The Voices of Risk Management Katie Crowe and Hunter Fausnacht

The admin of the Instagram profile, The Hard Market, gets interviewed on this week’s show. The Hard Market is a safe place for Insurance Professionals where there are memes, laughs, and very real moments that every insurance professional can relate to on the social media profile. In this episode, the anonymous admin lays out some hard truths about the job market today, what Millennials really think, and how our society’s coping mechanisms have been normalized and part of the status quo.
 
Key Takeaways:
●       We have multiple generations working under one insurance roof.
●       The younger generation is demanding way more. They know their loyalty doesn’t get rewarded.
●       The admin has been mentored very well by Boomers. They’re not always part of the problem.
●       Despite being in the industry for the last 15 years, the admin still feels like there’s so much more to go and is a bit frustrated by the state of it all.
●       The bulk of the money is made when you stay at one company for a while.
●       What should you do during pay review time? The admin shares their thoughts.
●       The admin was very surprised at first at how people found the content so relatable.
●       What are the hallmarks of a good risk manager?
●       How did the admin double their Instagram account? The admin talks about the real things.
●       The admin wants to create an anonymous survey that helps insurance professionals really understand what they’re worth in the marketplace.
●       If you don’t push for a raise, you will make $15‒20K less than you should.
●       What is the admin’s all-time favorite meme?
●       Despite the admin being in an entire suit of armor on this interview, your hosts encourage them to do public speaking.
●       The admin has been bullied by companies and other insurance professionals. It’s a tough world out there.
 
Mentioned in This Episode:
The Hard Market on Instagram

Matt Sutika is the Chief Insurance Officer at Obie, an insurtech company that focuses on quick insurance quotes for multifamily rentals. Matt talks about how more professionals are entering the insurance industry with more intentionality than ever before, what it means to brokers when there are more insurance purchasing options available online, and why insurance tends to be a more stable industry than any other industry out there during recessions and bear markets.
 
Key Takeaways:
A little bit about Matt and the type of work he does.
Where does the name Obie come from?
You have to meet people where they’re at and then leverage technology to service them to bigger heights.
Matt shares his thoughts on being around the “gold rush” of VC capital when they were heavily investing in insurtech a few years ago.
Matt talks about his biggest hero; his father.
For the longest time, insurance used to be a fallback for so many people, but this is not the case today.
The great thing about insurance is that it always renews and people have to have it.
You can build a lot in a bear market in insurance. Market uncertainty doesn’t seem to affect insurance as badly compared to other industries.
Will the need for insurance brokers go extinct as more people purchase online?
A lot of brokers were limited by their own state. This is no longer the case.
What percentage of Matt’s business involves Airbnb rentals?
What are some best practices to insure a rental property?
A lot of businesses unfortunately have to make that tough decision between what they can cover vs. what they can afford.
Matt doesn’t believe in insurance scare tactics. It’s about sitting down and asking honest questions.
Matt isn’t the best when it comes to reading full-fledged books, but he loves the Blinkist app.
 
Mentioned in This Episode:
Obieinsurance.com
Matt on LinkedIn
 

Tanner Hackett is the CEO of Counterpart, a management and professional liability insurance company. As a relatively new insurance nerd, Tanner is fascinated by this industry despite only being in this space for about three years. Through his work in Southeast Asia, Tanner is bringing some of the concepts he’s learned overseas and applying them back on U.S. soil. Find out more about Tanner and the work he’s doing in Insurtech in this week’s episode.
 
Key Takeaways:
A little bit about Tanner and his company, Counterpart.
As a serial entrepreneur, this is the most interesting company Tanner has started. There is so much to learn about insurance and it affects all aspects of our lives.
Nobody really wants to talk about the vital importance of insurance.
If you ever go into bankruptcy, insurance can help protect your personal assets.
What is social inflation vs. legal system abuse?
When it comes to liability claims, where is the money really going? It's going to the lawyers, not the people.
What are Tanner’s thoughts on pursuing a higher level of education?
Business owners are often thinking in quarters, not two to three years out from now. This makes it difficult sometimes to justify the ROI on HR software.
Nine out of 10 insurers are looking at how they can buy risk mitigation services on top of their insurance.
Insurers have the ability to offer preventive measures to their clients and lessen the risk burden of their clients.
How did Tanner go from New York to living in Malaysia to start a company?
Insurance is really hard to do and build. There are so many institutions to consider, but the work Tanner did in Asia was eye-opening.
Insurance is so nuanced and specific that it is critical to have a robust software program that can handle the subtle differences that insurance has to offer.
People want more options, they want things faster, and they want things cheaper. This philosophy is only going to grow in intensity over the next coming years.
Can we all just get rid of certificates of insurance already?
 
