Risk Management

The Profession

After 20 years on the job, TransUnion's Joon Sung knows that risk management success is based in part on the quality of relationships with brokers, carriers and other risk professionals.
By: | April 7, 2017 • 4 min read


R&I: What was your first job?

I was a clerk at my father’s video store. I got to learn firsthand the power of customer service — we had to do it better to differentiate from the big box stores just to survive. I don’t miss calling customers with outstanding videos or informing them that they owed a rewind fee.

R&I: How did you come to work in risk management?

I took an introductory course in risk management taught by Professor Joan Schmit.

I was fortunate to attend an institution that had such a wonderful and dedicated risk management and insurance discipline. Our professors were passionate about the role of insurance whether it was in a social or commercial setting and challenged us to advance it.

R&I: What was the best location for the RIMS conference and why?

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San Diego, bar none. The location of the convention center with all of the nearby hotels, downtown and scenery make it pretty hard to beat. Oh and the weather is out of this world.

R&I: What emerging commercial risk most concerns you?

Cyber.

R&I: How do you keep yourself educated about emerging risks like cyber? What are your go-to resources?

I try to talk to our CISO [chief information security officer] every chance I get. He has a wealth of knowledge and experience and has line of sight into the kinds of things we’re seeing every single day. Understanding what keeps him up at night helps me think about our perils and how insurance should respond to it.

R&I: What insurance carrier do you have the highest opinion of?

Beazley. You have to have guts to insure a company like ours. You hear buzz words like trust, commitment and partnership bandied about all the time. Beazley breathes it. I’ve effectively had the same underwriter and claims manager for more than 10 years.

We’ve had our ups and downs, like in any relationship, but we got through them. And in so doing, it made our bond even stronger. In many respects, Beazley is similar to our company. We say what we mean, we take ownership in our work, and we follow through on our promises.

R&I: Is the contingent commission controversy overblown?

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Yes it is. I’m not crazy about it, but it’s been around in our industry a long time, and well before Mr. Spitzer made it a big deal. As risk managers, we’ve always tried to be pragmatic about it. If brokers can keep us fully informed of the contingent commission, then we don’t have to second guess whether or not they are looking out for our company’s best interest.

R&I: Who is your mentor and why?

John Bradley, the risk manager of U.S. Bank. Every decision he makes is rooted in the question, “What is best for my company?” He understands insurance and people, and in this business, the latter is critical to success. If he wasn’t so loyal to the Chicago Bears, I’d call him a friend.

R&I: What about this work do you find the most fulfilling or rewarding?

I enjoy the interaction and collaboration among my colleagues, insurance brokers and insurers. We all come from such different backgrounds, yet when we work together to accomplish a single goal, it is incredibly gratifying.

R&I: What do your friends and family think you do?

My parents still think I sell personal lines insurance, which is perfectly fine except when their friends call me about getting a quote for a homeowner’s policy.

My friends think I do what Ben Stiller did in the movie “Along Came Polly” — using the Riskmaster 9000 …

R&I: What’s been the biggest change in the risk management and insurance industry since you’ve been in it?

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I’d have to say technology. Our industry was so paper intensive in the past. I remember a time when we faxed insurance applications, insurance certificates, insurance policies, etc.

Now most of the insurance policies are PDFs, searchable and largely sent by email. I’m receiving claims notices by text from my insurer as it’s reported in real time. We’ve come a long way. The challenge now is to make sure we’re taking advantage of the efficiency for good.

R&I: What is your favorite book or movie?

“Tommy Boy” starring Chris Farley and David Spade. I’m not ashamed to admit it either. It’s funny, touching and has tremendous replay value.

R&I: What is your favorite drink?

The Korean name for it is Makgeolli. It’s a rice wine that was popular among farmers and the “working class” back in the day. It’s fermented rice and tastes a little sweet, but it pairs nicely with just about any meat.




