s big movers and shakers

FEATURES

INDUSTRY ICON

08 Head to head

12 Intelligence

These 144 women have risen to the highest positions in the insurance industry – and now they’re making sure others join them PEOPLE

Who is the industry backing in this year’s election?

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UPFRONT

EDITORIAL

www.ibamag.com JULY 2016 EDITORIAL Senior Journalist Caitlin Bronson Journalists Ryan Smith Tim Garratt Libby Macdonald Staff writer Heather Turner Copy Editor Clare Alexander

CONTRIBUTORS Lynne Wallace Marcus Seeger Paul Nelson

ART & PRODUCTION Design Manager Daniel Williams

SALES & MARKETING Vice President Cathy Masek Media Sales Managers Chris Wills Chris Anderson Marketing and Communications Manager Lisa Narroway

CORPORATE Chief Executive Officer Mike Shipley Chief Operating Officer George Walmsley Chief Information Officer Colin Chan Human Resources Manager Julia Bookallil

Designer Joenel Salvador Production Manager Alicia Salvati Traffic Manager Kay Valdez

EDITORIAL INQUIRIES caitlin.bronson@keymedia.com

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ADVERTISING INQUIRIES

cathy.masek@keymedia.com chris.wills@keymedia.com chris.anderson@keymedia.com

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Elite and headed for the C-suite

ast summer, Lloyd’s CEO Inga Beale stood before an audience of 650 women insurance professionals and told them to start taking more action in their careers. “If you want the corner office, you have to ask for it,” she advised. “No one is a mind reader.” Beale noted that when women spoke up about their career goals, 68% received promotions and 77% received salary increases. Her address and advice to attendees of the Insurance Industry Charitable Foundation’s Women in Insurance Global Conference comes at a critical point for the industry. While there are more women working in insurance than ever before, they are not equally represented at all levels of the corporate ladder. In fact, while women make up 83% of insurance claims and policy processing clerks, according to 2011 BLS data, they hold just 6% of top

While there are more women working in insurance than ever before, they are not equally represented at all levels of the corporate ladder executive positions. Another scant 12.5% hold board seats, and 8% work in inside business, legal or actuarial officer roles. That isn’t a result of lack of interest – more than half of the attendees at the Women in Insurance Conference indicated interest in management positions. And if they follow Beale’s advice, there is reason to believe the C-suite may see more diversity than ever before. Already, these women are making tremendous strides. Through advanced skills, expertise and commitment to exemplary leadership, women in insurance are propelling the industry forward and demonstrating that insurance is a positive path for any ambitious individual looking for an outstanding career in business. To recognize their efforts and honor their accomplishments, Insurance Business America has scoured the industry for the most elite women in insurance. The women featured in this issue have overcome many challenges that still exist in the industry. We hope that by reading about these extraordinary women, this great, diverse industry will be inspired to try a little harder, reach a little further and continue to make all levels of the insurance world open to all. The team at Insurance Business America

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Copyright is reserved throughout. No part of this publication can be reproduced in whole or part without the express permission of the editor. Contributions are invited, but copies of work should be kept, as the magazine can accept no responsibility for loss.

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UPFRONT

STATISTICS

Following the money The industry has contributed more than $50 million this election cycle – so who’s giving what to whom? THE AMERICAN insurance industry is a major contributor to federal campaigns. As of mid-May, donations for the present election cycle stand at $50,427,208. With plenty of time left before the nation goes to the polls, the distance between these contributions and the record $58.7 million given in the 2012 election is narrowing. In that memorable election cycle, almost 70% of funds

$837,239

$493,510

Amount the industry contributed to Hillary Clinton’s campaign

Amount the industry contributed to Ted Cruz’s campaign

that went to parties and candidates from insurance companies, agents and brokers flowed to Republicans – and indeed, the GOP continues to be the usual recipient of industry donation dollars. According to the latest figures, insurance industry contributions to Democrats stand at $10.8 million, while Republicans have been the recipients of almost twice as much money – a total of $21.4 million.

$426,478

Amount the industry contributed to Jeb Bush’s campaign

$421,506 Amount the industry contributed to Marco Rubio’s campaign

Starr Companies Blue Cross/Blue Shield New York Life Insurance National Association of Insurance & Financial Advisors AFLAC MetLife Independent Insurance Agents & Brokers of America Council of Insurance Agents & Brokers USAA Massachusetts Mutual Life Insurance Prudential Insurance

$796,260

Liberty Mutual

$786,517

$885,365 $810,229

$738,419

Northwestern Mutual American Financial Group

$696,186

TigerRisk Partners

$668,800

American Council of Life Insurers

$658,126

Nationwide Association for Advanced Life Underwriting State Farm

$579,252 $562,000

$551,075 National Association of $541,050 Health Underwriters $500,000 $700,000

Source: OpenSecrets.org, Center for Responsive Politics

THE PARTY SPLIT

LOBBYING SPENDING ON THE UP

Over the years, insurance industry financial contributions to the two parties have mostly grown, reaching an apex in 2012.

Lobbying has become a hefty budget item for major insurance companies – peaking, unsurprisingly, around the time the Affordable Care Act was introduced in 2009.

1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016

$170 million

$160 million $150 million $140 million $130 million $120 million $100 million $80 million $60 million $10

$ MILLIONS

Democrat

Republican

Source: OpenSecrets.org, Center for Responsive Politics

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Source: OpenSecrets.org, Centre for Responsive Politics

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$900,000

$15,062,700 $1,843,832 $1,654,304 $1,356,000 $1,186,599 $1,179,129 $1,179,129 $1,045,948

WHO HAS CONTRIBUTED THE MOST? The list of top 20 industry donors for the 2015-2016 election cycle thus far includes some of insurance’s biggest names – and overwhelmingly, their dollars are going to support Republican candidates.

Democrat

$900,000

$1,100,000

$1,300,000

$1,500,000

$1,700,000

$1,800,000

Republican

$2,000,000

$15,100,000 Source: OpenSecrets.org, Centre for Responsive Politics; Federal Election Commission data, released May 2016.

WHO’S LINING THE LOBBYISTS’ POCKETS?

CONGRESSIONAL CONTRIBUTIONS

Far and away, Blue Cross/Blue Shield spends the most money on lobbying – so far this year, the health insurance giant has paid nearly $3 million for its lobbying efforts.

The industry’s inclination toward Republican candidates has held true for Congressional candidates this election cycle as well – GOP candidates have raked in almost twice that of their Democratic counterparts.

TOP LOBBYING CLIENTS, 2016 $2,964,994 Blue Cross/ Blue Shield $2,210,000 America’s Health Insurance Plans

$27,126,873

$23,916,670

All candidates

Incumbents only

$2,042,500 Prudential Financial $1,650,000 USAA $1,440,000 Metlife

PARTY SPLIT $9,421,729 Democrats

$17,632,444 Republicans

$72,700 Others

Source: OpenSecrets.org, Centre for Responsive Politics

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11/06/2016 3:21:32 AM

UPFRONT

HEAD TO HEAD

What will the insurance agent of 2030 look like? Where will they work? What will they sell? How will the industry have changed? Who will the client be?

Rebecca Rolfe

Michael Howe

Ken A. Crerar

Senior benefits advisor Zenefits

SVP of product management Applied Systems

President and CEO The Council of Insurance Agents & Brokers

“The broker in 2030 will be far more reliant on technology than they are today. Once carriers realize the cost savings of fully automating the installation process, paper enrollments will be a thing of the past. ACA was the beginning of the regulations, and by 2030, employers and brokers will be mired in additional reporting and red tape. Plans will be more expensive and cover less, which will open the door for providers to offer additional concierge services to supplement the basic plans available. No matter how much the benefits landscape changes, there will still be a need for brokers, as long as brokers are willing to adapt to meet the need of their clients.”

“Connectivity among businesses and individuals will bring fundamental change and new opportunities to our industry – both from a consumer and a business perspective – and usher in a range of new products and services. To thrive in this hyper-connected environment, agents must prepare digital transformation plans now. Agents should establish a clear strategy on the transformation needed in their own business and carefully evaluate the technology investments and operational changes required. The agencies that undertake this transformation now will establish competitive advantage in the future and ensure their ongoing viability in a changing market.”

“The industry has changed more in the last five years than the prior 30 years. As to where we’re going, examining the employee benefits brokerage business is instructive. As healthcare market reforms have taken hold, that business has seen an evolving design-build consultancy approach to the employee benefits business model to meet the expanded needs and expectations of clients. The key for brokers is to use data to lower the cost of risk, engage with clients in different ways and enable new ways of acquiring clients at a lower cost. Scaling technical capabilities is key, along with a strong brand for outreach and a collaborative IQ embedded into the firm’s culture.”

WHO’S GOING TO DRINK THE MILKSHAKE? “If you’re an insurance broker,” one game-changing startup founder famously remarked at TechCrunch’s aptly named Disrupt conference a few years ago, “we’re going to drink your milkshake.” Certainly the industry upheaval has been immense, so what lies ahead for brokers? Brokers currently seeking to stay ahead of the pace of transformation need to lean in to change, recognize the opportunities that come with connectivity and leverage their embrace of technology to position themselves competitively for a realm that will still have a place for the human touch in years to come. As the landscape continues to alter under our feet, the time to act is now.

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UPFRONT

OPINION

GOT AN OPINION THAT COUNTS? Email iba@keymedia.com

Slipping in the polls Consumers are growing weary of the insurance industry’s glacial pace in embracing technology – and, writes Lynne Wallace, it’s time for agents to merge human wisdom and online interaction THE EMAIL subject line read “Paper Storm.” It was sent by a 70-something high-networth personal lines client whose commercial account with us generates well over six figures in commission revenue. He’s got our attention. Here’s how the message read: “My dear insurance wizards: In the last few weeks, I have been inundated with mail from our insurance providers [the carriers]. Forms upon forms upon forms. I have never seen so much paper. What am I supposed to do with all of this? It makes me want to seriously consider the possibility of self-insuring. I think I am going to go completely off the grid.” Again, this client is not a 20-yearold inseparable from his smartphone and the cyber world. He’s in his 70s, and he’s in pursuit of a simpler life. My first thought was, “Someone please tell the carriers to stop ‘helping’ us!” But then I took a moment to reflect (and calm down). We deployed the quick fix, redirecting the carriers to send all their paper for this client to us, his insurance agents. Now we’re brainstorming a digital WOW to send to our VIP to offset the carrier-generated setback. The insurance industry is certainly in transition. Insurance consumers want human wisdom and interaction facilitated online by everything that is better served by technology. However, today, most insurance carriers are still working through a tangle of legacy administration systems (often 30 or more) before they can become digitally easy to do business with. It’s truly a race where the first out wins.

Getting carriers to deliver data and documents digitally and through downloads is critical, but is sometimes like playing ‘Whack-A-Mole’ at the county fair. You get one carrier set up, and someone brings two more on board that are not. It’s about progress, not perfection. In the meantime, it’s the insurance agents who are playing Wizard of Oz, shifting things

strong consumer advocates bringing both insurance expertise and digital solutions. The challenge is that only a small percentage of insurance people are ready, willing and able to help bridge the gap between traditional and digital insurance. The traditional model knows insurance. But traditional, as we know it, is not the sustainable model. Many traditional insurance people are aging out and/or are not interested or capable of working digitally in any significant way. The digital agency understands that tech is the key to excellent customer service and scalable growth, but without deep insurance expertise, the digital agency will continue to bring in new business, only to see it run out the back door. Whether we realize it or not, as insurance professionals, we have already begun positioning ourselves with regard to our role in the future of the insurance industry. I’d say 50% of insurance people today want to ride out their careers doing things as they’ve always done them and hold on as long as

“Getting carriers to deliver data and documents digitally is critical, but is sometimes like playing ‘Whack-A-Mole’ at the county fair” manually behind the scenes so that service appears fully digital to clients. And that wizardry is expensive, potentially knocking two to five percentage points off of agency EBITDA. The good news is that most carriers understand the end game and are asking the right questions. It’s about saving time and saving clicks. It’s also about using third-party data to get information for agents to ‘review’ rather than ‘enter.’ The question is not whether the effort will be worth it, but how long it will take. Timing is critical. We are slipping in the polls. When asked in a recent survey what industry sectors have the best customer service, insurance came in at the bottom, ranking above only the automotive and utilities sectors. Improving our customer service ranking as an industry requires that we become

they can. Thirty percent are embracing enough technology to keep their jobs. Two percent are the disruptors who often get beat to a pulp (but we thank them for opening our eyes). Ten percent are the newbies who, once committed to insurance, will morph the industry even further down the road. The final 8% are today’s early adopters, insurance professionals who are working hard to move the traditional mountains and live the digital insurance dream. They are the few who stand ready to profit enormously in the next few years.

Lynne Wallace is the CEO and president of VANTREO Insurance Brokerage and VANTREO Insurance Partners, and co-founder of NDOI, the National Directory of Insurance.

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UPFRONT

NEWS ANALYSIS

Working overtime Come December, US employers could be required to pay certain salaried workers overtime – a proposition some say will hurt small insurance agencies

A NEW Department of Labor rule relating to overtime may have negative consequences for employers in the insurance business, industry officials are warning. The rule, issued last month by the department’s Wage and Hour Division, raises the salary threshold below which most salaried workers are entitled overtime to $913 per week, or $47,476 annually for fulltime workers. That’s more than double the previous threshold of $455 per week, or $23,660 annually. Under the terms of the rule, which is scheduled to take effect in December, that level will be revisited every three years and will be maintained at the 40th percentile of fulltime salaried workers. That could move the threshold to more than $51,000 by January

see operational and compensation-related changes. “The Department of Labor’s adoption of changes to the overtime rule will have negative consequences for both employees and employers in the insurance industry,” Santos said. “Due to the diverse nature of our industry’s workforce, these changes will not be helpful. The rules will not provide the workplace flexibility sought by employers and employees alike. We believe that this rule will result in a scramble to reclassify employees that will ultimately undermine job security and future opportunities for employees.” The AIA is hardly alone in its opposition. Jules Gaudreau, president of the National Association of Insurance and Financial Advisors, said the new rule could

“We believe that this rule will result in a scramble to reclassify employees that will ultimately undermine job security ...” Tom Santos, American Insurance Association 2020, projections indicate. While employees are eagerly anticipating these changes, employers are hesitant – and those in the insurance industry are certainly no exception. Tom Santos, vice president of federal affairs for the American Insurance Association, said the rule will impact property & casualty insurance companies because many employees may

“force employers into decisions about their employees they do not want to make, which will ultimately hurt the workers the rule is supposed to protect.” Retail insurance agencies – among the smallest businesses in the insurance industry – are particularly concerned over the effects of the rule. In testimony submitted to the US Senate in May, the Independent Insurance

Agents and Brokers of America [the Big I] said the proposed rule could impact up to 1 million white-collar workers in the industry and as many as 250,000 agents, brokers and other agency employees. Though the association doesn’t oppose adjusting the threshold for inflation, it believes the increase is “excessive” and the proposal to readjust the rate annually – giving employers just 60 days’ notice – is “overly burdensome for small businesses.” There are also industry-specific concerns. The highly regulated nature of the insurance business makes it difficult for agents to increase revenue to cover the new compliance costs outlined in the proposal. That’s because the commission earned by agents, based on the prices of insurance products, are closely regulated by state officials, and agents are unable to charge their customers more. Under the new rule, agents may also be limited in their ability to respond to clients in times of emergencies. Noting that accidents and other claims scenarios do not always

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HOW INSURANCE AGENCY EMPLOYEES ARE PAID Insurance agents made a median salary of $47,860 in 2014 – just over the $47,476 threshold for the new rule. Other agency employees, however, are well within qualifying. 70,000 $61,960

60,000 50,000

$47,860

40,000

$33,890

30,000

$27,830

20,000 10,000 0 Sales representative

Insurance sales agent

Customer service representative

Receptionist Source: Bureau of Labor Statistics

occur “conveniently during working hours,” the Big I says severe weather and catastrophic events requiring overtime would hinder agencies’ ability to pay their employees. “If insurance agencies are required to convert their employees from salaried to

seasonal – particularly those with January 1 effective dates, many agents work longer hours during the fall and winter and fewer hours during the spring and summer to make up for that overtime. Agencies are already considering changing

“This will force employers into decisions about their employees they do not want to make” Jules Gaudreau, National Association of Insurance and Financial Advisors hourly, closely tracking hours and absorbing unpredictable and irregular overtime costs, it will make it harder to assist their clients when their services are need the most, following an accident or disaster,” the group said. “Currently, this type of overtime would generally be compensated with comp time,” which is not sanctioned under the DOL rule. Finally, as many lines of insurance are

employees to hourly pay and cutting back even further on hours during the off-season to make up for having to pay overtime costs in the busy months. The best option for those worried about the DOL rule’s impact on insurance agencies is likely to throw their support behind Senate Bill 2707, the “Protecting Workplace Advancement and Opportunity Act.”

Sponsored by Senators Tim Scott and Lamar Alexander, the legislation would halt the current rulemaking process and stop the DOL from re-proposing the rule unless certain conditions are met, including forbidding the DOL from issuing any automatic salary threshold update for inflation and requiring the DOL to conduct sector-specific and small business-specific impact analysis. Otherwise, employers must take caution in reclassifying employees and communicating those changes, whether pay is raised, converted to an hourly rate or changed to a fluctuating workweek plan, said law firm Seyfarth Shaw. “While there are a variety of new pay plan options and operational changes to consider for employees that an insurance industry employer may decide to reclassify, the need for a thoughtful change-management and communication plan will not,” the group said. “To reduce the likelihood of rumors or fears filling any gaps in understanding, insurance industry employers should work with counsel to carefully plan how they communicate the changes to those affected.”

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UPFRONT

INTELLIGENCE CORPORATE ACQUIRER

TARGET

PRODUCTS COMMENTS

Arthur J. Gallagher & Co.

Hogan Insurance Services

Hogan specializes in property & casualty and employee benefits in Southern California

Arthur J. Gallagher & Co.

McNeary

The McNeary team will continue to operate from its offices in the Southeast

Digital Benefit Advisors

Corporate Health Systems

CHS works with large, mid-size and small employers throughout Minnesota

Farmers National Bank

Bowers Insurance Agency

Bowers will serve as a business extension of Farmers’ wealth management division

Great American Insurance Group

Service Lloyds Texas

The subject business represents $5 to $7 million in in-force gross written premium

Lockton Cos.

Outland Consultants

The new office will work with Lockton’s global benefits team, private equity team and corporate acquisitions team

Worldwide Facilities

Sloan Mason

The acquisition of the San Diego-based wholesaler enhances WWFI’s energy practice

World Bank launches pandemic risk insurance market

Missouri rejects $37 billion Aetna-Humana merger

Following a series of approvals from various state regulators, Missouri Insurance Commissioner John Huff became the first to issue a preliminary order barring health insurance giants Aetna and Humana from offering certain plans if they complete their planned $37 billion merger. In his order, Huff criticized the merger as decreasing competition in the health insurance marketplace. Specifically, an investigation into the market suggests that Aetna’s market share in individual Medicare Advantage plans would exceed 70% in 33 counties. In the individual market, Aetna is already the largest insurer, and acquiring Humana would bring its share up to 39%. Though the order is not yet in effect, industry observers say it could influence the actions other states take when considering consolidation in the health insurance industry. Specifically, the move could “embolden other states and the DOJ to block the merger entirely,” said David Balto, a former attorney within the antitrust division of the US Department of Justice. Aetna needs to secure 20 state approvals as well as the approval of the Justice Department to complete the deal. So far, the company says it has gained the approval of 10, including California.

The World Bank has launched a new insurance market for pandemic risk, announced at the G7 finance ministers meeting in Japan. Developed in response to outbreaks such as Ebola, the Pandemic Emergency Financing Facility will be kickstarted with a $500 million fund to help countries and health agencies tackle infectious diseases. The fund, which will be largely financed by the reinsurance sector, will be available only to countries that are able to borrow from the International Development Association.

NAS makes enhancements to its cyber liability insurance product

Specialty insurance underwriting manager NAS Insurance Services has expanded its NetGuard Plus cyber liability insurance product. The new features include coverage for cyber incidents caused by unknown acts prior to the inception date of the policy, coverage for business interruption expenses incurred due to insured’s cloud provider or web host, as well as coverage for reputational damage, Payment Card Industry fines and cyber crime. NAS has also reduced rates and increased maximum limits to $25 million.

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PEOPLE Insurer launches new home-share coverage

As the popularity of Airbnb and similar services continues to grow, Allstate has launched a new product for homeowners. HostAdvantage is in a pilot program in five states, and can be added to existing policies. Coverage averages $50 annually and includes homeowners’ personal property, from furniture to electronics, if damaged by short-term renters. Although Airbnb includes free host insurance, this product offers added protection. HostAdvantage is now available in Arizona, Colorado, Illinois, Michigan, Tennessee and Utah.

Liberty International Underwriters unveils auto parts recall policy

Liberty International Underwriters is now offering an automotive components product recall policy, which will cover first and third party recall expenses. Available globally to Tier 1, 2 and 3 suppliers to original equipment manufacturers, the coverage encompasses critical, noncritical and after-market parts. Limits up to $5 million primary and $10 million excess are available. Businesses in the US, UK and Asia Pacific regions are all eligible for the coverage.

Insurer, brokerage to offer ‘lifestyle’ coverage for art collectors

XL Catlin has formed an exclusive underwriting agreement with Arthur J. Gallagher to offer lifestyle insurance for young and new art collectors in New York City. The policy – called ‘Five for Five’ – offers five specialized insurance coverages, including fine art, jewelry, wine, cyber theft and identity theft. Annual premiums are $500 with a $500 deductible. Coverage is available initially in New York, but the company plans to expand to other US cities with emerging and established art scenes.

