Insurance Business America issue 5.06 by Key Media

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2017 Meet 125 women at the vanguard of the insurance industry

A CLOSER LOOK AT M&A

What’s behind the record numbers of agency acquisitions?

CHANGING WITH THE TIMES

Tom Clark of Nationwide E&S/Specialty on what carriers must do to stay competitive

SPECIAL REPORT: TECHNOLOGY Producers name the industry’s top technology providers

ISSUE 5.06

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CONTENTS

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UPFRONT 04 Editorial

Diversity is good for business

UPFRONT

NEWS ANALYSIS

2017

COVER STORY

ELITE WOMEN

More and more women are ascending to the highest levels of the insurance industry – and these 125 trailblazers are leading the way PEOPLE

INDUSTRY ICON

How private equity firms are fueling the industry’s current M&A frenzy – and how brokers can cash in

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Bracing for the impact of driverless cars

08 Head to head

Brokers weigh in on the ongoing flood insurance privatization debate

12 Intelligence

This month’s big movers, shakers and new products

14 Workers’ comp update

Why it’s time to bring a holistic approach to treating injured workers INSURANCE BUSINESS AMERICA

SPECIAL REPORT TECHNOLOGY SUMMER 2017

FEATURES

SPECIAL REPORT: TECHNOLOGY IBA takes a look at the tech tools producers can’t live without over the next year – and the ones they would improve

Tom Clark of Nationwide E&S/ Specialty discusses the relentless pace of change and how agency partners are crucial in helping to navigate it

06 Statistics

16 Technology update

Savvy ways for brokers to embrace automation

18 Opinion

What does the future look like for risk management?

PEOPLE 87 Career path

Arthur Seifert has been in control of his destiny in the insurance industry since day one

88 Other life

All fired up with insurance exec and volunteer firefighter Gary Ouellette

FEATURES

POWERING UP

In spite of volatile prices and negative press, the oil & gas industry remains a lucrative area of specialization for brokers

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PARTNER WITH THE CHAMPIONS

Jimmy Walker 2016 PGA Champion

Webb Simpson 2012 U.S. Open Champion

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UPFRONT

EDITORIAL

So near and yet so far

nsurance Business America always takes pride in its cover features – from Top Specialist Brokerages to Young Guns – because they have earned widespread acclaim and become standard-bearers for the sector. However, there is perhaps no other feature as significant as our annual look at the industry’s Elite Women. It’s fair to say that women have come a long way in the insurance industry, with names like Inga Beale, CEO of Lloyd’s of London, carrying worldwide recognition. Indeed, a recent survey by New Financial showed an uptick in female representation at the C-suite level in the financial sector at large, expanding by approximately 6% over the last two years alone. However, make no mistake – things are by no means where they should be. Despite the increase in the number of women in the boardroom, a recent Financial Times investigation found that, globally, women still make up just a quarter of the most senior executive ranks among leading insurers, banks and asset managers. Of course, any transition is going to take time – but worryingly, those interviewed pointed the finger at a lingering ‘boys’ club’ attitude.

Globally, women still make up just a quarter of the most senior executive ranks among leading insurers, banks and asset managers The issue of diversity in the insurance industry runs far deeper than just seeing more women given the opportunities they deserve. Indeed, it could be argued that addressing the issue of bringing more women into the industry and offering them genuine career progression has become the lowest-hanging fruit for companies when compared to more divisive problems – such as affording the same opportunities to those from different ethnicities or racial backgrounds, or those with contrasting religious beliefs, sexualities or even disabilities. Studies suggest that aside from the morality of affording the same opportunities to all, there are genuine financial benefits to a diverse workforce – one that is able to genuinely relate to and interact with a wider client base in a world that seems to become smaller by the day. Yet insurance still has a long way to go. That’s why as IBA celebrates the Elite Women who are serving as role models to their peers, it’s important to remember the bigger picture. Their success should not be seen as the finish line; it should be viewed as merely the start of a long road to a truly diverse industry. The team at Insurance Business America

www.ibamag.com MAY 2017 EDITORIAL Managing Editor Paul Lucas Journalists Sam Boyer, Jordan Lynn, Lucy Hook, Will Koblensky, Ryan Smith, Nerine Zoio News Writers Lyle Adriano, Louie Bacani, Mina Martin, Gabriel Olano, Allie Sanchez Staff Writers Tim Garratt, Hannah Go, Libby McDonald, Joe Rosengarten, Heather Turner Copy Editor Clare Alexander

CONTRIBUTORS Michael Loeters

ART & PRODUCTION Design Manager Daniel Williams Designer Joenel Salvador Production Manager Alicia Chin Traffic Manager Ella Dayandante

SALES & MARKETING Vice President Cathy Masek Media Sales Managers Chris Wills, Chris Anderson, Megan Roth Mktg & Comms Manager Lisa Narroway

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

Editorial Inquiries paul.lucas@keymedia.com Subscription Inquiries subscriptions@keymedia.com Advertising Inquiries cathy.masek@keymedia.com, chris.wills@keymedia.com chris.anderson@keymedia.com, megan.roth@keymedia.com

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UPFRONT

STATISTICS

In the driver’s seat

OPENING UP NEW TERRITORY Sixteen states and the District of Columbia have passed legislation related to autonomous vehicles, while the governors of three other states have issued executive orders. Since 2012, more than 40 states have considered legislation pertaining to autonomous vehicles.

The auto industry is facing a generational change. What are the implications for insurers and agents? THE ADVENT of autonomous cars prompted GM CEO Mary Barra to say that she expects the auto industry to “change more in the next five to 10 years than in the last 50.” Inroads into vehicle automation are already available via advanced driver assistance systems such as automatic emergency braking and lane keeping assist features. Experts predict that by 2030,

370 million Number of vehicles worldwide that will have some autonomous features by 2030

90%

Estimated drop in insurance costs for users of driverless cars by 2030

Passed legislation related to autonomous vehicles

there are likely to be more cars on the road worldwide with such features than without. Forecasts also predict that by 2030, 95% of American passenger miles will be traveled in fleets of on-demand driverless vehicles that will make personal car ownership a thing of the past. That means a major shift for auto insurance is likely in just over a decade.

27%

Percentage of consumers who believe they will be using a selfdriving car by 2020

Issued an executive order related to autonomous vehicles Has no current legislation related to autonomous vehicles

40%

Modeled amount premiums could fall by in the US if all vehicles become autonomous

Source: Rethinking Transportation 2020-2030; Global Transportation Study, Xerox Services; The Autonomous Vehicle Global Study, Ptolemus Consulting Group

IMPACT OF AUTOMATION

THE EFFECT ON INSURERS

Safer autonomous cars reduce the need for liability insurance. Advanced driver assistance features available today have slashed average claims value by 46%; fully driverless cars could reduce losses from crashes by 88%.

In a recent study, Ptolemus Consulting Group concluded that the next phase of automation – Level 3 – will likely have the most adverse effects on insurance, but that things will equalize as automation advances.

2010

Level 3 automation Tesla Model 3 with advanced cruise control FULL LIABILITY

Ford Focus with advanced driver assistance system 2017 FULL LIABILITY

2021

Level 4 driverless 2021 Navya Arma driverless shuttle NO LIABILITY

Level 2 automation

2030

Level 4 automation

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Level 2 automation

Acquisition

Made easier/cheaper

Writing

Level 5 driverless

Rolls-Royce Vision Next 100 driverless car NO LIABILITY

Neutral effect

Servicing

Made worse/more expensive

Claims

Premiums Level 3 automation

Acquisition

Writing

Mercedes E Class autonomous vehicle PARTIAL LIABILITY

Source: Autonomous Vehicle Global Study, Ptolemus Consulting Group

Overall effect on insurer’s loss ratio

Servicing

Claims

Premiums Level 4 automation

Acquisition

Writing

Servicing

Claims

Premiums Source: Autonomous Vehicle Global Study, Ptolemus Consulting Group, 2017

Source: National Conference of State Legislatures, May 2017

INSURANCE’S WINNERS AND LOSERS

SHRINKING REVENUE

The picture isn’t entirely grim for the insurance industry – driverless cars are likely to positively impact certain segments of insurance by providing enhanced data that makes it easier to assess risk. For brokers, though, things look bad.

Driverless cars are likely to drive down insurers’ revenues sharply over the next 15 years, thanks to cost reductions in liability, injury and vehicle damage.

WINNERS

Auto insurance revenue

250 Actuaries

TODAY

Reinsurers

2020

2030

200

Underwriters

2040

2050

150 100

Claims managers

Brokers

Claims managers

Actuaries

50 0

LOSERS Source: Autonomous Vehicle Global Study, Ptolemus Consulting Group

$228 billion

$43 billion 2015

2030 Source: Rethinking Transportation 2020-2030

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UPFRONT

HEAD TO HEAD

Is it time to privatize the flood insurance market? As Congress debates the merits of privatization as a way to fix the ailing NFIP, brokers on the ground offer their take

Dan Freudenthal

President Agency Flood Resources

Senior modeler and actuary CoreLogic

Howard Kunst

John Dickson

“It will be very challenging to privatize the entire flood insurance marketplace, because the National Flood Insurance Program must insure all homes and buildings in participating communities, even if they are high-risk or flood regularly. In the last few years, many private insurers have entered the flood insurance marketplace to compete against the NFIP. These private carriers are cherry-picking the lowest-risk homes and buildings from the NFIP’s policy base but may never write the high-risk homes and buildings. Therefore, there is a longterm need for the NFIP to continue as a market of last resort.”

“It’s absolutely time to open up the flood insurance market for privatization. The repeated flood disasters of the last decade highlight the importance of flood insurance in disaster recovery for individuals and communities. With advancements in computing, improved flood mapping and comprehensive replacement construction cost data, the capacity exists to capture the granular information needed to calculate flood risk. Like other natural catastrophe models, flood models permit the insurance market to understand the risk, assess the exposure and then price the products competitively and profitably.”

“The increased privatization of flood insurance creates more options for homeowners, allowing the industry to protect as many homes as possible. Recent advancements in modeling and analytics enable a more accurate assessment of flood risk and ensure the most economical, actuarially sound rates possible. Private capital not only brings innovative products, progressive risk management practices and an enhanced experience for agents and policyholders, but can also help alleviate the burden of bearing the full risk and ever-increasing expense of the NFIP. Private flood insurance provides Americans with more options to protect what is most important to them.”

President and CEO NFS Edge Insurance

A SINKING LIFEBOAT? Changes to the National Flood Insurance Program currently before Congress are likely to include a transition to more private flood insurance policies. The NFIP’s cumulative debt stands at $17 billion after approximately $3.7 billion in payouts last year alone. Nineteen major floods were recorded in 2016 – the highest number since records began – and the devastating flooding in Louisiana took fourth place in the list of most significant flood events based on payouts from the NFIP, behind only Hurricane Katrina, Superstorm Sandy and 2008’s Hurricane Ike.

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WE SALUTE THOSE WHO ARE MAKING A DIFFERENCE RLI proudly congratulates the 2017 Elite Women in Insurance, including our own Shannon Reeves and Natasha Richard.

RLI is a specialty insurer serving diverse, niche proper ty, casualty and surety markets.

RLICORP.COM

UPFRONT

NEWS ANALYSIS

Cashing in on M&A frenzy Private equity firms have flooded into the insurance sphere, snapping up brokerages at a record rate, and independent agents are taking advantage of sky-high valuations

BROKERAGES ARE being sold at historic rates in today’s insurance industry as hungry private equity firms drive up valuations, Baby Boomers cash in and smaller agents seek to consolidate with national partners. The average annual number of brokerages purchased in the past two years was 65% higher than the annual average of sales over the previous eight years. In 2015 and 2016, there were 492 and 457 deals, respectively, which stands in striking contrast to the 287-deal annual average for the years between 2007 and 2014. And activity this year looks set to continue that trend. “Deal activity is at an all-time high,” says Kevin Stipe, president of Reagan Consulting,

Last year, in fact, private equity companies completed 55% of all broker acquisitions. “Private equity is doing half of the transactions – 10 years ago, they were doing 4% of the deals,” Stipe says. “So it’s a very hungry acquisition market.” Nine out of the top 10 acquiring companies across 2015 and 2016 were private equity firms. Arthur J. Gallagher – which came in at number five – was the only public company on the mega-buyers list. Its inclusion was no surprise, though, as the company prides itself on its acquisition model. Bill Bohstedt, corporate vice president of mergers and acquisitions at Gallagher, is responsible for developing and managing

“Private equity is doing half of the transactions – 10 years ago, they were doing 4% of the deals” Kevin Stipe, Reagan Consulting which provides strategic consulting, valuation and M&A services to independent insurance agencies. “And valuations right now are at an all-time high also. That’s generally because there are so many buyers trying to flood into the market. The market in recent years has been dominated by private equity firms’ investment.

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the acquisition process for the company’s retail property & casualty brokerage operations in the United States. He says part of the company’s remit is to acquire viable brokerages. But private equity buyers, backed by big-time capital, are cutting in on Gallagher’s traditional merger turf. Bohstedt leads a team of six “dedicated

M&A sourcers” who work to find deals. “They are responsible for contacting all of the agents we have in our target database and finding new ones, and getting in front of them to have conversations about joining Gallagher,” he says. The private equity firms snapping up brokerages are fueling “the frenzy, if you will, and driving valuations up,” Bohstedt says. “So Gallagher has to compete with that, and we do. We still get our fair share of acquisitions, but others are getting them as well.” Meanwhile, another piece of the puzzle in terms of higher sales activity is retiring Baby Boomers, Bohstedt says. “Look at the demographics: The agency owner’s average age is probably 58 or 59 right now, and these agency owners have to think about what their perpetuation strategies are going to be. Many of them … are waking up

RECENT M&A NUMBERS

Percentage of brokerages sold in 2006 that were purchased by private equity firms

55%

Percentage of brokerages sold in 2016 that were purchased by private equity firms

Number of acquisitions in the first quarter of 2017 by private equity firm Acrisure

Number of acquisitions in the first quarter of 2017 by publicly traded insurance company Arthur J. Gallagher

90%

Percentage of top 10 acquirers since 2015 that are private equity firms Source: SNL Financial via Reagan Consulting, as of April 2017

and thinking, ‘Maybe I should sell.’ And now is the time to do it.” An unexpected occurrence, perhaps, is

is going to go away, that at some point it’s going to disappear off the face of the map, having been hunted to extinction by these

“We still get our fair share of acquisitions, but others are getting them as well” Bill Bohstedt, Arthur J. Gallagher that the number of brokerages isn’t really shrinking, Stipe says. Even in the face of unprecedented merger activity, the independent agency is not disappearing. “There’s this kind of instinctive belief, when you look around at the system and the all-time-high consolidation over the last couple of years, that the independent agency

buyers,” he says. “The reality, though, is that the system is regenerating itself very rapidly. “As it turns out, over the last five years, there are over 3,000 new agencies that have been created,” Stipe adds. “That is more than the known number of acquisitions that have taken place. So you’ve got this system that looks like it’s shrinking because

of all the [buyer] activity, and yet agencies are regenerating very quickly and basically filling the pipeline back up. So it’s a very interesting time.” But beyond the acquisition statistics, there is a personal cost for a lot of owners who are selling their agencies. Getting the best for their company and staff – and the biggest bang for their buck in the high-value market – is obviously appealing, but many owners have built their businesses from the ground up. The thought of giving up their autonomy carries a real emotional burden, Stipe says. “It’s a lifetime decision for a lot of these guys, and they so value their independence,” he says. “The core of who they are is an independent agent. And when they consider selling, that is one of the most tumultuous, emotional decisions of their lives.”

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UPFRONT

INTELLIGENCE CORPORATE ACQUIRER

TARGET

PRODUCTS COMMENTS

Acrisure

Britton Gallagher

The Cleveland-based insurer is Acrisure's first Ohio platform investment

AIG

Hamilton USA

AIG has agreed to acquire Hamilton's technology platform for $110 million

Biglari Holdings

Pacific Specialty Insurance

The diversified conglomerate will pay $300 million for the insurer

Donegal Mutual Insurance

Mountain States Mutual Casualty

Mountain States and its subsidiaries served clients in Colorado, New Mexico, Texas and Utah

Kennedys

Carroll, McNulty & Kull

The merger will create a global law insurance powerhouse

Marsh & McLennan Agency

Insurance Partners of Texas

Insurance Partners services the middle market for employee benefits

NFP

McCullough Insurance Agency

McCullough is a 90-year-old firm based in Arizona

Generali rebrands travel offerings

Italian insurance juggernaut Generali is rebranding its American travel assistance operations as it seeks to better position itself in the US market. CSA Travel Protection, Generali’s US travel presence for the past nine years, has officially been rebranded as Generali Global Assistance. Chris Carnicelli, CEO of Generali Global Assistance North America, said the rebranding is part of a move to bring together Generali’s travel insurance, travel assistance and identity theft services into one united offering. “It brings the scale and scope of the Generali Group … to our clients,” he said.

Kennedys’ Nick Thomas (left) and CMK’s Chris Carroll (right)

Merger creates insurance law giant

Major insurance law firms Kennedys and Carroll, McNulty & Kull [CMK] have merged to create a global industry powerhouse. The deal, which took effect on June 1, combines around 100 lawyers from the US-based CMK and 975 lawyers from Kennedys, which is headquartered in London. The combined company includes 750 staff with an enhanced presence across the Americas, Asia-Pacific, Europe, the Middle East and Africa. The merged insurance law firm will operate as Kennedys CMK in the US. The same name will be used by Kennedys’ existing office in Miami.

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Online insurer focuses on tailored products

It takes eight minutes to sign up for coverage on Next Insurance’s digital platform; the company has been growing at a pace of 20% to 25% every month since it started selling insurance online six months ago. Next Insurance provides policies at an annual cost of $200 for the simplest plans and $1,000 for more complex plans, but clients can access them via monthly payments, which the company believes makes insurance accessible to a broader market. Next Insurance currently serves personal trainers, photographers and construction-related professionals.

PEOPLE Farmers covers Tesla ridesharing service

Farmers Insurance recently wrote a new auto policy for Tesloop, a small ridesharing service in southern California that uses Tesla cars. The policy cut the company’s previous insurance costs by 25% through a reduced premium, Tesloop CEO Rahul Sonnad told Business Insider. Crash rates for Tesla cars have plummeted 40% since the company introduced its Autopilot technology, according to a report by the US National Highway Traffic Administration. Farmers sees the partnership with Tesloop as a test case to see how insurance policies can be designed around autonomous tech.

Berkshire Hathaway expands overseas

Warren Buffett’s Berkshire Hathaway continues its expansion in the UK and Europe with the launch of a new casualty platform and the appointment of a senior leader in London. Berkshire Hathaway Specialty Insurance [BHSI] is introducing public and products liability insurance in the UK, Ireland and Southern Europe, and employer’s liability insurance in the UK and Ireland. Along with local casualty coverage in the UK and Southern Europe, BHSI will provide multinational programs and underwrite certain targeted trades via coverholders.

PURE expands E&S offering for high-value homes

The PURE Group of Insurance Companies has expanded its PURE Program, an E&S line offering designed to protect higher-risk homes insured for $1 million or more, into South Carolina. Under the expansion, PURE policyholders in the state will benefit from broader coverage than is typically found in the high-net-worth E&S market, along with the claims, risk management and advocate services afforded to PURE members. PURE Programs is currently available only in Florida and South Carolina, but will be introduced in additional states in 2017.

NAME

LEAVING

JOINING

NEW POSITION

Tim Cook

N/A

Allianz Global Corporate & Specialty

Head of engineering, North America

Brian Duperreault

Hamilton Insurance Group

AIG

CEO

Mike Hansen

N/A

Allianz Global Corporate & Specialty

Global head of aviation

Jason Hogg

Tritium Partners

Aon Cyber Solutions

CEO

Joe Peiser

N/A

Willis Towers Watson

Head of broking, North America

Maurice A. Perkins

American Council of Life Insurers

Aegon

Senior vice president, global head of government and policy affairs

Alex Petrovich

Arthur J. Gallagher

Lockton

Vice president, Omaha office

Heather Posner

PURE Group of Insurance Companies

Burns & Wilcox

Associate vice president and director of high-net-worth practice

Jenny Soubra

N/A

Allianz Global Corporate & Specialty

Head of US cyber and specialty PI

Tobel Thomas

Samsung Fire & Marine

Allianz Global Corporate & Specialty

West Zone programs team leader

AIG names Duperreault as new CEO

Insurance powerhouse AIG has appointed Brian Duperreault, founder and CEO of Bermuda-based Hamilton Insurance Group, as its new CEO. Duperreault succeeds Peter Hancock, who stepped down in March. A one-time deputy to former AIG CEO Maurice “Hank” Greenberg, Duperreault spent more than two decades at AIG before leaving to run three other companies. “Let me be clear, I am here to grow AIG,” Duperreault told attendees at AIG’s consumer insurance investor day in mid-May, addressing frequent requests from activist investors over the past year that the company be split up. “I recognize the value of the company’s multiline structure. I didn’t come here to break the company up. I came here to grow it.”

AGCS appoints global aviation leader

Allianz Global Corporate & Specialty [AGCS] has announced the appointment of Mike Hansen, head of AGCS’ North American aviation business, as its new global head of aviation. In his new position, Hansen will lead Allianz’s overall aviation underwriting strategy. Until a successor is named, Hansen will maintain responsibility for both the global and North American markets. Hansen joined AGCS in June 2016 and since that time has overseen AGCS’ US, Canadian and Mexican aviation business. His new role will require him to relocate from Canada to the company’s London office.