Katie Siegel is a staff writer at Risk & Insurance®. She can be reached at [email protected]

More from Risk & Insurance

More from Risk & Insurance

Risk Management

The Profession

After 20 years in the business, Navy Pier’s Director of Risk Management values her relationships in the industry more than ever.
By: | June 1, 2017 • 4 min read

R&I: What was your first job?

Working at Dominick’s Finer Foods bagging groceries. Shortly after I was hired, I was promoted to [cashier] and then to a management position. It taught me great responsibility and it helped me develop the leadership skills I still carry today.

R&I: How did you come to work in risk management?

While working for Hyatt Regency McCormick Place Hotel, one of my responsibilities was to oversee the administration of claims. This led to a business relationship with the director of risk management of the organization who actually owned the property. Ultimately, a position became available in her department and the rest is history.

R&I: What is the risk management community doing right?

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The risk management community is doing a phenomenal job in professional development and creating great opportunities for risk managers to network. The development of relationships in this industry is vitally important and by providing opportunities for risk managers to come together and speak about their experiences and challenges is what enables many of us to be able to do our jobs even more effectively.

R&I: What could the risk management community be doing a better job of?

Attracting, educating and retaining young talent. There is this preconceived notion that the insurance industry and risk management are boring and there could be nothing further from the truth.

R&I: What’s been the biggest change in the risk management and insurance industry since you’ve been in it?

In my 20 years in the industry, the biggest change in risk management and the insurance industry are the various types of risk we look to insure against. Many risks that exist today were not even on our radar 20 years ago.

Gina Kirchner, director of risk management, Navy Pier Inc.

R&I: What insurance carrier do you have the highest opinion of?

FM Global. They have been our property carrier for a great number of years and in my opinion are the best in the business.

R&I: Are you optimistic about the US economy or pessimistic and why?

I am optimistic that policies will be put in place with the new administration that will be good for the economy and business.

R&I: What emerging commercial risk most concerns you?

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The commercial risks that are of most concern to me are cyber risks, business interruption, and any form of a health epidemic on a global scale. We are dealing with new exposures and new risks that we are truly not ready for.

R&I: Who is your mentor and why?

My mother has played a significant role in shaping my ideals and values. She truly instilled a very strong work ethic in me. However, there are many men and women in business who have mentored me and have had a significant impact on me and my career as well.

R&I: What have you accomplished that you are proudest of?

I am most proud of making the decision a couple of years ago to return to school and obtain my [MBA]. It took a lot of prayer, dedication and determination to accomplish this while still working a full time job, being involved in my church, studying abroad and maintaining a household.

R&I: What is your favorite book or movie?

“Heaven Is For Real” by Todd Burpo and Lynn Vincent. I loved the book and the movie.

R&I: What’s the best restaurant you’ve ever eaten at?

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A French restaurant in Paris, France named Les Noces de Jeannette Restaurant à Paris. It was the most amazing food and brings back such great memories.

R&I: What is the most unusual/interesting place you have ever visited?

Israel. My husband and I just returned a few days ago and spent time in Jerusalem, Nazareth, Jericho and Jordan. It was an absolutely amazing experience. We did everything from riding camels to taking boat rides on the Sea of Galilee to attending concerts sitting on the Temple steps. The trip was absolutely life changing.

R&I: What is the riskiest activity you ever engaged in?

Many, many years ago … I went parasailing in the Caribbean. I had a great experience and didn’t think about the risk at the time because I was young, single and free. Looking back, I don’t know that I would make the same decision today.

R&I: What about this work do you find the most fulfilling or rewarding?

I would have to say the relationships and partnerships I have developed with insurance carriers, brokers and other professionals in the industry. To have wonderful working relationships with such a vast array of talented individuals who are so knowledgeable and to have some of those relationships develop into true friendships is very rewarding.

R&I: What do your friends and family think you do?

My friends and family have a general idea that my position involves claims and insurance. However, I don’t think they fully understand the magnitude of my responsibilities and the direct impact it has on my organization, which experiences more than 9 million visitors a year.




Katie Siegel is a staff writer at Risk & Insurance®. She can be reached at [email protected]