NAME

LEAVING

JOINING

NEW POSITION

Richard Bridges

Mitsui Sumitomo

Novae Group

Unit head, hull and war

Christian Chauvin

Bowen, Miclette & Britt Agency

Alliant Insurance Services

First vice president, New Orleans

Bernie de Haldevang

Aspen Insurance Holdings

Sompo Canopius AG

Global head of specialty

Michael Hopkins

American International Group

Berkshire Hathaway Specialty Insurance Co.

Sales and distribution leader, medical stop loss, West

Ivan Gonzalez

N/A

Swiss Re Corporate Solutions

CEO, North America

Andrea C. Kanefsky

N/A

W.R. Berkley Corp.

Vice president and corporate controller

Robert Katzman

American International Group

Argo Group International

Chief actuary

Tai-Kuan Ly

N/A

Chubb

General insurance head, Indonesia

Christine Martin

Myron F. Steves & Co.

LCTA Workers’ Comp

Chief financial officer

Sean McGovern

Lloyd’s of London

XL Catlin

Chief compliance officer and head of regulatory & government affairs

Jeff Meyer

AIG Benefit Solutions

Berkshire Hathaway Specialty Insurance Co.

Sales and distribution leader, medical stop loss, East

Bill Miller

Reinsurance Management

HM Insurance Group

Senior vice president, underwriting

Irv Morris

Mercer

EPIC Insurance Brokers & Consultants

Senior benefits consultant

Erik Nikodem

American International Group

Everest Re Group

Leader, US property division

Adrian Smith

Maximum Independent Brokerage

Burns & Wilcox Brokerage

Senior vice president

Willis Programs appoints new CEO

Willis Towers Watson has announced the appointment of a 28-year veteran as president and CEO of Willis Programs. Stacy Brown, who brings a strong background in insurance and environmental consulting to the role, take the place of David Hampson, who retired earlier this year, in overseeing Willis Programs. Brown joined Freberg Environmental Insurance, a subsidiary of Willis Towers Watson, in 1998 and has served as president and managing partner for the past seven years. He will continue to hold this position “for the near future.”

Leadership shakeup at Travelers

The retirement of 30-year veteran Doreen Spadorcia from Travelers has caused some reshuffling at the property & casualty insurance giant. Spadorcia, who joined Travelers in 1990, will retire September 1 from her position of vice chairman, technology, operations and risk control. Because many reporting lines have been reassigned at Travelers, there will be no replacement for Spadorcia. However, Greg Toczydlowski has been promoted to president of business insurance. He most recently served as executive vice president and president of small commercial, business insurance technology and operations.

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UPFRONT

WORKERS’ COMP UPDATE

The feasibility of optout workers’ comp A recent study of Oklahoma’s alternative plan offers insights for other states considering a similar move

said IAIABC president R.D. Maynard. “Workers’ compensation protects employers and employees … and it is critical to understand and maintain that equal protection,” he said. Because most opt-out plans would vary wildly from each other, the “lack of uniformity and consistency” could draw ire from the workers’ compensation community, the study said. Opt-out programs will also need to

“Workers’ compensation goes well beyond the payment of wage replacement benefits and employer premiums”

As more and more states (including Oklahoma, South Carolina and Tennessee) make moves to allow employers the choice to ‘opt out’ of state-regulated systems in favor of their own approaches, a new study from the International Association of Industrial Accident Boards and Commissions [IAIABC] sought to determine the feasibility of such plans by analyzing the Oklahoma alternative.

NEWS BRIEFS

Proponents of the opt-out option believe that the option could allow employers to voluntarily offer equal or more generous benefits than the ones being offered through the state. The study, however, found that this depends on the specific circumstances of the plan. Opt-out programs might have the potential to provide employees with more benefits, but equity is far more valued in the community,

Missouri workers’ comp market growing, improving

Missouri’s workers’ compensation market has grown significantly since 2009, underscoring the relevance of the industry to the state’s economy. According to Missouri Department of Insurance director John M. Huff, there are 334 active carriers that write workers’ comp insurance in Missouri, up from 285 in 2009. Missouri’s high-risk workers’ compensation insurance pool, meanwhile, has been reduced by 66% since its inception in 1995. The state’s high-risk pool had 3,680 policies as of 2015, versus 11,341 in 1995.

address oversight concerns. “There have been anecdotes about the equality of benefits and employer costs savings with opt-out, but workers’ compensation goes well beyond the payment of wage replacement benefits and employer premiums,” said IAIABC executive director Jennifer Wolf Horejsh. Opt-out plans could handle dispute resolution, hearings and determinations, all at the discretion of employers. Without proper oversight, however, there is a risk of abuse. While it looks good on paper, the study concludes the idea of offering opt-out plans still needs a lot of work especially on how it would manage regulatory oversight and equity for all parties involved. Even Oklahoma’s opt-out law is currently undergoing review.

Aging workers cause comp concerns

Amerisafe, a leading workers’ comp insurer, says the vast amount of experience among employees ages 55 and older is decreasing their likelihood for an accident. Yet when these workers do get hurt, they take longer to heal. A recent analysis from Milliman and Keenan Healthcare found that while comp claims have decreased in frequency, they are rising in severity – while overall losses per $100 of payroll stayed relatively unchanged from 2004 to 2014, the severity of claims increased by 5.5% annually during the same period.

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Q&A

Sarah D. Morrison Administrator/CEO OHIO BUREAU OF WORKERS’ COMPENSATION

Years in the industry 15 Fast fact Morrison served a year as a judicial law clerk for Judge John D. Holschuh of the US District Court for the Southern District of Ohio

Workers’ compensation and the opioid epidemic What role should workers’ compensation play in preventing opioid dependence?

The Ohio Bureau of Workers’ Compensation recently recommended a new rule that would guide how physicians treat injured workers with opioids. How was that rule developed?

Workers’ comp payers must be proactive in preventing opioid dependence. Opioids are frequently prescribed following a workplace injury, and while they can be a legitimate part of treatment, we know that long-term use can negatively impact outcomes for injured workers and impede return-to-work. The workers’ comp community has a responsibility to ensure injured workers are receiving effective, clinically grounded treatments that help them heal so they can return to full-function whenever possible. We also have a responsibility to safely prescribe opioids and to curtail their usage when appropriate.

Through the Governor’s Cabinet Opioid Action Team [GCOAT], the state has been active in establishing guidelines to raise awareness among providers and to mitigate dependence and addiction. The rule was crafted with six major functions in mind: modeling other disease management guidelines, employing evidence-based medicine, acknowledging addiction and dependence risks, modeling pay-for-performance programs, mirroring medical compliance programs, and acknowledging workplace safety.

What role do individualized treatment plans play in preventing addiction?

How will this rule lead to better outcomes for patients, employers and insurers?

The current crisis that persists in Ohio and across the country can be partially attributed to the prescribing habits of physicians that were developed over a number of years and have resulted in inappropriate opioid pain management regimens. The goal is to encourage physicians to begin changing bad habits by developing an individualized plan that is justified with clinical rationale and ultimately works to improve the injured worker’s condition. Close monitoring of the injured worker and documentation of whether the treatment is actually improving their health will help address the injured worker’s medical needs and decrease the likelihood that that treatment will lead to opioid dependence.

Ohio gets new head of state workers’ comp fund

Ohio Governor John Kasich has appointed Sarah Morrison as administrator and CEO of the Ohio Bureau of Workers’ Compensation. Morrison, who had previously served as the bureau’s chief legal officer since 2012, replaces Steve Buehrer, who left the post on April 15. “Sarah has been an important part of the BWC leadership team that helped drive our state’s workplace injury rate below the national average and provide Ohio businesses with $4.3 billion in rate cuts, rebates and credits,” Kasich said in a statement.

Moving forward, we believe outcomes will improve as physicians begin to consistently adhere to clearly defined best practices for prescribing opioids. Our commitment to addressing the opioid crisis extends even further, as the rule also allows for the treatment of injured workers who have become addicted or dependent while under the care of our physicians. We want our prescribers to take every available step to improve workers’ conditions and prevent the risk of dependence. The rule addresses this issue head-on with a new peer-review process that addresses a prescriber’s failure to comply with best practices and could lead to a ban on treating injured workers in the future.

NAIC lists nation’s best workers’ comp carriers

The National Association of Insurance Commissioners [NAIC] recently unveiled its list of the top 25 workers’ compensation insurance companies for 2015, naming Travelers, The Hartford and Zurich to first, second, and third place, respectively. Data from the NAIC revealed that direct premiums totaled nearly $57.2 billion for the top 25 carriers, an improvement from 2014’s previous record of $54.92 billion. According to the association, the top 25 carriers accounted for 69.15% of the total direct premiums written in 2015.

Travelers reveals top injuries and causes

Travelers recently released its Injury Impact report, which analyzed more than 1.5 million workers’ comp claims from 2010 to 2014. The report found that the most common injury causes include material handling (32%); slips, trips and falls (16%); being struck by or colliding with an object (10%); accidents involving tools (7%); and cumulative trauma (4%). Meanwhile, the most common workplace injuries were strains/sprains (30%); cuts or punctures (19%); contusion (12%); inflammation (5%); and fractures (5%).

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UPFRONT

TECHNOLOGY UPDATE NEWS BRIEFS Study reveals insurers’ top IT intentions Increased adoption of big data and analytics remains the top priority for IT spending by insurance companies. A study from technology advisory firm Technavio shows that intensification of cloud computing, prevalence of mobile solutions and the emergence of insurance tech startups are the other major trends for US insurers. Lead analyst Amit Sharma said the insurance IT market is set to grow at a “significant rate,” particularly with increased shipments of smartphones, connected devices and networking equipment.

Consumers would switch insurers based on tech availability

A poll of consumers in Europe shows that they are willing to change providers if their tech needs aren’t met. More than a third (37%) of those surveyed by Fujitsu said they would change their insurer or bank if they didn’t offer up-to-date solutions to aid interaction. In addition, 97% of respondents said they are happy for insurance firms to use their data to offer them a wider range of services. This includes 59% who would be happy if insurers’ use of their data could lower their mortgage premium, 47% who would allow its use so insurers could recommend products and services, and 36% would like them to use data to help improve their credit rating.

Usage-based auto insurance set to surge In 2015, there were 12 million subscribers to usage-based auto insurance products globally. Over the next seven years, that number is expected to surge to 142 million. A report from automotive

analysts at IHS forecasts that usagebased insurance, which uses telematics to assess a driver’s performance and risk using real-time data, will become more widespread. Currently, the use of UBI is strongest in the UK and Italy on a proportional basis, but there are 5 million US subscribers, the largest number for one country. The US take-up of UBI is expected to see the strongest growth in the next year, according to IHS estimates.

Nationwide launches new small business site for agents

Nationwide has launched a website for insurance agents that provides a variety of resources for commercial clients. Through the site, Nationwide provides information relevant to the commercial insurance industry, such as the fact that 63% of small-business owners have been victims of at least one type of cyber attack. The site also offers access to Nationwide Academy, which boasts more than 50 continuing education courses, as well as FastPath, the company’s commercial quoting system.

AIA selects tech provider for new P&C program The Associated Insurance Administrators [AIA] has selected a technology partner to support the launch of its new, exclusive property & casualty program. The NetRate Commercial Lines Rating System was selected after underwriters with the AIA tested several rating systems for efficiency, flexibility and ability to expand the planned P&C program. The NetRate system performed all the necessary functions to AIA’s satisfaction, and is able to respond to new coverages and states as needed. NetRate also integrates with a client’s in-house or third-party system, said Rob Zuzula, director of marketing and product services for NetRate.

Strong tech and marketing drive sales A new study finds that agencies that invested in marketing and technology sold more policies Thanks to the internet, consumers can now browse online to shop for insurance, and even obtain multiple quotes from various insurers without breaking a sweat. As consumers become more tech-savvy than ever before, insurance agencies need to step up their game or lose their ability to compete in the market. A joint study conducted by Velocify and Insurance Technologies Corporation [ITC] corroborates that idea, revealing that insurance agencies that have invested in marketing and technology saw more policies sold and also experienced greater business growth. The study, “The Techsurance Marketing Revolution,” found that insurers that used marketing automation technology sold 20% more policies per producer and 10% more policies per household, on average. The study also discovered that agencies that spend more than 15% of their revenue on marketing were more likely to see growth, regardless of their company size or type. Other key findings of the study include: • Insurance agencies that invest in paid marketing channels tend to grow faster than those that rely on their existing book of business. • Agencies that spend less than 5% of revenue on marketing are nearly three times more likely to experience flat revenues. • Marketing automation allows agen-

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cies to nurture customers to a buying stage, and lead management is used to increase insurer effectiveness in contacting, quoting and converting more leads into policies. “The digital revolution has transformed the way people buy insurance, and our recent study shows that technology has become increasingly important for insurance agencies that want to grow,” said Velocify director of financial services Chris Backe. “We have seen how marketing automation and sales acceleration technology can work together

“Technology has become increasingly important for insurance agencies that want to grow” to boost sustainable revenue, and this new research underscores the significant ROI opportunity here.” “Marketing is critical to an agency’s survival and success,” added ITC president Laird Rixford. “We’ve seen it, and this study shows it to be true. For agents who are investing in marketing technology, they are getting good returns and taking advantage of the huge opportunity that is available to them.” While the study highlights how useful technology can be for insurers, it also underscores its weakness. The report found that as the percentage of revenue spent on marketing rose, customer retention rates dropped. This suggests that developing agencies need to make adequate investments in customer retention and satisfaction programs as they increase their marketing budgets.

Q&A

John Guadagno Executive vice president, contract binding operations U.S. RISK

Years in the industry 18 Fast fact Guadagno is a dedicated insurance technology guru, sitting on the automation committees of NAPSLO and AAMGA

Getting on the same page What are you seeing in terms of tech adoption among agents and brokers? I think technology is a big difference in the industry compared to even five years ago. Most of the carriers have adopted web services that enable agents and wholesalers to use comparative rating systems and also bring some of the data into their own internal management systems. The people who are doing the work in the office of quoting and binding business are younger people, and in general, I think the young people are more technologically savvy, and they want tech options that bring efficiency to their daily workflows. As a result of that, I’m personally working on integrating some single-entry technologies to remove duplicate entries in the workflow.

So young people are interested in technology – but are you encountering any pushback from older agency owners? I think we’re beyond that curve at this point. Younger people take to technology more easily because they’re used to it, but the industry has moved as a whole. When I started my work with the Joint E&S Working Group about five years ago, there were only a handful of carriers that were seriously participating. Now there’s probably three times the number of carriers participating in efforts like these to standardize electronic formats and transmissions. I’ve seen a lot of progress in that regard.

Do you think agents and carriers are on the same page in terms of priorities and what they want from automation? Not necessarily at this point. I’ve done a lot of research in the space, and I’m finding that some carriers are behind the curve in pushing technology out to customers. I think that most of the time when they push good technology that’s easy and intuitive to use, customers take to it, and it usually generates business. Whenever I’ve had carrier partners that have had really good IT solutions, I’ve always done more volume with them.

Given that, do you think the new crop of online brokers will gain a foothold? Technology serves a purpose, but ultimately our business is based on people and underwriting experience, so there has to be a human factor. As much technology as we push, I think for simple things, we can automate them – things that don’t require extensive amounts of underwriting. I don’t know if [these new brokers] are ultimately going to take off to the extent that the main part of the industry should be concerned. Especially when you get to the commercial side of the property & casualty and surplus lines industries, there definitely has to be a great deal of underwriting expertise and acumen involved behind the scenes.

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PEOPLE

INDUSTRY ICON

WHERE CULTURE IS KING JLT’s group chief executive, Dominic Burke, talks about overcoming challenges in the business and how the organization is responding to the growing cyber threat

AFTER 15 YEARS leading the Burke Ford Group of companies, which he co-founded, Dominic Burke wanted to explore other opportunities. “I got to the point where I was perhaps not challenged, and some of my minority shareholders probably wanted to cash out, and I wanted to go forward,” he says. So he knocked on the door of JLT. “I was always greatly taken by the JLT culture,” he says. “I sought to join them in 2000, and they kindly agreed to buy my business.” Today, Burke is the group chief executive of JLT, a role he took on five years after joining the multinational insurance broker. Asked to single out the greatest challenge he’s faced in his 11 years at the head of JLT, Burke mentions the need he identified several years ago to provide the organization with clarity. “I suppose it’d be fair to say that, back in 2005 and 2006, there was some confusion around what JLT was, where it was going and what its strategy was,” he says. “I think that was clearly a significant challenge – to shape the direction of the organization. “JLT always had a reputation of being fantastically smart transactional brokers and having good knowledge in one or two specialties, in particular marine and energy,” he continues. “At the same time, we’d had some profit warnings under the previous leadership of JLT, and that meant

that there was uncertainty around the long-term prospect of an independent JLT. In those first few years, probably the most difficult challenge I had was to articulate the strategy of the company, convince our people and all other stakeholders in JLT that we could and would be able to build a business that can and does – every day now – challenge the major global brokers in the specialty segments in which we play.” He attributes his success in addressing those challenges to “the great people” at JLT.

and really being tenacious and fierce client advocates was, at its core, what the old JLT was and, at its core today, is absolutely what it is.”

Addressing cyber As is the case industry-wide, cyber risk has presented a pretty significant learning curve for JLT. “Everybody is still learning at a huge rate of knots, I suppose,” Burke says, “as to the types of exposures and where

“Back in 2005 and 2006, there was some confusion around what JLT was, where it was going and what its strategy was. I think that was clearly a significant challenge – to shape the direction of the organization” “We rallied together and articulated what the strategy was to be, and we’ve very successfully executed on that,” he says. “JLT is perhaps unrecognizable from back in those days of 2005, save that the culture of the organization is still the core of the organization. That culture of being great transactional brokers and putting your client first and doing the right thing

those exposures can come from, and also looking at how behavioral changes and risk mitigation can create a better outcome and reduce the exposures to corporates around the world. The insurance market is seeking to be innovative around cyber, but of course, from a capital provider’s perspective, it’s very difficult to truly measure the expense and the level of

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PROFILE Name: Dominic Burke Company: JLT Title: Group chief executive Age: 57 Fast fact: High-level insurance careers run in the Burke family â€“ Dominic Burkeâ€™s brother, Benedict, is an insurance industry veteran himself who is currently chief client officer international at Crawford & Co

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PEOPLE

INDUSTRY ICON

exposures and where those exposures may materialize. It is about an education to better processes, better technology, better behaviors by employees and corporates themselves in physical risk mitigation and then, obviously, the degree of risk transfer.” For its part, JLT is taking some proactive measures to foster stronger client awareness around cyber. “What we’re doing,” Burke says, “is spending a lot of time educating both our own people and our clients; seeking to innovate and push the boundaries of what’s currently available in the insurance market; looking at pricing models using

Growth in the US Burke is overwhelmingly positive about JLT’s progress in expanding its US operations. “I’ve just spent two weeks doing a tour of most of our US operations, seeing a great number of clients and prospective clients, visiting our people in our offices,” he says. “I’ve come back from the US really excited – surprised, on the upside, how far we’ve progressed in terms of brand recognition and the momentum around revenue and winning clients. We are having a profound impact, I think, and the momentum is building and building, and we now have over 200 people in our specialty business.

“We’re ahead of where we could have imagined or expected to be in terms of the number of talented people who have joined JLT, and that is critical. You cannot built a business without real talent” our analytics capability, which is very strong in this space; and helping map out the type of exposures and the way that we can help our insureds consider the degree of risk transfer they need to undertake.” Burke adds that in today’s world, it’s vital for insurance businesses to partner with technology companies in their endeavors to address cyber risk. “We’re now clearer as to where the exposures are,” he says, “but trying to grapple with them, trying to find the right level of indemnification and protection is primarily through insurance, but it is also very much technology-driven. If anybody thinks they can provide a solution without that, I think, they’d potentially be fooling themselves or they’re not going to be able to provide the right consulting and advisory processes or ultimately the outcomes that I believe clients clearly need.”

“We do intend to build a business of scale, relevance and impact in our specialty sectors, and the story is still early in chapter one. There’s a long way to go, but we’re ahead of the plan; we’re ahead of where we could have imagined or expected to be in terms of the number of talented people that have joined JLT, and that is critical. You cannot build a business without real talent. So we’re in great shape. I’m absolutely delighted and excited by how much progress we’ve made and are making on a daily basis.” Overall, Burke is confident about the direction the global broker is heading. “I’m convinced – as is my board, our people and clearly our clients – that we’re on the right track. And we will continue to stay on track and continue to invest and continue to build, whether that’s in Australia, Asia, Latin America, Europe or in North America.

JLT BY THE NUMBERS

1972

The year the company was first established as a division of Jardine Matheson

$250 million

Amount JLT spent to purchase Towers Watson’s reinsurance brokerage business in 2013

10,777

The current number of JLT employees worldwide

135

The number of countries in which JLT currently offers risk management and employee benefit solutions

JLT’s rank among the world’s largest insurance brokers

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Exceptional Partnerships. Extraordinary Solutions. Not many companies can boast of a business built on a foundation of partnership. We can. The relationships we have fostered over the years have fueled our growth and helped us to become a leading excess and surplus carrier. We offer a collection of solutions unrivaled in the marketplace, and pride ourselves on our strength and expertise. Weâ€™re reaching higher to grow profitably and take our mutual success to the next level.