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UPFRONT

WORKERS’ COMP UPDATE

Does WC need a more holistic approach? One industry exec makes the case for adopting a biopsychosocial model for treating injured workers

explained that health and behavior CPT codes commonly used in workers’ compensation classify them as treatment methods rather than diagnostic tools. Quoting Mississippi psychologist Geralyn Datz, he said that “frequently, the only way to treat a workers’ comp patient with cognitive behavioral therapy is if the patient has co-occurring pain and if the provider is willing to be underpaid.” He also noted that gym memberships,

“The entire fiber of a person has to be actively engaged in a recovery”

Mark Pew, senior vice president at Prium, a workers’ compensation medical interventions provider, is arguing for the need for more holistic treatment for injured workers. “What happens between the ears and at home has as much to do with the ability and willingness to get better as what is physically wrong,” Pew wrote in a report recently published by WorkCompWire. “A biopsychosocial model is common sense. It acknowledges that a patient – in the case of workers’ compen-

NEWS BRIEFS

sation, an injured worker – is built of more than just skin and bones and muscles. And the entire fiber of that person – everything that makes them a human being – has to be actively engaged in a recovery process for it to produce positive clinical outcomes.” Pew also examined the workers’ compensation sector’s attitude toward behavioral treatment modalities, particularly how far payers and providers are willing to support such treatments with actual insurance dollars. He

Illinois WC costs high, despite reform impact

While the average total cost per workers’ comp claim in Illinois has decreased by 6.4% since 2010, it remains higher than most other states. “The 6.4% decrease mainly reflects the impact of the 30% reduction in the fee schedule rates for all medical services, which took effect [in 2011],” observed Ramona Tanabe of the Workers’ Compensation Research Institute. “Despite this decrease, the average total cost per claim in Illinois was 21% higher the total cost per workers’ compensation claim in the median WCRI study state.”

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yoga, smoking cessation, weight loss and proper nutrition are often snubbed in treatment programs because they do not formally comprise medical interventions. “Because ‘psych’ and ‘social’ are pertinent to treatment and recovery by definition, they are ‘compensable’ to work comp, either by direct payment or increased duration of disability and delayed return to work,” Pew explained. “They have a tremendous impact on whether that person gets better. And facilitating [getting] ‘better’ is the goal of workers’ compensation. “Are we being penny wise and pound foolish by paying for the wrong things and not paying enough for the right things?” he continued. “There are many in workers’ comp who believe in the biopsychosocial model and are proving it with their dollars. But there are just as many, if not more, who have yet to adjust their mode of thinking.”

California Dept. of Insurance taps new general counsel

Ken Schnoll has been appointed as general counsel for the California Department of Insurance, bringing more than three decades of experience to his posting, particularly in regulatory and transactional matters in health and property & casualty insurance. “Given all of the regulatory and legal issues that are a part of the department’s ongoing regulation of insurance companies and insurance markets, Ken’s tremendous knowledge ... will serve us all well,” said California insurance commissioner Dave Jones.

Q&A

Dax Craig CEO

Analytics’ role in solving workers’ comp problems

VALEN ANALYTICS

Years in the industry 15 Fast fact Before co-founding Valen Analytics, Craig founded wireless antenna company Xertex Technologies, which was eventually acquired by CenturionWireless

How have data analytics helped improve cost and loss control for workers’ compensation? By giving underwriters access to data analytics, insurers can better align price to risk exposure from the beginning. If an insurer wants to reduce claims/loss control expenses, they can choose to decline writing business with higher risk profiles. Predictive analytics help insurers and underwriters make well informed decisions at a much faster rate on every policy, based on the insurer’s unique preferences.

Healthy ROI is certainly a motivating factor for firms to adopt analytics, but what other benefits have you observed? Aside from ROI, analytics are the backbone for creating a data-driven organization and beginning the process of digital transformation. This evolution improves all areas of decision-making in the business, from strategy to execution. Data-driven insurance carriers with more insight into risk selection and pricing are able to identify and adequately price the best-performing policies, while competing carriers fall victim to adverse selection from being saddled unknowingly with the poor-performing policies. It’s a silent threat, often noticed on a book of business long after the damage is done.

How will digitization affect premiums and servicing capabilities moving forward? Pricing will get squeezed as it becomes more transparent to the policyholder and competitive quotes

New York proposes a 4.5% workers’ comp rate cut

The New York Compensation Insurance Rating Board [CIRB] has submitted a proposed workers’ comp rate cut of 4.5%, which is expected to save employers in the state around $400 million in premiums. CIRB credits the reduction to cost-saving measures that are part of the 2018 budget. “The reforms to the workers’ compensation system in this year’s budget will help New York businesses cut costs, enabling them to further reinvest, grow and create more jobs across the state,” New York governor Andrew Cuomo said.

happen in real time. This will be great for establishing a true sense of fairness with the policyholder. In order for servicing capabilities to make a significant consumerfacing impact, friction must be removed from the entire system from product offerings, quoting, binding, billing and claims handling.

What change management issues specific to workers’ compensation have you observed? One of the largest issues we encounter is underwriter adoption. It has gotten better as predictive analytics become more widely accepted, but there are still individuals who see analytics as a threat rather than a tool. Helping underwriters understand that analytics are just a means for them to make more informed, targeted decisions is key to a successful implementation. Another change management issue involves understanding how models work within each insurer’s business. Models aren’t 100% accurate, just more accurate than human judgment alone. There is a learning curve in understanding this and how to use models with human judgment and experience.

What are some points to remember in adopting analytics for workers’ compensation? In order for predictive analytics to be successful, insurers must start small and identify specific business challenges they want to use analytics to improve. Essentially, you want to point analytics at a problem you care about solving.

Aging labor force bears down on worker’s comp

Medical costs in workers’ comp are rising, accounting for 63% of claims costs, according to Rich Ives, Travelers’ vice president of workers’ compensation. Ives credited this rise to the fact that the average American worker is getting older, “and they’re not as healthy and they’re bringing with them chronic conditions.” Citing Travelers data, he noted that at least one-third of the labor force is aged 55 years and older and that 25% of current workers are eligible for retirement. By 2040, this demographic will balloon to 40%.

PCI supports Florida ruling on rate increases

A Florida court has upheld the National Council on Compensation Insurance’s challenge to a lower court decision on workers’ comp rate increases in the state. The move was commended by the Property Casualty Insurers Association of America [PCI]. “PCI applauds the Florida First District Court of Appeals decision,” the group said in a statement. “NCCI’s recommendation of a 14.5% rate increase is a clear indication that Florida needs a better solution to help control costs while providing quality care to injured workers.”

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UPFRONT

TECHNOLOGY UPDATE NEWS BRIEFS Ransomware attack reveals businesses’ vulnerabilities

The WannaCry global ransomware cyberattack – which eventually crippled businesses in 150 countries – should serve as a wake-up call to many small and medium-sized businesses. While large organizations such as FedEx and Britain’s National Health Service were affected by the attack, so were many smaller businesses, highlighting the fact that every business faces the risk of being taken hostage by cybercriminals. “I think this demonstrates the need for being insured, whether you’re a small or a large company,” said NAS Insurance chief underwriter Mike Palotay. “This has been an indiscriminate attack. It’s not targeted.”

Zurich introduces AI into claims decisions Zurich Insurance is introducing artificial intelligence to help decide personal injury claims. Zurich is rolling out the technology after processing time was cut from an hour to only seconds during a trial, according to Reuters. “We recently introduced AI claims handling … and saved 40,000 work hours, while speeding up the claim processing time to five seconds,” Zurich chairman Tom de Swaan told the news outlet. “We absolutely plan to expand the use of this type of AI.”

Personal lines leading the way in analytics capabilities

A newly released survey from Willis Towers Watson has revealed that personal lines carriers are leading the adoption of predictive analytics as they tap such technologies as telematics and the Internet of Things. However, analytics have a bright future among commercial

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insurers: While only 15% of commercial insurers use predictive models in claim triage, this is expected rise over the next two years to 66%. In general, property & casualty insurers used predictive models for underwriting and risk selection around 10% more than they did last year.

Berkshire rebrands directto-consumer platform

In a bid to get a chunk of the small business insurance pie, Berkshire Hathaway has rebranded its direct-toconsumer platform, which enables online selling of targeted insurance products to the market. Formerly known as Cover Your Business, the biBERK platform will push commercial vehicle, general liability, property, workers’ compensation and eventually professional liability insurance to small business owners more efficiently, but bypass agents in the process. Through the platform, small business owners can get a quote for their preferred product a mere five minutes after answering a simple questionnaire.

Small business market most at risk of disruption In its most recent quarterly InsurTech Briefing, brokerage giant Willis Towers Watson argued that disruption is most likely to upend the $100 billion small business market. Together with market research firm CB Insights, Willis studied four startups – CoverWallet, Decisely, Embroker and Next Insurance – and found they had “the ability to efficiently capture business-specific information and incorporate it into an automated underwriting process, which enables the platform to effectively tailor products to meet the specific needs of individual small businesses on a large scale.” According to the firm, this could lead to 25% of small business premiums being digitally underwritten by 2020.

The ins and outs of automation Agencies must think carefully about where it makes sense to introduce automation, says one technology expert Insurance agencies might be ready to jump on the automation bandwagon, but EZLynx’s Derek Armentrout cautions them to “start simple.” Armentrout, a project manager for the insurance technology provider, explains that the areas that are best suited for automation in the insurance agency operation are internal and customer communications, because it saves a lot of time, minimizes human errors and allows agents to cover more bases through their operations. Other insurance functions that lend themselves best to automation are policy notifications, accounting elements such as accounts payable and accounts receivable, automatic identification, certification, report generation and other marketing functions. Automation could also cover quoting and payment renewal. However, Armentrout cautions agencies not to overdo it in terms of automation: “You want to be careful about going too far.” He says customers can tell if processes are too automated, which ends up leaving very little to differentiate an agency’s offerings and services from the competition. Armentrout also advised agencies to “be sure to consider the implications of things happening automatically,” because adopting the technology could have unpleasant consequences as well. Moreover, he pointed out that the whole point of automation is to free up more time

for the human element of the workforce to be able to focus on building and enhancing relationships with customers. “There’s a class of customer who prefers contact with insurers,” he says. As agencies think about automation, Armentrout advises them to focus on repeatable processes. “The primary goal

“The primary goal is reducing time spent on tasks, as well as human errors” is reducing time spent on tasks, as well as human errors,” he says. He also points out that automation enables a way to define and enforce procedures and standards, making it easier to secure new employees and deploy services at uniform quality standards. Automation also helps agencies tie together diverse systems, such as document management, instant messaging and ratings systems, so their usage can be optimized. Armentrout observes that companies that sink their teeth into automation may find trouble committing to the process because it entails thinking about processes and the rules that go with them. “That’s a critical part of automation,” he says. “[But] the biggest pain point is getting people to commit to it because it really requires a little time to set it up.”

Q&A

Mark Priebe Senior solutions consultant and project management specialist

Data quality and risk assessment

INFOGIX

Years in the industry 22 Fast fact Priebe has an MBA in finance and information technology from Lewis University

What are the factors that affect data integrity and accuracy? Data integrity can be affected by multiple things. First is core systems modernization – data integrity can be lost when transferring data from legacy systems. Siloed data can also affect data integrity – when data can’t be shared, data integrity will be negatively affected. Also, the lack of controls can make it hard to maintain data integrity.

Could you cite a few examples of the applications of data analytics in insurance? Infogix is seeing an increase in analytics tied to policy, billing and claims core systems. Customers are looking for sharper views into claims activity and how that affects the policies’ renewals, cancellations and feeding downstream into billing.

How does the lack of data integrity affect risk management through data analytics? If the data feeding the analytic models is in question, then the level of risk is also in question. The dependency on accurate data feeding these models is critical since it constantly flowing. Regardless of models or any use of the data, lack of data integrity will increase the risk tremendously.

Data analytics have obvious benefits for the insurance industry. But how will this affect the way insurance providers do business and offer their products and services as technology adoption among their enterprise and individual clients increases? Insurance providers are striving for a closer look at customers’ activity and patterns in order to determine possible additional products they can solicit. Questionable activity or possible fraud could trigger to an insurance provider that these are customers they do not want to expand product use for. The insurer will be able to use data analytics to personalize insurance. Insurers will be able to tailor plans to meet a specific customer’s needs. Insurers will also be able to offer pricing on a customer-to-customer basis.

How can data integrity issues best be addressed, especially in the insurance environment? Data integrity issues can be addressed with a data integrity and analytics solution, which automatically monitors an organization’s data flow as it continuously moves throughout an enterprise. The solution conducts field-level checks into the completeness, type conformance, value conformance and consistency of data at its origination, identifying any potential data quality integrity issues at the point of creation.

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UPFRONT

OPINION

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

Where is risk management going? Risk management is in a state of constant change, writes Michael Loeters, pushing risk managers beyond the traditional model RISK MANAGEMENT as a function is in a state of constant evolution. Since the 2008 global financial crisis, which caught many organizations off-guard, the ‘traditional’ risk management model has been questioned. The traditional focus on insurance and operational risks has become insufficient for many organizations, and the evolution of risk management into a more strategic role has been underway. There are three primary trends driving this evolution. The first is the introduction of new technology. Big Data and the use of algorithms are introducing new risk management techniques that enable organizations to make better and faster decisions at an increasingly lower cost. Computing power is getting faster and cheaper, which allows organizations to quickly process increasing amounts of data from a wide range of sources. This can provide better and timelier information upon which to detect problems earlier, make better decisions and predict problems before they happen. This, in turn, can give an organization a competitive advantage. The second trend is the globalization of risk. As our economy, supply chains and networks become more globalized, sociopolitical, macroeconomic or disaster events abroad have a ripple effect like no other time in history. This comes with an increasing realization that we can no longer insulate ourselves entirely. We now understand that the risk exposures and preparedness of our key suppliers and

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customers in areas such as business continuity planning, labor practices and concentration of assets in natural catastrophe-exposed zones can make an impact far and wide across the globe when something goes wrong. To respond to this trend, an organization must commit to an enterprise-wide risk management approach. This means risk managers will need to develop a much broader skill set and potentially form an internal risk committee to access the knowledge required for better initial risk assess-

evolution of risk means that it will become more difficult for organizations to adjust their risk management plans and insurance programs at a speed that keeps pace with this change. Decisions will need to be made quickly and changes implemented rapidly. Insurance products often lag behind the evolution of new risks, which will force organizations to increasingly self-insure in the short-term. Having a strong risk culture that starts at the top and filters down to all levels creates a level of preparedness to mitigate risk when insurance is not available, affordable or feasible. To create a strong risk culture, organizations must establish a few key elements. First, buy-in at the C-suite or board level will ensure that risk management becomes an important component of the business planning process. Second, it requires a risk appetite and philosophy that is well understood across the organization. This is because it becomes the measuring stick by which people will make their day-to-day decisions. Lastly, the culture needs to be reinforced with sound metrics for measuring effectiveness and incentives that promote risk-intelligent behaviors. To effectively deal with these three trends, successful risk managers will have broad skill sets that include knowledge of financials, operations, technology, marketing and others. These skills will be coupled with strong interpersonal

“Having a strong risk culture that starts at the top and filters down to all levels creates a level of preparedness to mitigate risk when insurance is not available, affordable or feasible” ment that contemplates the compounding effects of interrelated risks and how these relate to the corporate financial materiality threshold. The result might lead to a recalibration of the risk management strategic plan that achieves greater awareness and influence on management decisions versus the more conventional model, which focuses on a silo top-down approach. The last trend that will impact risk management moving forward is the focus on creating a strong risk culture. The increasing speed in the

skills that will enable them to be true change agents within an organization, translating vast amounts of information into meaningful risk strategies that can be effectively communicated and implemented. In the end, this will separate the winners from the losers. Michael Loeters is vice president and risk management practice leader at BFL Canada, which helps clients become resilient organizations through taking a strategic approach to insurance and risk.

UPFRONT

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PEOPLE

INDUSTRY ICON

EXCESS AND SUCCESS Tom Clark of Nationwide E&S/Specialty talks about standing out, strengthening agency partnerships and working to get students interested in insurance TOM CLARK embarked on his insurance career more than three decades ago, securing a place in Cigna Property and Casualty Insurance’s management training program. To say he’s amassed impressive experience since that time is certainly an understatement. “I think I’ve been very fortunate to have the opportunity to work for several different insurance carriers in many different geographies,” he says. “I’ve learned a tremendous amount in terms of leadership and the business.” Clark recalls one especially challenging episode in his career. “I was working for a mid-sized, publicly traded regional carrier,” he says. “Within a 24-month period, we went from the best year the company ever had to a rating downgrade. Through this process, you experience it all in terms of managing perceptions [and] the need for constant communication. It really gives you some insight as to the best and worst of leadership and the value of relationships with your colleagues and agency partners.” Clark took on his current role as president of Nationwide E&S/Specialty in December 2015. “We have been extremely stable and a relied-upon E&S carrier in this space for more than 30 years, [which] gives us great brand and reputational recognition,” he says. “While you’ve seen others over the years that

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have come and gone, we have built tremendous franchise value with trusted, long-term, committed agency partners.” Traits specific to Nationwide that have been key differentiators, Clark says, are the expertise of its people and the depth of the relationships between those employees and their customers. “Those relationships have created a working environment of trust that I think is invaluable

“Everything around us is moving at an exponential pace – the ongoing impact of technology and automation continues to challenge us to think differently about exposures [and] how we build products for the future,” he explains. “What we do as a leadership team here is meet on a regular basis to discuss and vet out what we feel are the emerging trends and what we call our ‘next best investments.’

“Everything around us is moving at an exponential pace – the ongoing impact of technology and automation continues to challenge us to think differently about exposures and how we build products for the future” in this business,” he says. “It’s those relationships and the years of experience that our folks have in working with those customers that have set us apart from most of the industry.”

Surplus opportunities In terms of the E&S sector as a whole, Clark believes it’s a “very exciting time” right now.

These areas of opportunity are then discussed and prioritized, with feedback from our agents. “We place a tremendous amount of importance – I can’t stress this enough – on getting the voice of the customer in everything we do,” he continues. “We do not want to be the company that sits here and second-guesses what we think our customer, or ultimately the

PROFILE Name: Tom Clark Company: Nationwide E&S/ Specialty Title: President Based in: Scottsdale, Arizona Years in the industry: 33 Fast fact: During his time in insurance, Clark has held leadership roles at numerous companies, including Allied Insurance, Harleysville and Firemanâ&#x20AC;&#x2122;s Fund

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PEOPLE

INDUSTRY ICON

consumer, wants. We want to hear it from our agency partners because they’re the ones with [an] ear to the ground, and they will identify these issues long before we ever will.” In that regard, Clark says agency partnerships are critical to Nationwide’s success – and the company is taking steps to strengthen those relationships. “What we’re trying to do is to help drive greater connectivity between the Nationwide retail agents and the Nationwide wholesale agency partners,” he says. “We have about 10,000 Nationwide retail agents. Those agents write about $15 billion of premium with Nationwide. What we’re trying to do

“creating stepping stones into retirement.” “I don’t know how many people are ready to go from a full sprint of day-to-day work … to a full-blown retirement,” he says. “I think there’s a real opportunity to leverage the talent we have and create this information transfer that allows us to maintain the strength of the industry through knowledge transfer.” His team is also considering how to engage the interest of potential recruits during their high-school years. “Can we reach into some of the high schools [and] provide a student the opportunity to work for our organization as an intern this summer – and if they hit three years of

“We’re strengthening the value chain from consumer to retailer to wholesaler to carrier. I recognize that others have tried this; however, we feel that we’re uniquely qualified to make this work” is [determine] how we can get those retail agents to funnel more of their business to our wholesale agents. “We’re strengthening the value chain from consumer to retailer to wholesaler to carrier,” he continues. “I recognize that others have tried this; however, we feel that based on our breadth of product, our national footprint and just the critical mass that we have in both the retail and wholesale space, we’re uniquely qualified to make this work. Making this work, I think, only strengthens our commitment to our distribution chain, driving greater efficiencies and revenue to our agency partners.”

Building blocks Clark is also pursuing ways to optimize new and existing talent. He mentions a focus on transferring knowledge from employees moving toward the end of their careers to younger employees, which he describes as

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successful internship with us, could we provide them some kind of financial reimbursement toward a college education?” he says. “Can we provide [high-school students] a career track and an educational track that creates a loyalty to this company as they move forward? That’s what we’re working on.” In the short-term, however, Clark is focused on a few key goals over the next 12 months. “We will continue to manage the market to optimize profitable growth with our agency partners,” he says. “Profitable growth creates the needed capital for us to continue to invest and diversify our portfolio, which has really been the foundation of success for Nationwide E&S for the past 30 years. We are constantly looking for new products and services that we can provide our wholesale partners to allow them to grow with us, and I think that will continue to be the principal lever of differentiation in the market.”

NATIONWIDE E&S/ SPECIALTY BY THE NUMBERS

1982

Year Nationwide E&S/Specialty began as Scottsdale Insurance Company

Nationwide E&S/Specialty’s position among the largest excess & surplus lines carriers in the US

Number of states where Nationwide E&S/ Specialty operates, on both an admitted and non-admitted basis

$43 billion

Parent company Nationwide’s total sales for 2016

$27 billion

Nationwide’s operating revenue for 2016

We are CoreLogic. CoreLogicÂŽ is a leading global property information, analytics and data-enabled solutions provider. Our

combined public, contributory and proprietary data sources include over 4.5 billion records spanning more than 50 years, and we serve the real estate, mortgage finance, insurance, capital markets transportation and government sectors. Reduce risk and improve performance with dynamic insights into your business from CoreLogic. See what CoreLogic can do for your business.

