Made with FlowPaper - Flipbook Maker
Fall 2023A PROFESSIONAL JOURNAL BY THE INSTITUTES CPCU SOCIETY Effectively Approaching Minor Impact, Soft Tissue Claims by Chantal RobertsYou Are MADE FOR MORE Be more, with The Institutes CPCU Society by your side. Expand your network, grow as a leader, and become the most informed member of your team. With support from the Society’s 15,000+ global risk management and insurance professionals, there is no telling how far you’ll go. NETWORKING Connect with thousands through INteract, our newly improved online community. Participate in Mentor Match, access the member directory, and connect with professionals locally through your chapter. LEADERSHIP Take your career to the next level. Gain hands-on leadership experience through involvement in Society interest groups, committees, volunteer opportunities, and leadership positions within your local chapter. EDUCATION As a lifelong learner, enjoy free webinars; a complimentary subscription to Insights, our quarterly journal; 35% off CEU’s Unlimited CE; free CPCU® Facilitated Study Groups; and unlimited access to our new On-Demand Resource Library. Renew Today | CPCUSociety.org Membership is open to all professionals in risk management and insurance. CPCU is a registered trademark of The Institutes Designations, LLC. All rights reserved.Volume 10, Issue 3 What do you think? Send us your feedback on this issue, along with thoughts on what topics you’d like to see in the future: CPCUSociety.org/Insights. Into the MIST: Effectively Approaching Minor Impact, Soft Tissue Claims 6 Growth in Renewable Energy Sector Spurs Increases in Builders Risk Coverage and Claims by Timothy Dowden, Jan Inguagiato, and Daniel L. Williams page 14 Realities and Ethical Implications of Supply Chain Disruptions on the Insurance Industry by Kerri Olson, Kate Goering, Ashley Shoemaker, and Jenna Lee page 23 U.S. Insurers Lead in Climate Risk and Resilience by Sean Kevelighan page 28 Pivoting From Management to Leadership: A Guide for Risk Professionals by Annette Hofmann and Dave Taylor page 34 CPCU View Thinking Globally With Edward Shen A Q&A, led by Victoria Cahn page 38 Committee Corner Meet the Emerging Leaders Committee! by Emily Donnelly page 42 by Chantal Roberts2 | INSIGHTS | Fall 2023 The Institutes CPCU Society offers its appreciation and extends sincere thanks to the Emerging Leaders Committee, Ethics Committee, and Insurance Information Institute, which contributed to this issue of Insights. THANK YOU! The Institutes CPCU Society is a motivated community of risk management and insurance professionals committed to lifelong learning and the highest ethical standards. Society membership supports all professionals on their unique paths, including pursuit of the CPCU® designation, additional Institutes’ designations, and other personal and professional development goals. To learn more about the CPCU Society, visit CPCUSociety.org. Statements of fact and opinion are the responsibility of the authors alone and do not imply an opinion on the part of officers, individual members, or staff of the CPCU Society. © 2023, The Society of Chartered Property and Casualty Underwriters. CPCU is a registered trademark of The Institutes Designations, LLC. All rights reserved. In2Risk is a registered trademark of The Institutes. All rights reserved. The Institutes CPCU Society Publications Committee Chair: Laroux Whitman, CPCU Erie Insurance Group Vice Chair: Heather Blevins, CPCU State Farm Committee Members: Marcella Beasley Capital Insurance Group Louis Bonanno, CPCU Arch Insurance Group Abi Potter Clough, CPCU AbiLeads LLC Stephanie Doss, CPCU The Hanover Insurance Group Joseph S. Harrington, CPCU Self-employed Michael W. Koscielny Jr., CPCU Born2Lead, LLC Frederick R. Parcells, CPCU Arch Insurance Group Brian K. Taylor, CPCU Tredessa Travers, CPCU Atlantic Casualty Insurance Company Michael Vahldick, CPCU Liberty Mutual Liaisons: Victoria Cahn The Institutes CPCU Society Kelly McAnally The Institutes CPCU Society Michele Schrotter, CPCU Marsh McLennan Agency Through Insights, a professional journal by The Institutes CPCU Society, you can: •Share your expertise on leadership and soft skills •Keep members informed about emerging industry issues and hot topics •Publish in-depth, relevant insurance articles that promote further conversation Please support our efforts to educate and engage. Learn more at CPCUSociety.org/Insights. Then submit your article by email to CPCUPublications@CPCUSociety.org. See Your Content Featured