Q: At this year’s CPCU Society Leadership Summit, what did insurance carrier executives say are the main challenges facing the industry?
The executives that I’ve spoken with have two primary concerns: talent and technology. Back in 2010, I remember hearing at the global CPCU designation conferment that 400,000 open jobs were forecasted to be available in the year 2020. This seemed almost inconceivable at the time, but we now realize that the talent crunch, which has been exacerbated by the pandemic, is more severe than the industry could have predicted. The wave of retirees exiting our industry and taking decades of institutional knowledge with them has created a vacuum, where there aren’t enough risk management graduates coming into insurance to replace them.
Additionally, technology continues to be an area of focus for carrier executives. Businesses are under more pressure to leverage data to make better business decisions, and many carriers are finding that their in-house claims systems have become antiquated. Many carriers are being forced to make a challenging, costly, and time-consuming decision: Do I continue to invest in an older system that may be inefficient or spend a good amount of capital, energy, and time in purchasing and implementing a new claims system? At GB, our Carrier Practice utilizes our award-winning RMIS platform, LUMINOS, which allows our partners to better understand their own books of business, how their results compare to industry peers, and to get information on new coverages, jurisdictions, and other key characteristics as they explore growth opportunities. Moreover, partnering with a third-party administrator (TPA) can eliminate the need for carriers to constantly invest in new technologies to keep their systems up to date.
Q: Tell us about the CPCU. What does it mean to serve as Global President?
The CPCU Society has over 15,000 active members, so being elected President to serve our members and our industry is a tremendous honor and responsibility. The CPCU designation has long been considered the gold standard in the industry, with many believing it to be the equivalent of a master’s degree in insurance. When I went through the process of studying for each CPCU examination, I learned a great deal about segments of insurance I hadn’t previously been exposed to before and was able to rapidly expand my skill set. Once I completed my designation, I became a member of the Philadelphia CPCU Society chapter, which gave me the opportunity to utilize my leadership skills and responsibilities over a number of years before serving as the Philadelphia Chapter President for two years. This experience taught me so much about people management, how to transform concepts into reality, and how to pivot quickly when challenges arise. It truly has shaped how I manage my current professional role at GB. This is a great opportunity for TPAs to be recognized for the influence we have on the carrier industry and how we can enable carriers to better serve policyholders.
Q: As you enter the second half of your term as Global President, what trends are you following and what are your main focus areas for the CPCU Society.
I am focusing on three core goals in 2022: membership growth, improving employer support and senior leadership involvement, and having 2022 be the “Year of Action.”
We expanded our membership categories in late 2021 to encourage professionals to get involved with the CPCU Society before they completed their designation. I’m happy to share that we’re starting to see the fruits of those efforts, as we had a number of people attend our recent CPCU Society Leadership Summit in Las Vegas that aren’t CPCU designees yet but are interested in becoming active Society members. Adapting our Society to meet the insurance professionals of today where they are has become an important part of staying relevant.
I’ve been working with our Leadership Council to reach out directly to senior leaders to obtain testimonials that speak to the value of investing in the global CPCU Society. This, in turn, will help our members advocate for their employers to support their involvement with our association. It should also help educate all of the new leaders that are coming into the industry on our designation and organization, since many of these senior personnel did not participate in insurance company training programs like many of their predecessors.
We’re also working to capitalize on our members’ strong interest to get together both in person and virtually. I’m happy to report we saw pre-pandemic levels of attendance at our recent CPCU Leadership Summit. It’s our belief that with more and more professionals working remotely, the global CPCU Society can fill the need for our industry to get together to expand leadership, knowledge development, and networking opportunities. We’re calling 2022 the Year of Action to encourage our volunteer leaders to coordinate events and try out new ideas to help grow our community.
Q: So far in 2022, in what areas has the insurance carrier world made progress? How does GB come into play?
I’m seeing carriers take a hard look at whether certain segments of their operation (Claims, Distribution, Finance, Legal, etc.) are a core competency that truly differentiates them in the marketplace. These internal assessments are driving broader exploration into how working with strategic partners can help provide key services and solutions while driving down total cost of risk. In particular, the need to continuously invest in talent and advanced technology has carriers asking themselves not only what partnerships could deliver value now, but how these same partnerships can help build sustainable future success. In many cases, that’s leading to a change in the traditional philosophy of carriers handling the vast majority of service work internally. Picking the right strategic partner is critical when a carrier is contemplating any outsourced model.
Q: How can GB help carriers address these challenges? Our dedicated Carrier Practice is the reason I came to GB and why we are uniquely positioned to provide industry-leading partnered solutions for carriers. Our team members are industry experts, with most of our claims professionals working for a carrier prior to joining GB.
We give claims professionals unique career path options that help keep our team members engaged, ensuring they’re able to pursue their professional goals and hone their skills in a tailored and inclusive environment. We have also invested heavily in innovative, cutting-edge data analytics to ensure we can help carriers make better business decisions about their technology infrastructure transformation. Our suite of technology platforms enables us to deploy the right infrastructure, at the right moment, to produce a superior outcome.
What advice do you have for people looking to get involved in the CPCU Society?
The three primary ways that people normally get involved are through their local chapters, global Committees, and global Interest Groups. The contact information for the leaders of all of those entities are available through the CPCU Society. I’d encourage everyone to reach out to find out the best ways for them to get involved. In addition, there are opportunities to write industry articles for Insights, which is the official magazine of the Society. As well, the CPCU Society regularly offers webinars to all of our members, which are a great opportunity to demonstrate one’s industry knowledge and presentation skills. In short, we want to be the leading professional organization in insurance, and we want to make it as easy as possible for our members to get involved in the best way for them.
Chris Hampshire has been a member of our Carrier Practice for more than six years. He was elected to the role of Global President of the CPCU Society in 2021.
For more information about the CPCU Society, visit: https://www.cpcusociety.org/