Responsibility Leaders

Feeling the Passion

The 2015 Risk All Stars Responsibility Leaders are community leaders and ardent advocates for their profession.
By: | September 14, 2015 • 9 min read

In judging this second installment of our Risk All Stars award, one thing became abundantly clear.

It didn’t matter the background of the candidate or the type of risk they were managing. The thing that unified the winners, and which clearly unifies these Responsibility Leader® winners, is passion.

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Risk All Stars displayed creativity and perseverance in managing thorny risks for their organizations. Those that won this additional designation, that of Responsibility Leader®, impressed us by doing all of that and more.

They did it by acting as leaders in their communities, being ardent advocates for justice, caring deeply about the future of their profession, or showing the courage to stand up to formidable forces and say, in effect, “This is the way I know it should be done.”

When I asked Elizabeth Queen, vice president of risk management with Wolters Kluwer, why she dedicated so much time to protecting child welfare and building professional and cultural diversity, she wrote this:

“Having grown up in the American South during the 1960s, I have a strong belief in the right and freedom of every person to work, eat, pray, go to school, love, live freely and on a level playing field irrespective of their ‘differences.’ ”

I don’t mind admitting that I was moved by her eloquence and resolve.

When I spoke to Angeli Mancuso, the manager of employee health and safety for Cottage Health in Santa Barbara, Calif., I was reminded once again of the core passion of many nurses and doctors.

When she finishes her work week, which is dedicated to making her fellow nurses and doctors safer, Mancuso takes to the streets and parks of Santa Barbara, acting as a nurse with Doctors Without Walls, a group that offers free medical assistance to the homeless.

Mancuso told me that making a difference in her community is extremely important to her. But she goes beyond her community, and also serves as a nurse with Aeromedicos, a group of Santa Barbara medical personnel that flies into Mexico and offers free dental and medical assistance there.

Talking to these professionals is akin to watching sunshine break through cloud cover. I’m glad to have made their acquaintance and to call them Responsibility Leaders.

Here are the 2015 Risk All Stars Responsibility Leaders.

Teaching and Preaching Safety

The University of California system of higher education is lucky that Brent Cooley cares enough to have established a center of excellence in theater safety that is now in use at all 10 campuses.

Brent Cooley, Arts Health and Safety Advisor, University of California, Santa Cruz.

Brent Cooley, Arts Health and Safety Advisor, University of California, Santa Cruz

Drawing on the theater safety wisdom of Disney and with the support of OSHA, he created the first, and much needed, safety manual for the UC theater programs.

Cooley travels constantly to make sure that theater departments from the University of Calfornia, Santa Cruz down to the University of California, San Diego are taking the responsibility for safety to heart.

But the impact of Cooley’s professionalism goes far beyond even that massive system of higher education. Cooley also serves as a mentor at the annual United States Institute of Theater Technology conference, working with the Institute’s Health & Safety Commission to support its initiatives.

He is also the co-chair and the co-founder — for good measure — of the Campus Safety Health and Environmental Managers Association’s Performing Arts Safety Community of Practice.

A passionate basketball fan, Cooley also coaches basketball at the middle school level and in community youth leagues.

Read Brent’s Risk All Star profile

 

Risk Management School

The company that Tracey Gasper works for is growing fast, organically and through acquisitions. That’s the good news.

Tracey Gasper, Risk Manager, TBC Corp.

Tracey Gasper, Risk Manager, TBC Corp.

The challenge, one of many faced by the risk manager, is that her team is quite young. The most veteran member of the team has been in risk management for about a year.

Gasper recalls the days when she knew little about the property/casualty insurance industry, risk management or the specialty in risk management we know as workers’ compensation.

That’s why she’s turned her department into a mini risk management university, teaching the finer points of concepts like loss reserves and the nuances of regulatory oversight in weekly meetings.

“I’m trying to broaden their horizons so that they are aware of the bigger picture because it plays such a role in the finances of the company,” Gasper said.

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Gasper’s Risk All Star nominators at Sedgwick laud her for her work in creating a return-to-work program that has made a huge impact, not only on the bottom line of TBC Corp., but in the lives of injured workers.

“She has been able to keep people working in their respective communities, decrease turnover and inspire other loyal employees,” Sedgwick executives said.