E&S/Specialty nationwideexcessandsurplus.com A.M. Best rating of A+ (Superior) XV FSC Fortune 100 company Nationwide and the Nationwide N and Eagle are service marks of Nationwide Mutual Insurance Company. ÂŠ2016 Nationwide. www.ibamag.com

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FEATURES

COVER STORY: ELITE WOMEN

INDEX BY NAME NAME

PAGE

COMPANY

NAME

PAGE

COMPANY

NAME

PAGE

COMPANY

Aigotti, Diane

Ryan Specialty Group

Carver, Amber

Burns & Wilcox

Fontanetta, Lisa

Ironshore

Alaniz, Elvia

American Modern Insurance Group

Champoux, Diane

The Champoux Insurance Group

Fournet, Tish

Risk Placement Services

Aldredge, Deborah

Farmers Insurance Group

Clark, Jessica

State Auto Insurance Companies

Garczynski, Eileen

Ames & Gough

Alexander, Sheri

Gregory & Appel Insurance

Coffey, Patricia

Allstate

Gee, Vivian

PURE Group of Insurance Companies

Argue, Dawn

Pennsylvania and Indiana Lumbermens Mutual Insurance Companies

Combs, Susan

Combs & Company

George, Kimberly

Sedgwick

Conley, Katie

Zywave

Glass, Susan

New York Life Insurance Company

Atkins, Susan

Golden Bear Insurance Company

Court, Sarah Johnson

Alliant Insurance Services

Goldstine, Debbie

Lockton Companies

Beale, Inga

Lloyd's of London

Curiel, Thea

Owen-Dunn Insurance

Goodman, Sarah

Marsh

Bennett, Laura

Embrace Pet Insurance

Dascoli, Krystie

Willis Towers Watson

Gould, Jackie

Assurance

Berley, Kaycie

NSM Insurance Group

Davies, Christa

Aon

Greytok, Layla

Starr Companies

Berwanger, Kimberly

MetLife

DeMell, Valerie

MarshBerry

Griffith, Tricia

Progressive Casualty Insurance Company

Bewlay, Nancy Millette

Swiss RE

Dioguardi, Deborah

NIF Group

Hackney, Kristin

Applied Systems

Block, Andrea

Insurance Specialties

Donavan, Emy

Allianz Global Corporate & Specialty

Hagemann, Patricia

Marsh

Blumberg, Irene

HSBC

Drollinger, Barbara

Texas Mutual Insurance Company

Hailey, Sheila

Burns & Wilcox

Bolkun-Robert, Monika

Schaefer Enterprises Inc

Dumeny, Riva

AmWINS Group Benefits

Hamrick, Erin

Sterling James

Bolyard, Heather

American Modern Insurance Group

Dyson, Maureen

Charity First Insurance Services, Inc.

Haugh, Ann

Aspen Insurance Holdings Limited

Bombara, Beth

The Hartford

Edwards, Sonya

Heck, Elizabeth

General Star National Insurance Company

Bordelon, Lisa

Lockton Companies

Elder, Anne Marie

XL Catlin

Hilan, Lauren

General Star

Emek, Sharon

Work At Home Vintage Experts

Hill, Vicki

The Cincinnati Insurance Company

Hoboth, Stephanie

Great American Insurance

Hohmann, Karyn

BB&T Insurance Holdings

Borrislow, Jennifer

Borrislow Insurance

Bryan Insurance Agency

Bourke, Anita

The Institutes

Erbig, Alison

Liberty Mutual Insurance

Bowden, Tracy

Alliant Insurance Services

Farrell, Malena

Cedar Risk Management

Bowman, Julie

Bolton & Company

Felderman, Kathleen

EPIC Insurance Brokers & Consultants

Holmes, June Traina

Property Casualty Insurers Association of America

Branch, Laurie

Iroqouis Group

Feller, Amy

Chubb

Humble, Hart

CNA Insurance

Bryan, Jordan

Ross & Yerger Insurance

Fischer, Krissy

ZyWave

Jackman, Cindy

Independent Insurance Agents of Illinois

Bush, Stephanie

The Hartford

Fiske, Mimi

Markel Corporation

Jones, Linda Graef

Personal Risk Management Solutions

www.ibamag.com

Insurance Business America shines the spotlight on 144 women who are changing the face of the American insurance industry INSURANCE IS one of the oldest professions in the world – and like many other industries, it has long been dominated by men. Fast-forward to 2016, and that’s no longer the case. In fact, women now hold the majority of jobs in the insurance industry – 61%, according to the latest figures from the Bureau of Labor Statistics. That’s not to say the glass ceiling has completely disappeared, however. Despite their growing presence among industry employees, women only account for 6% of top executive positions and just over 12% of

NAME

PAGE

COMPANY

board seats in insurance – but our list proves that those statistics may soon be in the past. We surveyed our readers and reached out to top insurance companies to uncover an impressive 144 women whose astounding personal and professional achievements have earned them a place among the industry’s best. From CEOs of major corporations to innovative startup founders, these women collectively demonstrate that the insurance industry is no longer just a man’s world.

NAME

PAGE

COMPANY

Jones, Linda Graef

Personal Risk Management Solutions

Moradi, Carla

HUB International Limited

Kraeger, Kristin

Aon Risk Services

Morales, Jackie

AXA US

Krupowicz, Dale

Personal Risk Management Solutions

Morton, Cyndee

Safety National

Krystyn, Elizabeth

Baldwin Krystyn Sherman Partners

Newton, Marcy

Atlantic Specialty Lines of Florida

Kwok, Silvia

Allianz Global Corporate & Specialty

Lerche, Renee

H.W. Kaufman Financial Group

Levy, Florence

JLT Specialty

Lewis, Jamie

Beacon Hill Associates, Inc.

Linhardt, Jill

NAS Insurance

Lomax, Emily

Worldwide Facilities

Lopez, Keri

Ascension Insurance

Maffei, Janiele

California Earthquake Authority

Magliola, Tammy

Networked Insurance Agents

Mahoney, Jen

Heffernan Insurance

Marciano, Christine

Cyber Data Risk Managers

Markham, Wendy

Nautilus Insurance

McCarron, Gillian

Lakeside Insurance

McHeffey, Danielle

Cook Maran & Associates

McMahon, Nancy

Sapphire Blue

McPhillips, Jennifer

Independent Insurance Agents & Brokers of America

Medina, Robin

Colorado Nonprofit Insurance Agency

Medina, Sarah

The Hanover Insurance Group

Mellard, Nancy

CBIZ Benefits & Insurance Services Division of CBIZ, Inc.

Mello, Lita

K&K Insurance

Ningen, Monica

Swiss RE

O'Connor, Debra

ARCH Capital

Orfanos, Joanne

Property Casualty Insurers Association of America

Petillo, Marianne Petras, Kirsten Pettibone, Katie

46 53 31

ROM Reinsurance Management Co. Oak Street Funding American Insurance Association

Phillips, Kathy

Smart Choice

Pierce, Jennifer

AIG

Preston, Susan

Professional Program Insurance Brokerage

Pusey, Leigh Ann

American Insurance Association

Rafkin, Lori Spoon

Berkshire Hathaway Specialty Insurance

Rakey, Rachel

Arthur J. Gallagher & Co.

Ratcliffe, Kathleen

Tokio Marine

Reinke, Doreen

Nationwide E&S Specialty

Ridolfino, Bonnie

Hardenbergh Insurance Group

Ritchey, Sharon

AXA US

Rivera, Susan

V3 Insurance Partners

Rosen, Kirsten

Venture Pacific Insurance Services

NAME

PAGE

COMPANY

Schaffel, Debbie

Aon

Schermerhorn, Lori

Motorists Mutual Insurance Company

Schipper, Rekha

Tangram Insurance

Schneider, Dayna

Atlas General Insurance Services

Schreiner, Linda

Markel Corporation

Schroeder, Becky

Insurance Technologies Corp.

Schupbach, Laura

Wells Fargo Insurance

Sherman, Laura

Baldwin Krystyn Sherman Partners

Silva, Nadine

Lexington Insurance

Skender, Kristen

USG Insurance

Smith, Liz

Assurance

Smith, Amy

Ross & Yerger Insurance

Spaun, Karen

Meadowbrook Insurance

Stanley, Debra

Willis Programs

Stavrakis, Yiana

HUB International Limited

Tepper, Lisa

Travelers Insurance

Tokarski, Belen

Insureon

Vel, Carla

Distinguished Programs

Vollweiler, Cheryl

Traub Lieberman Straus & Shrewsberry, LLP

Wade, Katharine

Connecticut Insurance Department

Waller, Kim

Willis Towers Watson (Open)

Warren, Elizabeth

US Senate

Watson, Jill

Arthur J. Gallagher & Co.

Wolf, Heidi

Norman-Spencer Agency

www.ibamag.com

FEATURES

COVER STORY: ELITE WOMEN KRISTEN SKENDER

JENNIFER BORRISLOW

Corporate VP

President and CEO

USG Insurance

Borrislow Insurance

Recently promoted to corporate VP, Kristen Skender has played a critical role in growing USG’s book of business from $91 million to $162 million. In her current position, she leverages her experience to manage strategic development and negotiate with carriers to obtain brokerage and MGA contracts, expand partnerships, and build relationships across a variety of product lines. Skender and her team also donate their time and money to causes such as Purple Heart Homes and the Make-A-Wish Foundation.

As the founding principal of Borrislow Insurance, Jennifer Borrislow uses her expertise to assist business owners and executives with decisions related to employee benefits and risk management. Borrislow is past president of the Million Dollar Round Table and is a member of various associations, including the NAIFA, NAHU and AALU. A published author, Borrislow regularly speaks on the topics of employee benefits, insurance and related business strategies.

SARAH MEDINA VP, miscellaneous and accountants’ professional liability The Hanover Insurance Group

AMY FELLER Senior VP and branch manager Chubb

An accomplished insurance professional with more than 25 years of experience, Amy Feller has been with Chubb since 1986. Starting off as a personal lines underwriter trainee, she eventually transitioned to commercial underwriting in the general insurance division, where she created and executed an operational plan for a pilot operation underwriting line for small businesses. Since 2010, she has served as branch manager of Chubb’s Long Island branch, one of the largest branches in the Chubb network. In 2009, the Professional Insurance Agents of New York recognized her with the MetroRep Industry Professional of the Year Award. Feller serves as co-chair of the UJA Federation of New York General Insurance Division, and also serves on the boards of the Insurance Federation of New York and Summer On The Hill, a nonprofit that provides educational enrichment to low-income students.

www.ibamag.com

In her role as VP of The Hanover Insurance Group’s miscellaneous and accountants’ professional liability products, Sarah Medina leverages her extensive knowledge in specialty lines. Since joining The Hanover Insurance Group, Medina has been instrumental in expanding the company’s professional liability portfolio with an unwavering commitment to its agent partners. As a key leader of the organization, she has transformed her team, building an innovative and collaborative underwriting unit. In 2015 alone, under Medina’s leadership, The Hanover Insurance Group’s miscellaneous professional liability business grew by 20%. She is also a mentor to several early-career employees and an active leader of Women@Hanover.

SUSAN ZDROIK Vice President Transatlantic Reinsurance Company

In addition to serving as vice president of Transatlantic Reinsurance Company, Susan Zdroik is also first vice president of the Association of Professional Insurance Women. She is a founding committee member of the MRAm Women’s Network, where she served as co-chair, and she also serves on the board of directors for Tri County CMO in Raritan, New Jersey.

Association of Professional Insurance Women Founded in 1976, the Association of Professional Insurance Women is dedicated to the advancement of women insurance professionals and recognition of their contributions to the industry. APIW provides members with opportunities for professional development, networking and career advancement. Through monthly programming, members stay current on industry trends, hone their leadership skills and form new relationships through networking. An equally important part of APIW’s mission is support of the next generation of insurance professionals. Each year, APIW awards scholarships to two students who are studying insurance: one for a student at St. John’s School of Risk Management, and the other for a student attending the Katie School of Insurance at Illinois State University.

DANIELLE MCHEFFEY VP and commercial service manager Cook Maran & Associates

Ensuring that Cook Maran’s 2,700 commercial insurance clients are at the top of her staff’s agenda is Danielle McHeffey’s priority every day. McHeffey got her start in insurance at Cook Maran in 2001 after trading a career in hospital administration for one in commercial insurance. “When I started in insurance, I was already mid-career, and I had a lot of catching up to do,” she says. “I did the catching up by taking every class in insurance I could find. Education is a way to differentiate yourself.” McHeffey recently earned her MBA in December 2015 and also holds CPCU and AAI designations. She is a member of the CPCU Society and IIABNY.

THEA CURIEL VP of commercial insurance Owen-Dunn Insurance Services

Thea Curiel’s eyes were originally set on Wall Street, so she didn’t expect her high school job at an insurance office to turn into a career spanning almost 30 years. As VP of commercial insurance, Curiel manages Owen-Dunn’s various captive insurance programs. “I absolutely love what I do and appreciate the ongoing challenges as a constant learning opportunity,” she says.

DEBBIE GOLDSTINE SVP and excess casualty practice leader Lockton Companies

WENDY MARKHAM Senior VP and chief underwriting officer Nautilus Insurance

Wendy Markham has more than 25 years of experience in the excess & surplus lines insurance industry. In her current position as SVP and chief underwriting officer, she oversees regional production underwriting, agency relations, audit and development, and underwriting operations. She is enthusiastic about creating and maintaining a positive company culture at Nautilus, and enjoys mentoring future leaders.

STEPHANIE BUSH EVP, small commercial The Hartford

Stephanie Bush joined The Hartford in 1988 and held positions of increasing responsibility in commercial insurance and field operations at the company before leaving in 2008. Bush spent four years with Travelers Insurance before retuning to The Hartford in early 2013 as the chief product and underwriting officer for small commercial. Bush also is a board member of the Hartford Youth Scholars Foundation.

“Choose kindness and assume goodwill” is Debbie Goldstine’s life motto. After discovering the insurance industry at her college’s job fair, Goldstine has held various positions with numerous prominent insurance companies. “I’m so thankful for stumbling upon P&C insurance, as I had no idea that my first job out of college would put me on a path toward a career full of so many opportunities for professional growth and fulfillment,” she says. Now with Lockton Companies, Goldstine is responsible for all initiatives under the excess casualty umbrella. Since joining the company in 2005, Goldstine’s leadership has been instrumental in shaping the practice group to become what it is today. She is part of the strategic practice team and the Women In Leadership initiative, which aids career development, promotes associate retention, and fosters professional growth, mentorship, and sponsorship. As a working mother of two sons, Goldstine has also learned to use the skills she has gained throughout her professional career and apply them to her home life.

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FEATURES

COVER STORY: ELITE WOMEN SHARON H. EMEK

KATIE CONLEY

Founder and CEO

Zywave

Work At Home Vintage Experts

The founder and CEO of Work at Home Vintage Experts [WAHVE], a talent solution that engages professionals phasing into retirement to work from home for insurance firms, Sharon Emek is an IBA Elite Women alum with more than three decades of industry experience. Prior to WAHVE, Emek was a partner with CBS Coverage Group and was founder and CEO of The Emek Group, which she formed in 1988. Emek has received numerous awards and recognitions, including the 2016 SmartCEO Brava Award, which honors top female CEOs, and has been featured on CNN, CNBC and CBS. Emek served on the Independent Insurance Agents & Brokers of New York board for 10 years and is a past chair. She has also served on numerous other boards, including the Agents Council for Technology, Institute for Student Achievement, Women Builders Council, Center for Women’s Business Research, NYC Mayor’s Small Business Advisory Board, IBM Small Business Research and Technology Advisory Council.

Fast fact Emek is co-author of Answers for Managers, a book that tackles management questions and issues.

LAUREN HILAN Vice president General Star

Lauren Hilan has nearly 40 years of insurance industry experience and is currently vice president and manager of the claims department at General Star. She has been with the corporation since 1986 and previously managed multiple lines of coverage for Northbrook Excess & Surplus Insurance Company.

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VP, services & support and professional services

A driving force behind many of Zywave’s programs, Katie Conley has been responsible for embedding an extraordinary customer experience into Zywave’s culture and operations. During her 17 years with the company, Conley has spearheaded many initiatives, including the Net Promoter Score program in 2015, allowing the organization to seek valuable customer feedback that informs and drives business improvement. She also launched Zywave’s new Customer Lifecycle Communication initiative, a project focused solely on helping brokers see immediate value in the software solutions they’ve purchased. “Katie has been a driving force behind Zywave’s dedication to creating a customer-centric philosophy that permeates throughout all departments,” says Dave O’Brien, president and CEO of Zywave. In addition to her duties at Zywave, Conley actively volunteers for the Make-A-Wish Foundation.

SONYA EDWARDS Operations manager Bryan Insurance Agency

Sonya Edwards is a leader at her agency, using her 30-plus years of experience to guide and train new and tenured employees. For the past three years, she has been recognized as Outstanding CSR of the Year for Texas by the National Alliance for Insurance Education & Research and the Independent Insurance Agents of Texas.

BETH BOMBARA Chief financial officer The Hartford

Beth Bombara heads finance, treasury, capital, accounting and investor relations for The Hartford. She most recently served as president of The Hartford’s Talcott Resolution business, where she managed the company’s reporting segment. Through the course of her decade-plus tenure with the insurance company, Bombara has served various upper management roles. She currently serves as the executive sponsor for The Hartford’s Flex-Abilities Network, an employee resource group dedicated to finding ways to advance the philosophy that every person is capable of full productivity in work and life. Active in her local community, she is also on the boards of the Village for Families and Children, the Bushnell Performing Arts Center and the Connecticut Women’s Hall of Fame.

DOREEN REINKE VP of operations Nationwide E&S / Specialty

As VP of operations for the second largest E&S/specialty carrier in the nation, Doreen Reinke leads the company’s operations delivery services, including statistical processing, underwriting and claims support and processing, consulting, and integration. Most recently, she developed and implemented her organization’s data governance program. Outside of Nationwide, Reinke is a certified coach who mentors employees for career growth opportunities. She serves on the Valley of the Sun United Way campaign cabinet, on the board of directors for the Scottsdale Area Chamber of Commerce and on the President’s Advisory Board for Scottsdale Community College. “I really love mentoring and coaching upcoming talent, helping them to achieve their career goals and personal aspirations,” she says. Reinke has been awarded the Martin Luther King Jr. Community Celebrating Diversity Champion Award for her work promoting civil and human rights and was a Frank W. Hodges honoree, recognized for her significant contributions and impact in the community. As for her hopes for women in the insurance industry, Reinke says, “I’d like to see more women recognized for their talents at the highest executive levels and hope that we never underestimate our capabilities.”

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FEATURES

COVER STORY: ELITE WOMEN CARLA MORADI EVP, operations & technology HUB International Limited

As EVP of operations and technology, Carla Moradi supports all HUB regional locations throughout the US and Canada through the implementation of strategic enterprise-wide customer technologies, sales enablement programs and operations. As former group VP and CIO at Walgreens Boots Alliance, she oversaw the IT infrastructure, architecture, security and technology field operations. As a champion for technology careers for women, Moradi has participated in numerous events and initiated the Women in Technology forum series while at Walgreens.

DAYNA SCHNEIDER VP, workers’ compensation Atlas General Insurance Services

SHEILA A. HAILEY Corporate VP Burns & Wilcox

For more than half of her career, Sheila Hailey has consistently delivered results at Burns & Wilcox, winning the company’s Top Producer Award for 16 years in a row. Hailey is a key liaison for the company’s central region, managing workflow and standard operating procedures from the Burns & Wilcox Dallas/Fort Worth office. Through her work, she has elevated the region to be one of the most successful within the company. In addition to being recognized as a top producer, Hailey was also awarded the Managers Distinguished Service Award in 2011 and 2012.

Dayna Schneider has nearly 10 years of experience in workers’ compensation and is now VP of Atlas General’s largest division. Throughout her career, Schneider has made key contributions to the industry and her company, such as developing a standard reporting system to evaluate and monitor agency production, retention, efficiency and profitability. She also assisted in the development and implementation of an online rating portal for agencies across the US. Outside her work at Atlas General, Schneider is a member of Professional Women in Insurance and a supporter of the Juvenile Diabetes Research Foundation, Susan G. Komen Foundation and Helen Woodward Animal Center.

ELIZABETH WARREN

EMY DONAVAN

Member, Senate Banking Committee

Head of commercial cyber, national practice leader

US Senate

Allianz Global Corporate & Specialty

Massachusetts Senator Elizabeth Warren has been making headlines lately by taking aim at insurance companies. A staunch supporter of the Department of Labor’s pending Conflict of Interest rule, Warren has criticized insurance companies’ conflicting views of the regulation that will impact retirement advice given by advisors. Most recently, she targeted ridesharing companies for taking advantage of their workers by not providing traditional benefits such as insurance.

Starting off as an assistant, Emy Donavan is now at the forefront of the evolving cyber insurance industry. Donavan oversees AGCS’ North American cyber guidelines, rates and policies, and also authored AGCS’ first-ever US cyber and specialty professional indemnity policy, scheduled for release this year. She recently served as conference chair for Advisen’s San Francisco Cyber Risk Conference and was an AM Best cyber panelist at RIMS.

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KRISTIN KRAEGER

HART HUMBLE

Managing director

CNA Insurance

Aon Risk Solutions

A former litigation associate at a large Boston law firm, Kristin Kraeger was exposed to the firm’s specialty practice in directors and officer’s liability, giving her a foundation for her current career. As managing director and the national practice leader for directors & officers and fiduciary product within Aon’s Financial Services Group, Kraeger is instrumental in much of the policy language changes that are taking place in the industry today. With more than 20 years of legal experience in insurance defense and D&O liability, Kraeger regularly speaks on various D&O-related topics. “The insurance industry, especially the specialty executive risk lines, offers an amazing platform to utilize your law degree beyond the traditional legal framework,” Kraeger says. She formerly taught legal research, writing and advocacy at Boston University Law School and is a member of various trade associations.