in an Upcoming Edition! Digital issues of Insights magazine are available on the CPCU Society website at CPCUSociety.org/ Insights. To view, please be sure to log in with your CPCU Society member credentials. Insights OnlineGreetings, Fellow CPCU Society Members: I want to take a moment to emphasize the profound significance of showing up. Your unwavering commitment to each other, Society events, local chapter meetings, webinars, I-Days, road shows, and more has been truly remarkable. Your dedication and support have enabled us to expand and offer even more to our valued members. Thank you for showing up and making a difference! With that in mind, I’m thrilled to share exciting news: The Institutes CPCU Society is preparing to unveil new member benefits. You may have already noticed some changes, and we’re confident you’ll appreciate the enhancements we’ve made. Here’s a glimpse of what’s in store: INteract: Upgraded and Improved We’re working to make over INteract so that it provides you with a more seamless and enriching experience. It will be easier to make connections, customize your feed, and get involved. Brand New On-Demand Content Library It will be easier than ever to access and discover a wealth of valuable content, including webinars, articles, and various resources. With our new content library, you’ll have no trouble finding the information you need to excel in your professional journey. Access to CEU Unlimited—at a Discount As a valued member, you’ll be able to enjoy CEU Unlimited, which we’re delighted to introduce and will offer at an exclusive discount of 35 percent. Continuing education is vital for professional growth, and we want to support you every step of the way. The CPCU Society is thriving, and we are resolute in providing abundant opportunities for all members: students, academics, professionals on various career paths, and those in their post-career phase. Our mission of “extending our reach” has resulted in a remarkable array of opportunities, allowing all members to actively participate and contribute. Rest assured, there’s a place for everyone within our diverse and dynamic community! Your presence and involvement have been instrumental to our collective success. By staying connected and engaged, you help create an environment of collaboration and continuous growth. Therefore, I urge you to continue your membership into 2024. (We are now accepting renewals!) Education, of course, is a critical tool in this endeavor. And Insights serves as an important means to this end. Our contributors graciously give of their knowledge and expertise, and our membership stays current on industry topics, trends, and information by regularly reading the Society’s quarterly professional journal—which remains a free member benefit. Please enjoy the latest issue of Insights, accordingly, and contact us through CPCUSociety.org/Insights with any article ideas or feedback. We’d love to hear from you! On behalf of the CPCU Society, I extend my heartfelt gratitude for your leadership, dedication, and ongoing support. We are immensely proud to have you as part of our global Society. And we know that, together, we can forge a brighter future for risk management and insurance, thereby impacting the industry in meaningful ways. Here’s to a future brimming with possibilities! Sincerely, Brett Clausen, CPCU, CIC, FLMI President and Chair, CPCU Society Leadership Council Letter From the President INSIGHTS | Fall 2023 | 3 Jenna Lee is a fourth-year honors student at Arizona State University, where she is pursuing a degree in supply chain management with a minor in English linguistics. Lee previously worked as a supplier diversity analyst with State Farm Insurance and is currently a supply chain operations intern with Williams-Sonoma, Inc. Contributors Chantal Roberts, CPCU, AIC, RPA, is an adjuster with 25-years’ experience- turned consultant, speaker, professor, and author. She published The Art of Adjusting in July 2021 and is completing her new book, Once Upon a Claim: Fairy Tales to Protect Your Ass(ets), which will be published in May 2024. Jan Inguagiato, PE, is senior managing director in J.S. Held’s Builders Risk Practice. A construction expert specializing in project scheduling, delay, cost, project management, and expert witness testimony, Inguagiato has experience with wind and solar renewable energy projects, as well as transportation, industrial, hotel/condominium, residential, and commercial projects. Ashley Shoemaker CPCU, AINS, AIC, is a commercial