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FEATURES

COVER STORY: ELITE WOMEN 2017

2017 INDEX NAME

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COMPANY

NAME

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Appenzeller, Melissa

EMC Insurance

Connor, Maureen

Applegate, Kristin

Starr Companies

Davis, Karen

COMPANY

NAME

PAGE

COMPANY

USLI

Grella, Tracie

AIG

Nationwide E&S

Hagemann, Patricia

Marsh LLC

Nonprofits Insurance Alliance Group

Arias, Maribel

Chubb

Davis, Pamela

Halkyard, Dawn

The F.A. Peabody Company

Bailey, Lori

Zurich Insurance Group

De Paola, Ashley

Alliant Insurance Services Inc.

Hamrick, Erin

Sterling James

Balza, Aurelia

Insurhaus

Demaret, Elizabeth Francy

Sedgwick

Hancock, Eden

Genesee General

Barton, Carol

AIG

DeMell, Valerie

MarshBerry

Hardin, Trudy

Aon Risk Solutions

Beale, Inga

Lloyd's of London

Di Silvestro, Laurel

CoreLogic

Hartman, Petronila

Arch Global Services Inc.

Beggs, Jill

Munich Reinsurance America Inc.

Divol, Roxane

Symantec

Hartness, Patricia

Foundation Insurance Group

Bhalla, Neeti

Liberty Mutual

Dixon, Camille

California Department of Insurance

He, Enya

Lloyd's America

Bishop, Elizabeth

Heffernan Insurance Brokers

Dolce, Sally

Mackoul & Associates Inc.

Howard, Jo Ann

H20 Partners Inc.

Bolton, Maiclaire

CoreLogic

Downey, Paula

CSAA Insurance Group The Thompson Group

XL Catlin

Arthur J. Gallagher & Co.

Durr, Jennifer Dils

Hoyle, Rose

Boone, Bonnie

Hunter, Lori

Worldwide Facilities

Boyer, Michelle

HUB International

Johnson, Brenna

EZLynx

Branch, Laurie

The Iroquois Group

Jones, Carol

Buckman-Mitchell Inc.

Brandt, Suzanne

Ryan Specialty Group

Jones, Corinne

AmWINS Access Insurance Services

Bufkin, Barbara

Hamilton USA

Kelly, Elissa

Nautilus Insurance Group

Bunting, Kimberly

River Oak Risk

Carragher, Tracey

Breckenridge Insurance Group

Carroll, Kathryn

JLT Specialty USA

Ceko, Mary

VELA Insurance Services, a Berkley Company

Centeno, Michelle

Arthur J. Gallagher & Co.

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Essary, Norma Carabajal

Surplus Lines Stamping Office of Texas

Fikes, Rachel

Rising Medical Solutions

Fisher, Linda

Cardinal Insurance Group

Flores, Emily

Worldwide Facilities

Fox, Heather

ARC Excess & Surplus

Gage, Marlyss

Travelers

Kieselhorst, Carrie

Wix Insurance Agency LLC

Axis Reinsurance

Kish, Keri

NAPSLO

Allianz Global Corporate & Specialty

Gass, Marina

Gold, Ashley

Insurors of Tennessee

Knecht, Jill

Golla, Susan

McGriff, Seibels & Williams of Texas Inc.

Kryshak, Cheryl

Church Mutual Insurance Company

Gorrell, Billie

Ashley General Agency

Lamm-Tennant, Joan

Blue Marble Microinsurance

The glass ceiling hasn’t kept these women at bay. Meet 125 leaders and influencers who are shaping a more diverse insurance industry DESPITE WOMEN’S growing presence in the insurance industry, few have successfully broken through into leadership roles – but the women featured on the following pages prove that’s slowly changing. Nearly 20% of the 2017 Elite Women hold top CEO or leadership positions, including the first female to start an insurance provider in the US. But the list doesn’t end there – it also includes countless executive officers, division heads, agency managers and more who have overcome obstacles and broken barriers to

NAME

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become some of the industry’s top professionals. You will be introduced to a woman leading the charge for cannabis insurance in California, a broker who left a job as a waitress and became one of the nation’s top producers in just six years, and the first female insurance regulator to serve in two states. Together, these women inspire the success of their peers every day and prove that insurance is no longer a male-dominated field as they use their collective influence to mold a brighter future for the industry.

NAME

PAGE

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NAME

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COMPANY

Langworthy, Melinda

The Insurance Shop LLC

O'Brien, Jenny

USG Insurance Services Inc.

Rodgers, Tami

Higginbotham

Lares, Patty

AA Lares Insurance Services Inc.

O'Keefe, Suzanne

Wells Fargo Insurance

Rosen, Kirsten

Venture Pacific Insurance Services

Lisenbey, Danielle

Broadspire Services

Oliphant, Alison

Velocity Risk Underwriters

Rubin, Jennifer

Hiscox

Lopilato, Michelle

HUB International

Olivo, Maria

Travelers

Sahai, Faye

AIG

QBE Insurance

Sansone, Michele

XL Catlin

Lyons, Kathleen

Swiss Re America

Papush, Gina

Macia, Seraina Maag

Hamilton USA

Petrillo, Kimberly Bushong

Coastal Insurance Underwriters Inc.

Savio, Kathleen

Zurich North America

Manna, Deirdre

Property Casualty Insurers Association of America

Picklo, Janice

H.W. Kaufman Financial Group

Siebert, Karen

Siebert Insurance Agency Ltd.

Preston, Susan

PPIB

Soo Hoo, Elizabeth

Sterling Insurance Group

Manning, Anna

Reinsurance Group of America

Propis, Marya

Lexington Insurance Company

Stallard, Melissa

Capital Insurance & Bonding Services Co.

McGuirl, Susan

Allianz Global Corporate & Specialty

Pullum, Anne

Willis Towers Watson

Steen, Bonnie

Burns & Wilcox

McNeece, Amy

Chubb

Street, Sarah

XL Innovate

McPeak, Julie Mix

Tennessee Department of Commerce & Insurance

Stringer, Brooke Hayes

National Association of Insurance Commissioners

Tidwell, Cynthia

Royal Neighbors of America

Tutoki, Jane

Cunningham Lindsey

Vacca, Kamy

Alliant Insurance Services Inc.

VanAllen, Linda

Acentria Insurance

Von Tersch, Sara

NFP Property & Casualty Inc.

West, Ayesha

AXIS PRO

Quigley, Kerri

Assurance

Quirk, Karen

Quirk & Co.

Reeves, Shannon Webster

RLI Insurance Company

Reinke, Doreen

Nationwide E&S

Renner, Alison

RT Specialty

Meyer, Christina

Cincinnati Insurance

Michel, Debbie

Liberty Mutual

Miller, Christy

James River Insurance Company

Miller, Renee

Freberg Environmental Insurance

Morton, Cyndee

Safety National Casualty

Moses, Jody

York Programs

Mueller, Nancy

Zurich

Riley, Tish

International Association of Insurance Professionals

Wilhelm, Felicia

Prairie State Administrators

Murphy, Linda

Allianz Global Corporate & Specialty

Rineer, Jocelyn

Agency Network Exchange LLC

Xu, Violet

ReSource Pro

Nordquist, Laurie

Wells Fargo Insurance

Rivas, Corrine

NAS Insurance Services

Zdroik, Susan

Transatlantic Reinsurance

Rhoden, Eden

Biba Insurance Services

Richard, Natasha

RLI Insurance Company

Riczko, Beth

Westfield Group

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FEATURES

COVER STORY: ELITE WOMEN 2017 KERI KISH Director of government relations NAPSLO

Responsible for NAPSLO’s government relations and legislative advocacy program, Keri Kish serves as a liaison and advocate for the association to federal and state legislative and regulatory entities, as well as serving as a compliance resource for members. Prior to joining NAPSLO in 2012, Kish spent six years as anti-fraud counsel with the National Association of Insurance Commissioners, providing legal and staff support to various regulator task forces and working groups. During her time at NAIC, Kish worked closely with state insurance regulatory officials, federal agencies and other insurance associations on behalf of NAIC and its members. Kish also previously worked for Kansas insurance commissioner Sandy Praeger as a staff attorney, responsible for administering the Kansas workers’ compensation fund.

RENEE MILLER

SUSAN MCGUIRL

Chief underwriting officer

Allianz Global Corporate & Specialty

Freberg Environmental Insurance

Having joined Freberg Environmental Insurance [FEI] in 2015 as a program manager for the company’s environmental engineers, consultants and contractors line of business, Renee Miller was promoted to chief underwriting officer in 2016. In that role, she leads all FEI programs, including environmental consultants, contractors, site pollution, commercial auto and professional liability lines. Prior to joining FEI, Miller was an environmental and international construction underwriter at Zurich North America. She has underwritten operational exposures associated with environmental contractors; professional liability for environmental consultants, architects and engineers; environmental impairment liability coverage; and associated commercial general liability.

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Head of entertainment, North America

Based in Burbank, Susan McGuirl is the head of North America entertainment for Allianz Global Corporate & Specialty, the largest entertainment insurance writer in the US. With more than 30 years of experience in various leadership roles, McGuirl was instrumental in developing the partnership between Allianz and the nonprofit Event Safety Alliance, and is a passionate advocate for safety, encouraging collaboration between entertainment experts and the insurance community. Outside of insurance, McGuirl serves on the board of Five Acres, an organization that is committed to preserving successful child care programs and developing innovative services for children and families in crisis. Recently, she joined the board of Behind the Scenes, a charity that provides financial support for entertainment technology industry professionals who are seriously ill or injured.

CAMILLE DIXON Statewide program manager and cannabis insurance external affairs director California Department of Insurance

The cannabis industry is quickly expanding across the US, and so are its risks and insurance needs. Bringing a diverse background to the California Department of Insurance, Camille Dixon represents California insurance commissioner Dave Jones on cannabis insurancerelated matters. She also represents the commissioner on the state treasurer’s Cannabis Banking Working Group and sits on other insurance-related committees. In addition to her cannabis insurance role, Dixon represents the commissioner on the California Automobile Assigned Risk Plan Board and runs a statesponsored program that helps incomeeligible consumers obtain affordable auto insurance. She also served as interim director of the commissioner’s Insurance Diversity Initiative. Previously, Dixon worked for the California State Board of Equalization, where she advised the chairman on tax appeals and legislative matters, and implemented the chairman’s cannabis and affordable housing taxation initiatives. Before that, she spent time at a large commercial real estate firm and worked in the court system, managing caseloads and assisting criminal law judges.

PAULA DOWNEY President and CEO CSAA Insurance Group

Paula Downey is president and CEO of CSAA Insurance Group, a AAA Insurer. She joined the company and its AAA club affiliate, AAA Northern California, Nevada & Utah, as CFO in 2000. She was promoted to COO in 2003, president in 2005, and president and CEO in 2010, becoming the first female president and CEO in that AAA club’s more than 100-year history. Her priority is doing her job “in the best possible way” and helping others in the process. In just five years, Downey and her team have transformed underlying core systems to develop new capabilities while growing premiums, reducing expenses and improving customer satisfaction. This business transformation promotes a “culture of insight and innovation,” which she treasures and safeguards, especially as the insurance industry faces disruption. Downey shared with IBA how her background and experiences developed her leadership skills: “As one of eight children, I learned to value different opinions early in life and have surrounded myself with people who have and feel free to share their unique perspectives. I am near-sighted in one eye and far-sighted in the other – a good metaphor for my leadership style, which combines both strategic vision and pragmatic execution. And I learned the value of diversity from my father, who taught me that practicing humanity is also good for business.”

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FEATURES

COVER STORY: ELITE WOMEN 2017 KAREN SIEBERT

LORI BAILEY

Agency general manager

Global head of cyber risk

Siebert Insurance Agency

Zurich Insurance Group

Before joining the insurance industry, Karen Siebert worked as a teacher for special needs children and trained new teachers at Special School District of St. Louis County. Now, Siebert has been an insurance professional for more than 20 years, driving the business at Fenton, Missouri-based Siebert Insurance Agency. Recently, Siebert was the recipient of Safeco’s Award of Excellence, the company’s most prestigious underwriting recognition for the highest-performing agents with exceptional front-line underwriting skills. In addition, Siebert Insurance Agency was a Safeco Premier Agency from 2012 to 2016 and won the Safeco Chairman’s National Award from 2013 to 2015. Outside of her agency, Siebert volunteers her time at local food banks and with the Special Olympics, spearheading her agency’s participation in the Polar Plunge to raise money for the event.

As a though leader in various aspects of financial lines and cyber liability, Bailey frequently speaks on panels and forums and regularly pens articles on these topics for Zurich’s Industry Knowledge resource page. Her most recent article addressed a major bank cyberheist and the severe repercussions that business leaders can’t afford to ignore when it comes to cyber risks. Bailey is also the head of Zurich’s Women’s Innovation Network or “WIN”, an employee resource group with more than 1,800 members. It is open to women and men and has helped create a forum for gaining better insights into women’s issues and providing networking opportunities with colleagues and industry experts.

MARY CEKO

SARAH STREET

Chief claims officer and VP of claims

Director

Vela Insurance Services

XL Innovate

Mary Ceko serves as the chief claims officer and vice president of claims at Vela Insurance Services, a Berkley Company. Ceko joined Vela in 2011, where she oversees claims professionals and administrative staff in Vela’s Chicago, Atlanta, Omaha and Bay Area claims offices. Both an insurance professional and an attorney, Ceko practiced law for 10 years prior to her insurance career, concentrating in plaintiff’s personal injury, insurance defense, toxic tort and environmental coverage litigation. In her nearly 20 years of professional experience in the insurance claims field, Ceko’s background and expertise have encompassed primary E&S, excess umbrella commercial casualty, railroad and professional liability.

Lori Bailey is responsible for developing and implementing global strategies, portfolio management, underwriting governance and product development globally for cyber risk across all lines of business within Zurich. Bailey was most recently the global head of special lines, a position which she held since 2014, wherein she oversaw technical underwriting operations for Professional and management liability, security & privacy / cyberliability, financial institutions, surety, trade credit and related lines of business. She has led product rollouts around the world and formed thought leadership initiatives. Earlier this year, she contributed an article to Fortune about her experience managing a team despite geographical distance.

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Sarah Street serves as a director and investment team member for XL Innovate, a venture capital investor sponsoring global entrepreneurial teams with ideas for innovative enhancements in insurance and risk management. This role is part of Street’s many responsibilities as EVP of strategy and innovation initiatives for XL Catlin. Street joined XL in 2001 as the CEO of XL Capital Investment Partners and has moved through the ranks over the last decade and a half. She assumed her current role after more than nine years as chief investment officer of XL Group, where she oversaw everything from asset allocation to compliance and risk management as part of the investment strategy. A champion of women and education, Street once served as a volunteer in a remote village in India, where she ran nursery schools and women’s empowerment programs. She is currently on the board of READ Global, an initiative that seeks to empower rural communities in order to alleviate global poverty.

KATHLEEN SAVIO Head of alternative markets

MICHELE SANSONE President, North America property XL Catlin

Zurich North America

Kathleen Savio is head of alternative markets for Zurich North America, where she is responsible for setting the strategic direction and managing the profit and loss of Zurich’s direct markets, programs, group captives and crop businesses. Previously, Savio served as president of programs and direct markets, as well as chief administrative officer for Zurich North America Commercial. There, her responsibilities ranged from strategic planning to human resources and community investment to security and investigations. In addition to her business roles, Savio also chairs the Z Zurich Foundation and is an ambassador for the company’s Women’s Innovation Network. She was a member of the Insurance Industry Charitable Foundation national board and the first chair of IICF’s Chicago/Midwest division board.

With more than 30 years of experience in the global property market, Michele Sansone has been heading XL Catlin’s North America property business, including general property and equipment breakdown in the US, Canada and Bermuda, since 2014. Previously, Sansone was the company’s chief underwriting officer, responsible for establishing underwriting standards and protocols that helped XL Catlin effectively and profitably address businesses’ most complex property risks. An advocate for insurance industry education, Sansone is currently co-chairing the Spencer Education Foundation’s 2017 Gala to support industry scholarships. She is also a longtime sponsor of the annual Tom Joyce Scholarship Fund Golf Outing, which benefits St. John’s School of Risk Management, Insurance and Actuarial Science. She also dedicates her time to numerous other charitable activities, including her local March of Dimes.

HEATHER FOX Chief brokerage officer and general counsel ARC Excess & Surplus

As chief brokerage officer at ARC E&S, Heather Fox provides leadership and support for both client placements and claims, including facilitating brokers’ interactions with carriers to develop policy wordings and assisting clients in obtaining favorable claim settlements. She also serves as the company’s general counsel. Fox joined ARC after a stint at an AIG member company, where she was responsible for drafting all management and professional liability policies and endorsements, and for assisting underwriters with risk analysis and the claims department with policy interpretation.

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COVER STORY: ELITE WOMEN 2017 JODY MOSES President, public entity division York Insurance Services

Jody Moses heads the public entity division at York Insurance/Risk Services Group, a leading catastrophe and large loss claims management specialist. The group has more than 300 national MGAs/program administrators and over 5,000 public entity clients. With more than two decades of experience in public entity claims administration, Moses oversees the design, implementation and management of customized claims management solutions. Moses is a licensed general adjuster and a certified workers’ compensation claims adjuster, holding expertise in the complex California workers’ comp system. She actively works with public entities to analyze and influence legislative and regulatory changes that affect their market and risk programs, and frequents various regional and national risk management conferences as speaker and workshop leader.

MARLYSS GAGE Executive vice president and chief underwriting officer

EDEN HANCOCK

CHERYL KRYSHAK

Travelers

Vice president of transportation

Vice president of risk control

Genesee General

Church Mutual Insurance Company

More than a decade ago, Eden Hancock entered the industry at a large wholesale brokerage, where she handled professional lines. After deciding to focus on transpor tation, Hancock joined Genesee General in 2010 as an underwriter. Within two years, she became the wholesaler’s top producer, and by 2014 she was promoted to head of the transportation department. Today, as vice president of transportation, Hancock manages the day-to-day coordination with retail agents, including market relations, strategic planning and problem-solving. Hancock’s advice for women in the industry: “Surround yourself with dedicated, hard-working and positive colleagues. Stay close to those who challenge you, and always give thanks to those who have helped you along the way.”

In the last three years, Cheryl Kryshak and her team have transformed the risk (loss) control department at Church Mutual from an inspection service for underwriting to a differentiator for the company’s sales force and a consulting service for clients. By using drones to evaluate roofs and sensors to monitor temperature and water infusion, Kryshak’s team has helped save more than $1.2 million in loss dollars. However, Kryshak considers her greatest accomplishment to be the formation of the Women’s Leadership Initiative at Church Mutual. The program is led by a board of seven women and has three segments: a mentoring program (the first in company history), monthly sessions on various professional books/TED talks and a quarterly seminar series featuring women speakers.

As EVP and chief underwriting officer for Travelers Insurance Companies, Marlyss Gage is responsible for managing underwriting best practices, including establishing underwriting risk appetite, controls and processes, along with the incorporation of CAT analytics. She is a founding member of Travelers’ Underwriting Risk Committee and ERM, and an active member of its Management Committee and Diversity Networks. Gage joined the industry in 1981 after receiving a degree in finance with a concentration in insurance. She became part of Travelers following the Aetna merger in 1995. Since then, she has held a number of roles, including VP/head of program business, chief underwriting officer for small and middle-market businesses, and SVP and chief underwriting officer for Travelers Underwriting, before being promoted to her current roles in 2014.

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PAMELA E. DAVIS Founder, president and CEO Nonprofits Insurance Alliance Group

Believed to be the first and only woman to start an insurance provider in the United States, Pamela Davis is the founder, president and CEO of Nonprofits Insurance Alliance Group, a group of 501(c)(3) nonprofit, tax-exempt insurers. She oversees the management of the group, which has more than $443 million in assets and more than $185 million in surplus. Today, Nonprofits Insurance Alliance Group insures and provides risk management services to more than 16,000 tax-exempt nonprofits in 32 states and the District of Columbia, making it the only insurance provider that exclusively serves the nonprofit sector. In 1997, Davis and the Nonprofits Insurance Alliance of California, an organization under the Nonprofits Insurance Alliance Group, were featured in the half-hour documentary series Visionaries, which aired nationwide on PBS; in 2010, they were featured in the first sequel of the series. Davis is also the recipient of the first-ever Award for Policy Innovation from the Goldman School of Public Policy at UC Berkeley, and she has been included in the NonProfit Times Power and Influence 50 list.

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COVER STORY: ELITE WOMEN 2017 MELISSA STALLARD President Capital Insurance & Bonding Services

Melissa Stallard helped establish Capital Insurance & Bonding Services [CIBS], a boutique agency that specializes in construction risk. Since the company’s inception in April 2014, Stallard has produced $2 million in P&C premium, and she continues to produce 75% of the agency’s book of business. In addition to producing and running the commercial division of CIBS, Stallard also oversees the surety program, writing bonds upwards of $60 million. Before founding CIBS, Stallard was a bond specialist with an independent agency and a used equipment coordinator with Carter Machinery Company. Outside her agency role, Stallard is a member of the Surety Association of Virginia, IIAV, the Association of General Contractors of Virginia and the National Association of Women in Construction, where she serves on the Education and Membership Committee.

ROSE HOYLE ELIZABETH SOO HOO Co-founder Sterling Insurance Group

Elizabeth Soo Hoo learned about hard work and entrepreneurship by growing up on a farm, surrounded by a family full of business owners. After receiving a formal education and gaining experience managing other people’s businesses, Soo Hoo was ready to make her mark on the insurance industry. As a professional with experience in other industries as well as a solid base of insurance knowledge, Soo Hoo is a well rounded producer and business consultant who’s making things happen in the commercial marketplace. Last year, she founded Sterling Insurance Group in West Tisbury, Massachusetts, in addition to serving as the director of operations and marketing at Richard Soo Hoo Insurance Agency in Boston. Soo Hoo says pursuing a career in insurance is meaningful because it allows her to be in control of her own destiny, and even more so because it provides a vehicle for her to give back to the communities that helped her become who she is today through high-value insurance coverage and charitable contributions.