CARLA VEL President and COO Distinguished Programs

Carla Vel has been part of the Distinguished Programs team since the very beginning of its current iteration, assisting in its transition to a program manager focused on retail insurance brokers. As president and COO, Vel is responsible for strategy development, execution and building senior leadership talent. Prior to Distinguished Programs, Vel held executive positions at various insurance companies, including Walter Kaye, now HUB International Limited.

AVP, business development

As CNA Insurance’s assistant vice president of business development, Hart Humble has responsibility across multiple states and branches. She is dedicated to strategic business growth throughout Texas, supporting CNA branches in Dallas, Houston and Austin. Humble began her career underwriting specialty lines products for Chubb before assuming positions of increasing responsibility within both the management liability and marketing fields. For the last 14 years, she has worked with CNA in a variety of leadership and business development roles, within both property & casualty and CNA’s specialty lines of business.

BONNIE RIDOLFINO Director, public entity division Hardenbergh Insurance Group

Bonnie Ridolfino has been an integral component of the growth and development of Hardenbergh Insurance Group’s public entity practice. Based in New Jersey, Ridolfino was involved in developing and implementing insurance commissions in her state. Ridolfino is a member of the Independent Insurance Agents & Brokers of New Jersey, and is very active in her local YMCA and with Miracle League.

DIANE AIGOTTI Managing director, chief financial officer Ryan Specialty Group

Diane Aigotti has been with Ryan Specialty Group since the company’s founding in 2010. Aigotti’s leadership has been integral to the success and growth of RSG from a startup with zero business to a company that currently writes roughly $5 billion in premiums annually. Prior to RSG, Aigotti spent eight years as a corporate officer at Aon Corporation, where she led the multi-year divestiture program of several major operating units, including two insurance subsidiaries, resulting in more than $4 billion in proceeds. In 2015, she joined the board of directors of PrivateBancorp and The PrivateBank, and is also a member of The Chicago Network, an organization of Chicago’s most distinguished professional women.

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FEATURES

COVER STORY: ELITE WOMEN DIANE CHAMPOUX President The Champoux Insurance Group

More than a decade ago, Diane Champoux purchased The Champoux Insurance Group from her father and has developed the business to include more than 30 employees in four offices across Maine. She is a member of the Maine Insurance Agents Association and Professional Insurance Association and is a Certified Insurance Counselor. In addition to running a successful agency, Champoux is involved with Community Little Theater, United Way, Lewiston Development Corporation and The Great Balloon Festival.

VALERIE DEMELL

RIVA DUMENY

Executive vice president

Chief operating officer

MarshBerry

AmWINS Group Benefits

In 2014, Riva Dumeny joined AmWINS Group Benefits, where she leverages her eight years of insurance experience to develop business and operational strategies and facilitate these efforts across the firm. She currently oversees the full-service operation of policy services, underwriting, call center, IT, compliance and fulfillment. Dumeny is currently pursuing her MBA degree at The Wharton School at the University of Pennsylvania.

ELVIA ALANIZ Regional VP

Fast fact

American Modern Insurance Group

DeMell was the first female hired at MarshBerry and has always been an inspiration to other female employees at the agency. Today, 38 of MarshBerry’s 86 employees are women.

The leader of field sales and distribution strategy for American Modern’s Western region, Elvia Alaniz leverages her 20-plus years of experience in insurance marketing, sales and underwriting to head the region’s sales team. Alaniz serves as a mentor within the company and outside of the organization through the Cincinnati Youth Collaborative, where she mentors a local student one-on-one. She has served on the board of the American Modern Women’s Network and has led the company’s efforts to research consumer segments in the specialty lines space.

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Valerie DeMell started with MarshBerry in 1987 as a finance analyst and has been instrumental in building the company from less than 10 employees to 80-plus employees today. She currently serves as executive vice president, heading the merger & acquisition and perpetuation practice of the firm, and is its second largest shareholder. Her leadership abilities and her involvement in the firm’s strategic planning have helped it achieve a five-year compound annual growth rate of 19.6%. “What makes Val such a professional female role model and leader within MarshBerry is the fact that she listens and inspires confidence throughout the organization,” says Stephanie Hanayik, capital chief compliance officer. DeMell is actively involved with MarshBerry’s philanthropic efforts, including supporting the Insurance Industry Charitable Foundation, Heal with a Horse and the Disabled Veterans Insurance Careers. She is also active with her church and has been involved with children’s education activities.

SUSAN ATKINS Assistant Vice President Golden Bear Insurance Company

In her 20 years with Golden Bear Insurance Company, Susan Atkins has expanded the company’s book of business to more than $30 million annually. As the company’s United Way campaign leader, Atkins has helped raise more than $185,000 from employees for local charities. Recently, she co-organized the Sacramento Valley CPCU All Industry Day, a California earthquake risk event featuring experts and insurance professionals. She currently serves on the board for the Sacramento Valley CPCU Society Chapter, sits on the Admitted Market Liaison Committee for the Surplus Line Association of California and is a member of the Ukulele Strummers of Stockton.

F i n a n c i n g for t h e i n s ura n c e i n dustry

Insurance lending requires insurance expertise. See why thousands of insurance agents and brokers have turned to Oak Street Funding for hundreds of millions in capital since 2003. Visit us at oakstreetfunding.com.

NANCY MELLARD EVP, general counsel CBIZ Benefits & Insurance Services Division of CBIZ

In her role as executive vice president and general counsel for the benefits & insurance services division of CBIZ, Nancy Mellard provides comprehensive business counseling and serves as a liaison to the parent company’s general counsel. Relying on 35 years of legal, regulatory and compliance experience in the insurance industry, Mellard built the division’s licensing department and managed the legal consolidation of more than 20 corporations into a single division for CBIZ. She was chosen by CBIZ’s chairman of the board and CEO to build and lead CBIZ Benefits & Insurance Services Division of CBIZ, Inc.Women’s Advantage, a program that supports CBIZ’s female employee base. In addition to serving in various capacities on several nonprofit boards in the Kansas City community, Mellard is currently a member of the board of directors for the Council of Insurance Agents and Brokers and is immediate past chair of the board of directors for Central Exchange; she also serves on the Central Exchange Foundation Board, Win Win Board and the MWBEC Board. Most recently, the Kansas City Metropolitan Bar Association named Mellard as a 2016 Baron of the Boardroom.

Financing from $25,000 to $20MM* • • • • • •

Acquire an agency Hire staff Invest in growth Get working capital Upgrade technology Consolidate debt

We provide capital for: • • • •

Wholesalers Agents MGAs Program Administrators

KATIE PETTIBONE VP of state affairs, Western American Insurance Association

Katie Pettibone works to advance the American Insurance Association’s legislative and regulatory priorities across the West. Before joining AIA, Pettibon served as the legislative director of the Civil Justice Association of California and a senior legislative analyst for the California Governor’s Office of Planning and Research. A former professional yacht racer, Pettibon competed in the 1995 America’s Cup race as a member of its first all-female team.

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* Loans and lines of credit subject to approval. CA residents: Loans made pursuant to a Department of Corporations California Finance Lenders License. Potential borrowers are responsible for their own due diligence on acquisitions.

FEATURES

COVER STORY: ELITE WOMEN KATHLEEN RATCLIFFE VP and head of US large casualty Tokio Marine

Kathleen Ratcliffe brings more than two decades of industry experience to her role at Tokio Marine, including expertise in both underwriting and brokering specialty covers with a focus on multinational companies. Prior to joining Tokio Marine, Ratcliffe held senior positions at QBE North America, Torus Insurance (UK), Torus Insurance Bermuda and AIG.

NANCY MCMAHON President and CEO Sapphire Blue

Nancy McMahon began her insurance career more than 20 years ago as a reinsurance technician with Alexander and Alexander. Today, she is president and CEO of Sapphire Blue, a managing general underwriter specializing in long-term care under Ryan Specialty Group. McMahon has years of experience in medical liability – she previously served as a senior underwriter for CNA Healthpro and as director of medical professional liability at Professional Underwriters Corporation. Prior to co-founding Sapphire Blue in 2001, McMahon was responsible for launching a long-term care program with Lloyd’s of London.

LIZ SMITH President Assurance

Liz Smith is responsible for overseeing Assurance’s entire employee benefits practice. She currently serves on the national advisory board for United Healthcare, and is a member of the BC/BS Producer Advisory Council and the Northwestern University NClub.

MARCY NEWTON Vice president Atlantic Specialty Lines of Florida

Marcy Newton joined Atlantic Specialty Lines in 1999 before moving to the company’s new office in Florida in 2002, where she continues to grow the agency’s footprint today. She initiated the ASL Council within the organization, which helps elicit feedback and ideas from representatives in all of Atlantic Specialty’s offices. She also initiated the company’s Underwriter of the Year Award.

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KATHY PHILLIPS Vice President, Controller Smart Choice

Kathy Phillips has been a member of the Smart Choice team since the company’s inception in 1994. She became vice president in May 2009 and has served as controller of Smart Choice since February 2006. During her 22-year career with the company, she has played an integral role in establishing a multi-level accounting department from scratch and implementing a majority of Smart Choice’s office policies and procedures. One of her most important recent contributions was automating monthly agency commissions statements to display on the company’s secure Agency Business Center in order to eliminate paper and allow for immediate viewing. “Kathy is one of our best problemsolvers,” says a colleague. “Her office, on any given day, has a line out the door because everyone goes to her for advice and counsel. Her dedication to her work, and her commitment to always doing everything with excellence and integrity, are the reasons she has become a pillar of Smart Choice.”

TISH FOURNET President, client relations Risk Placement Services

Tish Fournet has been serving in the insurance industry for 20-plus years, more than 15 of which have been with Risk Placement Services. Upon joining RPS in 2001 as a broker, Fournet learned all aspects of the brokerage business, and was promoted to client relations director. Today, as president of client relations, Fournet oversees a national team of client relation managers. She and her team are responsible for providing services and support to RPSâ€™ largest national clients and developing relationships with new national clients, as well as maintaining and supporting the RPS network of independent retail customers. Prior to RPS, Fournet worked at Arthur J. Gallagher as an account manager and program underwriter.

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FEATURES

COVER STORY: ELITE WOMEN REKHA SCHIPPER President Tangram Insurance Services

As president of Tangram Insurance Services, Rekha Schipper has the opportunity to build and manage programs for niche industries all over the country. Schipper began her insurance career at a retail brokerage firm in San Francisco in 2001, where she assembled management liability programs for Fortune 1000 companies. She also served as VP of business development for a national insurance carrier’s specialty and commercial business units. She is a member of the Young Presidents Organization and her company’s Women of Influence Group.

HEIDI WOLF National business development manager

LAURA SHERMAN

Norman-Spencer Agency

Founding partner

Heidi Wolf began her insurance career in 1995 with Great American Insurance Company. In the 16 years since, she’s held various positions in product development, compliance, property, inland marine and agribusiness. She joined Norman-Spencer Agency in 2011 as the national business development manager. Today, she’s the director of construction operations, responsible for the daily operations and financial performance of the agency’s largest division. In addition, she oversees NormanSpencer Agency’s intern program. Wolf is also a member of the fundraising and event committee for the NS-Cares Foundation, the agency’s nonprofit, which raises and distributes funds to worthy organizations on a local and national basis.

Baldwin Krystyn Sherman Partners

As one of the founding partners of Baldwin Krystyn Sherman Partners, Laura Sherman provides risk management solutions to individuals and businesses. Sherman started off in the industry as an intern for Chubb. She worked her way up the organization through various positions, where she developed public relations campaigns, marketing collateral and created the company’s Ferrari insurance program. Highly involved in her community, Sherman serves on the board of directors for Meals on Wheels of Tampa and the Children’s Dream Fund. She is also a member of the Bank of Tampa Women Connected Advisory Board and the Tampa Museum of Art Foundation Board. Additionally, Sherman serves on the advisory board for the Council for Insuring Private Clients, and is a National Alliance instructor and a FAIA member.

DAWN ARGUE

DEBRA STANLEY

Senior underwriter

Senior VP and COO

Pennsylvania and Indiana Lumbermens Mutual Insurance Companies

Willis Programs

Senior underwriter Dawn Argue has 20 years of experience in the field. Prior to joining Pennsylvania and Indiana Lumbermens Mutual Insurance Companies in 2015, she was a managing director and senior underwriter at Norman Specialty Insurance, where she managed the entire specialty unit and added more than $3 million in new business in 2014 and 2013.

Debra Stanley is responsible for overall business operations, administration, information services, claims operations and more at Willis Programs. With nearly four decades of insurance experience at Willis under her belt, Stanley has served as regional financial officer for the programs region and as chief administrative officer for the New England and Northeast regions.

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CYNDEE MORTON VP of policy services administration Safety National

Cyndee Morton went from brewing coffee to serving as the department head of the policy services administration department at Safety National, where she currently oversees policy operations, premium audit and regulatory reporting functions. First joining Safety National in 1993 as underwriting support manager, she worked her way up the organization to her current position. She is a founding member of Safety Nationalâ€™s Change Control Board, a team of business department representatives who work side-by-side with IT to ensure business application enhancements. In the mid-2000s, Morton founded Mississippi Mud House, an urban coffee shop in St. Louis, which she eventually sold to a young couple, who continue to run the cafĂŠ to this day. She holds several designations, including CPCU, ARM and ACP, and is a Six Sigma Green Belt.

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FEATURES

COVER STORY: ELITE WOMEN TRACY BOWDEN Managing director Alliant Insurance Services

As a managing director at Alliant Specialty Insurance Services, Tracy Bowden provides oversight for three MGAs (Deep South, Community Association Underwriters and SIU Manager) that represent more than $350 million in written premium. Bowden began her career as a corporate lawyer serving insurance clients and worked for Texas’ first insurance commissioner. Before joining Alliant, Bowden served as US general counsel for RenRe Insurance and then spent four years as head of US agencies at QBE.

ERIN HAMRICK

JENNIFER MCPHILLIPS

President

Partner

Assistant vice president

Professional Program Insurance Brokerage

Sterling James

Independent Insurance Agents & Brokers of America

Susan Preston has been at the forefront of insurance program innovation since 1993, when she founded Professional Program Insurance Brokerage; these days, she revels in designing new and unique programs for her business. In addition to being president of PPIB, Preston is the co-founder of a nonprofit association, the Society of Permanent Cosmetic Professionals, that sets standards for the permanent makeup industry. She has worked with states and other governing bodies to develop industry regulations and served as an advisor to the National Environmental Health Association. Preston also serves on the board of Village Hopecore, an organization that provides micro-loans, potable water and maternal health care to a village on the slopes of Mount Kenya in Africa. She was recently appointed to the board of the Luther Burbank Center, an eminent organization that brings talent and educational programs to the San Francisco Area’s North Bay.

The co-founder of Sterling James, Erin Hamrick has over 20 years of experience serving the insurance industry. After stints at The Hartford and the Wall Street office of Heidrick & Struggles, Hamrick was asked by the Department of Defense to help assist with the reconstruction of Iraq after the events of 9/11. In 2001, she co-founded Sterling James, where she supports research efforts by Saint Joseph’s University and Drake University to better understand gender disparity in the insurance industry. The Association of Professional Insurance Women named her Woman of the Year for 2016.

SUSAN PRESTON

In her own words “I love to travel to see animals and unusual things. For instance, I just came back from trekking for chimps in Uganda and gorillas in Kenya. Right now I am on a quest to find some of the more hard-to-see animals in the world.”

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The Independent Jennifer McPhillips is the assistant vice president at the Independent Insurance Agents & Brokers of America, a national alliance of more than a quarter of a million business owners and employees who offer all types of insurance and financial services products. McPhillips also serves as the staff liaison for both the IIABA Crop Insurance Task Force and the Flood Insurance Task Force, working regularly with agents across the country on a variety of issues and tracking all political and legislative developments related to those programs.

JULIE BOWMAN Chief financial officer Bolton & Co.

Julie Bowman has more than 30 years of experience in the insurance industry. She joined Bolton & Company in 1999 as chief financial officer, and today draws from her expertise in accounting and employee stock ownership plans to support the continued growth and stability of the firm. Beyond her duties with Bolton, Bowman has been active in various PTA board positions for more than a decade; she was also the executive treasurer for the Temple City National Little League for nine years.

TAMMY MAGLIOLA

PATRICIA COFFEY

VP, business development

Allstate Insurance

Networked Insurance Agents

Tammy Magliola heads the sales initiatives for Networked Insurance Agents. Prior to joining the company in 2011, Magliola was responsible for the sales and service structure, as well as product development, at The Dentists Insurance Company. Magliola is a member of the National Association of Professional Women, and is actively involved in activities and fundraising efforts to benefit mentally and physically challenged children and adults.

In her own words “My role at Networked allows me the opportunity to be a part of something larger than myself, or my area of accountability. I am allowed the opportunity to come to work every day and truly give back to our communities in a very special way.”

Senior vice president, technology

A 30-plus-year veteran at Allstate Insurance, Patricia Coffey joined the company while finishing her degree at the University of Illinois at Chicago. She currently heads many of Allstate’s technology initiatives, including participating in the development and delivery of AccessAllstate.com, a website for financial services producers. Coffey is a board member of the Lake Forest Graduate School of Management, which recently recognized her with the 2015 Distinguished Director Award.

LAURA BENNETT CEO Embrace Pet Insurance

The co-founder of Embrace Pet Insurance, Laura Bennett formed her company after winning first place in the Wharton Business Plan Competition in 2003 for the concept, while she was earning her MBA at the University of Pennsylvania. Bennett was the first pet insurance actuary in the US and now serves as the chairman of the board of the North American Pet Health Insurance Association. Outside of insuring dogs and cats, Bennett founded the Burning River Coffee Community, a mentoring community for female entrepreneurs in Northeast Ohio.

JORDAN BRYAN Vice president

JILL WATSON Health and welfare practice leader Arthur J. Gallagher & Co.

With more than 25 years of experience in employee benefits, Jill Watson has extensive insight into plan design and funding analysis, and is adept at mitigating complex exposures. As the Houston-based health and welfare practice leader for the South Central region, Watson works closely with account management and compliance team members to provide solutions for her clients. “Her innate ability to listen first, identify the problem and figure out concrete ways to help her clients elicits confidence and trust with everyone she works with,” says a colleague.

Ross & Yerger Insurance

Ross & Yerger’s youngest and only female producer to become partner, Jordan Bryan has made impressive headway at her agency since she joined the team six years ago. An alum of IBA’s 2015 Young Guns list, Bryan was named vice president last year and was appointed to Ross & Yerger’s board of directors. She currently serves as president of her local Jackson Delta Gamma Alumnae Chapter, is president of the St. Andrew’s Episcopal School Alumni Board and is past president of the Gallant Hearts Guide Dog Center’s board. She is also actively involved with her local JDRF chapter and Junior League.

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FEATURES

COVER STORY: ELITE WOMEN VICKI W. HILL

ELIZABETH HECK

Vice President, director of risk management

President and CEO

The Cincinnati Insurance Company

General Star National Insurance Company

With more than 28 years of industry expertise, Vicki Hill manages a nationwide team of risk management specialists and is responsible for all valuation training and replacement cost estimate systems at The Cincinnati Insurance Company. She is also the founder of Cornerstone Appraisal Services, which provides high-value home inspections to multiple carriers in the high-net-worth market, and Capstone Vintage Construction, which specializes in historic construction replication.

Elizabeth Heck took the reins as president and CEO of Greater New York Insurance Company in 2015, bringing more than 25 years of experience to the role. Prior to stepping into the CEO job, Heck served as the company’s president and COO. In her new position, Heck oversees one of the leading writers of middle-market commercial property and casualty business. Prior to joining GNY, she served as controller at GRE Insurance Group.

LISA FONTANETTA Senior VP and head of strategic operations Ironshore

RACHEL RAKEY Area president, North Central region Arthur J. Gallagher & Co.

A member of the Arthur J. Gallagher team since 2000, Rachel Rakey currently oversees multiple branch locations throughout the company’s North Central region. She also mentors benefit consulting and account teams, serves as managing partner and provides strategic insight on client accounts. Additionally, Rakey is responsible for the bottom-line growth of Missouri’s benefits and consulting teams. She has more than 20 years of experience in the industry, which she uses to design and manage self-funded plans.

Fast fact Rakey recently retired after 20 years of service from the Illinois Air Force National Guard, where she held the rank of senior master sergeant. While serving, she received multiple achievement awards, including the Commander Coin, given to only to the top 10 performers, while deployed in support of Operations Enduring Freedom and Iraqi Freedom.

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Lisa Fontanetta has been a member of the Ironshore team since its inception in late 2006. As the head of strategic operations, she’s responsible for global strategy initiatives, capital and strategic planning, board reporting and investor relations, and rating agency relationships. Fontanetta has worked closely on Ironshore’s acquisition by Fosun and is the key liaison with the parent company on all China relations. She also serves as the CFO of IronServe, Ironshore’s global outsourcing relationship with Genpact. Prior to joining Ironshore, Fontanetta worked at Swiss Re America for four years holding several roles in a planning and analysis capacity.

SARAH JOHNSON COURT Vice president Alliant Insurance Services

More than a decade of experience in art insurance led Sarah Johnson Court to her current position, where she handles the far-reaching and complex risks associated with art collections and high-value items. While in London pursuing a master’s degree in art history, Court was recruited for a job in commercial fine art insurance. She later moved to Miami and held positions covering both commercial and private collections. In April 2016, she assumed her current role at Alliant, where she is focusing on expanding the company’s personal and commercial fine art division. Outside of Alliant, Court is a member of ArtTable, an organization for professional women in the art world.

