Risk Insider: Tony Boobier

The Value of Experience

By: | May 23, 2017 • 3 min read
Tony Boobier is an experienced independent consultant focusing on insurance analytics. An international speaker, commentator and published author, he lies awake at night thinking about the convergence of insurance and technology. He can be reached at [email protected]

Over dinner I was discussing the importance of experience with professional (and senior) insurance colleagues. We spoke about new business models, blockchain, cognitive analytics, and how AI would ultimately change our industry and our professions.


One of them raised his eyes to the ceiling. “I don’t know if experience matters any longer,” he said, and he had a point. “After all,” he went on, “aren’t we increasingly looking at the way the insurance industry operates, and tearing up the rule book?”

As Thomas Edison put it, we can keep to the rule book, or we can make progress.

I wondered afterwards about what my colleague had said, especially about the topic of experience. When I look at my own CV covering nearly four decades, it’s as if the experience gained over the first three decades is no longer relevant. Isn’t it only the most recent stuff that matters? And who really cares about hard-earned professional qualifications based on an old-school syllabus?

If knowledge is that which we believe in, then isn’t experience how we apply that knowledge?

I’m not the only one to have thought about the issue of experience. As distinct from knowledge, experience seems to be something much deeper. If knowledge is that which we believe in, then isn’t experience how we apply that knowledge?

Let’s have a quick history lesson. Knowledge, according to the philosopher John Locke (1632-1704), comprises three levels: intuition, demonstrable knowledge (where we make comparisons), and faith or opinion, which Locke accepts isn’t really knowledge at all but only something we believe in.

(By the way, Locke was around about the same time that the insurance industry as we now know it was first conceived in the coffee shops of London, but that doesn’t make him an insurance expert.)

Nowadays we often tend to equate knowledge mainly with academic and other professional qualifications, which seems to miss at least some of the point. In London, cab drivers who learn the streets of London and can navigate without Sat Nav are said to have “the knowledge.”

Locke also had something to say about experience: If we imagine the mind to be a blank piece of paper, experience is where knowledge comes from. Put another way, he said that all knowledge comes from experience. It seems that we really need to know can’t be learned in a book.

So what’s this to do with insurance? The insurance industry is continually and increasingly being challenged to revisit traditional business models, some of which are tried and tested. Disruption is the name of the game.


Yet, Insurtech startups continually complain that more than other industries, insurance companies seem to comprise gatekeeper after gatekeeper, each being (in the opinion of these startups) ultra-cautious. “Why are insurers so slow to take on board my great idea?” they say.

Perhaps such reticence is based on the experience of an individual who intuitively isn’t certain about proposed changes, and has no option but to treat these new ideas with an element of skepticism? Or maybe it’s a byproduct of an insurance industry whose ultimate success depends on the evaluation of risk, entirely based on experience?

The impact of change will be enormous, and the consequences of failure could be expensive. But we shouldn’t forget that the insurance industry underpins the financial security of companies and individuals, and shouldn’t be attracted by bright shiny technological baubles.

More from Risk & Insurance

More from Risk & Insurance

Risk Management

The Profession

Maila Aganon is the personification of the American dream. The vice president of treasury and risk for Caesars Entertainment Corp. immigrated from the Philippines and worked her way to the top.
By: | October 12, 2017 • 4 min read

R&I: What was your first job?

I actually had three first jobs at the same time at the age of 16. I worked as a cashier in a fast-food restaurant, a bank teller and a debt collector for an immigration law firm.

R&I: Who is your mentor and why?

I have a few. The first one would be the first risk manager I reported to. He taught me the technical part of the job, risk financing, captives and insurance. I am also privileged to be mentored by Lori Goltermann (CEO of U.S. Retail for Aon Risk Solutions).  From her I learned to be resilient and optimize life/work balance. Then of course I also have a circle of ladies at work who I lean in to!

R&I: How did you come to work in this industry?


I was once a bank teller and had a client who was an insurance agent. He would come in every day to make deposits. One day, he offered me a job. He said, “How would you like to have your own desk, your own phone and your own computer?” And I said, “When do I start?” I worked for this personal lines insurance company for six years.

R&I: Did you take to it immediately?

Yes, I did sales, claims and insurance accounting. I left for a couple years and that is when AAA came calling, which was my first introduction to risk management. I didn’t know there was such a thing as commercial insurance. They called me and the pitch was “how would you like to run a captive insurance company?”

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

It is not so much the job but I say that I am the true product of the American Dream. I came to the U.S. when I was 16. I worked three jobs because I didn’t want to go to high school (She’d already graduated high school in the Philippines.) I spoke very little English, and due to hard work, grit and a great smile I’m now here working with all of you!

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

In movies, it is a toss-up between Gone with the Wind and Big Daddy.

R&I: What is your favorite drink?


I like anything sweet. If you liquify a dessert that’s my perfect drink.

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

This is easy because I just got back from Barcelona on a side trip. I visited the Montserrat Monastery, which is a thousand-year old monastery. It was raining and foggy. I hiked for three hours and I didn’t see a single soul. It was a very peaceful place.

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

This is going back to working at a fast food chain when I was young. I worked in a very undesirable location in San Francisco. At 16 I used to negotiate with gang members so they wouldn’t rob me during my shift. I had to give them chicken so they wouldn’t rob me.

Maila Aganon, VP, Treasury and Risk, Caesars Entertainment Corp.

R&I: If the world has a modern hero, who is it and why? 

I can’t say me. They have to be my kids Kyle and Hailey. They can make me laugh and cry within a half-minute of each other. Kyle is 10, a perfect Mama’s boy. Hailey is seven going on 18.

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

I think the most fulfilling part is how you build relationships with people and then after a while they become your friends.

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

Risk managers do a great job of networking. They are number one. Which is not a surprise because the pillar of our work is building a relationship with underwriters, clients and brokers.

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


I am experiencing that right now; talent.  We need to a better job in attracting and retaining talent. Nobody knows about what we do. You tell someone ‘I’m as risk manager’ and they give you a blank look. What does that mean?

We’re great marketers and we should use this skill set in attracting talent. We should engage our universities, our communities, even our yoga groups and talk to them about the exciting world of risk. It is an exciting career because there is nothing like it.

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

It would have to be the increasing cyber risk and the interdependency of systems.

R&I: What does your family think you do? 

I took my seven year old daughter once to an insurance event that had live music, dancing and drinks. She thinks that whenever I go to an insurance meeting, I’m heading to a party.

Katie Siegel is an associate editor at Risk & Insurance®. She can be reached at [email protected]