Read Tracey’s Risk All Star profile

 

Illuminating the Darkness

When we spoke to him, AARP’s Albert Fierro thanked us for shedding some light on the corner of the world he works in, managing risk for AARP, formerly known as the American Association of Retired Persons.

Albert Fierro, Director, Risk Management, AARP

Albert Fierro, Director,
Risk Management, AARP

There is a lesson in Fierro’s humility.

Consider for a moment the impact of the work he does. By returning millions in equity to his parent organization through his innovative work in captive creation, Fierro is helping to expand programs that serve a vital social need.

His work helps fund programs that provide nutrition for low-income seniors. His work helps provide funding for those over 50 who might be homeless, looking for a job but lacking the necessary training.

His work ensures that money that would have been spent on premiums to insurance carriers is instead funneled back into an organization that has no profit goal, only a public service goal.

Albert thanked us for this attention.

But to Albert Fierro and Peter Persuitti, the multiple Power Broker® winner from Arthur J. Gallagher & Co. who nominated Fierro and whose nonprofit practice supports not only Fierro’s work, but the work of other nonprofits, we can only say, no, thank you.

Read Albert’s Risk All Star profile

 

The Entrepreneurial Gene

Tim Fischer and his risk management colleagues were given nine months to put all the pieces together to enable the spin-off of the power generation company Babcock & Wilcox Enterprises from the nuclear and governmental operations of BWX Technologies.

Tim Fischer, Chief Risk Officer, BWX Technologies

Tim Fischer, Chief Risk Officer, BWX Technologies

Plenty of work to do there. But Fischer was thinking much further down the road and even more expansively. Who was going to serve as the risk manager for the spun-off company?

Fischer had his eye on a candidate, Rachel Rozelle. He’d been bringing her along, mentoring her, and when the higher-ups were trying to decide who should manage the insurance program for the new company, Fischer thought it was time to make his voice heard in that regard.

He put his own reputation on the line and told the C-suites to look at Rozelle as a candidate.

“It took some pressure from my side to get the organization to recognize that they had a great internal candidate,” Fischer recalled.

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That’s what we call the “entrepreneurial gene” — caring enough about the company and its outcomes to consider avenues that arguably could be well outside your job description. Going above and beyond, in other words.

We know Tim Fischer from the multiple times he won a Power Broker® designation when he worked at Marsh. We’re delighted to name him a Risk All Star and a Responsibility Leader®.

Read Tim’s Risk All Star profile

 

Taking It to the Streets

After a hard week at work making the Cottage Health hospital in Santa Barbara, Calif., safer, Angeli Mancuso takes it to the streets, literally.

Angeli Mancuso, Manager, Employee Health & Safety, Cottage Health

Angeli Mancuso, Manager, Employee Health & Safety, Cottage Health

As a nurse with the nonprofit Doctors Without Walls, which also goes by the name Santa Barbara Street Medicine, Mancuso visits the public parks in Santa Barbara to offer medical services to the homeless. There are multi-pronged benefits to the work that Mancuso and Doctors Without Walls perform.

One, seeing the disenfranchised in public cuts down on emergency room visits, freeing that service for those who in many cases are in much more urgent need of care.

Doctors Without Walls does manage chronic wounds in the homeless population, but many times the doctors and nurses in the program are needed to just lend a sympathetic ear. Or to refer someone to another service.

“It’s a lot of talking,” Mancuso said.

The group also brings along students who are interested in a career in medicine to work as scribes and on outreach.

Mancuso also serves with Aeromedicos of Santa Barbara, a nonprofit formed in Santa Barbara decades ago that flies professionals to Baja California in Mexico once a month to staff free medical and dental clinics. The hard-working Mancuso made three trips with that group this year.

Read Angeli’s Risk All Star profile

 

A Maternal Force

Any working mother will surely appreciate the following. Risk All Star Elizabeth Queen, a force in global risk management, has five children and has fostered a number of others.

Elizabeth Queen, Vice President, Risk Management, Wolters Kluwer

Elizabeth Queen, Vice President, Risk Management, Wolters Kluwer

Two of her children are adopted Pacific Islanders, and she has taken in several other children and families in need. She has served on the boards of nonprofits dedicated to child welfare and is a champion of diversity.

“Having grown up in the American South during the 1960s, I have a strong belief in the right and freedom of every person to work, eat, pray, go to school, love, live freely and on a level playing field irrespective of their ‘differences,’ ” she said.