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Construction risk engineer XL Catlin

Relying on more than 15 years of practical engineering, construction and risk management experience, Rose Hoyle supports XL Catlin’s Subcontractor Default Insurance business, part of its North America construction insurance team. Before joining XL Catlin, Hoyle developed her expertise in construction management by spending more than a decade in operations with engineering and construction firms. Most recently, she leveraged her practical experience in the consulting world as a claims and litigation consultant and an expert witness on construction-related matters. A licensed professional engineer, Hoyle has earned the designations of LEED AP, CLMP, CCP and International Risk Management Institute Construction Risk and Insurance Specialist. In addition to her role at XL Catlin, Hoyle is co-dean and a faculty member of the CLM Claims College’s School of Construction.

JILL BEGGS Head of new strategic markets Munich Reinsurance America

As Munich Re’s head of new strategic markets, Jill Beggs manages the company’s Innovation Practice, which is responsible for spurring innovation efforts in new markets across Munich Re’s US P&C operations. Beggs drives future business growth in emerging areas such as mobility and insurance on demand, and has established a US innovation lab to accelerate product development from idea to launch and scale. Thanks to her leadership, the Innovation Practice has successfully contributed to creating a culture of innovation among US operations. In addition, Beggs oversees corporate communications and the cross-platform operations, which focus on establishing synergies throughout the US organization. Previously, she was head of specialty lines underwriting in the reinsurance division of Munich Re in the US. She was also the division’s innovation point person, responsible for understanding the group’s innovation efforts and connecting interrelated initiatives.

PATRICIA HAGEMANN Chief administrative officer Marsh

As chief administrative officer and a member of the executive committee at Marsh, Patricia Hagemann manages the global effort to coordinate major digital, strategic investment and operational programs that span across Marsh’s regions and functions. First joining the organization in 1980, Hagemann has served in multiple leadership roles during her more than 35-year career at Marsh. For the first 10 years of her career, she held various financial and accounting roles, including fiduciary accounting, cash management and general accounting. From 1990 until 2006, Hagemann was the finance officer and head of management services for various Marsh businesses, including the Northeast region, the US, North America and the Americas. She has also served as Marsh’s global professional standard officer and chief risk and compliance officer. Most recently, in 2016, Hagemann resumed her role as COO of US and Canada, a position she previously held from 2008 until 2012.

ALISON J. RENNER President, life sciences RT Specialty

Alison J. Renner is a true life sciences expert. She has more than 45 years of experience in the insurance industry, 40 of which have been dedicated to life sciences – in particular, pharmaceutical product liability. She was a founding partner of A. J. Renner & Associates in 1985, and in 1990 launched the first-of-its-kind product liability program dedicated to the generic and specialty pharmaceutical industry. Today the program, known as RenneRx Insure, continues to exclusively serve the industry. In September 2015, A. J. Renner & Associates was acquired by RT Specialty, where Renner continues to provide risk management consulting and insurance services to the pharmaceutical, healthcare and cannabis industries.

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SUSAN GOLLA Vice president and account executive McGriff, Seibels & Williams

Susan Golla joined McGriff, Seibels & Williams in August 2001, and she currently serves as a vice president and marketing account executive, specializing in public entity risk management and construction insurance projects.

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COVER STORY: ELITE WOMEN 2017 FAYE SAHAI Global head of technology and innovation AIG

Throughout the years, Faye Sahai has leveraged her expertise to lead strategic initiatives for global companies such as Disney, HP, Charles Schwab and others. In 2015, Sahai launched the AIG Global Innovation Center in San Francisco, where she leads the innovation team in partnering with venture capitalists, corporate partners, incubators and accelerators to create safer solutions for clients. Her key role is to help AIG stay ahead in the digital age, especially following the rise of AI technologies. Sahai also serves as an executive advisor for Global Women in Technology and last year took part in the organization’s annual summit, which brings together women in technology from AIG locations across the globe. In October 2016, Sahai served as a panelist at the first InsureTech Connect conference.

KATHLEEN LYONS Vice president of property & casualty business management Swiss Re America

Kathleen Lyons started her career as a nurse, working in various clinical settings, including the ICU and ER, for 10 years. She then worked on getting a JD and became an attorney for the next 20 years, specializing in medical malpractice and hospital liability, which allowed her to incorporate her previous experiences as a medical professional. From there, Lyons became claims counsel at HANYS Insurance Company, which wrote primary and excess coverage for hospitals and physicians. Now as VP of property & casualty business at Swiss Re, she manages a wide variety of claims, including medical malpractice, workers’ compensation and D&O. Outside of Swiss Re, Lyons serves as corporate secretary of the Association of Professional Insurance Women.

EMILY FLORES

ELIZABETH FRANCY DEMARET Executive vice president, carrier and international strategic development Sedgwick

Executive vice president Worldwide Facilities

Since 1992, Emily Flores has been a member of the team at Worldwide Facilities, where she has four areas of focus: binding authority, construction, habitational and hospitality. Flores also oversees the teams that provide these areas with operational support services. Flores 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.

ERIN HAMRICK Founding partner Sterling James

Sterling James co-founder Erin Hamrick has more than 20 years of experience in the insurance industry. After stints at The Hartford and in the Wall Street office of Heidrick & Struggles, Hamrick was approached by the Department of Defense for assistance with the reconstruction of Iraq after the events of 9/11. In 2001, she co-founded Sterling James, a ‘virtual’ company that generates thought leadership and supports research efforts by Saint Joseph’s University and Drake University on continuing gender disparity in the insurance industry. In 2016, the Association of Professional Insurance Women named Hamrick its Woman of the Year.

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As Sedgwick’s executive vice president for carrier and international strategic development, Elizabeth Francy Demaret works with the company’s international operations and mergers & acquisitions teams to identify key geographies and acquisitions, as well as new product development strategies. Additionally, Demaret is responsible for overseeing carrier relationships in support of more than 2,000 existing clients and creating new business opportunities through expanded relationships for both the business partner and business process outsourcing business. Boasting more than 25 years of insurance experience, Demaret previously served as COO of multinational client services for Marsh, where she was responsible for growing multinational business through a global account relationship network. She has also served in leadership roles for Arthur J. Gallagher, Near North National Group, Home Insurance Company and ACE Insurance.

AURELIA BALZA Broker Insurhaus

JOCELYN RINEER Vice president of field operations

Aurelia Balza went from waiting tables to serving clients in a different way, finding her calling when she received an offer to work at an insurance agency. It has been six years since she made the switch, and she still relishes her job and the challenges that come along with it. Balza retains a focus on transportation and garage insurance, though she has experience in all aspects of P&C insurance. “Although some say insurance is boring, it’s really not,” she says. “Sometimes you are like a psychologist, listening to your customers’ problems while gathering the information needed to quote. Other times, you’re an investigator when you stumble upon a fraudulent claim. Always you’re a student, as the industry is ever-changing.”

Agency Network Exchange

Jocelyn Rineer joined Agency Network Exchange from E&K Agency of Eatontown, New Jersey, where she spent 14 years as a commercial lines marketing manager, responsible for placing various commercial lines risks with numerous standard and wholesale outlets. Upon joining ANE in 2013 as field sales manager, Rineer established the network’s field operations infrastructure. In early 2017, she was named an officer of the company and promoted to vice president of field operations. As the primary contact for ANE’s multi-state agency network member agencies, she works with member agency principals and their staffs to develop organic growth strategies, maximize carrier relationships and expand individual agency capacity for growth. Her notable initiatives include the development of a CE-accredited course entitled “How to Sell your Account to a Carrier: A Lost Art,” conducting carrier ‘speed-dating’ sessions to build greater understanding of product offerings, and putting up a Carrier Leaderboard to motivate agents to write more new business earlier in the year. In 2016, Rineer was recruited to serve as a director on the board of the Professional Insurance Agents of New Jersey, where she chairs the Women’s Business Forum and Membership Services and Program Committees.

SARA VON TERSCH Senior vice president NFP Property & Casualty

Over the past five years, Sara Von Tersch has been the top female producer at NFP and one of the top new business producers nationally, and she continues to be the lead in production for the Southwest. As senior vice president at NFP, Von Tersch provides risk management solutions to commercial clients, specializing in building programs for various franchises. She is responsible for the growth and enhancement of several proprietary insurance programs at NFP and has assisted the team in acquiring more than 10 agencies since she joined the company. Von Tersch started at NFP Property & Casualty in 2006 as an account executive. After joining the firm, she went on to earn her CIC designation, which she keeps current with continuing education.

TRACEY CARRAGHER CEO Breckenridge Insurance Group

Tracey Carragher is a true trailblazer in the insurance industry. Since founding Breckenridge Insurance Group in 2009, Carragher has led a hand-picked team of skilled and dedicated executives as the firm’s CEO. Under her leadership, the organization continues to realize new opportunities by innovating and delivering smart solutions. Carragher began her career at McKinsey, and she held top jobs at Frank B. Hall and Alexander & Alexander before becoming part of the senior management team reporting to the president at Aon. When Aon sold its investment in Cambridge Integrated Services Group, Carragher stayed on as CEO, transforming the company into the largest third-party administrator in the country. In recognition of her many accomplishments – particularly as a champion of diversity in the industry – Carragher was named the 2015 Insurance Woman of the Year by the Association of Professional Insurance Women.

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COVER STORY: ELITE WOMEN 2017 JENNY O’BRIEN Executive vice president and production manager USG Insurance Services

Jenny O’Brien started her career as a producer/broker at USG in June 2012 and rapidly excelled in developing the California territory. She was promoted to production manager in June 2014, and she has held the position of top producer at the company for two years running. As a production manager, O’Brien is responsible for the continued expansion and development of USG’s Southern California territory and Irvine office. O’Brien prides herself on training and developing new production talent. O’Brien started out as a claims adjuster at Kemper Auto & Home and worked her way up to become an underwriter. She then joined the commercial lines team at Tejas American General Agency as an underwriting assistant and was quickly promoted to an underwriter role. Apart from her work at USG, O’Brien is a member of AAMGA and NAPSLO, and supports various charitable causes on a regular basis.

LAURIE NORDQUIST Executive vice president Wells Fargo Insurance

After nearly three decades with Wells Fargo, Laurie Nordquist was appointed head of the company’s personal and small business insurance [PSBI] division in 2014 after leading its 401(k) business. In her current role, Nordquist leads a team dedicated to providing auto, home, renter’s, life and umbrella insurance products to consumers. Her team also provides property, liability, crop and other insurance solutions to small businesses, as well as private risk management solutions for high-net-worth clients. In addition, Nordquist acts as an executive advisor for the Wells Fargo Veterans Team Member Network. Deeply committed to her local community, Nordquist serves on the boards of several organizations, including the Greater Twin Cities United Way, The Institutes and the Minnesota Private College Foundation.

LINDA MURPHY Senior vice president, marine, and Midwest and West zone leader Allianz Global Corporate & Specialty

Based in Los Angeles, Linda Murphy provides leadership, guidance and relationship management to teams at Allianz Global Corporate & Specialty encompassing in excess of $1 billion gross written premium. For the marine practice, Murphy develops and executes AGCS’ marine strategy and supports CUO strategies for the marine line of business within the West zone of approximately $150 million in gross written premium. Before joining AGCS in 2009, Murphy held a variety of specialty lines cargo positions at Fireman’s Fund Insurance Company.

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SUZANNE BRANDT Managing director Ryan Specialty Group

Suzanne Brandt has been with Ryan Specialty Group [RSG] since 2010, serving as managing director for RSG and president of the national property practice for its wholesale arm, RT Specialty. She is responsible for ensuring continuous development of new products and facilities for RT brokers, and for maintaining long-term carrier relationships both stateside and in London in order to establish exclusive products in the property segment. Prior to joining RSG, Brandt spent nearly 15 years with CRC, which she joined shortly after the Northridge, California, earthquake in 1994. This led her to many opportunities within the company, such as helping place tough earthquake accounts and developing and underwriting these exposures for its MGA facility. Brandt started her career as an underwriter at the Great American Insurance Company and went on to join Allianz Underwriters, where she became senior underwriter and manager, in charge of large Fortune 500 accounts and national schedules. As a female leader, Brandt continues to inspire her peers and the next generation of insurance professionals: “She has overcome every possible obstacle a woman in corporate insurance can face, and she has risen above those things and found a way to stay relevant and be impactful by creating new platforms from which to trade – while traveling, chairing meetings, holding board memberships with the YPO Insurance Group, staying fit and being a mother,” says a colleague at RT Specialty. “She has become a great example for senior brokers and a fabulous role model for women getting into the business.”

SUSAN PRESTON President Professional Program Insurance Brokerage

Susan Preston has been a program innovator since 1993, when she founded Professional Program Insurance Brokerage [PPIB]. Today, Preston continues to seek out new and interesting markets to develop for specialty/service businesses. Over the past year, PPIB began writing a circus and carnival program and a cannabis program, and recently finalized an excess program to go over unique, hard-to-find markets. “I love growing the business and developing staff to become both underwriters and salespeople,” Preston says. “It is most rewarding to see people of all ages develop into well rounded individuals. These are exciting times.” To better serve and understand the unique risks and needs of clients, PPIB spends a significant amount of time learning the industries it specializes in. This knowledge and understanding led Preston to co-found a nonprofit association in 1990 to set standards for PPIB’s permanent cosmetic program. Outside of PPIB, Preston serves on three nonprofit boards, and she recently participated as a panelist at Cannabis Cover 2017 Colorado, an Insurance Business masterclass.

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CORINNE JONES Executive vice president of operations AmWINS Access Insurance Services

Starting her career as a file clerk, where her entire job interview consisted of the question, “Can you type?”, Corinne Jones has since gained 35 years of experience in the excess & surplus lines insurance industry. Much of her career has been spent in commercial underwriting; she rose through the ranks to become chief operating officer and shareholder of a privately owned MGA. Today, she is executive vice president of operations for AmWINS Access Insurance Services. Last year, Jones was elected president of the AAMGA, which has served as the trade association to international wholesale insurance professionals for 91 years. In addition to her roles at AAMGA and AmWINS, Jones organizes and participates in AmWINS’ regional Summer of Service projects and raises money for the City of Hope.

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COVER STORY: ELITE WOMEN 2017 RACHEL FIKES VP and study program director, Workers’ Compensation Benchmarking Study Rising Medical Solutions

A 20-year communications veteran, Rachel Fikes came to the insurance industry by way of psychology. She uses both of these skill sets to lead a national research program she helped pioneer: Rising’s Workers’ Compensation Benchmarking Study. Now entering its fifth year, the study’s annual report examining how claims organizations address industry-wide operational challenges is one of the only of its kind. Fikes attributes her organizational curiosity and interest in research to her psychology studies at Kenyon College. “We’ve been very fortunate that over 1,000 claims executives have participated in this collaborative investigation and shared their insights through survey and focus group research each year,” she says. “To be able to examine what high-performing claims organizations are doing to overcome complex operational challenges, disseminate that knowledge and advocate for the advancement of claims management is very rewarding work.”

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JENNIFER RUBIN Global product head â&#x20AC;&#x201C; terrorism, war and political violence Hiscox

Terror risks continue to evolve, increasing the demand for specialist insurance professionals with the expertise to handle these unique exposures. As global product head for terrorism, war and political violence underwriting at Hiscox, Jennifer Rubin manages the terrorism, property, liability and NCBR [nuclear, chemical, biological, radiological] insurance products in the US. Prior to joining Hiscox, Rubin underwrote commercial property as the product line manager at Lexington Insurance, where she specialized in healthcare and higher education institutions. In this role, Rubin was responsible for developing creative insurance solutions for catastrophic property exposures, including earthquake, hurricane, flood and terrorism.

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COVER STORY: ELITE WOMEN 2017 ENYA HE Regional director, South Central region Lloyd’s America

BILLIE GORRELL President Ashley General Agency

The co-founder of Ashley General Agency with her father, E. Lyle Ashley, Billie Gorrell works closely with companies domestically and abroad, enjoying the many aspects of the insurance business, especially the people. Before forming her own agency in 2010, Gorrell was assistant vice president and brokerage underwriting manager at HRH/ Bliss and Glennon. Prior to that, she worked in various areas of insurance, including accounting, claims and underwriting, holding a variety of management positions. Today, Gorrell retains a focus on mentoring her employees and considers her dedication to employee growth the key to her success. Active within the industry and her community, Gorrell is a member of multiple trade associations and the American Cancer Society’s Relay for Life.

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Born and raised in China and educated both in China and the US, Enya He brings unique and versatile leadership to the insurance industry. As the South Central regional director for Lloyd’s, she is responsible for market development activities in Arkansas, Louisiana, Oklahoma and Texas. She manages relationships with multiple stakeholders, including Lloyd’s underwriters, Lloyd’s brokers, US retail and wholesale brokers, independent insurance agents, and risk managers, as well as many trade associations. Prior to joining Lloyd’s, He was a tenured professor in insurance at the University of North Texas, where she passionately worked to ensure the successful post-graduation launch of hundreds of college students into the industry. Before moving to the US from China, He worked for Ping An Insurance Group, Tong Tai Insurance Brokerage and Swiss Life Group. She is an active director on the Insurance Industry Charitable Foundation Southeast/Texas division board and a member of the National Steering Committee for the Women’s Insurance Networking Group.

TRUDY HARDIN Senior vice president Aon Risk Solutions

In 2015, Trudy Hardin joined Aon Risk Solutions’ financial services group legal and claims practice as senior vice president; she also serves as claims counsel for the Denver office. She helped develop Aon’s Wage and Hour Policy, the first of its kind in the marketplace. She also successfully designed and brokered numerous EPL and wage-and-hour programs for corporations of all sizes. She works with brokers to advise Aon clients on issues including policy wording and interpretation, claims, and coverage, and serves as a claims advocate for clients. Hardin originally came to Aon Risk Solutions in 2003 from Aon Risk Consultants.

ORDINARY PEOPLE GETTING THE EXTRAORDINARY DONE

JULIE MIX MCPEAK Commissioner, commerce and insurance Tennessee Department of Commerce and Insurance

Julie Mix McPeak has led the Tennessee Department of Commerce and Insurance since her appointment by Governor Bill Haslam in 2011, which made her the first woman to serve as chief insurance regulator in two different states. Before being named to lead the department, McPeak practiced as counsel in the insurance practice group of law firm Burr & Forman LLP. She also served as the

attorney and general counsel, and later the executive director, for the Kentucky Office of Insurance. An active participant in the National Association of Insurance Commissioners [NAIC] for nearly 20 years, McPeak has served on the NAIC’s Executive Committee since 2013 and was named president-elect in December 2016. She also serves as a member of the Federal Advisory Committee on Insurance and served as co-counsel for Kentucky Association of Health Plans v. Miller, a case heard before the Supreme Court regarding ERISA preemption and state ‘Any Willing Provider’ statutes.

Industry-Leading Wholesale Broker & Program Manager

CONNIE RIVAS Vice president of product development NAS Insurance Services

As vice president of product development at NAS Insurance Services, Connie Rivas leads the company’s efforts to turn specialty insurance opportunities into actual policy forms that address emerging business risks. Since joining the company in 2004, Rivas has been at the center of NAS Insurance’s innovation by developing, customizing and updating policy wordings across all cyber, specialty and reinsurance lines of business. A highly sought-after cyber coverage expert, Rivas has presented at numerous industry events.

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COVER STORY: ELITE WOMEN 2017 SALLY DOLCE Chief operating officer Mackoul & Associates

GINA PAPUSH

As COO at Mackoul & Associates, Sally Dolce is hands-on and deeply involved, especially in growing the company’s talent base, shaping its culture and influencing business outcomes. “Sally has done all of the hiring for the agency the past 15 years and has helped build an agency full of smart, caring and cohesive people,” says president and CEO Edward Mackoul. “The staff is the single biggest reason for our growth each year, and we were named Best Agency to Work for in the East in 2013. The agency has grown for 21 out of the past 22 years and has exceeded industry standards in most years.” In 2016, Dolce helped design an app for the agency, as well as a client portal that allows insureds to issue their own certificates, report claims, view their policies and make changes. Dolce has served on the board of the Insurance Professional Association of Long Island and is still a member-at-large. She is also part of IIABA New York, as well as the Tri County Independent Insurance Agents of New York. Dolce’s caring approach extends beyond her work at the agency, as she helps organize annual charitable contributions for organizations such as the American Cancer Society and Mission United, as well as various community groups.

Chief data and analytics officer

LAURIE BRANCH

QBE Group

Recognized for her proven leadership and expertise in analytic innovation and data-driven strategies that accelerate business growth in complex environments, Gina Papush currently serves as chief data and analytics officer at QBE Group, where she spearheads the development of leading decision support and business optimization capabilities for the firm globally. During her 20-year career, Papush has successfully built leading decision analytic and information management capabilities across diverse industries and business models, delivering significant business results. Prior to joining QBE, Papush was head of mortgage decision management at Citigroup’s global consumer banking unit and held various leadership positions within the financial services and consulting industries. Over the course of her career, she has developed and implemented customer experience, segmentation, database marketing and risk management solutions for PNC Bank, General Electric Credit Services, Lowe’s, HBO, Roche Diagnostics, Whirlpool and many other companies.

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President The Iroquois Group

Appearing for the third time on IBA’s Elite Women list, Laurie Branch is president of The Iroquois Group, one of the nation’s oldest and largest networks of independent P&C insurance agencies. After spending four years working in brand management for Procter & Gamble, Branch joined The Iroquois Group in 1984. Since that time, the network has grown tremendously, increasing from 50 member agencies in two states to 2,449 member agencies in 41 states as of May 2017. Aside from managing Iroquois, Branch is very active in local education. For the past decade, she has been a member of the Olean School Board of Education and a trustee on the board at St. Bonaventure University, where she is also an adjunct professor in the School of Business and finance department. In 2009, Governor David Paterson named her New York State’s Woman of Excellence in Business. In 2011, the National Federation for Just Communities honored her with its Community Leader Award.