lines underwriter for EMC Insurance Companies. She started her insurance career in 2015 as a claims representative at EMC. In 2018, she earned her CPCU designation and became an underwriter. Shoemaker has served on the CPCU Society Ethics Committee since 2021. Sean Kevelighan is president and chief executive officer of the Insurance Information Institute. He previously served as group head of public affairs for Zurich Insurance Group and in various public sector posts in Washington, D.C. As a political appointee in the administration of President George W. Bush, he served in the Department of Treasury as a spokesperson for economic issues and eventually as senior adviser for the Office of Tax Policy. Kevelighan was also the press secretary for the White House Office of Management and Budget. Additionally, he worked on Capitol Hill, serving on the staff of members of Congress, and in the private sector, including at public affairs firms. 4 | INSIGHTS | Fall 2023 As senior vice president and team lead for J.S. Held’s renewable energy group, Timothy Dowden oversees renewable energy consulting projects and operations throughout the United States. He has more than 12 years of experience in the construction consulting industry, consulting on many large-scale projects and insurance claims in the renewable energy sector focused on utility-scale solar photovoltaic and wind turbine generators. INSIGHTS | Fall 2023 | 5 Daniel L. Williams, CPA, CFF, is senior vice president in J.S. Held’s Forensic Accounting–Insurance Services Practice. With more than 19 years of forensic accounting experience, he is primarily engaged as a consultant by insurance companies, independent insurance adjusters, and attorneys. Kerri Olson, CPCU, ChFC, FLMI, is a technology manager responsible for supporting project work with third- party service providers. Previously, she was responsible for monitoring supply chain disruptions and overseeing strategy for procuring servers, storage, client solutions, and infrastructure software applications. Olson has more than 11 years of procurement and sourcing experience in the insurance and financial services industries. Kate Goering, CPCU, AIC, ARM, is a director in human resources and development responsible for workforce technology. Over the past 23 years, she has held various roles in the insurance industry, including in procurement, claims, consulting, competitive analysis, and technology solutions. Goering is the immediate past chairperson of the CPCU Society Ethics Committee and has served as a committee member for eight years. She is also past president of the Mid- Tennessee CPCU Society Chapter. Dave Taylor is chief executive officer of LDR Leadership, a veteran-owned small business that uses evidence- based leadership practices to help guide companies toward success. A retired Army Ranger, he spent 20 years on active duty and deployed eight times to combat, leading Rangers and special operators. Today, Taylor is also a frequent public speaker on the topics of leadership, high-performing teams, diversity in teams, values in leadership, hard lessons learned, and the power of forgiveness. Annette Hofmann, PhD, is director of the Carl H. Lindner III Center for Insurance and Risk Management at the University of Cincinnati’s Lindner College of Business, where she teaches risk economics, risk management, insurance, and finance. Her research involves applying microeconomics and data science techniques to the analysis of risk and related markets. Hofmann previously served as the Robert F. Corroon Chair in Risk Economics for the Maurice R. Greenberg School of Risk Management, Insurance, and Actuarial Science at St. John’s University. She graduated summa cum laude from the University of Hamburg with a doctorate in risk management and insurance economics. Emily Donnelly, CPCU, AIDA, ARM, AINS, AIS, API, is a senior talent development specialist at NJM Insurance Group, where she creates and facilitates development programs. With over 13 years of industry experience, she also serves as a certified virtual instructor. Donnelly previously supervised a contact center team supporting the Personal Lines Department. Currently, she serves as president of the Central Jersey CPCU Society Chapter, vice chair of the CPCU Society’s Emerging Leaders Committee, and director of communication for the Society for Insurance Trainers and Educators (SITE). 6 | INSIGHTS | Fall 2023Effectively Approaching Minor Impact, Soft Tissue Claims by Chantal Roberts INSIGHTS | Fall 2023 | 7 Next >