Mentioned in This Episode:
Yourcounterpart.com
Tanner on LinkedIn
 
 

Jason Disborough is the Chief Commercial Officer for Enterprise & CEO — Multinational Clients at Aon. Jason shares what interested him in pursuing a degree in math and why he picked the insurance industry. In this episode, you’ll learn how he was able to sell his consulting business to Aon over 20 years ago and still continue to work for the company. He also shares some key learnings he’s had throughout his time at Aon and his 30-plus years of experience in insurance.
 
Key Takeaways:
A little bit about Jason and the work he currently does for Aon.
How did Jason get his mathematics degree?
Why didn’t Jason take the Actuary route?
Jason started his own consulting company, which was later acquired by Aon; how did that journey start?
When Jason started working at Aon again, he felt right at home.
What did Jason learn about working with a larger corporation?
Business development gives you a big skills boost because you’re working with so many different teams.
Jason spent four years in London working in a global role; what were some of the things he learned while there?
It was a dream come true for Jason to spend so much time with the Manchester United soccer team.
Fun fact: Jason is not a good golfer.
Jason is a marathon runner and shares some proud highlights he’s experienced.
Why does Jason start his morning with a meditation practice?
The winning process starts many, many years before the actual “goal.”
You can do the impossible and achieve something that no one else could just by consistent action.
How do you learn from your mistakes? Don’t get furious, get curious.
Jason believes in relationship equity. It comes down to being a good mentor and having the goodwill to help others.
Insurance talks to all industries so that they can help solve problems in all these industries. You become a much more interesting person because of this deep and vast understanding.
What does Jason wish he’d learned sooner in his career?
 
Mentioned in This Episode:
Aon.com/home
Jason on LinkedIn
 

Tabitha Richardson is the National Learning & Development Manager for Business Insurance at Marsh McLennan Agency. Tabitha shares her experience as an insurance professional and her deep involvement in diversity. She talks about the talent gap, what the new generation currently is looking for in the workforce, and so much more. Find out more about the exciting new developments happening in insurance in this week’s episode!
 
Key Takeaways:
A little bit about Tabitha and her work as a Learning and Development Manager.
Tabitha majored in psychology; how has that helped her throughout her career?
In having a conversation with a car salesman, he said insurance people were worse than people in his industry! There’s a huge negative perception of insurance.
The insurance industry has a huge talent gap and people are retiring out.
The new generation’s needs are much more different than the baby boomer generation.
The new generation knows they’ve got options and aren’t afraid to use them.
Why does the state of Florida have the most litigation claims?
Our younger generation is very connected to their community and they want to do good for their people.
Tabitha talks about the allyship that she’s part of at MMA.
Unfortunately, some people just don’t fully understand the benefits of D&I.
There are gaps in black and brown senior leadership.
What are some of Tabitha’s roles and responsibilities?
When you chase approval, you chase perfectionism.
 
Mentioned in This Episode:
Marshmma.com/us
Tabitha on LinkedIn
The Gifts of Imperfection, by Brené Brown
 

Nathan Logan is the Risk Management Expertise Specialist at Amerisure Insurance. In his extensive career, Nathan has worked up the ranks in risk and insurance and shares some of his thoughts and processes around his work and the industry. Nathan believes that starting with a relationship-first approach in this career is one of the best ways not only to build trust but also to get the job done in an effective way. Find out more about Nathan and his love for his work in this week’s episode!
 
Key Takeaways:
A little bit about Nathan and his role at Amerisure.
Are there any benefits to doing the underwriting process virtually vs. in person?
What are some of the difficulties of doing a claim virtually?
A big piece of what Nathan does is building relationships and building trust with his providers.
What does Amerisure do?
In a role like Nathan’s, how transferable are his skill sets to other positions?
Nathan talks about the Myers-Briggs profiles.
Nathan shares what the transition has been like, moving from South Caroline to Indiana.
Nathan received his Master’s in Risk and Insurance. What was that experience like?
What have been some of Nathan’s strategies to further his knowledge and career?
What advice would Nathan give his younger self?
What is Nathan currently reading?
 
Mentioned in This Episode:
Amerisure.com
Leading Without Authority: How the New Power of Co-Elevation Can Break Down Silos, Transform Teams, and Reinvent Collaboration, by Keith Ferrazzi