MELINDA LANGWORTHY Producer The Insurance Shop

In the five years that Melinda Langworthy has been a producer at The Insurance Shop, she has successfully built a book of business in commercial P&C worth nearly $3 million. She constantly pushes herself to learn more about the industry and received her Small Business Coverage Specialist designation in 2016. “Melinda is a leader with great ideas,” says a colleague. “She has made countless suggestions that have helped our agency improve.”

INGA BEALE CEO Lloyd’s of London

Any list of the most influential women in insurance must include Inga Beale – the first female CEO of Lloyd’s, first to top the OUTstanding list of 100 leading LGBT executives and now a Dame Commander of the Order of the British Empire. Among her endless list of accomplishments, Beale told the Guardian she is “incredibly proud of the work that [Lloyd’s is] doing to encourage diversity … to become a truly modern, global and inclusive sector.” Now facing Brexit and the UK’s general election, Beale is calling on leaders to improve London’s access to international markets and to continue fostering a diverse workforce in order to maintain the industry’s growth and contributions to the economy. Lloyd’s also plans to set up a new office in Brussels by mid- 2018 to ensure that it can continue underwriting insurance policies for the rest of the EU.

SUSAN ZDROIK Vice president and account executive Transatlantic Reinsurance

In addition to her role working with regional US clients as vice president and account executive at Transatlantic Reinsurance, Susan Zdroik also heads the Association of Professional Insurance Women, which was founded in 1976 to support the advancement of female insurance professionals and recognize their contributions to the industry. APIW provides members with opportunities for professional development, networking and career advancement, and is dedicated to growing the next generation of insurance professionals through scholarship grants. The association celebrated its 40th birthday last December, during which Zdroik received insights from many attendees. In line with APIW's campaign to ‘#thinkBIG2017,’ Zdroik hopes to lead the organization to accomplish several goals, including launching a new mentoring program with St. John’s School of Risk Management, reworking the Women of the Year Award selection process, expanding to other cities and rethinking membership requirements to provide young professionals more opportunities to get involved with APIW.

MARYA PROPIS Head of distribution management/broker engagement Lexington Insurance Company/AIG

This May, the Insurance Industry Charitable Foundation named Marya Propis as a recipient of its Inclusion Champion Award, which honors professionals making significant contributions to advance diversity in the industry. At Lexington Insurance and AIG, Propis works closely with the US and Canada distribution group to ensure execution of broker strategies for both Lexington and Risk Specialists Companies Insurance Agency. She also leads distribution for the US and Canada property group, working in conjunction with industry practice groups and supporting industry specialization growth strategies. In addition, Propis represents AIG on the board of Spencer Educational Foundation, an organization awarding scholarships and grants in risk management and insurance, and is an executive sponsor for AIG’s Young Professionals Employee Resource Group for the New York City metro area.

LORI HUNTER Executive vice president Worldwide Facilities

A 37-year industry veteran, Lori Hunter continues to be a leader in the surplus lines industry. She began her career by graduating with distinction from the College of Insurance with a degree in risk and insurance. Currently an executive vice president at Worldwide Facilities, Hunter is a creative force who continues to find unique solutions for hard-to-place casualty and professional risks. Hunter is passionate about mentoring and education, and has created continuing education classes for the industry on topics including umbrella, product recall and construction. She serves on various committees for Worldwide Facilities’ senior management and has also served on a number of carrier advisory boards. When she's not focused on the insurance industry, Hunter volunteers her time at local nonprofit organizations in her Pasadena, California, community.

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COVER STORY: ELITE WOMEN 2017 ASHLEY DE PAOLA Assistant vice president, account executive –lead Alliant Insurance Services

A dynamic young leader and hands-on problem-solver at Alliant Americas, the national middle-market platform of Alliant Insurance Services, Ashley De Paola is based in Alliant’s New York office, where she is responsible for a large portfolio of middlemarket clients throughout the Northeastern US. De Paola is highly regarded by her clients and colleagues for her in-depth policy analysis and tenacity in securing optimum coverage and cost savings, even in the face of highly complex risks and exposures. Her primary focus is on the real estate industry, and her experience spans a broad range of projects and product types. Outside of insurance, De Paola is a dedicated member of her Westchester community, where she supports various local charities.

ALISON OLIPHANT

SUZANNE O’KEEFE Executive vice president Wells Fargo Insurance

Chief underwriting officer Velocity Risk Underwriters

In late 2015, Alison Oliphant started a commercial division from scratch at Velocity Risk Underwriters [VRU], an MGA that operates as the direct insurance underwriting arm of Nephila Capital. Oliphant has built and is still growing the commercial operations, having worked simultaneously on a multitude of processes, from hiring a full underwriting team and designing underwriting criteria and rating methodology to working on modeling capabilities and directing the development of proprietary technology. Under Oliphant’s leadership, VRU closed 2016 with $28.6 million in written premium and is currently building on a year-to-date total that far exceeds all of 2016 as a result of its growing team. Before joining VRU, Oliphant was with AmWINS Group, where she received an award for her work as a mentor, given by the company to leaders who invest knowledge, skills, experience and time to develop young talent. In addition to her day job, Oliphant served as the 2016 chairperson of the Birmingham, Alabama, March of Dimes fundraising campaign and is also involved with other local charities.

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Suzanne O’Keefe’s work ethic, leadership style and outlook can be summed up by the motto “attitude determines altitude.” Starting out as a customer service representative and working in various sales and business development roles, O’Keefe eventually joined Wells Fargo Insurance in 2002. She was recently promoted to lead the newly formed insurance bank partnership division of the firm, where she is responsible for overseeing cross-sell activities between Wells Fargo’s insurance brokerage and consulting business and its corporate and commercial banking partners. Prior to her new role, O’Keefe led the small business insurance team and served as a managing director for the Mid-Atlantic and Carolinas regions. Outside of Wells Fargo, O’Keefe participates in various career advisory boards and mentors other women in the industry. She also volunteers regularly with the National Youth Football Organization.

NATASHA RICHARD Cyber liability national practice leader RLI Insurance Company

Overseeing a division responsible for one of the fastest-growing new products in the insurance industry, Natasha Richard serves as RLIâ&#x20AC;&#x2122;s cyber liability national practice leader â&#x20AC;&#x201C; a practice she helped build from scratch. Richard began her insurance and financial underwriting career with AIG and Chubb Insurance, analyzing Fortune 500 companies and underwriting executive liability coverage forms. In 2005, she obtained her MBA with concentrations in finance and accounting, and worked with Pacific Life Insurance and MetLife Securities as a registered investment advisor. In 2013, Richard joined RLI as an executive products underwriter; in her current role, she provides cyber liability solutions for medium- to large-sized firms, with a focus on financial institutions.

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COVER STORY: ELITE WOMEN 2017 CAROL JONES

DAWN HALKYARD

Vice president and sales manager

Commercial lines agent and office supervisor

Buckman-Mitchell

The F.A. Peabody Company

In 1984, Carol Jones joined BuckmanMitchell, where she currently serves as vice president of sales and marketing. However, her role doesn’t end there: Jones wears many hats at Buckman-Mitchell, including sales manager for all lines of insurance, marketing manager, quality control coordinator, commercial lines manager, personal lines manager and educational coordinator. For that last role, Jones uses her passion for teaching to facilitate the in-house insurance courses at BuckmanMitchell, which has allowed many employees access to continuing education to earn insurance designations. Outside of insurance, Jones has been a member of the board of directors of Visalia Emergency Aid since 1988 and is an active member of the Visalia Host Lions Club.

Dawn Halkyard first joined the F.A. Peabody Company in 2006 as a receptionist before becoming a personal lines agent in 2010. Currently, she serves as the commercial lines agent and staff supervisor for the company’s branch office in Sherman, Maine, where she handles servicing of its commercial book of business. Halkyard has been a member of the International Association of Insurance Professionals since 2007, holding various positions at her local chapter, and she will soon take on the role of membership chair for the state of Maine. Her involvement with the organization led to her newfound passion for teaching: She is currently developing a series of E&O courses geared toward new agents, and she hopes to create more in-depth programs to provide insurance education to a wider audience.

CARRIE KIESELHORST Principal

MICHELE CENTENO

Wix Insurance Agency

Senior vice president

After a career as a critical care nurse, followed by a stint in medical device sales, Carrie Kieselhorst joined her father and brother-in-law to establish a family insurance agency. In the five years since opening its doors, Wix Insurance Agency has acquired two other agencies and has opened a second location. When she’s not running her insurance agency, Kieselhorst is fiercely dedicated to the community. “I am not in the business of being successful without building and supporting a strong, growing business and personal community,” she says. “We are dedicated to [being] good and responsible business owners.” Each year, Kieselhorst also travels to Haiti with the Haiti Foundation of Hope, where she works on a medical team aiding the underserved communities of the island nation.

Arthur J. Gallagher & Co.

An industry veteran with more than two decades’ worth of experience, Michele Centeno has worked in New York City, Boston, Atlanta and South Florida, delivering risk transfer solutions to numerous Fortune 500 companies. Today, Centeno serves as SVP of Arthur J. Gallagher’s risk management services group, focusing on complex P&C and management liability. Prior to joining AJG, Centeno was with Crystal & Company, where she led the growth initiative for the firm’s risk management practice, introduced analytics and modeling to assist clients with managing insurance costs, enhanced deliverables and capabilities, and formed a Client Advisory Council, which enabled risk managers and insurance buyers to share intellectual capital to improve underwriting and brokerage services. Centeno has also served as managing director at Beecher Carlson and at Marsh, where she led the Southeast FINPRO practice, responsible for key relationships with clients within the Fortune 100. In addition to her role at AJG, Centeno is vice chair of the Women’s Leadership Initiative with the Urban Land Institute, is an advisory council member of the Urban Land Institute Association and is a prior board member of Catholic Charities of Atlanta.

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ANNE PULLUM Chief administrative officer and head of strategy and innovation

LINDA FISHER

Willis Towers Watson

President/owner

Currently Willis Towers Watson’s chief administrative officer and head of strategy and innovation, Anne Pullum previously served as Willis Group’s head of strategy, playing a key role in determining the group’s strategy, working across all business segments and functional areas. Before joining Willis in May 2014, Pullum worked at McKinsey & Company, conducted economic research at Greenspan Associates in Washington, DC, and was an analyst in Goldman Sachs’ equities division in London.

CAROL G. BARTON President, AIG Multinational AIG

As president of AIG Multinational, Carol Barton oversees the worldwide leadership and strategic direction of AIG’s multinational business, in addition to assigned countries around the world. Most recently, Barton served as chief underwriting officer for AIG Global Property, where she was responsible for the leadership of all underwriting activities, as well as driving a Photo by Barbie Schwartz consistent global vision, value proposition and key strategies for the delivery of market-leading capacity, products and service for AIG’s commercial property, energy and engineered risk portfolios. Prior to joining AIG in January 2010, Barton developed her insurance career by working for FM Global in positions of increasing authority – most recently as senior vice president and chief underwriting and reinsurance officer, with global leadership responsibility for all underwriting and reinsurance activities.

Cardinal Insurance Group

In 2004, Linda Fisher started her own agency from scratch at a time when getting a company appointment was very difficult and only a few agencies in Michigan were owned by women. Now a well established insurance professional, Fisher has dedicated 20 years of volunteer service to the Michigan Association of Insurance Agents, having served on the majority of its boards, task forces and committees. She is currently a director on the State Association Board. Recently, Fisher formed a mastermind group of independent agency owners from across the country, all of whom have committed to meeting twice a year to address industry issues, from technology strategies to financial and marketing plans. She is also working on forming a charity with other industry leaders to support local charity projects while maintaining a national focus on fundraising within the industry. Outside of insurance, Fisher is involved in a number of community projects, including serving for four years as co-chair of the Women’s Council of Realtors’ fundraiser for women with cancer.

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COVER STORY: ELITE WOMEN 2017 ELIZABETH BISHOP Managing senior vice president Heffernan Insurance Brokers

CYNDEE MORTON Senior vice president of operations Safety National

Promoted to the role of senior vice president of operations at Safety National a few months ago, Cyndee Morton is now responsible for senior management oversight of the policy services admini stration and information systems departments. Additionally, she leads the company’s Operations Committee and Valued Customer Experience team. After getting her start in insurance more than 20 years ago, Morton has occupied various positions at Safety National. During her career, she has established the first formal electronic communication with key brokers and worked with IT in the effort to implement EDI processes, in addition to developing and implementing Safety National’s policy services administration department, to name just a few of her accomplishments. In 2008, the PSA department became a stand-alone division of Safety National, making Morton one of the first female department heads in corporate history.

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Recently, Elizabeth Bishop celebrated 20 years with Heffernan Insurance Brokers. After holding underwriting management positions at Chubb in California, Arizona and Texas, Bishop was hired as a broker at Heffernan, where she effectively developed clients in the wine, construction and nonprofit industries before being asked to manage Heffernan’s Petaluma branch operations. Over the course of 10 years, Bishop started an aggressive growth initiative, developing a team that grew the operation organically from $2.5 million in revenue to more than $10 million. In 2014, Bishop recognized three women managers at Heffernan who were in need of mentorship and camaraderie. After hosting a few breakfasts with the small group, she decided to implement a program called Women of Influence, bringing together like-minded professional businesswomen throughout the company. The women who take part feel supported in their career efforts and receive assistance in achieving a successful work-life balance. Thanks to her leadership success, integrity, energy and commitment to a best-in-class client and staff experience, Bishop was asked early last year to be one of three executive leaders trusted with overseeing the company at its highest level.

MICHELLE BOYER Vice president, marketing and communications HUB International

A third-generation insurance professional, Michelle Boyer has more than 15 years of experience in the industry. During her career, she’s held positions in wholesale underwriting and brokerage sales and service, acquiring a well rounded and enterprise perspective of the insurance landscape. Her niche expertise is optimizing client retention and growth opportunities through strategic marketing and communications programs. As vice president of marketing for HUB International’s entertainment division, Boyer creates and executes strategic marketing and communications plans and facilitates business development opportunities. In 2013, she penned the chapter on risk management in the book What’s the Worst That Could Happen, a collection of claims stories that explain real-world insurance issues. A licensed P&C insurance broker and CIC designation holder, Boyer’s contributions to the field have been recognized by the San Fernando Valley Business Journal and the Los Angeles Business Journal. Boyer is also an active volunteer with Dress for Success, providing career coaching and personal branding consultation to at-risk women in Los Angeles.

MARIA OLIVO Executive vice president of strategic development and corporate treasurer Travelers

Maria Olivo serves head of strategic development and global corporate treasurer for Travelers, positions she has held since 2010 and 2009, respectively. Olivo previously served as deputy head of strategic investments with Swiss Re Capital Partners before joining Travelers Property Casualty Corp. in 2002 as executive vice president of corporate development and investor relations. In addition to her leadership roles, Olivo is also a member of the company's Innovation Council, which is tasked with accelerating and maximizing the impact of innovation at Travelers.

TISH RILEY President International Association of Insurance Professionals

Tish Riley’s involvement in the International Association of Insurance Professionals [IAIP] started almost 20 years ago when she joined the Tri-Valley Insurance Professionals. She has since taken on various leadership posts within the organization, including California council director, regional vice president and now president of the association. Riley has more than three decades of experience in the industry. She has held a wide range of positions, from operations and underwriting to compliance and business analytics. On top of her administrative duties at IAIP, Riley also teaches IAIP courses and is a certified CLP instructor.

AMY MCNEECE Senior vice president Chubb

At Chubb, Amy McNeece is responsible for the strategic oversight of the financial results of a $1 billion operation; she also manages the distribution, state planning and sales initiatives for Chubb’s high-net-worth personal insurance coverage and risk management practices. McNeece also manages the personal risk services for the New York region. A Certified Advisor of Personal Insurance – an elite designation granted by Wharton’s Aresty Institute of Executive Education – McNeece has 16 years of experience in personal risk management. Currently, she serves as an executive board member of the Snug Harbor Cultural Center and Botanical Garden in her hometown of Staten Island, New York. She also has served as an executive board member of the National Association of Insurance Women’s New York City chapter for six years. In 2012, McNeece completed her first century bike ride and received an extraordinary fundraising award from the Leukemia & Lymphoma Society.

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COVER STORY: ELITE WOMEN 2017 KIMBERLY BUSHONG PETRILLO Vice president Coastal Insurance Underwriters

As vice president of Coastal Insurance Underwriters, a program administrator specializing in designing, creating, and managing insurance products for community associations, Kimberly Bushong Petrillo plays a key role in the company's growth. Her many talents include reviewing coverage forms and technically dissecting and analyzing specialty coverage. A CPCU designation holder, Petrillo assists in finding new carrier partners and managing carrier relationships, and also plays an integral role in product development.

JILL KNECHT Vice president and regional head of property, North America Allianz Global Corporate & Specialty

Possessing extensive insight into underwriting large global property exposures and risks, Jill Knecht serves as vice president and regional head of property in North America for Allianz Global Corporate & Specialty. Knecht began her insurance career 27 years ago as a multiline underwriter trainee with Royal Insurance and has spent her career crafting underwriting solutions for clients.

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SERAINA MAAG MACIA CEO Hamilton USA

In October 2016, Seraina Macia was appointed as CEO of Hamilton USA to oversee the development of the company’s insurance platform in the US, following its launch of a tech joint venture with AIG and Two Sigma to reach the SME market. Macia was selected for the role based on her extensive US and international insurance experience, as well as her ability to envision the incorporation of technology and data analytics in the industry. Macia has more than 25 years of experience in insurance and reinsurance, and has held executive positions at AIG; her most recent was CEO and executive vice president of regional management and operations. She also has held leadership positions for AIG EMEA, XL Insurance North America and Zurich North America's commercial specialties business at various points. Earlier this year, Macia gave the keynote address at a joint luncheon for the Association of Professional Insurance Women and the CPCU New York Chapter, her first public speech since being appointed CEO of Hamilton USA. In her address, she encouraged women leaders to be authentic and explained how to move beyond self-doubt. “Keep in mind that female leaders think and lead differently than our male counterparts, and we are often judged more harshly for behavior that is accepted as a matter of course by men,” Macia said. “This can feel uncomfortable if you are sitting around a table with male colleagues debating an issue and you have a different perspective, but you are debating with yourself, 'Should I say something or should I just let it go?' Well, of course, the answer is say something! Women are plagued by feelings of inadequacy. It’s one of the greatest obstacles to our success.”

KRISTIN APPLEGATE Chief administration officer, underwriting services Starr Companies

Kristin Applegate has been with Starr Companies, a global insurance and investment organization, for 17 years, starting out as an underwriting associate and business analyst before being promoted to operations director and now chief administration officer. In her current role, she oversees teams responsible for various operations, such as underwriting services, underwriting system business analysis, data quality management, producer licensing and appointment management. Applegate has been an active member of the Insurance and Accounting Systems Association since 2012 and will be on a panel at its annual conference this year. She also served as a speaker at the Women in Insurance Leadership Conference last fall.

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COVER STORY: ELITE WOMEN 2017

KATHRYN CARROLL Senior vice president JLT Specialty USA

An accomplished professional with 28 years in property & casualty insurance underwriting and brokerage, Kathryn Carroll provides her clients with technical expertise in coverage analysis, brokerage, strategy, service plan implementation and oversight. In August 2016, Carroll joined JLT Specialty as a senior vice president specializing in the energy and financial sectors. Carroll has also led risk management casualty teams at companies like Arthur J. Gallagher and Marsh, and has served in senior advisory and senior/referral underwriting roles. A holder of CPCU and ARM designations, Carroll has worked with some of the largest companies in various industry segments, including chemical, construction, energy, financial services, manufacturing technology services, transportation and real estate.

MAUREEN CONNOR Property claims examiner USLI

Maureen Connor started at USLI by handling claims and shortly moved up to the day-to-day management of assignments and vendor management. After identifying the need for more effective coordination with vendors, Connor took on that new role. She is also in charge of leading her team in coordinating catastrophe management. Since joining USLI in 2006, Connor has earned several certifications from the Insurance Institute, as well as a law degree in 2016. Outside of insurance, Connor volunteers for TLC, a dog rescue and foster program, and Wills for Heroes, where she assists with wills and estate planning for first responders and members of the military.

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NEETI BHALLA EVP and chief investment officer Liberty Mutual Insurance Group

A former Rhodes Scholar at Oxford University, Neeti Bhalla now oversees the management of Liberty Mutual’s invested assets of approximately $86 billion as the company’s EVP and CIO. With a career spanning multiple nations, Bhalla joined Liberty in 2013 as head of strategy and risk management and deputy chief investment officer, following a position as managing director at Goldman Sachs. First joining Goldman’s London office in 2000, Bhalla previously worked at the Central Bank of Kenya and the Nairobi Stock Exchange.

What is Craftsmanship ? SM

To be crafted is to meet exacting standards.

©2017 Chubb. Coverages underwritten by one or more subsidiary companies. Not all coverages available in all jurisdictions. SM Chubb®, its logo, Not just coverage. Craftsmanship.SM and Chubb. Insured. are protected trademarks of Chubb.

It’s the human touch that combines art and science to create something unique. We tend to think about craftsmanship in terms of physical things: fine wine, classic cars, custom furniture and iconic structures. But what about the underwriting of insurance to craft protection for your unique and valuable things? And the service behind that coverage when you need it most — like claims and loss prevention? For your business. Your employees. Your home. The people you love. Things that need a particular kind of protection and service. The kind Chubb provides. SM

Not just coverage. Craftsmanship. Not just insured.

