RIMS is right around the corner, and with it comes the opportunity for carriers to discover what is trending in the industry, what their peers from around the marketplace are experiencing, and what is on the horizon in 2023 and beyond.
Caryn Siebert (VP & Director – Carrier Engagement), Chris Hampshire (VP – Carrier Practice Sales), Mike Stogsdill (VP – Carrier Practice Sales), and Amy Cooper (VP – Carrier Practice) share what they are most excited for and what insights are the most important for carriers to take away from the conference.
Q1: What can carriers expect at RIMS this year, and what makes the 2023 event a ‘must-attend’?
Caryn Siebert (CS): The 2022 event in San Francisco was the first foray for RIMS as we emerged from the pandemic. Following the 2022 RIMS, our industry was confronted with terrible storms, fires, other natural disasters, more cyberattacks, lingering COVID issues, rate increases throughout the market, political unrest, and ongoing talent challenges. Carriers can expect great opportunities to discuss these topics and more with thought leaders from Gallagher Bassett (GB), other carriers, and other service providers during and outside of sessions in some fabulous Atlanta venues. “Better together” is so true when it comes to tackling risks head-on, and the 2023 RIMS Marketplace includes solutions from hundreds of entities with on-floor education covering the hottest topics in the industry and interactive discussions with peers from across the globe—all compressed into four days at one location.
Chris Hampshire (CH): We’re anticipating that RIMS attendance levels will be approaching pre-COVID levels. This means that the conference should be one of the largest industry gatherings of the year and represents an excellent opportunity to connect with clients, prospective clients, and business partners in an in-person setting.
Q2: What industry topics are you most excited for RIMS to explore, and why do you think certain keynote speakers will be highlights?
Mike Stogsdill (MS): I am very interested in hearing Evan Greenberg speak about the talent crunch and growth opportunities in this economy. Every division of the risk and insurance industry, including carriers, is facing many of the same challenges, so hearing Evan’s broad perspective will be invaluable. His keynote on Tuesday, May 2, at 8:00 a.m. will spark conversations and ideas throughout the conference.
Amy Cooper (AC): There are so many good sessions! Some of my top session topics include cyber trends, how to maximize renewals, innovation, differentiators in talent searches, and understanding social inflation. As far as keynotes go, while I always love hearing from Evan Greenberg of Chubb, I’m most excited about Danica Patrick, the female racecar driver.
CS: Personally, I am also excited about Danica Patrick’s presentation. As one of the most recognizable athletes in the world, Danica’s determination, versatility, and commanding presence have resulted in her success on and off the track. She has been outspoken and controversial at times and brings her authentic self and passion to all that she undertakes. I think there will be great tips from Danica that we’ll be able to apply in our work and personal lives as we propel one another to success. Two other sessions I’m looking forward to will be presented by GB clients and industry friends. Donald Vana of Cleveland Cliffs will present How to Take Risk Off the Books on Tuesday, May 2, at 10:45 a.m. in Room B309, and Allen Kwan of SwissRe and Tandeka Nomvete of the Spencer Foundation will share Pivotal Career Moments on Tuesday, May 2, at 1:30 p.m. in Room B309.
Q3: How would you recommend carriers structure their days at the conference to capture the most valuable knowledge for their business?
AC: Everyone’s experience will be unique, but I find that most people benefit from networking as much as they do from the planned meetings and sessions. I would recommend that you highlight the top sessions you do not want to miss, book your meetings around those, and reserve the evenings for networking functions. While it’s tempting to stay out late, we all know the phrase “the early bird gets the worm,” and many premier sessions are in the morning.
CS: Pack very comfortable walking shoes and prepare to be on the go from 7:30 a.m. until 10:30 p.m. daily! Whether you are a seasoned veteran or a new professional in this great industry, a successful RIMS experience is all about balance and being a sponge. You’ll want to attend great sessions throughout the day across all the different “tracks” (trending now, career development, and claims management, to name a few), chat with GB (of course) and various other service providers in the hall/marketplace, visit private meeting suites, and learn spontaneously from others by networking at the evening receptions and dinners.
MS: I think it’s important for carriers to take the time to meet with current partners to discuss goals and objectives. Maintaining established relationships whenever we have in-person conferences or meetings helps keep the partnerships on the right track. Beyond that, I would recommend taking the time to get to know potential future partners. You will never know who might be able to provide opportunities for your organization if you don’t make the initial connections. This goes for all businesses, but specifically for carriers; you can discover who will encourage growth and address innovative ideas in new lines.
