On a recent edition of AAIS Pulse, Crawford & Company CEO Rohit Verma and AAIS VP of Products John Kadous sat down to discuss the state of the insurance market, including topics such as the economy and supply chain, auto risks, climate change and natural catastrophes, data, and technology, and much more.
There is no understating Bob Guevara’s contributions to AAIS and the Inland Marine insurance community: He transformed thinking about inland marine risks, raising awareness with regulators and creating new rating paradigms and valuable tools and resources for AAIS Member insurers. As he looks forward to retiring after 29 years, and transitions to a consulting role, continuing to support AAIS, Bob spoke with AAIS Views.
Let’s start at the beginning. What first drew you to the insurance industry?
Bob Guevara: When I graduated from college in the 1970s the country was coming out of a recession. There was a lot of instability out there. I wanted to join an industry that would be very stable for the long haul, which led me to insurance. I’ve been in the business ever since – 15 years of inland marine underwriting and 29 at AAIS.
This is the next installment in a series of conversations with AAIS leadership to get to know them, their background, and the unique work they’re doing within AAIS to further the insurance industry. In this edition, AAIS Views spoke with Michael Payne, Chief Pricing Actuary, about his career, being creative as an actuary, the role data is playing to create better pricing models, and how AAIS is leveraging those models to deliver value to our Members.
Tell us about your background.
Michael Payne: When I was in college, I liked math, but really didn’t know what I wanted to do. Then I heard about Actuarial Science from an alum who came back to campus and gave a presentation about the career path. That’s what sparked my interest. I got an internship at Zurich and that turned into my first job out of school. I started out doing pricing at Zurich, went to SCOR Re to do reinsurance pricing, and went back to Zurich to eventually lead a pricing tools team.
One not-so-traditional role in my career was a stint I did at Sears in their Home Services unit where I was the Director of Underwriting Analysis. Basically, if you bought a refrigerator at Sears, they were going to offer you a protection plan. It was my role to figure out the prices for those protection agreements based on how likely the appliance was going to need to be repaired or even replaced.
Overall, I really like pricing. It’s prospective in nature as you try to determine what might happen in the future.
In the winter of 2018, I joined AAIS where I’ve been able to leverage my pricing experience. My role includes product development and delivering loss costs that are appropriate for the coverage being offered. Not all carriers have a large team of actuaries or loads of data, so our rating plans offer them a faster speed to market for a new line of business, or even insurtechs to get their first policies written.
In this edition of CEO Angles, AAIS President and CEO Ed Kelly speaks with Keith Wolfe, President of US Property & Casualty at Swiss Re and an AAIS board member, about lessons learned during the pandemic, the increasing value of data, the need to start looking at climate change, the troubling cyber risk trend, and the hot topic of social inflation.
In the latest edition of CEO Angles, AAIS President and CEO Ed Kelly is joined by recently named President and CEO of the National Association of Mutual Insurance Companies (NAMIC), Neil Alldredge, to talk about a variety of topics including the latest on business interruption insurance, social inflation, flood insurance and future growth opportunities for NAMIC and its member companies.
Blockchain started as a popular buzzword among techies but has since permeated across industries. In insurance, its potential is being realized as game changing. Truman Esmond, AAIS Vice President of Membership and Solutions, spoke at a recent webinar hosted by The Institutes Griffith Insurance Education Foundation on how AAIS is utilizing blockchain to support industry.
The April 13 episode of AAIS Pulse featured a frank discussion on diversity, equity and inclusion in corporate American, the insurance industry, and society at large, as seen through the lens of leaders in insurance regulation.
AAIS’s El Cid Balitaan was joined by Chlora Lindley-Myers, Director of the Missouri Department of Commerce and VP of the Insurance and National Association Of Insurance Commissioners (NAIC), and Commissioner Andrew Mais of the Connecticut Insurance Department, who is Secretary Treasurer of the NAIC.
AAIS CEO Ed Kelly sat down with Bob Rusbuldt, CEO of the Independent Insurance Agents & Brokers of America (Big I) to discuss the impact of the Biden Administration and COVID-19 on insurers – and what may be ahead in the legislative and regulatory arena.
It’s common to hear the phrase, ‘the world is getting more complex every day’…so much that it’s become cliché. That is, unless it’s your job to try to understand, quantify, and insure the perils that come from that complexity. We know you’re looking for actionable insights to protect your business. The problem is typically not the lack of information about these perils but rather, the information overload that makes it a challenge to to find timely, relevant, and reliable insights that you can use to make informed decisions. You rely on AAIS for advisory expertise on the products your customers use, and now we’re inviting you to try our new Risk Awareness Service, our latest tool to help our Members maintain your competitive advantage.