Chubb. Insured.

chubb.com

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COVER STORY: ELITE WOMEN 2017 PATRICIA HARTNESS Broker Foundation Insurance Group

DANIELLE LISENBEY President and CEO

Having joined Foundation Insurance Group in 2000, Patricia Hartness was named the company’s number-one producer for 2015 and 2016, and is the only female sales producer thus far in the agency. “I started working in the insurance industry when I was 21 years old while taking some classes at NOVA,” she says. Hartness got her start in the industry as a receptionist/file clerk and quickly worked her way up by getting a P&C license within a few months. Soon, she was taking on various roles, including customer service and account management, before finally becoming a producer. Hartness writes both personal and commercial insurance, and has developed expertise around the latter, specifically for contractors, restaurants and garages/gas stations. She has also established active working relationships with a number of state and national carriers, and completed her CIC designation in 2016. In addition, Hartness started a Christmas charity program for Foundation Insurance Group last year, which arranged for Christmas gifts to be sent to children in Guatemala.

Broadspire Services

Throughout her career, Danielle Lisenbey has mentored and helped develop other women in the industry. She was the first female member of the Crawford & Company global executive team and has been the president and CEO of Broadspire Services since 2012. Under her leadership, four of the seven executive management teams within Broadspire are now led by women. Last year, Lisenbey was selected as a winner of a Silicon Valley United States Women World Award in the Female Executive of the Year category and was named Claim Executive of the Year by the New York Claim Association. As the leader of Broadspire, Lisenbey’s goal is to make the company the number-one choice for businesses seeking claim, disability and medical management services to help increase employee productivity while containing costs. Recently, she spoke about OSHA’s new rule for 2017 whereby employers are required to submit reports of workplace injuries electronically; this allows the administration to make employer-specific data publicly available, which will translate to better accountability on the part of employers and increase workplace safety. Involved with various community and trade organizations, Lisenbey currently sits on the boards of the Disability Management Employer Coalition and Moving in the Spirit, a youth development program that uses the art of dance to positively transform the lives of children and teens in Atlanta. She is also a founding board member of the Alliance of Women in Workers’ Compensation and a member of the Society of Manufacturing Engineers and the National Association of Women Executives.

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AYESHA WEST Underwriting manager AXIS PRO

In 2016, Ayesha West joined AXIS Insurance, a business segment of AXIS Capital as underwriting manager of its professional liability division, where she specializes in cyber/ network security and privacy liability, technology E&O, media, and miscellaneous professional liability. West also serves as the cyber underwriting specialist for the Northeast zone, extending complex underwriting expertise to regional and national brokers and clients. “As the zonal cyber underwriting specialist,” she says, “I am part of a formal internal team of national underwriters with heightened cyber underwriting and technical expertise that provides cyber resources to the regional underwriting teams and works with the product team to maintain a competitive advantage in the cyber marketplace.” Beyond her day job, West serves on the advisory board of the John West Insurance Association and was selected to participate in the inaugural Leadership and Mentorship Program by PLUS from 2015 to 2017. However, she says her proudest accomplishment has been her “involvement as a co-founder and board member of the Water Street Club, an organization that seeks to increase diversity in the insurance industry through educational events, networking, mentoring and community outreach. We are growing exponentially and are hoping to have a major impact on the future of the industry.”

SHANNON WEBSTER REEVES Regional vice president, Executive Products Group RLI Insurance Company

Shannon Webster Reeves currently serves as regional vice president of the Executive Products Group at RLI Insurance Company, where she leads a team of underwriters specializing in directors & officers, employment practices and fiduciary liability for publicly traded, private and nonprofit companies. Reeves has focused her career on executive lines business, holding various roles at Arch Insurance Group and Chubb Insurance before moving to RLI in 2011. Reeves earned a bachelorâ&#x20AC;&#x2122;s degree in economics from Penn State University and an MBA from DePaul University. After spending the first 13 years of her career in Chicago, she now resides in Los Angeles. Outside of RLI, Reeves is an active volunteer with the National Multiple Sclerosis Society and is a member of the board of trustees of the Southern California and Nevada chapter after many years of involvement with the Greater Illinois chapter.

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COVER STORY: ELITE WOMEN 2017 TRACIE GRELLA Global head of cyber AIG

DOREEN REINKE Vice president of operations Nationwide E&S/Specialty

At age 19, Doreen Reinke was the youngest licensed female insurance adjuster in Arizona. Today, as VP of operations for one of the largest E&S/specialty carriers in the nation, Reinke oversees the company’s operations delivery services, including statistical processing, underwriting and claims support, and processing, consulting and integration. She also developed and implemented Nationwide’s data governance program. In addition to her day job, Reinke also serves on the Valley of the Sun United Way campaign cabinet and on the boards of several community organizations. Reinke was awarded the Martin Luther King Jr. Community Celebrating Diversity Champion Award for her work in promoting civil and human rights, and was a Frank W. Hodges honoree in recognition of her significant contributions to and impact on the community.

TAMI RODGERS Managing director Higginbotham

One of IBA’s Top Producers for 2017, Tami Rodgers joined Higginbotham in 2000 as a commercial marketing manager and broker. Seven years later, she became a managing director of the firm, and in the same year, her expertise and accomplishments were recognized when she became a member of the Higginbotham Million Dollar Club. Focusing on P&C insurance in large, sophisticated commercial operations, Rodgers has implemented complex programs for a broad range of industries, including manufacturing, distribution, energy, construction, real estate development, retail, restaurants and healthcare.

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As global head of cyber at AIG, Tracie Grella helps to ensure the company’s continued involvement in creating solutions and delivering expertise to assist commercial and consumer insurance clients in mitigating cyber risks. Since joining AIG in 1995, Grella has held a number of positions of increasing responsibility, including president of national accounts, chief underwriting officer, division president for professional liability in the US and Canada, and most recently global head of professional liability for financial lines. In this capacity, she was responsible for establishing underwriting strategy and implementing best practices in multiple lines of business, including cyber, reputational risk, architects and engineers, and specialty professional liability worldwide. Regarded as an insurance expert on cyber liability and professional liability issues, Grella is commonly called upon to share her insights and knowledge of these vast risks.

FELICIA WILHELM Owner and CEO Prairie State Administrators

A registered nurse, Felicia Wilhelm has developed a highly successful company with fully integrated utilization management. As a third-party administrator, Prairie State Administrators has moved forward through technology and the use of nurses to hold its clients’ trend well below 5% over the last five years. The company’s claims management, monitoring and integrated case management go above and beyond. In the industry for more than 30 years, Wilhelm has built not only a successful business, but also a leading role in managing employee populations for her clients. She has also achieved significant status as a leading benefits third-party administrator because she runs a debt-free business.

NORMA CARABAJAL ESSARY Executive director and CEO Surplus Lines Stamping Office of Texas

As executive director of the Surplus Lines Stamping Office of Texas [SLTX], Norma Essary has maintained a national presence on insurance and risk management matters with the creation of a new measure of program management for the E&S lines market in Texas and throughout the US. Essary regularly works with trade and industry associations, legislative staff, counsel and media platforms to promote an E&S system that supports the risk needs of consumers. Under her leadership, SLTX has successfully reestablished its presence and position in the industry and has become an information promoter and authority on various fronts. Essary’s career covers a number of specific insurance industries, including admitted versus non-admitted insurer market selections, construction (OCIP/ROCIP) claims management, self-funded health programs and onsite medical clinic services, safety/risk mitigation, litigation management, and more recently, compliance and regulatory oversight. Before joining SLTX, Essary spent more than a decade as VP of risk management for Dallas/Fort Worth International Airport, the fourth busiest airport in the world. There, she oversaw strategic enterprise risk management and was responsible for managing a $3.5 billion construction-specific ROCIP, a self-funded WC program, a fully staffed on-site medical clinic and all other safety programs under the occupational health and safety umbrella. Essary has been named a Top Risk Management Professional by D CEO magazine and a Top Risk Manager by the Texas Public Risk & Insurance Management Association. She is also a recipient of a Women in Business Award from the Dallas Business Journal.

LAUREL DI SILVESTRO Senior product manager

DEBBIE MICHEL

CoreLogic

EVP and general manager, national insurance casualty unit

Drawing on 20 years of experience in risk management for the global property insurance industry, Laurel Di Silvestro combines in-depth knowledge of science and engineering with an expertise in account and product management for market-leading data products, cloud-based intelligence applications and Big Data analytical risk models. As a senior product manager at CoreLogic, Di Silvestro is responsible for managing a suite of CoreLogic probabilistic catastrophe risk management data and analytics products. Her work has directly impacted client profitability and successful compliance with US regulatory and European Solvency II reporting requirements. She has also been a market leader in communicating catastrophe risk management methodology and the effective use of modeling metrics to the industry.

Liberty Mutual Insurance Group

In 2015, Debbie Michel was appointed to her current role as EVP and general manager of Liberty Mutual’s national insurance casualty and middle-market divisions, responsible for the company’s nationwide large-account casualty and middle-market business. During the course of her 22-year career at Liberty Mutual, Michel has held leadership positions in a number of key underwriting, distribution, accounting, marketing and claims operations within the company’s commercial insurance strategic business unit. Most recently, she was president of Helmsman Management Services, which, under her leadership, grew to become the fifth largest multiline TPA in the country based on total gross revenue.

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COVER STORY: ELITE WOMEN 2017 BARBARA BUFKIN Executive vice president of business development Hamilton USA

Barbara Bufkin is one of the founding members of Hamilton’s US leadership team, having joined the company when it was launched in 2014 as an insurtech startup, one of the first of its kind. Since then, she has been responsible for revenue generation; in the company’s first two years, Bufkin led the US platform to attain a portfolio of more than $110 million. As a member of the executive steering committee, she was very much involved in the creation of Attune, the technologyenabled platform launched by Hamilton as a joint venture with AIG and Two Sigma. As EVP of business development, Bufkin pioneered an omnichannel distribution plan by working closely with data analytics and technology teams. She continues to serve as a strategic thought partner whose responsibilities include oversight of product and program development and implementation of minimum viable products, as well as new user interfaces for agents and underwriters. On top of these contributions, Bufkin has also had a hand in the recruitment, sponsorship and leadership of millennial talent. As a thought leader, Bufkin regularly speaks at schools of risk management, conferences and panels on attracting and retaining millennial talent, as well as diversity and inclusion in the industry. She has been an active committee member for the IICF Global Women in Insurance Conferences since 2014 and served as chair for the SW/SE Women’s Conference. Bufkin received the Inclusion Champion Award from IICF in 2015.

BONNIE STEEN Vice president and associate managing director

Vice president of political engagement and regulatory affairs

Burns & Wilcox

Property Casualty Insurers of America

Currently a vice president and associate managing director with Burns & Wilcox in New Orleans, Louisiana, Bonnie Steen’s expertise in the insurance industry spans 30 years, and she continues to maintain her status as one of the company’s top producers and a member of the Burns & Wilcox Million Dollar Revenue Club. Heavily involved in the Louisiana insurance community, Steen is the immediate past-president of the Louisiana Surplus Line Association [LSLA], current chairperson of the LSLA’s Political Action Committee, a distinguished member of the Louisiana Advisory Council and a member of the Insurance Professionals of Greater New Orleans. Additionally, she was invited to participate in the inaugural Kaufman International Leadership Training initiative in London as a part of a small group hand-selected from the firm’s more than 1,700 employees. During her time there, she developed two new programs for the company.

DEIRDRE K. MANNA

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Starting out as a precocious volunteer for a political campaign when she was eight years old, Deidre Manna now serves as vice president of the PCI’s political engagement division, which she helped set up to enhance the company’s advocacy efforts. Her most notable recent contribution leading a successful advocacy at the NAIC on key issues such as market conduct and cybersecurity. With more than 17 years of experience in developing and advancing state public policy initiatives affecting the insurance industry, Manna was previously a lobbyist for Dykema Gossett and also served as assistant vice president of the American Insurance Association. However, her greatest accomplishment to date was being the first woman to run the Illinois Insurance Department, where she was responsible for regulating the insurance industry’s market behavior and financial solvency.

There’s never been a better time to be a woman in the insurance business. Ironshore is a proud supporter of women in leadership positions throughout our company. CONGRATULATIONS TO 2017’S ELITE WOMEN IN INSURANCE.

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COVER STORY: ELITE WOMEN 2017

CHRISTY MILLER  Regulatory compliance and product development manager  James River Insurance Company

Christy Miller joined James River Insurance Company in December 2011 with a background in regulatory compliance and products. Before she came to James River, Miller worked for Capital One Financial as a bank fraud operations analyst. Prior to that, she provided insurance products and warranties to auto dealerships in North Carolina and was a regulatory compliance specialist with Markel Insurance Company.

ASHLEY GOLD General counsel Insurors of Tennessee

Ashley Gold joined Insurors of Tennessee in 2007 and now serves as its general counsel. Her concentrations include association and corporate law, commercial real estate, and government affairs. Gold is a member of various committees organized by the Bureau of Workers’ Compensation to address misclassifications of employees in Tennessee. She has drafted, introduced and lobbied for passage of legislation on behalf of producers, and successfully lobbied against a bill allowing companies to opt out of workers’ compensation in the state. Aside from serving as legal counsel, Gold is an educator for the industry, teaching classes on workers’ compensation, risk management, E&O, ethics and insurance law in Tennessee. Apart from her work in insurance and law, Gold serves on the board of trustees of the Oak Hill School and volunteers with local charities that organize triathlons for children, while also training for and competing in triathlons herself.

JOAN LAMM-TENNANT CEO Blue Marble Microinsurance

Joan Lamm-Tennant is the CEO of Blue Marble Microinsurance, a consortium of eight insurance entities that have joined together to develop ventures that will enable insurers to reach the microinsurance market. Previously the global chief economist and risk strategist of Guy Carpenter & Company, the reinsurance and risk advisory arm of Marsh & McLennan, she has demonstrated expertise in enterprise risk modeling and implementation of risk-based decision processes. In May, Lamm-Tennant was one of two people to receive the first IICF Career Achievement Award, created this year by the Insurance Industry Charitable Foundation to recognize individuals who have consistently championed diversity and inclusion through active mentoring, talent development and advocacy. In 2013, Lamm-Tennant was named Insurance Woman of the Year by the Association of Professional Insurance Women. Lamm-Tennant is also known for her achievements in the academic world; she is a prolific author in various journals, the recipient of multiple awards for innovations in risk management and currently serves as an adjunct professor at the Wharton School.

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KAREN QUIRK President Quirk & Company

Karen Quirk joined Quirk & Company in 1989. In the nearly three decades since, she has worked across several practice groups within the company, including transportation, commercial lines and international risks. Today, Quirk serves as the company’s president, overseeing partner relations and continuing the legacy of Quirk & Company, which started more than 80 years ago.

CYNTHIA TIDWELL President and CEO Royal Neighbors of America

In 2005, Cynthia Tidwell became the president and CEO of Royal Neighbors of America, one of the largest women-led life insurers in the country. With her stellar reputation for turning around companies and reshaping them into viable businesses, she was approached to perform a major business reinvention for the company. Her career as a ‘turnaround’ executive started with Xerox Financial Services and its insurance subsidiaries, where she oversaw revamps of departments, divisions and companies; managed complex, litigated E&O cases; and led a public entity customer segment on the P&L side of the business. Her efforts resulted in increased revenue, a reduced claims litigation budget and high ROE for the company in a soft market. Tidwell also served as president of personal insurance for Fireman’s Fund Insurance, an Allianz Group company, and was the first female to lead one of its profit-and-loss centers, where her turnaround strategies successfully revitalized the 1,300-employee division. Since Tidwell joined Royal Neighbors, the company’s assets have grown to more than $1 billion, and revenues have reached an all-time company high, coupled with industryleading financial ratios. Her initiatives have led to expanded member benefits and heightened member engagement and philanthropy. Under her leadership, the company launched its Nation of Neighbors Program; to date, the program has assisted more than 1,250 women and their families by providing close to $2 million worth of empowerment grants. Tidwell is part of a number of organizations, including the International Women’s Leadership Association. She has been named a Professional Woman of the Year in Insurance by the National Association of Professional Women and has received the Athena Business Women’s Award for excellence in her profession and for her significant philanthropic contributions.

KERRI QUIGLEY Vice president Assurance

Starting out as an account manager at Assurance in 2008, Kerri Quigley now serves as vice president, specializing in crafting business insurance solutions for staffing companies nationwide, with a strong client presence in the Northeast. Of her professional accomplishments in the last five years, Quigley is proudest of having received Assurance’s 2016 ‘A’ Club Award, given to the top third of producers. Quigley won in her first year of production and is the only female producer to win in several years. Over the last decade, Quigley has solidified her expertise in providing in-depth coverage analysis, including the reconstruction of staffing industry products with selected major insurers. She is one of the founding members of Launch Staffing, an annual conference geared toward enabling staffing firms to better grow their businesses. Quigley uses her extensive knowledge of both the staffing and insurance industries to train Assurance’s internal staff and teach CPCU designation classes. She has written white papers and presented webinars on topics such as liability exposures and workers’ compensation underwriting hurdles.

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COVER STORY: ELITE WOMEN 2017 KIRSTEN ROSEN Vice president Venture Pacific Insurance Services

An insurance broker for more than 25 years, Kirsten Rosen began her career working in a support role for an agency that specialized in managing affinity insurance programs for credit unions and their clientele. In 2008, she joined Venture Pacific Insurance Services to reorganize and scale out the personal lines division. At Venture Pacific, she instated a valuable cross-sell campaign with the commercial brokers and started the private client side of the personal lines division. In recognition of her hard work, Rosen was promoted to vice president, taking on an expanded role of managing the brokerage’s support staff and growing the new online niche insurance programs. As part of this role, she has helped to develop proprietary market strategies that have enabled certain niche programs to achieve a growth rate of more than 30% over the past three years.

KAREN DAVIS Vice president of agency management and business development Nationwide E&S/ Specialty

MARIBEL ARIAS Senior vice president

Karen Davis and her team are responsible for business development and product and agency management at the E&S/Specialty arm of Nationwide, one of the largest and most diversified insurance and financial services companies. Davis has more than two decades of leadership experience. She has served as an officer for her local chapter of the International Association of Insurance Professionals and is a member of the CPCU Excess/Surplus/Specialty Lines Interest Group and NAPSLO Internship Committee. She is also a certified coach and enjoys mentoring potential leaders. An avid supporter of women’s and children’s causes, Davis also sits on the board of the Kibera Girls Education Fund.

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Chubb

Maribel Arias is an executive field underwriter for Chubb’s North American commercial insurance division, where she is responsible for the growth of a diverse portfolio of middle-market P&C business in Arizona, California, Oregon and Washington. Arias was instrumental in the development of a diverse market growth initiative in LA to reach the Hispanic business owner community. By partnering with key distribution partners, she was able to study the market’s buying habits and key community organizations, which led her to craft a business model that would cover all bases, from business growth and talent to community development. Arias also sits on the board of Mosaic, Chubb’s multicultural employee business roundtable. To give back to her community and champion other women, Arias serves on the board of the Good Shepherd Shelter of Los Angeles, the oldest shelter for victims of domestic violence, whose mission is to break the cycle of violence by providing mothers and children a holistic healing process that includes shelter, counseling, education and other resources.

PATTY LARES Founder and president AA Lares Insurance Services

Since starting her insurance career at the age of 16 in Anaheim, California, Patty Lares has been an active member of the insurance community for more than 30 years. She opened her own agency 17 years ago and now leads a team of 11 members across two locations. Recognized as BIG Independent Groupâ&#x20AC;&#x2122;s Professional Agency of the Year in 2016, the AA Lares Insurance team continues to wow its community and push the boundaries of what is expected of insurance brokers and agents by carriers and clients. Throughout her career, Lares has participated in various insurance business groups, including the Alliance of Insurance Agents and Brokers and the Unstoppable Profit Producers.

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COVER STORY: ELITE WOMEN 2017 BROOKE HAYES STRINGER Financial policy and legislative advisor National Association of Insurance Commissioners

Based in the National Association of Insurance Commissioners’ Washington, DC, office, Brooke Hayes Stringer joined the association in 2012 as a financial policy and legislative advisor. In this role, Stringer represents the NAIC before Congress and federal agencies on insurance regulatory issues, with a focus on cybersecurity, property & casualty insurance, market regulation and consumer affairs. Prior to joining the NAIC, Stringer worked for 10 years in the United States Senate, holding positions on the Appropriations Committee, the Committee on Homeland Security and Governmental Affairs, and in the office of US Senator Susan Collins. While working on the Appropriations Committee, Stringer served on the Financial Services and General Government Subcommittee, as well as the Transportation, Housing and Urban Development Subcommittee.

JANE TUTOKI Global CEO Cunningham Lindsey

Jane Tutoki became global CEO of Cunningham Lindsey in 2014 after serving as global head of claims operations for AIG Property Casualty since 2012. Prior to that, she worked as executive director of global insurance for Xchanging and also headed the company’s Americas region. Tutoki holds a law degree and is a Chartered Property Casualty Underwriter. She started out in the industry as an attorney for insurance companies, serving as in-house counsel for CNA Insurance and then Hartford Financial Services. She eventually moved to Zurich Financial Services and took on various senior positions from 2002 to 2010, including serving as chief claims officer for the company’s global operations and for the North America commercial division while based in Switzerland.

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PETRONILA HARTMAN President and COO Arch Global Services, a subsidiary of Arch Capital Group

Petronila Hartman began her career on a path that is rare among other IT and operations executives. After holding various positions within the insurance operations and information technology divisions for more than 25 years, Hartman joined Arch Insurance Group in June 2002. She was quickly identified as a high-potential resource by senior management. As part of a new company in need of leadership, Hartman was a key member of the senior IT and operations teams, where she established a high-level, corporate-wide process map and built a framework for establishing corporate policies and procedures. In 2011, Hartman was promoted to SVP and deputy CIO; in 2014, the captive service operation was established under her leadership. She built an offshore organization in the Philippines and Cyprus that supports the IT, operations and underwriting manpower needs of Arch entities worldwide. A high-energy, fiscally conscious and goal-driven technology and operations executive, Hartman approaches each new business challenge with an intrinsic flair for innovation, creative problemsolving and measured risk-taking to drive consistent bottom-line improvements and better business returns.