ANNE MARIE ELDER Chief underwriting officer

KARYN HOHMANN Chief administrative officer

XL Catlin

BB&T Insurance Holdings

A former commissioned officer in the US Naval Reserve, Anne Marie Elder knows how to navigate through the depths of ocean marine insurance. She has more than 25 years of property, inland and ocean marine underwriting experience and currently serves as XL Catlin’s chief underwriting officer of marine insurance in the Americas. She also serves on the board of the American Institute of Marine Underwriters and is chair of the Inland Marine Underwriters Association’s New England Advisory Committee, where she was named as Committee Person of the Year in 2014.

Responsible for the day-to-day insurance, underwriting and specialty operations at BB&T Insurance Holdings, Karyn Hohmann applies her 30-plus years of experience to set strategies and business plans for the national brokerage. Prior to BB&T, Hohmann was chief operating officer with First Virginia Insurance Services. Hohmann is active in her local United Way and Chamber of Commerce and is a member of the Council of Insurance Agents and Brokers and the American Bankers Insurance Association.

We are committed to delivering solutions as unique as you are. LEARN MORE ABOUT OUR SPECALIZED INSURANCE PROGRAMS

MONIKA BOLKUNROBERT Partner and vice president Schaefer Enterprises Inc

Poland native Monika Bolkun-Robert is one of Schaefer Enterprises’ top producers, specializing in risk management and insurance for architects, engineers and construction managers involved in public work, as well as for general and trade contractors. She is currently the exclusive broker for the Consulate General of Poland in New York City. “Monika is a self-made producer who grew an extraordinary book of business from scratch,” says a co-worker. “She is actively growing as a lead construction broker in the NYC metro area.”

Leaders in liability. Experts in your industry. We build comprehensive insurance programs specialized to meet your unique needs. You can count on us, so they can count on you. Together, we are Distinguished.

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FEATURES

COVER STORY: ELITE WOMEN ANN HAUGH

AMY SMITH

President

Executive vice president

Aspen International Insurance

Ross & Yerger Insurance

Ann Haugh joined Aspen Insurance Holdings Limited in November 2013 as COO and chief underwriting officer, and became president of Aspen International Insurance in July 2015, at which time she relinquished her duties as chief underwriting officer. Starting as an executive liability underwriter at Great American Insurance Group, Haugh gained experience in underwriting and operations both in the US and internationally. Before joining Aspen, she was the group chief of staff for Zurich Insurance Group in Switzerland, where she was responsible for strategy, human resources, marketing and communications.

JOANNE ORFANOS

NADINE SILVA

Senior vice president

Executive vice president

Property Casualty Insurers Association of America

Lexington Insurance Company/AIG

Joanne Orfanos joined the Property Casualty Insurers Association of America in 1990 and served as SVP of public affairs until 2005, when she was appointed to her current position of SVP for membership and marketing communications. She previously served as manager of public relations at Hammacher Schlemmer and manager of special projects with Container Corporation of America.

Nadia Silva brings more than 30 years of experience to Lexington Insurance, where her role as executive vice president has her responsible for the underwriting, distribution and portfolio management of the company’s property division. Silva joined Lexington in 2007 after spending eight years in leadership roles at Fireman’s Fund Insurance Company. She also served as Western zone underwriting manager at Chubb for eight years.

KAYCIE BERLEY Southwest director of production NSM Insurance Group

Before entering the insurance industry in 2002, Kaycie Berley was an athletic director and algebra teacher. She began her insurance career working as a sales manager for voluntary health benefits. She then moved to a retail agency, where she learned the world of commercial property & casualty insurance, focusing on small commercial programs for homebuilders and landscapers through their respective associations as a relationship manager. Her career grew when she joined NSM Insurance GroupGroup as business development manager before jumping to Allied World as AVP. She recently returned to NSM in April 2016 as Southwest director of production.

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The director of Ross & Yerger’s commercial lines, personal lines and new business, Amy Smith joined the firm in 1998 as a marketing account manager and worked her way up the ladder to executive vice president. She regularly speaks to various universities’ risk and insurance programs.

JESSICA CLARK Senior vice president State Auto Insurance Company

Jessica Clark has more than 20 years of property & casualty insurance experience. In her current capacity as senior VP and director of commercial and specialty lines for the State Auto Insurance Company, Clark is responsible for overseeing the underwriting and operations of commercial lines, specialty E&S, workers’ compensation and specialty programs. She has been with State Auto since 2005; prior to that, she served as CFO and COO for Rockhill Insurance Group and as CFO of Citizens Property Insurance Corporation, where she managed all reinsurance, financing, investing and accounting activities. She also served as chair of the Florida Auto Joint Underwriting Association Investment Committee and was involved with the Florida Hurricane Catastrophe Fund.

DEBRA M. O’CONNOR Executive vice president and CFO ARCH Capital

As Arch Capital’s executive vice president and CFO, Debra O’Connor drives the execution of the company’s accounting and financial planning functions on a worldwide basis. O’Connor has been with ARCH Capital Group and its predecessor, Risk Capital, since its formation in 1995. Her prior experience includes senior auditor roles at XL Re America, General Re and PricewaterhouseCoopers. In addition to being a member of various trade associations, O’Connor is also a member of the Leadership Committee of the Academy of Mount St. Ursula, a high school in the Bronx neighborhood of New York City that serves college-bound women of diverse cultures. She helped raise more than $3 million for the school’s capital campaign and also acts as a mentor to students through the Adopt a Student program.

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FEATURES

COVER STORY: ELITE WOMEN GILLIAN MCCARRON Vice president Lakeside Insurance Center

MAUREEN DYSON Area vice president Charity First Insurance Services, Inc.

Since joining Arthur J. Gallagher in 2002, Maureen Dyson has facilitated the growth of the company’s program divisions, including Charity First Insurance Services, Inc. and StateFund First. Dyson became an underwriter in 1998 at Farmers Insurance and has since held various roles in underwriting, operational support and management. She recently put together a new team to handle a large workers’ compensation wholesale program, adding more than a dozen new positions. The program more than doubled in premium size the first two years, going from $20 million to more than $60 million.

In her own words “I enjoy seeing the ripple effect of making smallscale changes in procedures or work habits that create significant increases in productivity and work satisfaction.”

LISA A. BORDELON Vice president

You could say that Gillian McCarron married into the insurance industry – her husband purchased their agency in 1999, and she officially joined him in the business in 2003. She has since grown and developed Lakeside Insurance Center’s entertainment insurance department, where she helps place risks for movie producers, directors and the like. Passionate about shaping the next generation of insurance agents, McCarron is the InVest champion for Colorado and regularly speaks at university classes about careers in the field; she’s also busy implementing an insurance certificate program at a local community college.

HEATHER BOLYARD

BELEN TOKARSKI

Claims assistant vice president

Senior vice president of operations

American Modern Insurance Group

Insureon

As claims AVP for American Modern Insurance Group, Heather Bolyard is responsible for a claims support team that includes data analysts, system analysts, compliance analysts and a special investigation unit. Recently, Bolyard and her team implemented a new claims system called AMsuite Claims, which captures 120,000 insurance claims a year. She also currently serves as vice president for the GuideWire Midwest User group, which includes a dozen insurance carriers who meet to discuss opportunities to improve systems and processes.

A former psychology student, Belen Tokarski switched gears to insurance after she fell in love with improving processes with technology. After getting an MBA in e-commerce, she took a job with CNA Insurance, where she won two consecutive Quantum Awards from NetVu for the efforts she and her team made to improve the work process for insurance agents. Now as SVP of operations at Insureon, Tokarski is responsible for the company’s customer service and operations. She is a Certified Business Architect and a member of the Business Architect Association.

INGA BEALE CEO Lloyd’s of London

Lockton Companies

Lisa Bordelon works every day to provide business leaders with the proper resources and services for employee benefits, property & casualty and risk management programs. Bordelon joined Lockton Companies in 2012 as an employee benefits strategist and vice president. In addition to her expertise in insurance, Bordelon is an experienced business owner, having owned her own retail company for 15 years.

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Appointed CEO in 2014, Inga Beale is the first woman to head Lloyd’s in the company’s 328-year history. A champion for diversity and inclusion in the modern marketplace, Beale is a founding member of the Insurance Supper Club, a member of Women Corporate Directors and also the patron of Insuring Women’s Futures. In 2015, she was a driving force behind Dive In, the insurance industry’s first festival to celebrate diversity and inclusion.

AMBER CARVER Vice president Burns & Wilcox

Amber Carver is one of Burns & Wilcox’s top producers. Today, she writes a book of business that exceeds $19 million and also manages all underwriting activities for the Burns & Wilcox Salt Lake City office. Her accomplishments include receiving the company’s Top Producer Award for the past three consecutive years, as well as the Top New Business Income Award. Her work extends well beyond the walls of the Salt Lake City office – she’s also led several nationwide initiatives. Carver can attribute much of her success to her competitive focus. Prior to starting her insurance career, she graduated from the Salt Lake City Police Academy and was certified to be an officer. This intensive training and commitment sticks with her today, demonstrated in her skills as a markswoman. Carver belongs to the Utah Surplus Lines Association and holds a CIC designation. She has served on the Markel Corporation, Burlington, and USLI advisory boards. She’s also actively involved in the community outreach programs within Burns & Wilcox, including volunteering at Ronald McDonald House Charities.

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FEATURES

COVER STORY: ELITE WOMEN STEPHANIE HOBOTH Divisional senior vice president Great American Insurance Group

When Stephanie Hoboth joined Great American’s fidelity/crime division in 1997, it was only two years old with six employees; today, the division employs 60 people and is one of the largest monoline crime insurance writers in the country. In addition to leading the division’s operations, Hoboth was instrumental in the launch of Great American’s kidnap & ransom business. Currently, she oversees the operations of fidelity / crime’s specialty, Windsor, Chicago, Boston and Toronto offices and serves as the division’s lead subject matter expert on gaming.

ELIZABETH KRYSTYN

LINDA SCHREINER

Founding partner

SVP, strategic management

Baldwin Krystyn Sherman Partners

Markel Corporation

One of two female co-founders of Baldwin Krystyn Sherman Partners, Elizabeth Krystyn is passionate about translating an employer’s unique culture to their benefits offerings. She previously served as senior vice president of Wachovia Insurance Services, where she led their regional benefits administration operations and national bank sales integration efforts. Krystyn obtained her certified employee benefits specialist designation from the Wharton School of the University of Pennsylvania and has taught a number of CEBS courses. She also formerly served on the board of Tampa Bay’s Lawry Park Zoo and was an officer for its Endowment Foundation.

Earlier this year, Linda Schreiner joined Markel Corporation Corporation as senior vice president of strategic management. Prior to joining Markel Corporation, Schreiner spent 16 years at MeadWestvaco Corporation, where she was responsible for global facilities management, human resources and the MeadWestvaco Foundation. She currently is a member of the board of directors at Union Bankshares Corporation and the Virginia War Memorial Foundation, and sits on the corporate advisory board of the University of Virginia Darden School of Business. She is also president of the operating board for ChildSavers, a charity committed to the mental well-being of children.

KRISSY FISCHER Senior VP, operations Zywave

As senior VP of operations, Krissy Fischer leads the product development, service & support, and content development teams at Zywave. Since 2010, Fischer has served in multiple capacities at Zywave. Today, she uses her extensive knowledge to find solutions for insurance brokers and continues to participate in employee benefits and P&C insurance broker groups across the country, keeping her finger on the pulse of industry trends. In addition, Fischer led the efforts behind Zywave’s strategic acquisitions of PlanDoc Builder, an employee benefits tool, and Intygral, a P&C tool.

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DEBORAH DIOGUARDI Vice president NIF Group

Deborah Dioguardi played a key role in the growth of NIF Pro, NIF Group’s management, professional and cyber liability department. An expert wholesale broker in professional lines, Dioguardi frequently offers her knowledge to trade publications in the field. She is a member of IIABNY, PLUS and NAPSLO Next Generation. She also actively volunteers for various community events and Operation Backpack. “Deborah’s daily commitment to her profession, accompanied by her unsurpassed service standards, product knowledge and magnetic personality have enabled her to develop into a tremendous insurance professional,” says David Vicari, president and creator of NIF Pro and EVP of NIF Group. “Since her inception, Deborah has consistently been a key player on our team and continues to play an integral role in our organizational growth over the 17-year period I have had the pleasure to work with her.”

Congratulations to the 2016 Elite Women in Insurance, including our very own Cyndee Morton! Today we celebrate the women who devote their time and talents to make a meaningful difference in the world of insurance and we applaud your selfless dedication to improving the industry. Each one of you is a shining example for the future Elite Women in Insurance.

(888) 995-5300

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FEATURES

COVER STORY: ELITE WOMEN SUSAN GLASS

JUNE TRAINA HOLMES COO and treasurer

Financial Advisor

Property Casualty Insurers Association of America

New York Life

June Traina Holmes is responsible for the operational management of the Property Casualty Insurers Association of America, which represents nearly 1,000 member insurance companies. She is also a spokesperson for Insurance Careers Movements and a member of the City of Hope Midwest Insurance Committee. “We need to tell our story about the vital role our industry plays in the economy and in helping consumers and businesses protect their investments,” she says.

SUSAN COMBS

CINDY JACKMAN

CEO

President

Combs & Company

Independent Insurance Agents of Illinois

Susan Combs left her small Midwest town in 2001 to seek success in New York City. She started by selling workers’ compensation products before joining DeWitt Stern Group. In 2005, she formed her own insurance agency, working predominately with hospitality and entertainment clients. She serves on the national board of Women in Insurance and Financial Services and is immediate past president of the association. In addition to her professional accomplishments, Combs aligns her company with a new charity each year; for the next three years, Combs & Company will sponsor scholarships to BeadforLife’s Women’s Business School in Uganda to help women become entrepreneurs.

Cindy Jackman was exposed to the insurance industry at an early age thanks to her insurance agent father. Now a second-generation insurance agency owner, Jackman is also president of Independent Insurance Agents of Illinois, a position she was appointed to in October 2015, which she singles out as the greatest accomplishment of her 30-plusyear career. “It is a lot of work, but so rewarding,” she says. Jackman also actively works with the IIABA InVEST program, which works toward bringing in new talent into the insurance industry by educating high-school students abut the many benefits of an insurance career.

KERI LOPEZ

The current national president of Women in Insurance and Financial Services, Susan Glass has focused on mentoring and giving back to the industry throughout her career. In addition to her duties at WIFS, Glass is a financial advisor at New York Life, where she helps her clients develop solid financial futures with a focus on risk-management-based solutions.

Women in Insurance and Financial Services Since 1936, Women in Insurance and Financial Services has been the preeminent national association dedicated to attracting, developing and advancing women in the industry. More than 1,200 financial advisors, insurance agents, representatives, managers, executives, CPAs and attorneys from across the country make up the vibrant community. Members benefit from peerto-peer connection, educational webinars, social media engagement, mastermind and study groups, leadership development, a national conference, and access to local chapters from the interior of Alaska to the southern tip of Florida.

President, Western region benefits

MARIANNE PETILLO

Ascension Insurance

President and CEO ROM Reinsurance Management Company

A 19-year insurance veteran, Keri Lopez was recently promoted to president of Western region benefits at Ascension. Early on in her career, Lopez earned recognition as a Top 20 Sales Professional at Great-West Financial, and during her nine years with Arthur J. Gallagher, built a $2 million book of business. Most recently, she played an instrumental role in integrating Belvedere Pacific, a specialist employee benefits firm acquired by Ascension in 2015. She is a frequent speaker and guest lecturer for the Northern California Human Resources Association, Construction Financial Management Association, Leading Age Association, UC Berkeley and NAIFA.

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Marianne Petillo has served as president and CEO of ROM Reinsurance Management Company since 2001, where she has implemented systems that have increased efficiency and reduced operational costs. Under her leadership, ROM reduced its backlog of uncollected reinsurance by more than 43% in just one year. She also helped design enhancements to the company’s automated reinsurance claims processing system.

JILL S. LINHARDT Executive vice president NAS Insurance Services

Based in Los Angeles, Jill Linhardt is the executive vice president of NAS Insurance Services, where she started in the underwriting department in 1994. For more than 15 years, she served as the head of the NAS claims department. She is now the key leader for the organization as it expands into new markets. With extensive experience in a range of specialty insurance solutions, Linhardt is very familiar with the management and professional liability issues that NAS policyholders face.

BECKY SCHROEDER VP of marketing Insurance Technologies Corporation

Becky Schroeder joined Insurance Technologies Corporation, a company that provides software solutions to independent insurance agencies, as marketing director in 2011. In that capacity’s she’s responsible for driving the overall marketing direction of the company. Though she did not plan on working in the insurance industry, Schroeder believes she was always meant for a career in the field. At ITC, she has been central to internal projects geared toward improving and advancing the company.

LISA TEPPER

CHRISTA DAVIES

Regional president

Executive vice president and CFO

Travelers Insurance

Aon

Lisa Tepper began her career at Travelers in 1996; 10 years later, she was promoted to president of the Downstate New York/New Jersey region. She is a board member of the Insurance Industry Charitable Foundation’s New York City Chapter and Middle Earth of Somerset County, a nonprofit providing service to teens and adolescents.

Christa Davies joined Aon in 2007 as head of global finance. Previously, she spent more than a decade at Microsoft, where she last served as the company’s CFO. Davies was promoted to CFO at Aon in 2008 and has helped manage the firm’s two largest mergers, with Benfield Group and Hewitt Associates.

SHERI ALEXANDER President, employee benefits Gregory & Appel Insurance

JANIELE MAFFEI Chief mitigation officer California Earthquake Authority

A registered structural engineer, Janiele Maffei has worked in the earthquake engineering industry for more than 30 years. At the California Earthquake Authority, she manages all activities that support mitigation of vulnerable residential structures against seismic activity. Maffei was instrumental in the design and launch of the CEA’s Earthquake Brace + Program, which provided resources and knowledge to homeowners who are trying to retrofit wood-frame homes.

Fast fact In her formative years, Alexander played fast-pitch softball and was named to the state of Florida’s allstar team for three years in a row. She credits softball with helping her develop her leadership skills. “It helps build teamwork and makes you appreciate that the greatest accomplishments happen when people pull together for a common goal”.

With 36 years of insurance experience under her belt, Sheri Alexander is an expert at servicing clients in the fields of healthcare, higher education and manufacturing. Prior to joining Gregory & Appel in 2005, Alexander spent 15 years with Marsh & McLennan as senior vice president. Alexander is proud of the role she has played in the career developments of her peers through the years. She is an active member of the board of directors for Komen Central Indiana, Cancer Support Community of Central Indiana, Gregory & Appel Insurance and the Benefit Advisors Network National Benefit Center. She also sits on the advisory councils for multiple healthcare organizations. In addition, she is a long-standing member of the local and national Certified Employee Benefits Specialist chapters, the Mentoring Women’s Network, Executive Women in Healthcare and NAWBO.

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FEATURES

COVER STORY: ELITE WOMEN IRENE BLUMBERG

LEIGH ANN PUSEY President and CEO

SVP and head of private bank insurance

American Insurance Association

YIANA STAVRAKIS

As the head of one of the nation’s largest property & casualty insurance organizations, Leigh Ann Pusey oversees the American Insurance Association’s operations and works directly with the board of directors to develop and guide the association’s strategic mission. Pusey joined AIA in 1996 and became president and CEO in 2009. In addition to her role as CEO, Pusey is a member of the US Chamber of Commerce’s Committee of 100 and board member of the Insurance Institute for Highway Safety.

HSBC

While pursuing a legal career, Irene Blumberg worked for an insurance law attorney, and she’s been involved in the industry ever since. Over the past five years, she’s been instrumental in HSBC’s growth of 300% and has helped implement a 95% retention average through her strong referral network. Blumberg is actively involved with various charitable organizations, including Special Olympics and the Ronald McDonald House.

Chief sales officer HUB International Limited

DEBORAH ALDREDGE

After beginning her insurance career more than 15 years ago, Yiana Stavrakis has steadily moved up the ranks. As chief sales officer for HUB International Limited ’s specialty programs division, Stavrakis provides strategic sales and marketing guidance to acquired programs. She began her career with Metro Insurance Services and joined the wholesale brokerage world in 2013 via AmWINS Group. Her role there included managing sales strategy with national retailers, growth strategies with strategic market partners, implementing the PL practice’s initiatives and more. Stavrakis is the co-founder and past president of NAPSLO’s Next Generation. In 2010, she received the NAPSLO Past President’s Award for outstanding committee work.

Chief administrative officer

ALISON ERBIG SVP and comptroller Liberty Mutual Insurance

Alison Erbig serves as SVP and comptroller of Liberty Mutual Insurance, a global insurer with operations in 30 countries around the world. Prior to her current position, Erbig was vice president and director of investor relations for the company.

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Farmers Insurance Group

As chief administrative officer for Farmers Insurance, Deborah Aldredge provides oversight for the company’s University of Farmers, as well as its risk and corporate social responsibility efforts. A 25-plus-year industry veteran, Aldredge has held various senior leadership roles at Zurich, Bank of America and more. Currently, she serves on the Western Division Insurance Industry Charitable Foundation board and the New York/New Jersey St. Bernard Project advisory board. She is a founding member of the Farmers Family Fund, an employee-funded charitable foundation that actively supports Farmers Charitable Giving initiatives in local communities. She is also a founding member and leader of the Farmers Women’s Network.

