Of risk and innovation
“The Courageous Leader Panel” (from left, Sen. Bob Hackett, Lisa Miller, Paul Halter, Dr. Michael Barth, and Allison Sheedy) discusses risk analysis at the Demotech I LEAD Insurance Conference August 18-20 in Columbus, Ohio
Last week I had the privilege of serving on a panel at Demotech’s I LEAD Insurance conference, attended by more than 200 insurance companies, related firms, and policymakers. The panel was titled, “The Courageous Leader” and examined how each panelist looks at risk and solvency together with the strategies utilized to “break through” and provide innovation in an industry that by its very nature is very risk averse to new ideas and methods.
My fellow panelists were Dr. Michael Barth, Associate Dean of The Citadel; Paul Halter, President & CEO of Cimarron Insurance Company; Ohio State Senator Bob Hackett, chair of the Insurance and Financial Institutions Committee; and moderator Allison Sheedy, a partner in the Constantine Cannon law firm. The variety of talent and speaker background is what made the panel’s hour-long conversation so compelling.
From Ms. Sheedy’s background as an anti-trust lawyer, Senator Hackett’s 40 year career as an insurance agent, Paul Halter’s discussion of integrity in the insurance marketplace gleaned from a 38 year career, Dr. Barth’s incredible research connecting the dots of financial risk measurement, and myself as a former deputy insurance commissioner turned consultant, we all brought different perspectives to the multiple aspects of tactical leadership.
Attendees at the Demotech I LEAD Insurance Conference last weekl in Columbus, Ohio
The audience engaged with us in a lively discussion on why it makes sense for consumers to have access to competition in the insurance ratings system. I shared that small and regional insurance companies “get it” and are closer to their customers because simply put, they can be! We recognized Demotech’s clarion mantra of putting Main Street ahead of Wall Street, which has gained traction over the years. Yet with insurtech companies growing exponentially, we will see a transformation of the ratings system, moving from the ratings monopoly organization to more granular platforms that recognize new ways of doing business.
The I LEAD conference was a wonderful opportunity for those attending to learn, think, and interact with other leaders and to get questions answered. If you’ve been considering attending these Demotech conferences, please contact us here at Lisa Miller & Associates, so I can share more about this incredible program and the energetic and creative participants who make it happen. Hats off to Demotech for putting together the two day event!
LMA Newsletter of 8-26-19