Queen — who splits her time between the United State and the United Kingdom — is also credited with creating an enterprise-level travel risk management program for her Netherlands-based company, Wolters Kluwer.

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In March of 2014, the graduate of Tulane University and Tulane Law served as an expert panelist for an Aon presentation on cyber risk in Kuala Lumpur, Malaysia.

Queen also advocates for the risk management community in urging insurers to craft state-of-the-art travel insurance risk management programs, an area of keen interest for many companies.

“If they build it, we, the clients, will come,” she said.

Read Elizabeth’s Risk All Star profile.

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Responsibility Leader 2015Responsibility Leaders overcome obstacles by doing the right thing over the easy thing to find  practical solutions that benefit their co-workers and community.

 

The R&I Editorial Team may be reached at [email protected]

More from Risk & Insurance

More from Risk & Insurance

Insurance Executive

A Leader for Turbulent Times

Lloyd’s CEO Inga Beale is tasked with guiding the venerable insurance market through Brexit and the demands of the fiercely competitive global specialty business.
By: | July 6, 2017 • 12 min read

Underwriters at Lloyd’s are accustomed to taking on complex, even daunting, risks. The company’s leader looks at the world today and sees plenty of opportunity, but also much to be concerned about.

“Political instability is something that troubles me more than anything else because I think there is now more uncertainty across the world than there has ever been,” said Inga Beale, CEO of Lloyd’s of London.

“It feels that all of the norms that I grew up with are being challenged — openness, globalization, acceptance, inclusion — on a global scale.”

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Appropriately, we’re sitting around a table in Beale’s modern glass-fronted office at the top of the Lloyd’s Building — itself a vision from the future — to talk about Brexit and Lloyd’s newly announced Brussels subsidiary.

Add to the mix Donald Trump and the threat of nuclear attack from North Korea, the bombing of Syria and a spate of terrorist attacks across Europe, and it’s clear we are living in the most dangerous period certainly since the Cold War, or possibly ever, believes Beale.

That belief received even more chilling reinforcement when terrorists detonated a bomb at an Ariana Grande performance in Manchester, England on May 22.  Twenty two people, some of them children, were killed and more than 50 wounded in that attack.

Three years ago, it was Beale herself making world headlines with her appointment as the first female CEO in Lloyd’s 329-year history. But now Brexit and other seismic disruptions to world order have taken center stage.

Lloyd’s announced at the end of March that it would establish a new European subsidiary in Brussels in time for January 1, 2019 renewals so it can continue writing risks for all 27 European Union (EU) and three European Economic Area states after the UK exits the EU.

Currently, it uses its passporting rights to serve EU customers from London, but the expected loss of those rights after Brexit necessitated the establishment of a new subsidiary.

For now though, it’s business as usual, said Beale, with the UK remaining a full EU member for at least two more years. She added, with a reassuring smile, that there will be no immediate impact on existing policies, renewals or new policies written during that time.

“We were campaigning very much to remain in the EU before the referendum because we knew what the likely impact [of leaving the EU] would be on Lloyd’s,” said Beale, whose impressive resume includes stints with GE Insurance Solutions, Zurich and Canopius.

“We rely very much on our licensing network, and being part of the EU means that from London we can write insurance and reinsurance for all of the EU countries with our passporting authority.

“But with the UK exiting the EU, it now means that we lose those licensing powers to offer insurance with immediate effect. To counteract this, we have determined to set up a subsidiary within the EU, meaning that about five percent of our global revenues will have to go through this subsidiary because it is insurance business offered to our EU-based clients.”

Beale and her team also negotiated that most of Lloyd’s underwriting business will remain in London, as will the majority of the transactions and decision-making powers. Meanwhile, the manpower needed to run the new Brussels operation will be in the “tens rather than hundreds,” she is quick to point out.

“It’s not a huge raft of people having to move over,” she said.

“Lloyd’s will continue to do 95 percent of its business as it has always done — it’s only the other five percent that will have to go through a separate legal entity, and we’re not anticipating any further changes to our business model as a result.”

Beale, whose dual role is both supervisor and advocate for the market’s 100-something member underwriting syndicates, says that the franchise board chose Brussels over other locations including Luxembourg, Dublin and Malta because of its “robust and quality” regulatory regime.

