Unique Perspectives and Challenges in the Insurance Industry
Learn from industry professionals as they share their backgrounds, motivations, challenges, and aspirations in the insurance field. Gain insights on matching skills with industry demands and addressing current issues while preparing for the future.
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CSUN Professor for a Day October 17, 2018 James A. Darling Regional Executive Officer, Pacific Chubb LTD
Learning Objectives Approach Our Industry from 3 Unique Perspectives: From my view, as a Regional Executive From Kristen Darling s view - a young broker - 25, USD graduate, Lockton Account Manager From Matt Darling s view - 23, a Chubb Professional Associate (trainee) Matching your skills with the evolving insurance industry Real time issues we are dealing with today Some thoughts on the future 2
Starting Out My Background: Indiana University, Bloomington B.S. Marketing 1982 Chubb Diversity Hire Marine Trainee (Ocean Cargo, Inland Marine) Added Property Underwriting Marine Manager, Zone Manager, Worldwide Product Manager, 1982-2000 International Experience, Asia, Latin America, Europe Managed Branches in Milwaukee, Pittsburgh, then West Coast 2000-present August 1982 3
Kristen Darling Top Three Reasons Why You Joined the Insurance Industry: 1. Family connections gave me the opportunity to meet with good leaders in the industry and learn more about it. 2. Stable job - everyone needs insurance. 3. Not a lot of people know very much about it, so it gave me an opportunity to master something and become an expert in it/excel. The Top Two Challenges You Face: 1. Setting expectations and explaining insurance to clients (probably explaining insurance to clients who think they know about it is the most challenging part). 2. Establishing relationships with markets and partnering with them during challenging renewals. Aspirations: To continue to build comprehensive insurance programs for clients in need and work my way to Unit Manager, continue to mentor younger associates looking to learn more about the business. 4
Matt Darling Top Three Reasons Why You Joined the Insurance Industry: It s profitable and always growing. Everyone needs it. There is a risk for every taste. You can find a niche you enjoy. Purpose for others: Insurance is often the financial failsafe for families and businesses. The Top Two Challenges You Face: The breadth and depth of knowledge in the industry is immense. Mastering just one particular practice requires years, even decades, of experience. As an Underwriter, balancing the development of my sales and analytical skills is probably one of the greatest challenges I will face in the years to come. Aspirations: I would like to become an underwriting expert in an industry practice or a practice manager. 5
Matching Your Skills with the Industrys GPA Performance Business Communication appropriate for the recipient Problem Solving Skills Team Play Manners maketh man Empathy, Self Awareness, Consideration Flexibility Customer Orientation Quantitative Skills (But if I can do it .) Work/Life/Community Balance 6
2018 Key Issues Catastrophe Management (Harvey/Flood; Irma/Wind; Maria/Wind; Florence/Flood; Michael/Wind & Storm Surge) Wildfires Ensuing Mudslides Catastrophe Funding Ability (or inability) to get sufficient rate for an adequate return for risk assumed Consolidation of Distributors: Aging Workforce cashing out Places a Premium in Distribution Management Regulation: As a hedge against disruption As a brake on rate adequacy Talent: Attracting, training, challenging, promoting, retaining 7
Thoughts on the Future: 2020 and Beyond Technology will improve: Operational efficiency BOTS emerging Quality of risk assessment Quality of information exchange with customers, producers (frustrating and inefficient) Disruption will occur, starting with smaller customers Balanced by risk accumulation Catastrophes show up in surprising ways Underwriting and Claims adjustment will remain crafts in some form Value must be more clearly demonstrated, to win 8