ROXANE DIVOL EVP and general manager, website security Symantec

As the general manager of Symantec’s website security, Roxane Divol is responsible for the end-to-end optimization and growth of the website security business, in addition to driving Symantec’s cyber insurance initiatives and product development. Divol joined the Symantec leadership team in 2013 as SVP of alliances, where she drove thought leadership and actions across Symantec’s products and services organization on matters related to long-term strategy, technology alliances, partnerships and operations. Prior to that, she was a partner at McKinsey & Company, where she created and led McKinsey’s West Coast Executive Women’s Roundtable series. Outside of Symantec, Divol serves as a director at Wolverine Worldwide and sits on the board of the Global Fund for Women.

BETH RICZKO Underwriting group and product leader Westfield Group

During her 25-year career, Beth Riczko has worked in a variety of roles in the P&C industry. As group underwriting leader for Westfield Group, she works with the insurance operations leader to execute its P&C strategy and ensure profitable growth, assisted by a team that includes actuarial, personal and commercial product management, analytics, premium audit, and risk services. Prior to joining Westfield, Riczko worked with Ohio Casualty Group and ran her own insurance agency for two years. As a female entrepreneur and leader, Riczko regularly participates as a speaker at industry events such as the Women in Insurance Leadership conference.

CHRISTINA MEYER National program director, target markets – social services Cincinnati Insurance

After leading Cincinnati Insurance to add a specialized coverage and target markets program for social services, Christina Meyer and her team have successfully grown the program by more than 300%, thus making the company a leading competitor in a space that was previously dominated by other carriers. Apart from being cost-competitive, her team has exceeded its combined loss ratio targets for four out of those five years. “Christina is driven – she knows what the path to success is and understands the importance of a true partnership in working with the independent agent network,” says an industry peer. “I frequently work with Christina on a Saturday or Sunday morning, in between her family commitments, just to get insured across the finish line and present a win-win.”

VALERIE DEMELL Executive vice president MarshBerry

Valerie DeMell started with MarshBerry in 1987 as a finance analyst. During her first 10 years with the company, she advanced through the organization and was responsible for managing, hiring and developing the company’s consulting staff members, including the company’s current chairman and CEO, John M. Welper. “It was her leadership, pursuit of excellence, tireless dedication to our clients, mentorship and problem-solving creativity that formed me and put me on the path to eventually become the chairman and CEO of Marsh, Berry & Company,” Welper says. “We think of Val as the backbone of MarshBerry; she has provided the strength and stability to propel our firm to our global market-leading position.” As executive vice president, DeMell heads the company’s consulting and merger & acquisition services. “It is my belief that Valerie has been involved in more insurance merger & acquisition activity than any other person in the country, man or woman,” Welper says. “Her technical proficiency, financial creativity and collaborative problem-solving skills are unrivaled.” In addition, DeMell is a member of the executive management team and serves as secretary on the board of directors and as an OSJ supervisory principal for MarshBerry Capital, MarshBerry’s affiliated FINRAregistered broker/dealer.

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COVER STORY: ELITE WOMEN 2017 KAMY VACCA Senior vice president and sales consultant Alliant Insurance Services

Kamy Vacca is a proven expert in executive risk liability exposures and insurance products. As a team leader and steward of a large and diverse book of business, Vacca’s core responsibilities include developing innovative and customized executive risk programs and creating internal systems to bolster service delivery. Based in Alliant’s New York office, Vacca has nearly three decades of insurance experience, which she uses to mentor up-and-coming professionals throughout the organization. A highly engaged member of her community, Vacca is active in her local Veterans of Foreign Wars post, providing volunteer administrative support and hands-on member services.

LINDA VANALLEN Vice president

EDEN RHODEN Broker and office manager Biba Insurance Services

Since joining Biba Insurance Services, a boutique trucking agency located in California’s Central Valley, Eden Rhoden has been pivotal to the success of the agency. Believing that customer service and up-to-date product knowledge are the foundation for a solid brokerclient relationship, Rhoden prides herself on her ability to nurture and maintain those relationships. Keeping her finger on the pulse of the evolving – and at times volatile – California transportation market, Rhoden is able to provide first-class service to her clients. Last year, Rhoden partnered with the owner of Biba to establish a new agency to focus on non-trucking business opportunities.

Acentria Insurance

As vice president of Floridabased Acentria Insurance, Linda VanAllen brings almost four decades of industry expertise to the agency, where she leads the Inverness, Florida, office. After owning her own agency for 25 years, VanAllen partnered with Acentria to further expand her business and offer more products and services to her clients. VanAllen takes pride in fostering relationships built on trust and encourages her staff to be active in their community. Leading by example, VanAllen serves on numerous charitable and community boards, including United Way of Citrus County, the Citrus County Chamber of Commerce, the Salvation Army, Boys & Girls Clubs and the Citrus County Education Foundation. VanAllen also founded and organized a sanctioned kid’s triathlon. Now in its fifth year, the event has raised thousands of dollars, supported hundreds of kids and involved hundreds of community volunteers.

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MELISSA APPENZELLER Vice president and chief actuary EMC Insurance Group

In her role as vice president and chief actuary of EMC Insurance Companies, Melissa Appenzeller oversees the corporate office actuarial department in Des Moines, Iowa, a position she has held since November 2016. During her 25 years with EMC, Appenzeller has served in various positions, including actuarial assistant, actuarial associate, assistant actuary, associate actuary and principal actuary for pricing. Outside of EMC, Appenzeller is a fellow of the Casualty Actuarial Society and a member of the American Academy of Actuaries.

VIOLET XU Vice president of service delivery ReSource Pro

In 2004, Violet Xu became the fourth employee to join ReSource Pro when she started as an entry-level processor. She thrived in the demanding startup environment and was quickly promoted through the ranks due to her skills and capabilities. Xu became head of service delivery in 2007 and began meticulously studying market needs to help improve and enhance customer service. As VP of service delivery, she now oversees 3,000 employees distributed across centers in the US, China and India, serving hundreds of insurance clients around the world. Having grown up in China at a time when few women were in leadership positions, Xu managed to forge a successful career path, making her a pioneer and role model for other women at ReSource Pro. Under her leadership, the company’s service delivery capacity has grown extensively, securing ReSource Pro’s spot on the Inc. 5,000 list of fastest-growing companies for eight consecutive years. Her delivery teams’ consistently high-quality work and service levels have also yielded a client retention rate of more than 95%.

MAICLAIRE BOLTON Senior product manager and seismologist CoreLogic

Overseeing the management of CoreLogic’s global earthquake models is Maiclaire Bolton, a seismologist and senior product manager. As an earthquake education enthusiast, Bolton has dedicated much of her career to promoting earthquake risk awareness and preparedness. From 2008 to 2010, she co-chaired the original launch of ShakeOut in Canada with the Great British Columbia ShakeOut. Prior to joining CoreLogic in March 2013, Bolton held positions at RMS, Emergency Management British Columbia, the International Seismological Centre and the Geological Survey of Canada. In addition to her responsibilities at CoreLogic, Bolton serves as a director of the British Columbia Earthquake Alliance, an organization that she co-founded in 2010.

JANICE PICKLO Corporate associate vice president and controller, accounting operations H.W. Kaufman Financial Group

Boasting 28 years of accounting leadership experience, Janice Picklo serves as corporate vice president and controller of accounting operations at specialty insurance wholesaler H.W. Kaufman Financial Group and its flagship organization, Burns & Wilcox. During her 10-year tenure with Kaufman Financial Group, Picklo has provided strategic alignment for many of the organization’s accounting processes and has been instrumental in key mergers and acquisitions. Picklo was also invited to take part in the Kaufman Advanced Management Program, a prestigious 18-month program designed to allow distinguished leaders to grow and develop their managerial skills. In addition, she is a former director of marketing for the Insurance Association of Metro Detroit, where she also served as treasurer and on the Audit Committee.

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COVER STORY: ELITE WOMEN 2017 JO ANN HOWARD President H2O Partners

Tapping into her experience in the areas of insurance law, flood insurance, FEMA and more, Jo Ann Howard established H20 Partners, a firm that consults in flood insurance, disaster protection and recovery, homeland infrastructure security, floodplain issues, legislative consulting, and state and federal administrative agency issues. Before founding H20 Partners in 2001, Howard served as FEMA’s federal insurance administrator, responsible for managing more than $523 billion of flood insurance in force through the NFIP. Today, H20 Partners works in all hazard areas for more than 100 counties and 300 cities in Texas. Post-Hurricane Katrina, H20 provided public assistance support to the states of Mississippi and Louisiana, and worked for more than three years in New York following Superstorm Sandy.

JENNIFER DILS DURR CEO/producer The Thompson Group

ELISSA KELLY Vice president of underwriting innovation Nautilus Insurance Group

Elissa Kelly serves as VP of underwriting innovation at Nautilus Insurance Group, a Berkley Company. She joined the organization in 2015, knowing the company was on the verge of transformation. “Coming in, I knew that Nautilus had established aggressive goals for profitable growth for the next five years, and I wanted to contribute to the organizational transformation needed to achieve those goals,” she says. “Having the ability to build a team that is instrumental in expanding Nautilus’ product and program offering excites me.” Kelly’s background in claims and reinsurance provided a strong foundation for this newly created role, as she was charged with building a product and program development team from the ground up. The underwriting innovation department helped drive the company’s top-line growth of 11% in 2016 and continues to be an integral element in executing on the company’s strategic goals. “My advice is to surround yourself with the right people who have complementary skills to yours,” Kelly says. “When staffing my department, I looked for diversity, rather than people who think just like me. We wouldn’t be very innovative if we all thought the same way.”

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Jennifer Dils Durr took over the reins at The Thompson Group in 2012 after her agency was integrated with the group, which resulted in more agents and customer service staff, and more than 80 years of combined experience. This year, the company added a new office in Colorado on top of its two offices in Indiana. Durr continues to be a top-notch producer for the company while serving as CEO. As a leader, she follows an atypical business model and management style, and is very much invested in her employees’ successes and continuous learning. Her go-to phrase that has become a mantra for employees is “someday is today,” emphasizing that there’s no time like the present to take action and move forward. Outside of The Thompson Group, Durr is part of the executive committee of the Associated Risk Managers of Indiana.

ANNA MANNING President and CEO Reinsurance Group of America

Recently appointed to the role of CEO at Reinsurance Group of America [RGA], Anna Manning has more than three decades’ worth of leadership experience in the insurance industry. Manning first joined RGA in 2007 and has held a variety of roles, including executive vice president and COO for RGA’s international division, as well as senior vice president of global structured solutions, with responsibility for leading RGA’s transactional businesses.

NANCY MUELLER Former COO Zurich North America

BONNIE BOONE Executive vice president Arthur J. Gallagher

Bonnie Boone is a producer and client executive for Arthur J. Gallagher’s healthcare practice in Chicago, where she develops strategy and places professional liability lines for a broad range of healthcare clients, and is responsible for account management and new business development. Boone joined Gallagher in 2017, bringing 36 years of experience as an insurance broker and underwriter. She formerly served on the national executive committee for Marsh’s healthcare practice and held leadership positions within Willis’ global healthcare practice and Alliant Insurances Services’ Chicago and New York offices. She has also chaired product line/industry segments including long-term care, managed care and HPL (integrated delivery systems), and has placed reinsurance for some of the largest US captive programs.

After a distinguished 25-year career, Nancy Mueller chose to retire from Zurich, where she served as COO for Zurich North America. In that role, she oversaw the business change and IT, operational transformation, operations policy and administration, premium audit, underwriting support and service, and the enterprise planning and executions team. Mueller was responsible for driving and assuring the achievement of desired business results from the organization’s strategic and operational transformation initiatives. She was also a member of Zurich Insurance Group’s Insurance Operations and Technology Council, which aims to drive transformation globally across the company.

MARINA GASS Vice president, claims AXIS Re

Marina Gass has served as vice president, claims for AXIS Re, a business segment of AXIS Capital Holdings Limited, since 2014. In this role, she handles professional liability claims including directors & officers, errors & omissions, medical malpractice and lawyers malpractice claims under excess of loss and quota share reinsurance agreements. Gass has been with AXIS for more than a decade and has taken on various positions within the company. Prior to joining AXIS Re, Gass worked for Progressive Insurance, where she managed commercial and personal auto liability claims. Prior to that, she was a senior case manager at Liberty Mutual, where she specialized in construction-related claims that dealt with New York labor law. Outside of AXIS, Gass is the second vice president and membership chair for the Association of Professional Insurance Women (APIW) and serves as a moderator and discussion leader at the Reinsurance Association of America’s Re Claims events.

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COVER STORY: ELITE WOMEN 2017

MICHELLE LOPILATO Senior vice president and director of cyber and technology solutions HUB International

A leading specialist on cyber risk coverage concerns, Michelle Lopilato develops data breach and technology risk-transfer strategies for HUB International’s client base. Lopilato is responsible for engaging clients on optimal risk transfer for privacy, network security and technology E&O risks, as well as product development and production on the East Coast, building small business and association business platforms, engaging the marketplace on coverage concerns, and setting sales strategies. A recognized cyber risk insurance expert, Lopilato is a speaker and frequent blog contributor on the topics of cyber risk mitigation and business protection.

BRENNA JOHNSON Product manager EZLynx

A driving force behind several of EZLynx’s newest products, Brenna Johnson is passionate about leveraging technology to solve problems for independent insurance agents. In 2014, Johnson worked to create the EZLynx Retention Center, a patented product that aids agents in managing the renewal process. In 2015, ACORD invited Johnson to present the software for its Innovation Challenge. She followed that success with the introduction of EZLynx Sales Center, a pipeline management tool built on the foundation of the company’s ever-popular Rating Engine. As a product manager, Johnson is actively involved in all phases of the development life cycle and manages the business analyst team. Over her career, she hopes to help transform the insurance industry by leveraging technology to improve agency profitability, productivity and serviceability. She says the most rewarding aspect of her career is the knowledge that her products are helping agencies become more efficient and effective.

KIM BUNTING Chief operating officer River Oak Risk

As COO of River Oak Risk and founder of its predecessor, as well as a former risk manager of a Fortune 50 company, Kim Bunting has accumulated years of experience in managing captives involving placement of billions of dollars of insurance coverage and hundreds of millions in claims and resolution of coverage disputes. She has consulted with a number of large publicly traded and privately owned businesses to optimize risk management strategies and establish captive insurance programs. Bunting is a licensed attorney and a thought leader in insurance, having spoken and written on captive insurance in various contexts, such as how it relates to business, tax and estate planning, and its condition in middle markets. She is also a member of the ABA Captive Insurance Committee and board member of the Georgia Captive Insurance Association.

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CANNABIS COVER 2017 AUGUST 10 CALIFORNIA SAN FRANCISCO

Home to the nation's first legal cannabis industry, Colorado hosted Cannabis Cover 2017 on April 27. The sold out event united industry thought leaders for the most comprehensive panel discussions and expert presentations investigating the unique commercial risks and insurance needs of cannabis businesses. Due to demand, this timely masterclass will come to California on August 10 to explore what 2018 legalization will mean for the Californian insurance market, and how underwriters, specialty brokers and retail agents can mitigate risk and position clients ahead of perils. Join Insurance Business in San Francisco on August 10 for Cannabis Cover 2017 California to access the latest perspectives on this exciting topic, and for the unique opportunity to network with the country’s most innovative insurance leaders.

• Access the latest insights from key regulators defining the cannabis market • Be there as innovators establish the underwriting framework for the risks associated with commercial cannabis • Gain knowledge of broker best-practices for placing comprehensive coverage

Visit cannabis.ibamag.com/california for more information or contact CATHY MASEK

IN PARTNERSHIP WITH

720 316 0151 cathy.masek@keymedia.com www.ibamag.com

SPECIAL REPORT

TECHNOLOGY

INSURANCE BUSINESS AMERICA

SPECIAL REPORT

TECHNOLOGY SUMMER 2017

IBA takes a look at how producers are using technology – and where there might be room for improvement

TECHNOLOGY IS shaking up every aspect of how we live and work. Fundamental aspects of our daily lives have changed beyond recognition over the past decade. The way education is delivered, how we consume goods and services, and how we do our jobs – all have evolved at such a rapid rate that it’s sometimes hard to keep up. The insurance industry is no different. Digital innovation is playing an integral role in enabling the insurance industry to both recognize and meet changing customer needs. Digital companies offering new, optimized experiences are driving up consumer expectations, and insurance is under pressure to not only embrace the innovation, but also be a driving force behind it. Five years ago, embracing the latest technology would have differentiated an insurance producer from the crowd, but now it’s an essential aspect of the modern value proposition. More producers are realizing the importance of taking a proactive approach in order to keep up with the unprecedented change that’s occurred in the last 10 years. “All of the startups and insurtech companies that are coming out are leveraging technology within the insurance space to make it easier to market, sell and manage insurance for the modern consumer,” says

Laird Rixford, president at Insurance Technologies Corporation [ITC]. “Having technology that assists in that process, whether it is through artificial intelligence or better access to ratings and polices, is critical for insurance agencies and carriers to ensure they are meeting the needs of the modern consumer.” In order to find out how producers feel about the tech offerings available to them in 2017, Insurance Business America surveyed hundreds of insurance professionals from across the country, asking them about six of the most commonly used insurance technologies: agency management systems, customer relationship management systems, comparative rate/quote tools, digital marketing and social media assistance, website providers, and e-sign solutions. IBA also used the survey’s findings to rank the players in each space and name producers’ top technologies in each category. To achieve a Top Technology accolade, 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 respondents. IBA also spoke to three insurance leaders to get their views on how technology is changing the game for producers and what they think the next big innovation will be.

CRM SYSTEMS TOP TECHNOLOGY WINNERS AgencyBuzz by ITC AMS 360 eAgent Salesforce

LAIRD RIXFORD ON CUSTOMER RELATIONSHIP MANAGEMENT SYSTEMS What should a producer look for in a CRM?

The CRM category saw strong results: Four service providers achieved Top Technology honors, and more than 70% of producers said they either like or love the CRM they use. Those positive results were reflected in feedback provided by producers. One respondent praised his CRM for offering “true integration,” while another commended the developer of his CRM system for being open to feedback: “They are always taking our suggestions and making it better.” However, not all producers were so positive. One producer opined that his CRM “needs to be a little more user-friendly,” while another complained that “each time there is an update, the prior version is no longer supported, [which creates a] learning curve for changes and the cost for updates.” One producer was disappointed that his CRM was not Mac-compatible, while another respondent said his CRM doesn’t integrate effectively with other internal systems. Usability and over-complicated functionality seemed to be a common problem for those producers who were less than satisfied. For a couple of producers, the cost associated with their CRM system also created challenges. One producer simply asked for “lower pricing,” while another said that “implementation got way off the rails and ended up being expensive.”

A lot of insurance agents consider their agency management system to be their CRM, but in reality, most agency management systems are really policy management systems. What a producer should look for in any management system, whether it’s a CRM or an agency management system, is the ability to manage the client relationship before, during and after the sale. Nowadays, you need to close leads or you will lose them forever. It’s important to nurture relationships, so look for a CRM that enables that. A CRM should integrate with a marketing system to automatically email-market through the client life cycle. For today’s agents, connections to rating systems and other insurance management systems are also critical components of a CRM.

CRMs have come a long way in recent years. Is there still room for these systems to improve? Some CRMs are still lacking in terms of having extended capability beyond the normal client relationship management and becoming a part of the entire workflow of the agency – integrating with ratings, management and marketing systems. All of those things can either be embedded within the CRM or integrated.

How important of a role do CRMs play for producers on a daily basis? CRMs need to be holistic and help with the entire workflow. They should assist not only in managing a client, but also in managing prospects and lost customers. CRMs really need to be client-focused and holistic. Leveraging all of the tools that a CRM offers can really benefit the modern producer.

What do you think might be the next big disruptor in insurance?

PRODUCER ATTITUDES TOWARD CUSTOMER RELATIONSHIP MANAGEMENT SYSTEMS Extreme dislike: 6.2% Neutral: 20%

Dislike: 1.5% Like: 36.9%

The next big disruption is going to be centered on leveraging all of a client’s data points and rating-process data and bringing that into one solid point of interest. Those innovations will help producers to both quote new business and also retain existing business in the long-term.

Laird Rixford President ITC

Love: 35.4%

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TECHNOLOGY

WHICH TECH SOLUTIONS DO YOU USE?

COMPARATIVE RATE/ QUOTE TOOLS TOP TECHNOLOGY WINNERS Applied Rater EZLynx FSC IBQ ITC TurboRater PL Rater (Vertafore)

AGENCY MANAGEMENT SYSTEM

Yes: 75% No: 25%

There was a surprise finding in the Comparative Rate Tools category this year – an 18-point reduction in the number of producers who said they use these services. In 2016, 56% of producers said they used a comparative rate or quote tool, compared with 38% of respondents this time around. However, of those who did use this service, more than 74% reported either liking or loving the tool they were using. In fact, many producers didn’t think the tools they used required any improvements whatsoever, and more than one producer was impressed by the speed and efficiency of system updates. As in 2016, six providers achieved Top Technology status. When we asked for suggestions for improvements, ease of use was a common theme. One producer said his agency has encountered numerous errors on the system they use, while another complained that “it’s hard to retrieve a quote; duplicate entry is required.” Accuracy was an issue for another respondent, who said he has experienced “a few errors on rating – auto fill

PRODUCER ATTITUDES TOWARD COMPARATIVE RATE/ QUOTE TOOLS 50% 39.9%

40%

35%

30% 20%

17.2%

10% 2.4%

5.5%

0% Extreme dislike

Dislike

Neutral

Love

CUSTOMER RELATIONSHIP MANAGEMENT SYSTEM Yes: 15% No: 85%

No: 70% COMPARATIVE RATE TOOLS Yes: 38% No: 62%

DIGITAL MARKETING ASSISTANCE Yes: 24% No:76%

WEBSITE PROVIDERS

E-SIGN SOLUTIONS

Yes: 24% No: 76%

Yes: 39% No: 61%

In 2016, 56% of producers said they used a comparative rate or quote tool, compared with 38% this time around fields are often wrong when entering VIN.” This was reaffirmed by another producer, who said his tool was “not user-friendly at all when needing to make changes and requote – automatically bridges over new quotes to companies before you want them sent.” As with so many debates in the modern age, those with slight grievances voiced their opinions a lot more than those who were satisfied, even though they were vastly outnumbered. Overall, the results were very positive – many producers gave the comparative rate or quote tool they use the best possible mark: 10 out of 10.