SUSAN RIVERA President and CEO V3 Insurance Partners

Before starting a managing general underwriter in 2009, Susan Rivera was president of QBE America’s specialty program division and worked for AIG for nearly 15 years. “Building V3 from scratch and assembling a team of dedicated professionals that work passionately every day has been amazingly rewarding – on a personal and professional level,” she says. In 1995, Rivera had the opportunity to work on the Norwest Concentric Risk program, where she helped shift the approach to risk by combining all first-party exposures and third-party liabilities into one policy. Rivera is a fellow of the Casualty Actuarial Society and NACD Fellowship, and a member of PLUS, NAPSLO and Target Markets.

JEN MAHONEY COO Heffernan Insurance Brokers

After graduating from college, Jen Mahoney became a staff engineer for a Bay Area environmental consulting firm. In 2006, she entered the insurance industry when she joined Heffernan Insurance Brokers. She progressively added to her responsibilities and involvement in the organization, and in 2013, she was named COO. Her responsibilities now include corporate governance, contract oversight, property management and mergers & acquisitions, as well as leading the organizationâ€™s corporate resources team. She also helped launch the Women of Influence program for the Heffernan Group in 2014. She stays involved in the community, serving on the board for the nonprofit organization Collective Impact.

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FEATURES

COVER STORY: ELITE WOMEN LITA MELLO Senior vice president K&K Insurance

Lita Mello began her insurance career at Metropolitan Life Insurance before joining K&K Insurance in 1982 in the motorcycle retail program. She eventually became vice president of the motorcycle dealership program, where she was responsible for its daily operations. During her tenure with K&K’s venues and gaming division, written premium increased to over $90 million, making it the company’s largest division at the time. Most recently, she was promoted to SVP of the recreation division, where she oversees several diverse programs and works with well-recognized venues across the US.

FLORENCE LEVY SVP, cyber/E&O practice

JENNIFER PIERCE

JACKIE GOULD

AVP of business development

Chief operating officer

AIG

Assurance

Since 2013, Jennifer Pierce has served as assistant vice president of business development of AIG. She has held previous positions with CoVerica Agency Alliance, Progressive Casualty Insurance Company and Blanch Wholesale. In addition to her duties at AIG, she also serves on the young professional board of Junior Achievement of Dallas.

As chief operating officer for Assurance, Jackie Gould oversees the client service delivery platform and maintains the efficiency of the operation structure. Gould also has executive oversight of Assurance’s technology programs and infrastructure, as well as its education and development programs.

CHERYL P. VOLLWEILER Partner Traub Lieberman Straus & Shrewsberry, LLP

Cheryl Vollweiler’s practice concentrates in all aspects of insurance coverage and defense. Her areas of expertise include complex insurance disputes, reinsurance, bad faith litigation, international arbitration, products liability, general liability, property damage and first-party coverage, and more. She has acted as coverage counsel, defense counsel to the US and foreign insurers in US litigation nationwide, and international arbitrations. She is currently serving as national president of the Association of Professional Insurance Women.

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JLT Specialty

With more than 10 years of experience in the insurance industry as a cyber and commercial E&O specialist, Florence Levy focuses on creating cyber and E&O risk management programs for companies in a wide array of industries. Prior to joining JLT, she was the head of the US global technology and privacy practice for Lockton Companies. Levy enjoys sharing her vast knowledge and understanding of cyber insurance with others in the space. Outside of JLT, Levy has spoken at many industry-wide events, including RIMS chapter engagements and HB Litigation’s NetDiligence conference.

EMILY LOMAX Executive vice president Worldwide Facilities

From 1992 until now, Emily Lomax has been a member of the team at Worldwide Facilities. She is responsible for four specialty programs, overseeing the teams that provide them with operational support services. Lomax joined the insurance industry in 1980 as an underwriting clerk for the Home Insurance Company and has held various positions with companies such as NBA Excess and Surplus Line Brokers, Cambridge General Agency and Gerald J. Sullivan Co.

proudly congratulates RYAN

SPECIALTY GROUP

THE

2016 ELITE WOMEN

Ryan Specialty Group is a global specialty insurance organization that provides innovative solutions for agents, brokers and insurance carriers. www.ryansg.com

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FEATURES

COVER STORY: ELITE WOMEN

Managing principal, national real estate practice leader

LORI SCHERMERHORN

EPIC Insurance Brokers

District sales manager

KATHLEEN FELDERMAN

In the past three years, Kathleen Felderman has built EPIC Insurance Brokers’ national real estate practice to more than $4.4 million in revenue. As managing director, she is committed to providing strategic planning, competitive program design, new product design, client advocacy and more. Since joining the brokerage in 2013, Felderman has also spearheaded the organization of an industry real estate forum for clients and insurance underwriters.

CHRISTINE MARCIANO President

NANCY MILLETTE BEWLAY

Cyber Data Risk Managers

Head of casualty underwriting, US & Canada

Christine Marciano started her career as a stockbroker trainee for the man now known as the ‘Wolf of Wall Street,’ but chose to get an insurance license instead. As the founder of Cyber Data Risk Managers, Marciano is an expert on cyber risk and insurance, and enjoys educating her clients about the evolving cyber threats in today’s business environment while helping them navigate cyber insurance’s complicated policies.

In her own words “In my spare time, I can be found reading cyber insurance policies and reading about different types of threats and attacks that are happening.”

Nancy Millette Bewlay has more than 22 years of experience in the insurance industry with a focus on primary and excess specialty casualty lines. She began her career as an underwriter for General Star Management Company in the excess/umbrella division and was the former president and CEO of C.V. Starr & Company. She joined Swiss Re in May 2013 and is responsible for the technical underwriting and actuarial casualty treaty teams in the US and Canada. Additionally, she is a member of the inaugural management committee for the Insurance Supper Club, a network for senior women in the insurance industry, and is working to solidify its US presence.

VP of operations Cedar Risk Management

Malena Farrell has been with Cedar Risk Management since 1997 and currently focuses on commercial insurance for the alcoholic beverage industry. “I am a geeky, nerdy lover of insurance, and proud of it!” she says. “I started in the industry as a file girl at the age of 16 and never looked back. I love reading a policy and finding ways to pay the client more when there’s a claim. I live for that moment when a client or prospect finally gets it, when they finally see how life-changing or business-saving a well written insurance policy can be.”

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As a district sales manager at The Motorists Insurance Group, Lori Schermerhorn writes business for agencies across the US. She has 20 years experience in the industry and previously worked for companies such as XL Insurance, Ohio Casualty Group, Safeco and more.

Swiss Reinsurance Company

MALENA FARRELL

The Motorists Insurance Group

LAURIE BRANCH President The Iroquois Group

Laurie Branch is president of The Iroquois Group, one of the nation’s oldest and largest networks of independent P&C insurance agencies. Just after college, Branch spent four years working in brand management for Procter & Gamble before leaving to join the Iroquois Group in 1984. Iroquois has grown tremendously since then, increasing from 50 member agencies in two states to 2,254 member agencies in 41 states today. Aside from managing Iroquois, Branch has been extremely active in local education, sitting on the Olean School Board of Education and the board of trustees at St. Bonaventure University, where she is also an adjunct professor. In 2009, New York Governor David Paterson named her New York State’s Woman of Excellence in Business.

JAMIE LEWIS

LORI SPOON RAFKIN

Assistant vice president

Berkshire Hathaway Specialty Insurance

Beacon Hill Associates, Inc.

Jamie Lewis began her insurance career in 2006 with State Farm Insurance in the Fire Company, where she served as underwriting assistant. She later joined Beacon Hill Associates, Inc. in 2007 as an administrative assistant; in the last nine years, she has worked to build the renewal team at Beacon Hill, which manages a $37 million book of business. As assistant vice president, Lewis coordinates the training and operational activities for new employees, contributes articles and content to environmental insurance publications, and assists with internal training for career development initiatives.

LAYLA GREYTOK Vice president of excess commercial casualty

SVP, customer & broker engagement

Lori Spoon Rafkin has spent more than 25 years in the commercial insurance industry. She joined Berkshire Hathaway Specialty Insurance in 2013, five weeks after the company launched. As a member of the leadership team and head of customer & broker engagement, Rafkin has been instrumental in the team’s rapid growth, distribution strategy and developing long-term customer relationships. Additionally, she currently serves on the board of Arts Unbound, an organization that promotes artistic achievement for people living with disabilities.

MIMI FISKE

KIRSTEN PETRAS

Regional president, Midwest

Director, strategic markets

Markel Corporation

Oak Street Funding

For the past 20 years, Mimi Fiske has worked at some of the nation’s most well known insurance companies, including General Star, Arch Insurance Group, Argo Group, XL Group and now Markel Corporation. She started her insurance career after college in wholesale, and she has remained closely tied to the segment ever since.

Kirsten Petras has more than 13 years of experience in financial services. She now leverages her financial experience as director of strategic markets at Oak Street Funding, where she has developed a strong understanding of commercial financing for insurance professionals.

STARR Companies

Layla Greytok serves as vice president of excess commercial casualty at STARR Companies, where she leads a team of experienced underwriters. She has been responsible for building infrastructure and setting up systems and reinsurance for the accident and health agency of STARR, as well as developing the groundwork for the company’s D&O and DBA platforms. She has held several board positions, including as president of Casualty Underwriters of Philadelphia.

In her own words “Most people don’t realize insurance is exciting. Insurance gives you a front-row seat to see different businesses, understand how they operate and help them protect their assets and grow. My friends laugh at me when I quote my first boss – ‘Insurance is my life. Insurance is my love!’ – but it’s true.”

KIM WALLER Executive vice president Willis Towers Watson (Open)

Kim Waller brings more than 20 years of experience to her role of EVP at Willis Towers Watson (Open) , a practice group of Willis Group Holdings that focuses on helping firms build relationships with minority-and women-owned business enterprises. She is responsible for business development, partnership development and aligning resources from across Willis’ platform. Waller began her insurance career with Hartford Financial and also served as an economist for the federal government. In 2011, Chicago United named Waller as one of their Business Leaders of Color. She currently sits on the board of directors

JACKIE MORALES Managing director AXA US

Jackie Morales heads up life insurance operations for AXA US, overseeing all aspects of life operations for multiple business lines. Prior to holding her current position, Morales headed up the company’s annuity operations. Before joining AXA US in 2007, she served in various executive roles at Lincoln Financial Group, UICI, and Americo Financial Life and Annuity.

www.ibamag.com

FEATURES

COVER STORY: ELITE WOMEN PATRICIA HAGEMANN Chief operating officer, US and Canada Marsh

Patricia Hagemann serves as the chief operating officer for Marsh’s US and Canada Division – a role she held from 2008 to 2012, and returned to again in March of this year. Hagemann joined Marsh in 1980 and spent 10 years in various financial and accounting roles for the company. From 1990 to 2006, she served as the finance officer and head of accounting services for various Marsh businesses. In 2013, Hagemann took the reins as chief risk and compliance officer before returning to her role as COO earlier this year.

RENEE S. LERCHE Corporate SVP, human resources H.W. Kaufman Financial Group

Dr. Renee Lerche is an expert in employee engagement, human resources management and workforce development. Her list of accomplishments include receiving her doctorate from Harvard University, running the national adult literacy initiative under President Reagan and being the sixth woman executive at Ford Motor Company, where she ran all education and training for the company globally. During her brief retirement, Lerche taught at the University of Michigan’s School of Business. Though she had no plans to enter the insurance industry, Lerche joined H.W. Kaufman Financial Group in 2006. Together with CEO Alan Jay Kaufman, she built the company’s continuing education and professional development initiatives: the Kaufman Emerging Leaders Program, the Kaufman Advanced Management Program and the Kaufman Institute. Outside her professional duties, Lerche is passionate about education training in all elements. She is a senior reviewer for the ATD BEST Awards, is vice president of her synagogue’s board and is supporter of the Stratford Festival in Ontario, Canada.

www.ibamag.com

LINDA GRAEF JONES

SILVIA KWOK

Partner

Global head of small business

Personal Risk Management Solutions

Allianz Global Corporate & Specialty

Linda Graef Jones joined Personal Risk Management Solutions in 2009 after a long break from the insurance industry, and she soon boasted hundreds of high-net-worth clients. “She is a highly respected and extremely successful senior leader,” says CEO Celia Santana. “Ninety-five percent of her presentations to prospects become clients. And 75% of her business is by referral. It is my belief that Linda is one of the most successful women in the business, hands down.”

Silvia Kwok joined Allianz Global Corporate & Specialty as the global head of small business in June 2015. With a career spanning more than 25 years, Kwok has led numerous organizations in product development, underwriting management, regulatory compliance and more. Prior to joining Allianz Global Corporate & Specialty, Kwok served as Fireman’s Fund Insurance Company’s product manager for real estate and hospitality. She’s also held positions at AmTrust, CNA Insurance and CompWest Insurance.

BARBARA DROLLINGER Vice president, regional operations Texas Mutual Insurance Company

A senior underwriting and insurance operations professional with more than 20 years of commercial insurance experience, Barb Drollinger now serves as the regional vice president of the Houston office for Texas Mutual Insurance. Over the course of her career, she has held various leadership positions in areas such as underwriting, agency management, policy issuance and premium audit. Her background also includes extensive underwriting and technical expertise in all aspects of pricing and plan selection. Drollinger received an Oklahoma Property and Casualty Insurance Agents License and has completed numerous insurance courses and certifications.

THERE’S STRENGTH IN

LEADERSHIP We salute our own Debra O’Connor of Arch Capital, and all the Elite Women within the Insurance Industry, for your recognition as leaders in our business.

THE STRENGTH OF ARCH

www.ibamag.com

FEATURES

COVER STORY: ELITE WOMEN KAREN SPAUN

ANDREA BLOCK

SVP and CFO

Insurance Specialties

Meadowbrook Insurance Group

Karen Spaun joined Meadowbrook Insurance Group in 1998 as director of investor relations. In 2003, she was named the company’s CFO. She began her professional career as an auditor at Coopers & Lybrand (now PricewaterhouseCoopers). She is a former president of the Michigan chapter of the National Investor Relations Institute.

Vice president

Andrea Block and her husband, David, acquired Insurance Specialties in 1992. Since then, the North Carolinabased company has expanded to offer services in 13 states. Block also serves as a board member and the media chair for the Western North Carolina chapter of the National Association of Health Underwriters, among many other association memberships.

ANITA Z. BOURKE

ROBIN MEDINA CEO

Executive vice president

Colorado Nonprofit Insurance Agency

The Institutes

Robin Medina has more than 25 years of insurance industry experience. For the last five, she has been a leader in the nonprofit insurance community, serving as vice president of HUB International Limited’s nonprofit practice, where she heads up the company’s Colorado Nonprofit Insurance Agency. As part of HUB’s nonprofit team, Medina works to help nonprofits meet the challenge of building strong risk management programs for their organizations.

In her current role as executive vice president, Anita Bourke leads and contributes to the product development at The Institutes, a provider of risk management and property & casualty insurance education. Prior to The Institutes, Bourke was president of IMA of Kansas and was employed by the Willis Group for 17 years. She also formerly served as president of the CPCU Society.

SARAH GOODMAN Senior vice president Marsh

When Sarah Goodman took the reins as senior vice president at Marsh in 2014, she brought with her more than a decade of experience in risk management. Prior to accepting the position at Marsh, Goodman was vice president of life sciences at Arthur J. Gallagher & Co. She has also served as North America assistant practice leader for life sciences at Willis, as well as holding positions at Raley, Watts & O’Neill Insurance, Thomas Rutherfoord and Lockheed Martin.

KIMBERLY GEORGE Senior vice president Sedgwick

Kimberly George joined Sedgwick in 2001 and now is senior vice president of corporate development for M&A and healthcare. George began her career as a neuro-trauma nurse, a career she held onto for more than 20 years before transitioning into insurance. She has served as fundraising chair on the national board of Kids’ Chance, is on the Workers’ Compensation Advisory Board of Rehabilitation Institute of Chicago, and is a member of WCRI and a board member for the Women Executives in Workers’ Compensation.

www.ibamag.com

DEBBIE SCHAFFEL Managing director, financial services group Aon

Debbie Schaffel has been with Aon since 2003. As a managing director, she oversees the company’s financial services group and nonprofit management liability department. Schaffel has deep expertise in analyzing exposure and placing coverage for a wide variety of risks, including employment practices, crime/fidelity and kidnap & ransom. She began her insurance career at AIG in 1989 as an underwriter and held various positions through the years, ending her time at AIG as a senior vice president. Schaffel is currently vice president of the Professional Liability Underwriting Society.

KATHARINE L. WADE

KRYSTIE DASCOLI

Commissioner

Willis Towers Watson

Connecticut Insurance Department

Katharine Wade was appointed Connecticut insurance commissioner in March 2015, bringing to the job more than 20 years of experience in regulatory compliance and consumer outreach. As insurance commissioner, Wade has initiated and is overseeing several programs aimed at enhancing regulatory efficiency, customer service and consumer education. Prior to her service as Connecticut’s insurance commissioner, Wade spent 21 years as the vice president for public policy, government affairs and US compliance at Cigna.

Vice president

With more than 15 years experience in the insurance industry, Krystie Dascoli has leveraged her background in technology to offer employee benefits and technology solutions. In her current role at Willis Towers Watson, Dascoli delivers employee benefits broker and consulting services to HR professionals. Her previous experience includes roles at Wells Fargo Insurance, Marsh, Unum and Paychex. She currently serves on the advisory board for the Voluntary Benefits Association.

KIRSTEN ROSEN Agent Venture Pacific Insurance Services

An insurance broker for more than 25 years, Kirsten Rosen specializes in personal and commercial lines of insurance. She created and launched a niche pet industry program at her current company, Venture Pacific Insurance Services. “Kirsten is a versatile insurance broker who is constantly adapting to the changing and complex business environment in California,” says Venture Pacific’s Curtis Barton. “She is an innovator in her methods, and many of her peers look to her as a valuable team member and mentor.” In addition to her professional duties, Rosen is an active volunteer with various pet rescue and foster organizations.

KIMBERLY BERWANGER SHARON RITCHEY Senior executive director and COO AXA US

The head of operations for AXA US, Sharon Ritchey leverages her 30-plus years of management experience to direct business at the national insurance company. Prior to AXA US, Ritchey held various executive positions at The Hartford, where she was involved in the effective transition and transformation of the company during the sale of three of its business units, which she calls “one of the most challenging times in my career, [but] also one of the most rewarding.” Ritchey is a member of the Women’s Bond Club of New York, Women in America, the Accenture Advisory Board, and a board member of AXA Business Services, AXA Advisors and the LPGA Foundation.

Chief administrative officer MetLife

Kimberly Berwanger became MetLife’s chief administrative officer for the Americas in 2012. In that role, she oversees business management, market intelligence, portfolio management and many other business concerns across the Americas. Berwanger joined MetLife in 2000 as the company’s director and program manager of information technology. She’s also served as MetLife’s director of business strategy for international business; assistant vice president of strategy, planning and government; and vice president of US business strategy.

LAURA SCHUPBACH EVP and head of Wells Fargo Insurance Wells Fargo Insurance

Laura Schupbach was named head of Wells Fargo Insurance in 2011. In that role, she oversees one of the largest insurance brokerages in the world, which boasts 54 offices and 3,400 employees in 26 states. Schupbach, a 20-year Wells Fargo veteran, previously served as the company’s head of enterprise expense management. She also served as Wells Fargo’s wholesale banking group finance officer and diversified product group finance officer.

www.ibamag.com

FEATURES

COVER STORY: ELITE WOMEN KRISTIN HACKNEY EVP, customer experience Applied Systems

Kristin Hackney is responsible for Applied Systems’ customer delivery strategy and executions of the company’s professional services, support and cloud-based solutions. Hackney is the former vice president of worldwide enterprise solutions and services for Chicago-based SPSS, a leading global provider of predictive analytics software and solutions. Hackney drove the strategic transformation of SPSS from a tools/technology-focused vendor to a respected provider of enterprise solutions, building and leading the company’s global predictive analytics solutions business. Hackney also previously served as vice president of worldwide education services at SPSS.

EILEEN GARCZYNSKI Senior vice president, partner Ames & Gough

A lawyer by training, Eileen Garczynski focuses on the risk management and insurance needs of law firms in her role at Ames & Gough. With 25 years of risk management and insurance experience, Garczynski has held various positions with companies such as Travelers, the American Red Cross and LexisNexis. She is a member of the American Bar Association’s Standing Committee on Lawyers’ Professional Liability and the former vice chair of the association’s Insurance & Risk Management Committee for the Section of Intellectual Property Law.

VIVIAN GEE SVP, Florida regional executive PURE Group of Insurance Companies

As one of the first executives hired by the founding leadership team, Vivian Gee has helped build PURE’s book of business across the country since 2009. Her success is a tribute to INROADS, an internship program for underserved minority youth, through which she interned at Chubb during college. “Vivian’s dedication to her team truly sets her apart as a leader and manager,” says a colleague. “She believes that her team’s success is a measure of her own success, and so she takes her roles as mentor, trainer, educator, communicator, and leader very seriously.”

INDEX BY COMPANY COMPANY

PAGE

NAME

COMPANY

PAGE

NAME

PAGE

NAME

AIG

Jennifer Pierce

AXA US

Jackie Morales

Distinguished Programs

Carla Vel

Alliant Insurance Services

Tracy Bowden

AXA US

Sharon Ritchey

Embrace Pet Insurance

Laura Bennett

Alliant Insurance Services

Court, Sarah Johnson

Baldwin Krystyn Sherman Partners

Elizabeth Krystyn

EPIC Insurance Brokers & Consultants

Kathleen Felderman

Allianz Global Corporate & Specialty

Silvia Kwok

Baldwin Krystyn Sherman Partners

Laura Sherman

Farmers Insurance Group

Deborah Aldredge

Allianz Global Corporate & Specialty

Emy Donavan

BB&T Insurance Holdings

Karyn Hohmann

General Star

Lauren Hilan

Allstate

Patricia Coffey

Beacon Hill Associates, Inc.