“At the time, I didn’t even know that reinsurance existed, but once I discovered it I absolutely loved it.” — Inga Beale, CEO, Lloyd’s of London

It also provides access to a multilingual talent pool, is near to London, and, most importantly she stresses, is located in a member state with a “very high certainty of staying in the EU.”

“We want people who reflect our customers,” she said.

“The London insurance market is littered with people from all over the world because London is such a global insurance hub, so we need experts here who speak the language and understand the different cultures.”

North American Footprint

Despite its large European market, it’s the other side of the pond where Lloyd’s really thrives. Approximately 46 percent of its business comes from the U.S., mainly California earthquake and East Coast hurricane risks, she said.

Lloyd’s also remains the No.1 excess and surplus lines insurer in the U.S. and the largest non-U.S. domiciled insurer, she added.

“We have done really well in terms of growing our E&S market share over there,” she said.

“That’s our sweet spot; those non-standard risks that are hard to place.”

By contrast, Beale said that reinsurance has become a much more competitive market with new entrants offering alternative types of reinsurance putting a squeeze on prices. As a consequence, Lloyd’s has focused more on insurance, she said.

“We have also done well in Canada and with our delegated authority through our Managing General Underwriters and Managing General Agents,” she said.

“It’s this very local and specialist distribution channel that has been our success story across North America.”

In January, Beale was made a Dame Commander of the Order of the British Empire — the female equivalent of being knighted — and is also the Association of Professional Insurance Women’s Insurance Woman of the Year for 2017.

“What concerns us most is not individual risks such as earthquakes and hurricanes, but rather assessing the aggregation of our exposures to financial and liability-type risks with no geographical boundaries.” — Inga Beale, CEO, Lloyd’s of London

As the person directing Lloyd’s, she is also acutely aware of the shift in power towards emerging economies, with McKinsey recently reporting that 67 percent of commercial insurance growth will come from those markets by 2020.

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In response, Lloyd’s has focused its efforts on Asia and Latin America, transferring more than half of its managing agents to its Shanghai and Beijing platforms; and it was recently granted final approval to open a reinsurance office in Mumbai, she said.

“That’s where the future’s going to be,” she said.

“We know that a lot of the business is no longer coming to London in the traditional way, hence we have set up a Singapore platform and platforms in China, and opened up an office in Dubai as well as in India to be closer to our clients and brokers there.”

Lloyd’s profits last year were flat at $2.7 billion, while GWP was up $3.9 billion.

The market made a profit despite taking a $2.7 billion hit for major claims — the fifth highest such total since the turn of the century — primarily due to Hurricane Matthew and the Fort McMurray Wildfire in Canada.

Although natural disasters are Lloyd’s bread and butter, its real strength is in insuring complex risks, from cargo ships and satellites to political and terrorism risks.

Lloyd’s Role in Cyber

It’s the aggregation of those harder-to-quantify risks such as cyber security that concerns Beale most. Expected to grow to $7.5 billion in global premiums business by 2020, cyber is a big focus for Lloyd’s. It has a 25 percent market share and aggregate limits of approximately $650 million per risk, she said.

“What concerns us most is not individual risks such as earthquakes and hurricanes, but rather assessing the aggregation of our exposures to financial and liability-type risks with no geographical boundaries,” she said.

“We saw that with the financial crisis and the collapse of Fanny and Freddie, and its impact on Greece, but now it’s cyber.

“We have interviewed numerous risk managers and they are telling us that they are only insured against less than 10 percent of the risks that their businesses face on a daily basis. Our challenge is to make sure that we are continuing to adapt as fast as their businesses do and that we are delivering the relevant products that they need.”

Another area where Lloyd’s has seen an uptick is political and terrorism risk, said Beale.

The U.S. standoff with North Korea, Brexit and a swath of ISIS terrorist attacks across Europe have only exacerbated the problem, heightening fears among those countries’ citizens and tearing whole communities apart.

“We would love to get to a stage where a client can track something being quoted or a claim being paid, just like you do with a package being delivered [to your home].” — Inga Beale, CEO, Lloyd’s of London

Just witness the anguish of the victims and families in the Manchester concert bombing.

“We have seen a dramatic increase in demand for these types of products because of the political instability everywhere at the moment, particularly for companies that are trading cross border with countries where governments can suddenly intervene at a moment’s notice,” she said.

“Similarly, businesses are looking to protect themselves against the ever-growing threat of terrorism, which is where Lloyd’s can step in to give them the confidence to keep on trading.”