WHAT’S YOUR COMBINATION FOR SUCCESS?

Websites | Marketing | Rating | Management

Find your agency’s combination at GetITC.com 75

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TECHNOLOGY

AGENCY MANAGEMENT SYSTEMS TOP TECHNOLOGY WINNERS AMS 360 (Vertafore) Applied TAM EAgent EZLynx HawkSoft ITC InsurancePro Newton by Agency Systems Nexsure QQ Catalyst (Vertafore) PIPS Agency management systems are by far the most popular technology among producers, and that was reflected in the strong showing for providers this year. Ten agency management systems were given high enough marks to earn a spot on the Top Technology leaderboard. Not only are producers using agency management systems, but the vast majority are more than satisfied

with the technology they’ve chosen: 40% said they like their AMS, 34% said they love it, and only 10% of producers said they either dislike or extremely dislike the system they’re currently using. Many producers gave their systems top marks and had no improvements to suggest; one enthusiastic respondent commented that his AMS “gets better all the time.” Another satisfied producer said it was “not possible” to make his AMS better. “They are constantly improving it,” said another. Some producers did have suggestions, though. Many commented that increased (or any) mobile capability would be welcomed. Again, usability was an issue for those who were less than satisfied: “[I would like to see] better UI, better proposals/summaries, integrate marketing options for existing clients, add additional functionality such as the automatic quoting of personal lines renewals,” suggested one producer. Another commented that “[it should be] more intuitive and a more friendly UI. The UI is so crowded, it’s easy to get lost in the system or not know how to complete what should be basic functions.”

PRODUCER ATTITUDES TOWARD AGENCY MANAGEMENT SYSTEMS

50% 40%

40%

34.2%

30% 20% 10%

15% 7.2% 3.3%

0% Extreme dislike

Dislike

Neutral

Love

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TECHNOLOGY

JONATHAN KOLBO ON AGENCY MANAGEMENT SYSTEMS In the modern insurance industry, why is it so important for producers to embrace cutting-edge technology? Technology is quickly impacting the way the world works – everyone has a smartphone. AI, voice recognition, self-driving cars and Big Data are all poised to bring about the next technological revolution, yet most agents are struggling to keep up with the pace of change. Such a fast pace can make embracing new technology challenging. Often it requires a change to the way producers think and work. These new technologies will make an agency more flexible and agile, and can deliver a significant competitive advantage for those who are willing to make the effort. Agents must move quickly, though, because soon that advantage will become an expectation. The next generation of clients will expect their agent to work in this new world. Those who don’t do so will find it impossible to compete in tomorrow’s market. Fortunately for those agencies that do embrace this new technological reality, success and opportunity will be plentiful. The world has never been so connected. Social media, email and text messaging make interacting with clients and prospects easier and more effective than ever.

What should a producer look for in an agency management system? A modern agency management system should be available for agents anytime, anywhere and on any device. A webbased management system ensures you can get access to your customer files, documents and policies wherever you need them. It must be available on any device with an internet connection. It also needs to be continuously and seamlessly updated. You should always have access to the latest version with the newest features. Make sure your management system works harder than you do. A management system that focuses on automating your business processes will increase your agency’s efficiency and free you up to spend time growing your business. Automation will also

Jonathan Kolbo Senior product manager EZLynx

reduce errors and provide your clients with a consistent and professional experience. Your management system must be able to answer questions such as: How is your agency doing this month versus last month? Where are the largest risks concentrated? What would the impact of 10 new policies per producer be to your agency’s annual revenue? It should answer these questions without a lot of effort and make it possible for you to gain new insights into the way your business operates.

Agency management systems have come a long way in recent years. Is there still room for these systems to improve? Absolutely! Technology is moving so fast that it is impossible to stand still very long. Every day, there are new advances in the ways people interact and communicate. We must make sure that our products provide agents with the tools they need to take advantage of those advances. New advances in voice recognition and data analytics will provide tremendous advancements to the way agents work and will drive significant change to current management systems.

How important of a role do agency management systems play for producers daily? Producers should stop using their management system as a glorified file cabinet. Modern systems can automate their workflows and provide new channels of communication. If they are using a good management system to its full potential, a management system should be the most important tool in a producer’s toolbox. It should be the hub of their daily activity and the key to their success.

What do you think might be the next big innovation in agency management systems? Automation will play a big role in the future of management systems. Many systems can track specific workflows, but the next generation of automation will go much further. Automation systems will be able to respond to consumer actions and satisfy customer service requests without human intervention. Automation will go beyond traditional workflows and guarantee consistent, efficient and error-free processing. Agents who employ these tools will achieve incredible growth. We believe our users will experience significant gains in all levels of profitability, productivity and serviceability by using these advanced automation tools.

WEBSITE PROVIDERS TOP TECHNOLOGY WINNERS Go Daddy ITC Hibu The Website Providers category had a strong showing in its second year in our survey. Of those producers who use the services of a website provider, more than 75% either liked or loved the platform they used. Three providers achieved Top Technology status, and many respondents could not think of any ways in which their provider could improve. “They are the best – no improvements needed,” said one satisfied producer. “Doing great!” said another. One producer mentioned his agency was happy with the fees they paid, while another said of his provider: “Not much to improve there ... easy to use.” As with all of our categories, there were some producers who had some suggestions for their providers. “Don’t make it so difficult to change things, add things, etc.,” said one. “Allow me and my other staff members to have more editing capabilities,” said another.

Of those producers who use the services of a website provider, more than 75% either liked or loved the platform they used More than one respondent mentioned they’d like increased mobile capability, and one producer said his platform “needs better agency collaboration and provide better follow-up with agency updates and changes.” One dismayed producer was not happy with his website provider at all, although it seems as though the issue may have to be solved internally: “The problem is with our web designer,” he said.

PRODUCER ATTITUDES TOWARD WEBSITE PROVIDERS

50% 41.5%

40%

33.9%

30% 20%

20% 10% 1.5%

3.1%

0% Extreme dislike

Dislike

Neutral

Love

SPECIAL REPORT

TECHNOLOGY

DIGITAL MARKETING TOP TECHNOLOGY WINNERS ITC Outbound Engine Among producers who engage outside vendors to assist with digital marketing, 60% were either satisfied or more than satisfied with the services they received. Appearing in the survey for the second year, this category encompasses any company that provides search engine marketing, social media and other content services. One satisfied producer lavished praise on the organization he works with, saying that “they are wonderful and don’t need to change a thing.” Those thoughts were echoed by another satisfied respondent, who said the service his agency has adopted is “very easy to use – [I’m] not sure what else they can improve on.” In fact, many producers were hard-pressed to find room for improvement in the companies they work with; one commented that he receives great service and help “in getting out our newsletters and keeping us at the top of our game online.” Some respondents did have complaints around

Among producers who engage outside vendors to assist with digital marketing, 60% were either satisfied or more than satisfied with the services they received ineffective communication, however, while others were not happy with the content created on their behalf. “Very generic content provided – our own postings are better,” said one. “Really impressive after six months on search engines, but after additional three years, I’ve not really made any improvement on GEO areas,” said another. “I feel like I’m just on autopilot, and they don’t want to get me further.”

PRODUCER ATTITUDES TOWARD DIGITAL MARKETING SERVICES

50% 40% 33.7%

30%

27.4%

26.3%

20% 11.6%

10% 1%

0% Extreme dislike

Dislike

Neutral

Love

E-SIGN SOLUTIONS TOP TECHNOLOGY WINNERS Adobe DocuSign e-sign insureSign EZLynx Right Signature

GREGOR PEROTTO ON E-SIGN SOLUTIONS How have e-sign solutions changed the insurance industry? E-signature solutions have positively impacted nearly every area in which insurance companies and their leaders are measured, including accelerating revenue growth, increasing efficiency, decreasing costs, enhancing security, improving compliance, delighting customers and advancing environmental sustainability – all by eliminating the hassles, costs and lack of security in printing, faxing, scanning, emailing and overnighting agreements for review, approval and signature.

New in 2017, we asked producers for their thoughts on the e-signature solutions their organizations have used. The results were resoundingly positive: More than 82% of respondents said they either like or love their electronic signature software, and seven providers achieved Top Technology accolades in this rapidly growing space. The high score was reflected in producers’ comments: “Perfect,” said one. “Love it – no improvements needed,” another commented. A couple of those surveyed did suggest ways the software could be improved. One producer would like his e-sign software to integrate more effectively with his management system. “Make it easier to amend the email message after documents have been assigned for sending,” suggested another producer. “Add the ability to send more than one document at a time to recipients,” said another. Overall, the response to the survey’s newest category was extremely positive, and one particular comment summed up the general sentiment: “They are easy to use – really like them.”

E-sign solutions have come a long way in recent years. Is there still room for these systems to improve? Absolutely – there is always room for innovation. A great example is the recent launch of DocuSign Payments, which enables insurance companies to capture signatures and payments all within the same transaction. This creates a better customer experience while improving efficiency and minimizing time wasted chasing down payments, premiums and deductibles. This kind of customer-driven innovation will continue to advance the industry.

How important of a role do e-sign solutions play for producers on a daily basis? E-sign solutions are playing an increasingly important role in the dayto-day insurance business. Insurance companies are making the digital transformation, both in the front office with customer interactions to create a better experience and in the back office to drive more efficient, secure and compliant processes. Any place there is paper today is an opportunity to digitize business to drive straight-through processing of new policies, claims and the like.

What do you think might be the next big innovation in e-sign solutions?

PRODUCER ATTITUDES TOWARD E-SIGN SOLUTIONS Extreme dislike: 12% Neutral: 13.8%

Dislike: 2.4%

For us, the first wave of innovation was e-signature and helping insurance companies sign agreements more quickly, easily and securely. The second wave of innovation was in helping insurance companies come to agreement faster through authentication, workflow automation, forms, templates, API integrations and other functionality that accelerates processes leading up to the signature. The next wave will be with increasingly smart contracts that help insurance companies manage their agreements.

Like: 34.1%

Love: 48.5% Gregor Perotto Head of corporate marketing DocuSign

FEATURES

SECTOR FOCUS: OIL & GAS

Powering up Volatile rates, new regulations and constant controversy – it’s never boring for agents in the oil & gas space

ALTHOUGH MEDIA noise around renewable energy shows no signs of quieting, the reality is that the vast majority of homes and businesses across the country are still powered by traditional oil and natural gas sources. Various investment funds and firms are divesting oil & gas firms from their portfolios, but that seems to be more of an image-building strategy than a moneybuilding one. Oil & gas producers remain economic powerhouses, as do hundreds of

smaller independent operators. Given the vast array of risk exposures that present themselves on a daily basis, companies operating in the space are well aware of the value of comprehensive insurance coverage, and they have big budgets set aside to pay for it.

Environmental concerns Although it’s a complex and often challenging business, according to Brian

“Everyone from the equipment manufacturers to the contractors to the inspectors have to have a better understanding of the environmental side of the insurance products they purchase” Brian Vassallo, Worldwide Facilities the ancillary organizations involved in the industry. Despite the seemingly constant controversy that engulfs the industry, oil & gas remains a strong and extremely profitable business. For brokers and agents, the space offers a steady flow of clients, from huge multinational conglomerates down to

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Vassallo, senior vice president at Worldwide Facilities, oil & gas insurance is actually not that complicated. “There is third-party bodily injury and property damage that can happen on, around or in relation to your job, just like a homeowner can have a slipand-fall on his sidewalk or a contractor can drop a hammer from a piece of scaffolding

onto someone’s head,” he says. “Oil & gas insurance just has been better tailored to the oil & gas industry.” The main exposures faced by oil & gas companies usually revolve around job-site safety, property damage or theft, the failing of complicated and heavy machinery, and failure to supply. However, thanks to recent catastrophes, risks around environmental accidents and damage remain top of mind. “Probably the largest concern for the oil & gas industry remains the responsibility to minimize the potential impact their work has on the earth and the environment in both the short- and long-term,” Vassallo says. “Everyone from the equipment manufacturers to the contractors to the inspectors have to have a better understanding of the environmental side of the insurance products they purchase.” The oil & gas sector is subject to everevolving government regulations and constant public and media attention, but that scrutiny now looks likely to lessen. The new pro-business, pro-America presidential administration is looking to roll back federal regulations as it plans to transfer regulatory responsibility to state and local governments. “That will likely work out well in the Midwest and Northeastern states, which have administrations that are in tune with the industry,” Vassallo says. “A state like California, with irresponsible leadership and a skewed view on the industry, could spell big problems for oil & gas companies wishing to do business in their shales. That’s unfortunate for Californians and residents of any other states that may share similar views.” Vassallo sees energy independence as being key to the country’s national security and an integral part of the ongoing economic recovery. He doesn’t buy into the idea that the oil & gas industry is the ‘big bad wolf ’ and believes the current adminis-

A BUNDLE OF COVERAGE Companies in the oil & gas industry often require an insurance solution that includes:

tration is a “wonderful thing” for all companies involved in the industry. “With loosened federal regulations comes great responsibility for the oil & gas industry to learn from past mistakes, make innovation a priority and be responsible inhabitants of our planet,” he says.

General liability

Auto

Property

Umbrella

Inland marine, including contractor’s equipment, equipment sales and rental, motor truck cargo, riggers, tank storage, and installation floater

Workers’ compensation

The price roller-coaster The price of oil has been volatile over the past 18 months, first plunging from around $100 a barrel to $50 in January 2015 before sinking below the $30 mark a year later. Since then, oil prices have recovered gradually toward a $50 price point, but

the market remains unpredictable. Even though OPEC members have agreed once again to cut production in attempt to stabilize the market, more pricing turbulence can be expected, which has a direct impact on the insurance industry.

“There are now fewer amounts of risks and more insurance companies fighting over them, which has meant that rates have dropped,” says Thomas Blanquez, senior vice president of commercial lines at Quirk & Company. “The plummeting rates have

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FEATURES

SECTOR FOCUS: OIL & GAS

CHARTING OIL’S PLUNGE Since its initial dive in 2014, the price of oil has been relatively stable at around $50 a barrel. $130 $120 $110 $100 $90 $80 $70 $60

mirrored the behavior of the price of oil, because everyone is competing for a smaller market share.” Although insurers are writing coverage at significantly reduced rates, claims activity has not slowed, nor has the severity of those claims lessened. The potential for large losses remains, but incomes have been cut, which creates obvious challenges unique to an insurance sector so closely tied to the price of oil.

make sure their clients are covered.” Lloyd’s has experienced record losses on its energy books over the past couple of years, and syndicates are reaching a breaking point – they say that current rates are unsustainable and must go up. How quickly Lloyd’s can get a change implemented remains to be seen because there is a lot of “naïve capacity” domestically, as Blanquez puts it, which is undercutting the market.

$50 $40 $30 $20

2013

2015

2016

2017 Source: Nasdaq.com, June 2, 2017

“Plummeting rates have mirrored the behavior of the price of oil, because everyone is competing for a smaller market share” Thomas Blanquez, Quirk & Company “It is very problematic for insurance companies because they are under pressure to find that sweet spot,” Blanquez says. “They have to decide whether it’s the right decision to write an account at a far lower rate than they would have two years ago.” The complexity of the risks means that organizations operating in the oil & gas space require bundled coverages that may not be available to other industries. Brokers and agents need to find policies that accept the risk transfer created by the master service agreements that allow work to flow from vendor to vendor. Clients are looking for more enhanced coverage in all areas, and Blanquez has noticed that in some cases, sudden and accidental pollution coverage is being replaced by contractor’s pollution, which is a broader form. “Brokers and agents should also ensure there is no language that excludes thirdparty action-over claims, which needs to be included in this type of bundle,” he says. “Some carriers will cut out these coverages in an attempt to reduce costs, so the insurance agent needs to be aware of that and

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“That’s presenting a problem because companies that have historically been in this space have loss reserves to deal with and are unable to keep up with this new capacity,” he says.

Drilling down In order to grow a solid book of business in the oil & gas space, Vassallo believes brokers and agents need to first understand how significant a role the geopolitical climate plays in the success of the industry. He encourages agents to build an understanding of how the dollar correlates with oil prices and other commodities, including gold, silver, copper and iron, and to stay on top of federal, state and local regulations that relate to the oil & gas industry. “Energy insurance is a global issue, and if you don’t understand how the world works, you won’t be able to help your clients prepare for the best or the worst,” Vassallo says. “Lastly, never stop learning. Renewable energy will shape the industry; it’s captivating a new generation. We have to stay on top of it.”

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PEOPLE

CAREER PATH

FOUNDING FATHER

Creating his own future is second nature to Arthur B. Seifert

The son of an insurance agency owner, Seifert went straight into underwriting after finishing his education “I enjoyed underwriting; I liked getting a close look at a lot of small businesses. I was fascinated by how businesses worked. My father’s was a small-town agency; it gave me a feel for the industry. I had a passion for work and a passion for survival”

1979

FINDS UNDERWRITING

1989

GOES OUT ON HIS OWN Driven by a desire for independence, Seifert started a consultancy, Professional Insurance Purchase, which led to additional opportunities

I didn’t want to be at the whim of people who could change their minds without a good reason, and the only way around that was to have my own business. A lot of clients who were loyal to me wanted to work with me on a consultancy basis, and those two things dovetailed

2011 MOVES TO GLATFELTER An opportunity with Glatfelter Program Managers caught Seifert’s eye – he was particularly drawn by the fact the company is 100% owned by employees “Glatfelter is the best company I’ve worked for, including the one I built. It’s stayed true to its principles; it really cares for the employees and the clients. It tends to do the right thing even if it’s not economically expedient”

JUMPS TO THE RETAIL SIDE

A new addition to the family prompted Seifert to move to the retail side of the industry, where he made great strides as a producer, bringing in $800,000 in retail commission in three years “I was good at sales. We had just gotten into a hard market; I thought it was an ideal time to move to the retail side and use my underwriting background to help my retail clients”

1992 STARTS LIGHTHOUSE With a track record of success behind him, Seifert took some time to contemplate his truest desires – to read, write and think – and ultimately founded Lighthouse Underwriters as a means of being able to pursue those interests “I came up with a business plan, took it to two or three retail agencies and found a partner. I like creating, and we created a lot – we went from scratch to just under $97 million in sales”

2006 JOINS US RISK A contact connected Seifert to US Risk Underwriters, where he eventually came onboard as president. The post brought with it multiple trips a year to London to manage the company’s offices there “I was attracted to them because of what they could bring to the table. There was significant London exposure. I was challenged to learn how to run offices remotely and become more proficient at that”

1986

2009

ASCENDS TO CEO Seifert was lured to Houston by the opportunity to become CEO of Bunker Hill “It was a chance to learn from some of the best minds in the insurance industry, to learn parts of the industry that I didn’t know well. It was a chance to expand and learn and grow. It gave me the experience I was hoping for”

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PEOPLE

OTHER LIFE

TELL US ABOUT YOUR OTHER LIFE Email iba@keymedia.com

CATCHING FIRE For Gary Ouellette of Union Mutual of Vermont, volunteering as a firefighter provides the opportunity to fulfill a childhood dream GARY OUELLETTE can trace his desire to be a firefighter back to the day when, as a four-year-old, he visited the local fire station and “the firefighters showed me all around and sat me on the trucks. I thought to myself, ‘Someday I want to be a firefighter!’ That stuck with through me through the years.” Five years ago, with his children out of the house and some extra time on his hands, Ouellette was able to satisfy his long-held ambition to by signing up to volunteer with the East Montpelier Fire Department. While his official commitment is only one night a week, dedicated to practicing the techniques involved in successful firefighting, Ouellette is on call “24/7.” Typically his pager goes off in the wee hours of the morning, when traffic accidents and other rescues arise from DUIs, bad weather or the many unforeseen circumstances that can result in a house fire. In those instances, response time can stretch anywhere from four to 10 hours. He also clocks regular gym time to stay fit for this “incredibly dirty hard work,” and he sits on the fire department’s board of directors, which takes up another 20 or so hours a month. This demanding schedule binds the members of his “firefighting family” tightly, Ouellette says. “I would pull them out of a burning building, and they would do the same for me. It’s an incredibly tightknit team.”

Weight, in pounds, of Ouellette’s firefighting uniform and breathing equipment

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150

Estimated number of fire and accident calls Ouellette responds to in a year

500º

Temperature, in Fahrenheit, of the hottest fire Ouellette has worked on

Expect big things in workersâ&#x20AC;&#x2122; compensation. Expect to save a third of your clients 30% or more. Most classes approved, nationwide. For information call (877) 234-4450 or visit auw.com/us. Follow us at bigdoghq.com. ÂŠ2017 Applied Underwriters, Inc., a Berkshire Hathaway company. Rated A+ (Superior) by A.M. Best. Insurance plans protected U.S. Patent No. 7,908,157.