Jamie Lewis

Golden Bear Insurance Company

Susan Atkins

American Insurance Association

Katie Pettibone

Berkshire Hathaway Specialty Insurance

Lori Spoon Rafkin

Great American Insurance

Stephanie Hoboth

General Star National Insurance Company

Elizabeth Heck

Gregory & Appel Insurance

Sheri Alexander

H.W. Kaufman Financial Group

Renee Lerche

Hardenbergh Insurance Group

Bonnie Ridolfino

Heffernan Insurance

Jen Mahoney

HSBC

Irene Blumberg

HUB International Limited

Carla Moradi

HUB International Limited

Yiana Stavrakis

Independent Insurance Agents & Brokers of America

Jennifer McPhillips

Independent Insurance Agents of Illinois

Cindy Jackman

Insurance Specialties

Andrea Block

Insurance Technologies Corp.

Becky Schroeder

Insureon

Belen Tokarski

Ironshore

Lisa Fontanetta

Iroqouis Group

Laurie Branch

JLT Specialty

Florence Levy

American Insurance Association

Leigh Ann Pusey

Bolton & Company

Julie Bowman

American Modern Insurance Group

Elvia Alaniz

Borrislow Insurance

Jennifer Borrislow

American Modern Insurance Group

Heather Boylard

Bryan Insurance Agency

Sonya Edwards

Ames & Gough

Eileen Garczynski

Burns & Wilcox

Amber Carver

AmWINS Group Benefits

Riva Dumeny

Burns & Wilcox

Sheila

Aon

Christa Davies

California Earthquake Authority

Janiele Maffei

Aon

Debbie Schaffel

Nancy Mellard

Aon Risk Services

Kristin Kraeger

CBIZ Benefits & Insurance Services Division of CBIZ, Inc. Cedar Risk Management

Malena Farrell

Charity First Insurance Services, Inc.

Maureen Dyson

Chubb

Amy Feller

The Cincinnati Insurance Company

Vicki Hill

Applied Systems

Kristin Hackney

ARCH Capital

Debra O'Connor

Arthur J. Gallagher & Co.

Rachel Rakey

Arthur J. Gallagher & Co.

Jill Watson

Ascension Insurance

Keri Lopez

Aspen Insurance Holdings Limited

Ann Haugh

Assurance

Liz Smith

Assurance

Jackie Gould

Atlantic Specialty Lines of Florida

Atlas General Insurance Services

www.ibamag.com

COMPANY

CNA Insurance

Hart Humble

Colorado Nonprofit Insurance Agency

Robin Medina

Combs & Company

Susan Combs

Connecticut Insurance Department

Katharine Wade

Marcy Newton

Cook Maran & Associates

Danielle McHeffey

K&K Insurance

Lita Mello

Dayna Schneider

Cyber Data Risk Managers

Christine Marciano

Lakeside Insurance

Gillian McCarron

MONICA NINGEN

DALE KRUPOWICZ Partner and COO

Managing director, chief property underwriter for the US & Canada

Personal Risk Management Solutions

Having worked on the broker side of insurance for almost three decades, Dale Krupowicz now specializes in the private client arena. “As COO and partner at a women-owned high-net-worth insurance agency, I have the pleasure of working with some of the brightest people in the industry,” she says.

TRICIA GRIFFITH COO Progressive Casualty Insurance Company

Tricia Griffith joined Progressive in 1988 as a claims representative. She worked her way up through the claims department, holding several managerial positions over the years, until she was named chief human resources officer in 2002. In 2008, she returned to claims as group president, and then served as president of customer operations. Griffith is now Progressive’s chief operating officer. In that role, she is responsible for the company’s personal lines, claims and customer relationship management groups. Griffith is a graduate of the Wharton School of Business’s Advanced Management Program.

PAGE

NAME

Lexington Insurance

COMPANY

Nadia Silva

Personal Risk Management Solutions

Liberty Mutual Insurance

Alison Erbig

Lloyd's of London

Inga Beale

Professional Program Insurance Brokerage

Lockton Companies

Lisa Bordelon

Progressive Casualty Insurance Company

Lockton Companies

Debbie Goldstine

COMPANY

PAGE

NAME

Swiss Reinsurance Company

As the head of property underwriting for the US and Canada at Swiss Re, Monica Ningen is responsible for the underwriting performance of a $2 billion premium portfolio of property fire and natural catastrophe business. Prior to her present role, Ningen served as the head of property underwriting for HUB in Kansas City. Ningen joined Swiss Re following the acquisition of GE Insurance Solutions in June 2006. Before that, she held the position of Six Sigma Master Black Belt as part of the GE Six Sigma organization.

COMPANY

PAGE

NAME

Dale Krupowicz

Texas Mutual Insurance Company

Barbara Drollinger

Susan Preston

The Champoux Insurance Group

Diane Champoux

The Hanover Insurance Group

Sarah Medina

The Hartford

Beth Bombara

The Hartford

Stephanie Bush

The Institutes

Anita Bourke

Tokio Marine

Kathleen Ratcliffe

Trans Reinsurance

Susan Zdroik

Cheryl Vollweiler

Tricia Griffith

Property Casualty Insurers Association of America

June Traina Holmes

Property Casualty Insurers Association of America

Joanne Orfanos

Markel Corporation

Mimi Fiske

Markel Corporation

Linda Schreiner

Marsh

Sarah Goodman

Marsh

Patricia Hagemann

PURE Group of Insurance Companies

Vivian Gee

MarshBerry

Valerie DeMell

Risk Placement Services

Tish Fournet

Meadowbrook Insurance

Karen Spaun

ROM Reinsurance Management Co.

Marianne Petillo

Traub Lieberman Straus & Shrewsberry

MetLife

Kimberly Berwanger

Ross & Yerger Insurance

Amy Smith

Travelers Insurance

Lisa Tepper

Motorists Mutual Insurance Company

Lori Schermerhorn

Ross & Yerger Insurance

Jordan Bryan

US Senate

Elizabeth Warren

NAS Insurance

Jill Linhardt

Ryan Specialty Group

Diane Aigotti

USG Insurance

Kristen Skender

Nationwide E&S Specialty

Doreen Reinke

Safety National

Cyndee Morton

V3 Insurance Partners

Susan Rivera

Nautilus Insurance

Wendy Markham

Sapphire Blue

Nancy McMahon

Venture Pacific Insurance Services

Kirsten Rosen

Networked Insurance Agents

Tammy Magliola

Schaefer Enterprises Inc

Monika Bolkun-Robert

Wells Fargo Insurance

Laura Schupbach

New York Life Insurance Company

Susan Glass

Sedgwick

Kimberly George

Willis Towers Watson (Open)

Kim Waller

NIF Group

Deborah Dioguardi

Smart Choice

Kathy Phillips

Willis Programs

Debra Stanley

Norman-Spencer Agency

Heidi Wolf

NSM Insurance Group

Kaycie Berley

Starr Companies

Layla Greytok

Willis Towers Watson

Krystie Dascoli

Oak Street Funding

Kirsten Petras

State Auto Insurance Companies

Jessica Clark

Work At Home Vintage Experts

Sharon Emek

Owen-Dunn Insurance

Thea Curiel

Sterling James

Erin Hamrick

Worldwide Facilities

Emily Lomax

Pennsylvania and Indiana Lumbermens Mutual Insurance Companies

Swiss Reinsurance Company

Nancy Millette Bewlay

XL Catlin

Anne Marie Elder

Dawn Argue

Swiss Reinsurance Company

Monica Ningen

Zywave

Katie Conley

Personal Risk Management Solutions

Linda Graef Jones

Tangram Insurance

Rekha Schipper

Zywave

Krissy Fischer

www.ibamag.com

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SPECIAL REPORT

TECHNOLOGY

SPECIAL REPORT

TECHNOLOGY SUMMER 2016

Insurance Business America takes a look at how producers are using the latest insurance technology – and where there might be room for improvement THERE’S NO denying the ability of new technologies to revolutionize industries, as well as our daily lives. Smartphones represent one of the most frequently cited examples of technology that’s transformed day-to-day living, expanding the means by which we interact with each other, access the internet and even the way in which we make a variety of purchases. Of course, while new technologies are making our lives away from the office easier, so there are also plenty of tools designed with a view to achieving similar aims at work, as well as enhancing the way business is done. And it’s imperative that producers take note. “There are so many technologies available for businesses to take advantage of to provide better, more transparent customer service and more efficient operations,” says Rob Zuzula, director of marketing and product services, NetRate Systems. “As other customerservice-focused industries and larger insurance entities begin and/or continue to adopt them, it will put more pressure on producers to meet the customer service expectations and demands. The producers who can create positive experiences for their prospective and current customers will continue to grow. “Not all positive customer experiences require technology, however,” he continues. “It will be incumbent on the producer to know what technology

tools are available and to put them to use in a way that meets the needs and expectations of their target customers.” So, how do producers feel about the technological offerings available today? Once again this year, Insurance Business America surveyed hundreds of insurance professionals about their involvement with technology to find the answer to that question. We asked producers whether they used five of the most common technology solutions – agency management systems, customer relationship management systems, comparative rate/quote tools, engaging companies to assist in digital marketing and social media, and website providers – and the extent to which they felt those solutions helped their businesses. This year, we’ve also used the survey results to name the top technologies in each category, as voted by producers. In order to be designated a ‘Top Technology’ winner, a product or service needed to achieve an overall result of 80% or higher in a particular category, based on the scores awarded by our producer respondents. We also sought the expertise of four execs at the forefront of insurance technology, who share some of their insights in the pages that follow.

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11/06/2016 4:35:27 AM

CRM SYSTEMS

LAIRD RIXFORD: THE IMPORTANCE OF CRMs

TOP TECHNOLOGY WINNERS

IBA: Is it fair to say technology is increasing in importance when it comes to marketing?

AgencyBuzz by ITC Rocket Referrals There was some good news in the survey for those who design customer relationship management systems [CRMs]. Around 59% of CRM users told us they like or love their chosen technologies, and two providers took Top Technology honors. Some producers were particularly effusive in their feedback: One respondent told his provider to “keep on doing what you are doing,” while another described his CRM as “great.” It’s certainly encouraging to see several customers reporting such significant levels of satisfaction with their CRMs. When it came to improvements, one producer said the system they’d engaged was difficult to use: “You need a computer science degree to figure it out.” Another respondent said he was unhappy to see functionality removed from a particular system. “The current version is good, but they took some of the features from previous [versions] out of it,” he said. “We have found some quirks in the reporting, and another huge problem we have found is we are not able to follow a customer through the entire life cycle from prospect to customer,” a third respondent commented. One producer had several suggestions for improvements – and chief among them was a wish for their CRM to be “insurance-focused instead of general sales” and an “automatic extension of agency management, not just another thing that I have to update.”

PRODUCER ATTITUDES TOWARD CUSTOMER RELATIONSHIP MANAGEMENT SYSTEMS 50% 40% 31.2%

32.8%

30%

26.2%

20% 10%

LR: Absolutely. Insurance is all about sales. Technology helps you track and measure the sales and retention performance of your producers and carriers. Technology helps you know how well your agency responds to incoming leads. These leads are also not just online sources, but traditional sources such as phone calls, walk-ins or referrals. Automated marketing technology lets you consistently follow up with your clients before, during and after the sale.

IBA: How important do you think it is for producers to use a customer relationship management system? LR: It is critically important for an agency to use a CRM system to manage their clients throughout the insurance life cycle of that agency. The majority of agency management systems are good at managing policies. Very few are good at managing the client relationship. This is especially true in the managing of an ongoing and engaging prospect relationship. This is why you are seeing vendors such as Vertafore partnering with vendors such as Microsoft and their Dynamics CRM and newcomers like TechCanary that have built an agency management system upon what is arguably the most powerful CRM out there, Salesforce.

IBA: Are there particular emerging technologies you’re keeping close eye on? LR: The future of technology in the insurance industry is here today. I see more emergence through the expansion of connected products. For example, connecting your phone system to your CRM, your CRM to your rating platform, your rating system to your management system and so on. Creating an open environment that enables agencies to use the system that not only meets their needs, but also allows them to successfully grow their business is the future of the industry. Further down the road, I see technology outside of insurance beginning to have an even larger impact on the industry. This includes autonomous vehicles and the prevalence of usage-based insurance significantly changing how insurance is rated and sold.

Laird Rixford President INSURANCE TECHNOLOGIES CORP.

6.6% 3.3%

0% Extreme dislike

Dislike

Neutral

Love

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11/06/2016 4:35:35 AM

SPECIAL REPORT

TECHNOLOGY

ROB ZUZULA: CLOUD-BASED TECHNOLOGIES AND INSURANCE IBA: Is it fair to say technology is continuing to improve when it comes to comparative rate/quote tools? Rob Zuzula: Yes, it is fair to say that advancements in core or base IT technologies are giving solution providers tools that are enabling improvements for all solutions, and specifically comparative rating and quoting tools. For each step of the process of generating a quote, from collecting data to generating and presenting the quote, there are technological advancements and solutions utilizing them to make these transactions more streamlined for the user and require less maintenance for the provider. For example, at NetRate Systems, we offer a cloud-based portal that can open up different portions of the rating system, depending on the user’s role. Behind the scenes, in the cloud, the rating engines that are being utilized to generate the quotes via the portal can also be used by third-party comparative raters via web service calls. This reduces the maintenance for the provider of the rating application, because they only have to maintain one set of rating engines.

IBA: Are there particular emerging technologies you’re keeping close eye on? RZ: Yes, there are several technologies we are keeping a close eye on at NetRate Systems. The one that is most exciting to me are the business intelligence [BI] class solutions. This class of technology solutions can provide businesses the capability to take data from difference sources and combine it in meaningful data visualizations without having to have all of the data in the same underlying system. For example, at NetRate Systems, we generate rating data, but we do not have a claims system that maintains detailed claims related data. With a BI solution, a business can relatively quickly mash up the data from our rating system and that from a claims solution to develop important and valuable premium-to-loss comparisons categorized by parameters such as line of business, state, city, ZIP code, class of business, etc. This ability to use data without having to integrate systems at the database level is an exciting emerging/ improving technology to me.

COMPARATIVE RATE/ QUOTE TOOLS TOP TECHNOLOGY WINNERS EZLynx IBQ Systems Net Rate TurboRater by ITC PL Rating by Vertafore FSC Rater by Vertafore This year saw a slight uptick in the number of producers using comparative rate/quote tools. More impressive is that upwards of 80% of respondents said they liked or loved the technology they were using. “They are pretty good ahead of the curve on tech,” was one producer’s comment on his rate/quote technology. Several respondents gave their system a full 10 out of 10 points, and six systems earned top honors in this category. When it came to improvements, producers’ comments centered around accuracy. One producer suggested his technology provider “work with companies to improve quote accuracy”. Another said, “I usually have to go into each site to tweak the quote and add special endorsements.” In addition to greater accuracy, one producer wanted to see the “easier transfer of info to and from [the] agency management system.” Another said his chosen technology would be improved if “more carriers [were] using it”. Some respondents sought more focus on userfriendliness and intuitiveness – no big surprise, given that the very purpose of new technologies is to make life easier.

PRODUCER ATTITUDES TOWARD COMPARATIVE RATE/ QUOTE TOOLS 50%

47.7%

40% 33.9%

30%

Rob Zuzula Director of marketing and producer services NETRATE SYSTEMS

20%

13.9%

10% 3.1%

1.5%

0% Extreme dislike

Dislike

Neutral

Love

SPECIAL REPORT

TECHNOLOGY

AGENCY MANAGEMENT SYSTEMS

WHICH TECH SOLUTIONS DO YOU USE?

TOP TECHNOLOGY WINNERS Epic by Applied Systems EZLynx Hawksoft InsurancePro by ITC AMS360 by Vertafore QQCatalyst by Vertafore

AGENCY MANAGEMENT SYSTEM

Yes: 83% No: 17%

The survey results made it clear that producer satisfaction with agency management systems is relatively high – approximately 75% of respondents scored their chosen system at least 7 out of 10, and producers gave six agency management systems high enough scores to earn them Top Technology status. When asked to suggest improvements for the agency management systems they used, a number of producers were so satisfied with their user experience that they had no suggestions to offer. “It can’t [improve],” was the response of one producer, who scored their chosen system a 10/10. “Nothing at present,” commented another, while a third producer said, “I love it the way it is.” Complaints about agency management systems commonly related to issues with speed, efficiency and user-friendliness, and some of those surveyed expressed a need for better reporting functionality. Some respondents also sought better integration of systems with some of their other computer applications.

PRODUCER ATTITUDES TOWARD AGENCY MANAGEMENT SYSTEMS 50% 44.29%

40% 30.48%

30% 20% 12.38%

10%

7.62%

5.24%

0% Extreme dislike

Dislike

Neutral

Love

COMPARATIVE RATE/QUOTE TOOLS Yes: 56% No: 44%

CUSTOMER RELATIONSHIP MANAGEMENT SYSTEM Yes: 26% No: 74%

No: 70% COMPANIES ASSISTING WITH DIGITAL MARKETING Yes: 38% No: 62%

WEBSITE PROVIDERS

Yes: 61% No: 39%

“It is very complex and detailed, and sometimes hard to figure out how to get the information I need out of it” “It is very complex and detailed, and sometimes hard to figure out how to get the information I need out of it,” one producer said. “The commands in the user interface are obscure,” wrote another. “The system appears to have been designed for an agency of the 1970s.” One respondent commented, “Tech should assist, not create more work,” while another said that using their system involved “too many steps that could be streamlined.”

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SPECIAL REPORT

TECHNOLOGY

REID FRENCH: MAKING LIFE EASIER WITH AGENCY MANAGEMENT SYSTEMS IBA: How important do you think it is for producers to look at how to implement different technologies into their business operations? Reid French: In todayâ€™s connected marketplace, it is critical that producers implement technologies to automate workflows and elevate their customer service. Leveraging mobility solutions, producers extend on-demand access to client and prospect information from the agency management system to enable them to conduct more business outside the agency with a single, up-to-date view of client and business information. Additionally, as sales activities become more automated and tracked in the management system, producers have even greater opportunity to leverage technology to improve productivity and more quickly close new and renewal business for greater growth and profitability.

IBA: Is it fair to say technology is continuing to advances when it comes to agency management systems? RF: Definitely. At Applied, we continue to make significant investments in our agency management systems to both deepen current capabilities and introduce new, first-to-market integrated features. As agents spend the majority of their day in the management system, it is critical to provide all the capabilities needed to automate daily workflows, manage client and prospect information, and facilitate connectivity with both carriers and the insured, all within one system. Forcing an agent to conduct multiple steps within the agency management

Reid French CEO APPLIED SYSTEMS

system and then leave to open an alternate application only complicates workflows and negatively impacts productivity. By advancing the capabilities of the agency management system, we enable agents to reduce the time spent manually managing administrative tasks and focus more time on selling and servicing customers.

IBA: How important do you think it is for producers to use agency management systems? RF: There is an immense opportunity for producers to leverage the agency management system, particularly for sales automation. Integrated sales automation capabilities allow an agency to determine the process that works best for them, introducing consistency and discipline in sales across the organization. Instead of providing salespeople, who traditionally donâ€™t use the agency management system, a completely separate system to manage sales, producers can instead do their work directly in the agency management system in a way that helps the CSR by eliminating the re-keying of client information. Working on renewal and new business in the same system using the same user interface also eliminates time spent bouncing between systems, reduces potential errors and improves data quality when reviewing business trends.

IBA: Are there particular emerging technologies youâ€™re keeping close eye on? RF: Big data analytics remains an emerging technology with immense opportunity for the independent insurance agency channel. For years, agents have maintained incredible amounts of data, but have not realized its potential. Big data analytics evaluates ways to mine and analyze the rich transactional data in management systems into visual insights for data-driven analysis of business performance. By leveraging data analytics technology, digital agencies can make more data-driven decisions; better understand client, carrier and employee relationships; and ultimately create new opportunities and a more profitable business.

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WEBSITE PROVIDERS TOP TECHNOLOGY WINNERS Confluency Solutions Insurance Website Builder by ITC

PRODUCER ATTITUDES TOWARD WEBSITE PROVIDERS 50% 42.0%

The first of two new categories for 2016 asked for producers for their thoughts on the organizations tasked with providing their websites. The good news is that more than 75% of respondents said they liked or loved their website providers. When asked how providers could improve, one producer was unequivocally positive: “Nothing – everything works great! [It’s] very user-friendly and easy to use. [The] features are very accommodating for our agency.” Another respondent, in praising his provider, said, “They deliver quality content and ideas.” A third producer’s feedback here was also uniformly enthusiastic: “My provider is local, available for any questions and helps me to grow my business by providing website update suggestions, problem-solving and overall very reasonable cost.” At the other end of the spectrum, when asked to suggest any improvements, one producer said, “There is not enough room here to list all the ways. We thought we were getting a turnkey website but ended up doing much of the work ourselves. They didn’t know what they were doing.”

40%

34.5%

30% 20%

16.8%

10%

5.0% 1.7%

0% Extreme dislike

Dislike

Neutral

Love

Again, user-friendliness and intuitiveness were areas where a number of producers noted room for improvement. “Right now, editing content can be difficult and time-consuming,” one producer said. Another sought mobile optimization and felt their company’s website needed “a fresher look.” And for another producer, it was all about education; he wanted “more information on how to actually use [the] website and integrate with social media.”