Reforming Lloyd’s

Within Lloyd’s itself, Beale has been at the forefront of trying to modernize the aging institution. Despite its modern metallic and glass exterior, inside Lloyd’s there’s still very much what some might term a stuffy “old boys’ club” culture.

Men are required to wear a tie and women weren’t allowed into the underwriting room until 1972. Brokers still walk around with leather slipcases crammed full of paper.

The Lloyd’s headquarters on Lime Street.

Beale’s predecessor, Richard Ward, tried to modernize Lloyd’s but left plenty for Beale to address in that respect.

Beale committed $700 million over the next five years to upgrade Lloyd’s aging computer and IT systems, with the end goal of achieving one-touch data capture to speed up the premiums and claims process.

“It’s about following that data all the way through the process from the client to the intermediary and the underwriter, and the processing of the premiums and claims,” she said.

“We would love to get to a stage where a client can track something being quoted or a claim being paid, just like you do with a package being delivered [to your home].”

Another area Beale is keen to shake up is diversity within Lloyd’s itself. Currently the market is two-thirds male, while only 11 percent of the whole London insurance market are non-UK nationals — a damning statistic that Beale is all too aware of.

“The Lloyd’s market doesn’t reflect the demographics of the whole of London and we are very conscious that we’re not tapping into all of the available talent that’s out there,” she said.

“We need to cut out the old ideas, try to challenge the unconscious bias and create an environment that is welcoming for people who are a bit different.”

Beale has also been pushing the [email protected] initiative, currently in its third year, and in September Lloyd’s will host the third annual Dive In festival to promote diversity and inclusion in the insurance industry.

In addition, 95 percent of the Lloyd’s market has already signed up to its Diversity & Inclusion charter to improve diversity, she said.

“To attract the best talent we need to modernize and look at how we can change our working practices and hiring decisions for the better,” she said.

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“There’s a vast amount of work that we are actively doing to encourage people to be more open and seek more diverse talent.”

On a personal level, Beale readily admits that she was late to the leadership game, and it was only her mentor, Annette Sadolin at GE, who convinced her to take her first promotion.

That lack of confidence is something that, as a leader, Beale has witnessed in her own team and she is keen to help overcome.

“Annette became very much a mentor for me throughout my career, so whenever I have had to make key decisions I would always ask her view,” she said.

“The key lesson that I have learnt from her is that things move so quickly and you need to take opportunities when they come along that give you exposure to something new, even if they don’t seem like a natural career path at the time.

“For me, being a leader is all about inclusion and being passionate about the people you work with because you need to inspire and motivate them. But there is also nothing more rewarding than watching people progress their careers.”

A Truly Global Journey

Beale, who initially harbored ambitions of being an architect, admits that she “fell into reinsurance,” starting as a trainee international treaty reinsurance underwriter at Prudential Assurance Company in London in 1982. But once she had a taste there was no turning back.

“At the time, I didn’t even know that reinsurance existed, but once I discovered it I absolutely loved it,” she said.

“I fell in love with the global nature of the risks that came to London; one day you could be looking at a piece of business from Chile, the next from Australia.”

But, back then, working in a male-dominated industry where she was the only woman among 35 men, Beale struggled to fit in. So she quit and went travelling for 10 months.

It was during her time as a receptionist at the BBC in Sydney, Australia that Beale worked under her first female boss, a formidable woman, she said.

Inspired by her boss’s strong work ethic, Beale decided to return to the insurance business.

She soon landed a job with GE Insurance Solutions in Kansas City, where she held various underwriting management roles, before being appointed president of GE Frankona and head of continental Europe, Middle East and Africa for GE Insurance Solutions in Germany.

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After 14 years at GE, Beale moved to Switzerland with Converium as group CEO in 2006.

Two years later, she joined Zurich Insurance Group as a member of the group management board in Zurich before being appointed global chief underwriting officer, prior to her appointment as group CEO at Canopius in 2012.

The breadth and depth of her experience makes Beale a natural fit for the demands of the Lloyd’s top job.

There’s no doubt she’ll be drawing upon every ounce of that expertise and experience to keep Lloyd’s at the cutting edge of this harrowing new world we live in.

Alex Wright is a U.K.-based business journalist, who previously was deputy business editor at The Royal Gazette in Bermuda. You can reach him at [email protected]