Q4: With the remainder of 2023 in mind, what are the key sessions carriers should focus on at RIMS to maximize insights and leverage new opportunities?
CS: Well, of course, you know my recommendation! Does the vicious cycle of social inflation, reptile theory, juror behavior, and nuclear verdicts keep you up at night? Over a mere 20 minutes, I’ll be leading a discussion about social inflation, improving your chances of avoiding being “snake bit,” and optimizing claims outcomes. Jury sentiments, such as “profits over safety” and “punishing a corporate defendant,” are more prevalent than some realize and yield larger/more frequent plaintiff verdicts, thus feeding social inflation. I’ll provide insights that yield opportunities to mitigate being the next headline. The presentation is Monday, May 1, from 11–11:20 a.m. in the Thought Leader Theater #1275.
Q5: This year, RIMS aims to explore “the path to resilience” and demonstrate why businesses should embrace disruption, innovation, and experimentation. Why do you think this is an important theme in 2023, and how can carriers adapt to what is now the new normal for business?
MS: The past few years have shown the industry that innovation and looking to valued partners are more important than ever; we need to capitalize on the capabilities of our partnerships in order to be resilient in today’s ever-evolving industry. As the dynamic of hiring and keeping talent is changing, we must equip ourselves with people who bring expertise and the skill sets that will best benefit our partners. And that—finding collaborative partners who deliver innovation as well as outcomes—is how carriers can adapt to the new normal.
CS: Disruption, innovation, and experimentation are what transitioned us from typewriters with Wite-Out® and correction tape to PCs with autocorrect and gigs of memory. We went from weeks of waiting for an in-person appraiser to uploading photos and receiving an electronic payment within days. We used to have mobile phones the size of a shoe, but now we have a “Dick Tracy” smartwatch with more power than he would ever have imagined possible. We all need to adapt and embrace the new normal while we are creating the next new normal. Insurance, claims, and risk management jobs and roles will change and evolve, providing a vast array of career opportunities we may not yet envision.
CH: We’ve seen how fast things can change in the world. Being resilient in the face of adversity and new challenges will be key factors for all carriers moving forward. Embracing disruption and learning to not only adapt but to grow stronger will be critical for companies as the pace of change increases.
Q6: In the current industry landscape, what is one key takeaway from the conference that all carriers would benefit from?
CS: It’s difficult to pick just one key takeaway, but given that resilience is the driving theme, I’d say surround yourself with respected partners, trusted resources, and recognized thought-leaders rather than going it alone. At GB, we have worked in conjunction with carriers of all types to explore ways for them to successfully navigate the current landscape and prepare for the future as they consider what matters most to them, including their constituents, customers, claimants, and communities.
CH: Ideas on how to best attract, train, promote, and retain your employee base will be key for 2023 and beyond. Normally, those ideas aim to help your team feel continuously engaged in their work. Perhaps, carriers can discover new strategies to have continued or increased engagement from their teams at this year’s conference. We are in a people business after all.
MS: I hope carriers will take away the importance of partnering with companies that provide innovation and growth opportunities. By working with organizations that are at the forefront of innovation, you can stay on top of industry trends and identify new opportunities for growth. Of course, carriers need to be strategic in evaluating potential partners, and making sure both parties’ goals are aligned, but RIMS offers a great opportunity to get those conversations started.
AC: No matter who you are, I think you’ll find a nugget to take home from RIMS. Depending on your role, it could be related to the ever-changing risk landscape, clever ways to differentiate yourself in this market, or fresh ideas on how to innovate. The one key takeaway is that if you stop changing, you will not be able to be a leader in the market. We have to evolve, grow, and be resilient.
Q7: How will Gallagher Bassett be involved with RIMS this year, and where can carriers find you?
MS: GB will be very active at RIMS. We have our booth where we will show you the value of analytics and data capabilities, including through Luminos, our award-winning risk management information system (RMIS). We will also have subject matter experts on hand for carrier-related questions. GB also has a meeting suite available at the Omni where leadership and partners can discuss upcoming opportunities, key performance indicators (KPIs), and objectives. And don’t forget to check out Caryn’s discussion on the challenges of social inflation! The presentation is on Monday, May 1, from 11–11:20 a.m. in the Thought Leader Theater #1275.
AC: Here are three ways to connect with GB at RIMS:
- We have our networking reception on Sunday, April 30. If you want an invite, ask your favorite GB representative or send me a LinkedIn message.
- We have several speakers, including our very own Caryn Siebert, as Mike mentioned.
- You can find GB at booth #1927. Come say hi and grab some swag!
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Check out the RIMS conference page for further event details.