JOHN MCKAY: ‘BIND ONLINE’ TECHNOLOGY IBA: Are there specific technologies you feel will be particularly exciting for the insurance industry in times ahead?

IBA: Is technology continuing to improve when it comes to comparative rate/quote tools?

JM: There is a high demand in the market for ‘bind online’ technology from both consumers and agents. Yet, carriers are reluctant to shift from the current model of using the carrier’s proprietary portals to place business. Carriers are requiring agents to use less efficient methods rather than allow them to take advantage of our existing ‘bind online’ technology.

JM: The technology has not changed much since EZLynx pioneered comparative rating more than 10 years ago, but efficiencies have improved. Access to third-party data to prefill required data fields is continuing to improve and rate accuracy has improved and will continue to improve as more vendors can flood driver history to improve rate accuracy. In other words, the more accurate the information, the more accurate the quotes. While there is still more data out there, what has become available has been a big improvement for agents.

John McKay Director of sales operations EZLYNX

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SPECIAL REPORT

TECHNOLOGY

DIGITAL MARKETING

PRODUCER ATTITUDES TOWARD DIGITAL MARKETING

TOP TECHNOLOGY WINNERS Hearsay Social ITC

50%

In the second of two new categories introduced this year, producers were asked if their businesses engage other companies’ services to assist with digital marketing, including search engine marketing, their social media presence and other content. The majority of those who reported using these services (more than 70%) were positive in relaying their experiences with the companies they’ve been working with. One producer made it clear why these services have such an important function for insurance businesses. “There are a number of things we, as agents, can do to improve our site’s performance, but they take away from our core business. As a result, we have a tough time making time in our schedules.” The same producer then said of his digital marketing firm, “For what we are paying them, they are doing a good job.” One producer thought the company they were working with could improve by incorporating more visual elements into social media campaigns, relying less on words. “People tend not to read when it is just paragraph after paragraph,” he said. But the same respondent also added, “Otherwise, they are fantastic; [it] really saves time in my day not to have to post on all social media.” In terms of improvements, one producer sought

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40%

33.8%

37.8%

30% 20%

17.6% 9.5%

10% 1.4%

0% Extreme dislike

Dislike

Neutral

Love

“There are a number of things we can do to improve our site’s performance, but they take away from our core business” more customized service. “They offer [the] same content to all clients – [I] would like it more personalized for my business.”

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5:40 AM

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SPECIAL REPORT

TECHNOLOGY

Raising revenues with marketing technologies A new survey shows a link between increased marketing technology spend and revenue growth for insurance agencies

GROWING AGENCIES SPEND MORE ON MARKETING 35%

The survey also found that the more agencies spent on marketing, the lower their average retention rate. However, the report says, “If you invest heavily in marketing and focus on retention, you have the greatest opportunity for growth. Marketing automation can help you stay top of mind with existing clients.” 86% 85% 84% 83% 82% 81%

30%

80% agencies with flat revenue

25% PERCENTAGE OF AGENCIES

A CAUTION AND AN OPPORTUNITY

AVERAGE RETENTION RATE

Insurance agencies that use marketing automation technologies sell, on average, 20% more policies per producer and 10% more policies per household, according to the results of a recently released study. Velocify and ITC’s latest study, “The Techsurance Marketing Revolution,” surveyed more than 1,000 insurance agents, and examined how high-performing agencies, irrespective of size and type, used different marketing strategies and technologies to compete and grow in the insurance market. “The most successful insurance agencies don’t rely

< 5%

5-10%

11-15%

> 15%

PERCENTAGE OF REVENUE SPENT ON MARKETING Source: Velocify and ITC: The Techsurance Marketing Revolution

20% 15% agencies with growing revenue

10% 5% 0%

<5%

5-10%

11-15%

>15%

PERCENTAGE OF REVENUE SPENT ON MARKETING

Source: Velocify and ITC: The Techsurance Marketing Revolution

on their existing book of business alone,” the report said. “In order to expand, these agencies are investing in different ways to find new clients.” Velocify and ITC’s previous study of insurance technology looked at several top technologies commonly used by insurance agencies, while this year’s report focused specifically on the effectiveness of marketing automation technologies. Another of the survey’s key findings was the fact that agencies that spent more than 15% of their revenue on marketing were more likely to have significant growth – up to two times more for non-standard auto insurance and three times for life insurance.

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PEOPLE

CAREER PATH

PLAYING BY THE RULES For Bruce Gifford, the rules of life are simple, and sticking to them has led him to more than three decades of success

Gifford’s mother, a teacher, and his father, a CEO, imparted the ‘Gifford Family Rules’ upon him during his childhood: Always try your best, be honest, treat others with respect, and make decisions to make your family proud. Decades later, Gifford teaches these same rules to the young employees he mentors

1960s and ’70s LEARNS THE RULES

1982

PLAYS BASEBALL THROUGHOUT COLLEGE While earning a bachelor’s degree in mathematics from Otterbein College, Gifford played for the school’s baseball team – an experience he credits with teaching him about “team work, challenges and self-discipline”

1980 MAKES A LIFE-CHANGING DISCOVERY Gifford’s 10th-grade math teacher inspired him to choose a college education focused on math “One day we were talking about professions that used a lot of math, and he told me what an actuary was. That was the first time I had heard of that job; the rest is history”

1986 2007

MOVES TO 21ST CENTURY INSURANCE Gifford eventually left Nationwide to become VP of product development for 21st Century Insurance, which was part of AIG – only to find himself mired in the global financial crisis

“We had to let people go, had to shut down an office; that was not an experience I ever want to have again, but it was an important one. It reminded me that people are the most important part of our business” 2015 TAKES ON ADDITIONAL ROLE Gifford’s second role at Travelers –as leader of enterprise business intelligence and analytics, which he calls his “night job” – is designed to leverage expertise gained in one facet of the business across the enterprise. Nonetheless, for Gifford, it’s ultimately all about the people “I’m very focused on talent management. I’ve had a good career thus far, and I love seeing other people succeed. The team wins, not individuals”

STARTS AT NATIONWIDE During his senior year of college, Gifford took an internship at Nationwide – and never left. Ultimately, he would remain at Nationwide for more than 20 years, although he held a wide variety of jobs with the insurer during that time “I didn’t stay in one place too long; every couple of years I would move on to a new challenge. The job of improving yourself is never done; there’s always room to improve”

2009

COMES ON BOARD AT TRAVELERS Shortly after his 21st Century Insurance was put up for sale, Gifford interviewed at Travelers for the position of vice president and chief actuary for select accounts. His first impressions of the company were of a high level of talent coupled with a willingness to improve “After seven years here, I would say those observations were spot on. The talent here is a cut above; there are opportunities to get better and management is open to that. It’s been terrific. It’s as perfect as its going to get”

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FEATURES

HOSPITALITY INSURANCE

A hospitable environment? From cyber exposures to liquor liability, the hospitality industry has its fair share of risks – so it’s imperative for clients to have a broker’s guidance ACCORDING TO Kristen Skender, corporate vice president of USG Insurance Services, the hospitality insurance marketplace is currently in a state of flux. “Our clients who have liquor sales in excess of 25% of their total sales are experiencing changes in their coverage, including lowered limits, higher rates and more restrictive policy

language or coverage exclusions.” There are a couple of factors driving this trend, Skender says. “This is due to the losses, both in frequency and severity, on this classification, coupled with fewer new entrants of carriers and several carriers exiting this marketplace. Those who have remained committed to this industry have

made adjustments necessary to remain as a coverage solution.” She says most of the carriers USG represents have had to make some sort of adjustment over the past 12 months and plan to continue adjusting as needed. “Currently, hospitality is one of the most competitive and hard-to-place lines of business,” adds Aimee Leahy, a first vice president at USG. “With carriers changing their appetites and available coverages so frequently, we find that we’re shopping each and every one of our renewals year after year. We have come across many carriers who jump in and then immediately out of this business due to the high loss frequency. The biggest issue is finding a steady market that the insured can stay with from year to year, without massive rate increases and restrictive coverages.”

Cyber has arrived As is the case across much of the insurance industry right now, cyber is a hot topic of

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to do a better job of really showing the small businesses where their exposures are, sharing loss stories of other small businesses that have been affected, and how it can really impact the financial viability that they would have ... if something like this were to happen.” Skender adds that the cyber threats facing hospitality businesses are growing every day. “The prevalence of these exposures increases as technology integrates into every aspect of their operation,” she says, “including online ordering/reservations, apps/mobile sites, loyalty programs, restaurants that use tablets at the table or bar for payment, or hotels with internet access through the television or touchscreens on-site.” Public Wi-Fi networks also pose risks, as they can inadvertently facilitate hackers’ access to unsecured networks.

requested for each insured.” Leahy agrees that education is a necessity. “It seems that most people are under the impression that their business is ‘too small’ to be subject to a cyber threat. The reality of the situation is that anyone with a credit card machine is in danger of a cyber threat. Providing examples of threats and the actual cost of repair to the client may be a way to help them understand the severity of the situation.” Poucher raises the importance of hospitality employees participating in training around cyber threats. “If you look at what brokers can do to assist their customers, really it’s at the employee level where the exposure is,” he says. “We have a lot of low-wage-earning individuals that typically aren’t tech-savvy, that might be working on computers. We’re a smallish orga-

“With carriers changing their appetites and available coverages so frequently, we find that we’re shopping each and every one of our renewals year after year” Aimee Leahy, USG conversation in hospitality. “More and more businesses are in the very beginning stages of … understanding their exposure in this arena, and they’re still hesitant to purchase coverage, I think, given this factor,” says John Poucher, sales manager at Abram Interstate Insurance Services. However, there’s no denying that hospitality businesses, particularly hotels, are major targets for hackers, given the huge volume of credit card transactions they process, as well as the sizable amount of personal data collected about guests. Often this personal information can be stored for extended periods of time. In 2015, Hilton Hotels, Starwood Hotels and Trump Hotels all faced their own cyber attacks. But it’s not just the major chains that find themselves targets. “A lot of business owners don’t really believe the peril is applicable to them and that it’s really only applicable to the Fortune 500 companies,” Poucher says. “Brokers have got

So how can brokers best assist their hospitality clients to manage their cyber exposures? “Most of our data breach, cyber and network security markets provide an opportunity during underwriting for the client to learn more about their exposures,” Skender says. “We like for our agents to not only provide a list of current technology and exposures, but also their future development plans. This allows us to not only assess with the carrier the current exposures, but also provide insight for the growth of the client’s technology infrastructure with risk management in mind. “We work with our retail agents and carriers to provide feedback, but at this point it is still rare for hospitality businesses to recognize their risk exposures and request coverage,” she adds. “For us, education is primarily on the coverage need, in which we see influxes when large franchises or brand names are under attack, but we would like to see this become a mainstay coverage that is

nization. We’ve had cyber training focused on what we can do in terms of being preventative, being cautious and being aware of what a potential breach could look like.”

Other growing exposures Other emerging risks in hospitality center around the rise in hospitality businesses that create their own valet parking, endorse or promote particular ride services, or introducing other ancillary operations in efforts to distinguish themselves from their competitors. “These all bring new risk exposures that are important to review with your client and make sure that their new services are contemplated for coverage under their current policy,” Skender says. La’Troya McKinney, commercial lines supervisor at Abram Interstate, believes training of hospitality employees on proper liquor procedures is the greatest undervalued exposure.

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FEATURES

HOSPITALITY INSURANCE

INCIDENT TIMELINE

include the casualty, liquor and property coverages,” she says. “It’s becoming extremely difficult to find a carrier who is willing to write all of these lines on one policy at a competitive price. More often than not, we have to break up the policy into multiple policies, which the insureds can find a bit confusing.” Leahy adds that specific coverages, such as assault and battery, are also becoming difficult to find. “If the insured is running a nightclub, it can be nearly impossible to find this coverage at a substantial limit.”

The Verizon report also examined the time taken to discover an incident had occurred, finding a disturbing gap between when cyber criminals gained access to a system and when the organization noticed the breach.

How brokers can help

TOP 3 THREATS TO HOSPITALITY The vast majority of security incidents in hospitality involve point-of-sale and denial-of-service attacks, according to Verizon’s 2016 Data Breach Investigations Report, which examined more than 100,000 cyber incidents in 82 countries.

74%

20%

Denial of service

Point-of-sale intrusions

Insider and privilege misuse Source: Verizon 2016 Data Breach Investigations Report

Seconds

Minutes

Hours

Days

Weeks

Months +

The time it took attackers to compromise the system

98%

How long it took to extricate stolen data

98%

How long before the victim became aware of the incident

89%

10%

Source: Verizon 2016 Data Breach Investigations Report

“Employers aren’t training their employees on the importance of checking IDs properly and knowing when to cut people off [from service of alcohol],” McKinney says. “A lot of times, the owner thinks their liquor liability stops when the customer leaves their premises, not knowing that there’s a long tail exposure on liquor liability when the customer is overserved.” Another issue confronting hospitality today is the rise of the sharing economy – specifically the ever-increasing popularity of home-sharing companies such as Airbnb. “This model has definitely had an impact on the hospitality industry,” Poucher says, adding that the cost-cutting exercises hotels may undertake in response to the heightened level of competition could result in greater levels of exposure, particular in areas such as general liability, employment practices liability and cyber. McKinney also says hospitality businesses

need to be concerned with third-party exposures associated with EPL. “It’s not just training the management against sexual harassment,” she says. “It’s training the employees against sexual harassment of each other, sexual harassment of customers and vice versa.” In addition, McKinney says underinsurance is a major problem in the hospitality industry. “[Hospitality businesses] don’t fully capture their full exposure when they’re looking at their insurance value,” she says. “They only look at hard costs, bigger items, but not so much at how much it will cost to replace the other things that they may take for granted.” Leahy mentions the difficulties encountered in packaging appropriate coverages for hospitality businesses together. “Many of the hospitality clients that I come across prefer to have all of their coverages on one policy if possible. This would normally

Poucher reiterates the important role a broker can play in ensuring that clients have proper training around the hospitality industry’s biggest risks, including cyber and liquor liability. “[Another] thing that we think that they should train on is ensuring [clients] have adequate payroll and timekeeping systems,” he says. “This affects EPL, obviously.” Leahy reiterates the importance of training around liquor liability, which can affect a client’s ability to get coverage. “The biggest concern in risk management, that brokers should be assisting their clients with are alcohol controls and staff training for the team members,” she says. “Once an account incurs a loss from overserving or serving a minor, it makes placing coverage for the client extremely difficult. Many carriers are not interested in offering coverage for an insured who has displayed a lack of training or procedures in this area.” Skender talks about the importance of getting to know the client’s establishment more intimately to provide targeted advice. “See what the world sees about them on Facebook, Yelp, Google, as well as other social media and online promotions,” she says. Contemplating times ahead, Leahy says, “I expect to see our carriers tightening up even more, as it seems like the loss frequency for these types of accounts keeps increasing. I’m sure we will come across more carriers pulling out of certain states and lines of business due to amount of claims, while we will also have some newcomers willing to take on the business. Pricing is going to continue to skyrocket as the market remains in flux.”

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FEATURES

AGENCY INSIGHT

Fred C. Church Insurance CEO Chris Duble and SVP Andy Doyle talk about how their agency has thrived through 150 years as they look ahead into the next century IBA: How did Fred C. Church celebrate 150 years in the business? Chris Duble: We spent a lot of time thinking about how to celebrate 150 years, and we ultimately decided that the best way to do it was to focus and look ahead on the next 150 years. We spent a lot of last year making sure we continue to look forward rather than backward.

IBA: What are you focused on for the next 150 years? CD: One big thing is that we are fiercely committed to remaining independent. Many of our peers and competitors in the insurance agency business are getting acquired, either by big publicly held brokers, private equity firms or by banks and insurance companies. We feel that our independence is one of our greatest strengths, from the standpoint of agility as a company, as well as our ability to service clients incredibly responsibly.

IBA: How did partnering with Assurex Global in 1954 impact your business? CD: I would say there were two very important benefits. The first was that, just as today, our clients have international risk management and insurance needs, and Assurex’s international presence supports that. In 1954, our New England clients were beginning to have significant national needs. Most regional brokers were not able to service those national locations and needs, and Assurex gave us that national reach. In hindsight, it does not seem like a big deal, but

in 1954, it was huge. Secondly, way back in 1954, different Assurex partners had different areas of specialization. So the Assurex partners would get together and share practices and market segment knowledge. If we were working with a museum client and the Assurex partner in New York City worked with a dozen museums, they could help us be a better broker for our museum client.

IBA: What are you doing to bridge the industry’s age gap? CD: The most exciting thing we are doing is we have partnered with a company that provides a service for identifying and interviewing young people in their late 20s and 30s who have had significant experience and success selling but have never been in the insurance industry. We have just, in the last year, hired six of these individuals, which was a major financial commitment on our part, but so far they have given us every indication that they are going to be successful. And as a side benefit that we didn’t really count on, it has created

an energy of youth that has had a really positive effect on the other salespeople and the entire organization. Andy Doyle: Adding the energy has really been unexpected, but very beneficial. Bringing in these six individuals in the last year has really helped energize us and fill that gap that exists in a lot of insurance companies and agencies.

IBA: What are some of your company’s guiding principles? CD: We stress to our people the very simple guideline that it’s OK to say, “I don’t know.” Sometimes that’s not easy. Although we think we usually know the answer, sometimes we don’t. Our people are really good at saying, “I don’t know, but I am going to find out, and I am going to get back to you quickly and credibly.” AD: We work with many companies, and we maintain over 100 relationships and partnerships. It is incredibly important to keep a very honest and open relationship, and always maintain a lot of integrity in all our decisions. When working with our partner

GLOBAL EXPERTISE In 1954, Fred C. Church became one of the original members of Assurex Global. Assurex Global is the world’s largest privately held commercial broker group and the fourth largest broker group in the world, boasting more than 100 partner firms globally. “Partnering with Assurex has allowed us to service our clients globally, whether they are in Indiana or Indonesia,” says CEO Chris Duble. “With the exception of states such as California or New York, there is only one Assurex partner in every state. It is a highly selective process for which you have to re-qualify every three years, and it is a very distinct advantage for Fred C. Church.”

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“We are fiercely committed to remaining independent. Many of our peers and competitors in the insurance business are getting acquired ... We feel that our independence is one of our greatest strengths” Left to right: VP/personal lines manager Bill Burbine, CEO Chris Duble, VP/commercial lines manager Pat MacKay, and president & chairman Mike Reilly

carriers, we are always completely upfront and honest – so we find the right solution to the problem, as opposed to shoehorning it into the wrong solution.

IBA: What makes Fred C. Church stand out as an agency? CD: Without question, our people – as our corporate tagline says, “Because it’s not just the policy, it’s the people.” Also, unlike many large regional and national brokers, we have an across-the-board equal commitment to personal insurance, commercial insurance and employee benefits. An organization, company or individual can take care of all their risk management and insurance needs at Fred C. Church. AD: Our independence. Being privately owned and independent makes us very different from many of our competitors out there today. It really gives us a strong advantage when it comes to our decisionmaking process and our ability to service our clients.

FAST FACTS: FRED C. CHURCH INSURANCE Top sectors: Education

Territory: Nationally licensed Ownership model: Privately held with an employee stock ownership plan

Fast-food franchises Healthcare Human services Manufacturing Year founded: 1865 Number of employees: 140 Headquarters: Lowell, Massachusetts

Corporate management: Michael C. Reilly, president & chairman; Chris Duble, CEO; John C. Reilly, executive vice president; Peter F. Quinlan, senior vice president; Robert A. Schieni, senior vice president & CFO; Andrew Doyle, senior vice president, commercial insurance; Cheryl A. Savard, vice president of human resources; Bill Burbine, vice president and personal lines manager; Patricia MacKay, vice president and commercial lines manager Community involvement: Fred C. Church Insurance supports hundreds of local organizations annually, including the Lowell Boys & Girls Club, the Lowell Wish Project, Lowell General Hospital TeamWalk for CancerCare, the United Teen Equality Center and more

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11/06/2016 1:54:58 AM

PEOPLE

OTHER LIFE

MASTER IN HIS FIELD When Dr. Adam Seidner rediscovered his ‘first love’ – shot put – it was a literal game-changer THE MOST influential character in the sporting life of Dr. Adam Seidner, the national medical director for Travelers, might be the middle school coach who spotted his talent early. Not that it was easy to miss: At age 12, Seidner set a new school record by benching 200 pounds.

TELL US ABOUT YOUR OTHER LIFE E-mail iba@keymedia.com

However, it is shot put’s combination of power, technique, and training that especially appeals to Seidner, who these days competes in Masters Athletics track and field. “There’s a feeling when you hit it just right – the timing, the explosiveness and the power all come together, and you just watch that implement sail. There’s nothing like it.” However, Seidner says, it’s the camaraderie with the other participants that ultimately brings him the most joy. “When I go to the meets – especially open meets, so any age group could be there – sometimes I’ll be throwing against college students; there might be middle-schoolers or high-schoolers at these meets. Being able to watch them compete and give them pointers – it’s very rewarding to see them improve from a few coaching tips. We’re all out there, having fun and enjoying the sport.”

Seidner’s national ranking for shot put in 2015

His national ranking for the hammer throw in 2015

700

Weight, in grams, of the javelin Seider throws

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11/06/2016 1:57:31 AM

Insurance Business America issue 4.06

Published on Jun 13, 2016

The magazine for America’s insurance broking and advice community.

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