An Exclusive Peek at the In2Risk 2022 Conference Agenda

Taking place November 10-12 in San Francisco, In2Risk22 brings together risk and insurance professionals from around the world

By: Abi Potter Clough | September 1, 2022

Topics: Future of Insurance | In2Risk | Insurance Industry

For the savvy insurance professional, there’s nothing quite like getting together with like-minded individuals and discussing some of the latest innovations and nuances going on in the industry. And lucky for us all, in-person events are growing in number after the last two years of uncertainty.

This year, In2Risk, the CPCU Society’s annual conference, aims to bring industry professionals together for three days of education, networking and events. Held in San Francisco this year, the event convenes November 10-12. New CPCU designation holders will be recognized for their achievement and formally conferred as CPCUs at In2Risk.

An average 1,500-2,000 attendees are expected to attend the three-day signature event at the Hilton San Francisco Union Square. Registration is now open for all industry professionals at the In2Risk site. You don’t need to be a CPCU to attend the event or join the CPCU Society.

Educational sessions spread throughout the three days will focus on one of three main themes. Digital and technology topics include the ethics of big data and emerging fraud risk with digital claims. Leadership sessions will cover topics about presentation skills, EQ, and engagement. Career development topics ranging from taking charge of your career to building your brand.

This year’s event also brings a new format of sessions. CPCU Express Talks are a series of lively, ten-minute talks that will inspire and motivate the audience. Two series are planned for In2Risk — one focused on Insurtech and the other on leadership. These informal express talks are designed to make people think differently about the world and the insurance and risk management industry.

Here’s a look at some of the can’t-miss sessions sure to bring risk professionals some top-quality lessons and tools to better their own skills.

Meta What? Warped Reality or Business Opportunity

Digital assets are growing in popularity — and the risk is growing, too.

The session, “Meta what? Warped Reality or Business Opportunity?” will explore the nascent risks of NFTs, cryptocurrency and property in the metaverse. One of the presenters is Adam Adamson, CPCU, head of business development at Nayms LTD in Bermuda.

Adamson shared insight on what to expect during the session: “It’s a complex new world in digital assets which brings entirely new risk factors and new companies to evaluate risks. For example, up-and-coming companies such as Quantstamp and Trail O Bits are working to help evaluate smart contracts and their risk factors. In doing so, underwriters need to be aware of how this industry is going to change their risk factors and evaluations while also giving them some comfort that the digital asset industry is similar to other industry classes.”

The Kennedy Tragedies Through a Risk Management Lens

Risk managers ask lots of questions.

That’s exactly what the husband-and-wife team of Chris and Melissa Orrison plan to do in their distinctive session, “The Kennedy Tragedies Through a Risk Management Lens.”

The Orrisons will dive into the Kennedy family’s history, looking at their experiences with a risk management purview. Questions to be discussed include:

The Kennedys were well aware of certain risks they faced, but is it possible they were focused on the wrong risks?
Did they attempt to manage risks regarding politics and reputation at the expense of risks to their own safety and mortality?
Did the family tendency to opt for risk insulation contribute to the negative outcomes that shaped history as we know it?
How might things have turned out differently if these disasters were averted?

The Earth-Shaking Realities of Supply Chain Disruptions and Their Ethical Implications

Ethics play a critical role in our industry.

This session examines ethics from a new angle — how the supply chain disruptions have changed how companies do business.

“Over the last few years, we’ve all experienced supply chain challenges in our personal lives — from empty shelves and rising prices at the grocery stores, lack of vehicles on the car lots and hefty delays and backorders in household purchases. But do you really understand why it is happening and what impacts and ethical implications our industry faces because of the supply chain disruptions?” said one of the session speakers, Kate Goering, CPCU, senior purchasing manager, State Farm.

“Exploring those ethical implications and how companies have responded in the moment is fascinating,” she continued.

“Whether it’s vying for the first place in line, considering the sustainable sourcing practices of vendors, or weighing options between going without or sourcing products and services from suppliers who may not meet high employment standards, the right answer isn’t always easy anymore.”

After the Condo Collapse: Surfside’s Impact on the Insurance Industry

The 2021 Surfside tragedy in Miami has affected the insurance industry in numerous ways.

Timothy Fletcher, JD, CPCU, vice president, senior emerging issues specialist at GenRe, and one of the speakers in the session, gave some insight as to what to expect.

“We’ll focus on the vulnerabilities of condo associations, namely the bad things that can happen when associations don’t act on engineering reports and inspections suggesting maintenance is needed,” he shared.

“The repercussions of legislative reform in Florida like requiring mandatory inspections, the critical need for engineers to conduct these inspections, and holding sufficient money in reserves for maintenance projects will be raised. A number of similar properties throughout the Southeast U.S. are also being managed by condo associations that may not have the requisite expertise to properly manage the maintenance of these buildings. What are the implications for insurers going forward?”

Now That You’re in Charge…

Rita Williams-Bogar, CPCU, founder, Personal Development Solutions

Rita Williams-Bogar, CPCU, founder of Personal Development Solutions, will provide attendees with next-level leadership tips in her leadership session “Now That You’re in Charge…”

“Imagine if you will — you were an individual contributor in your organization. You’ve been performing your job well and have been promoted to a management position and told to go lead. Now you have several questions — What do you do? How will you navigate the relationships with your former peers? How will you earn their respect? How do you transition from doer to leader? What’s your next step?” Williams-Bogar said.

“For the answer to these and other questions, attend the session, ‘Now that You’re in Charge…’ ”

Other Sessions of Note

Fan favorite sessions returning this year include Game On, the highly popular gameshow-style insurance trivia session with prizes, and Emerging Issues in Insurance Regulation, featuring insurance commissioners answering audience and moderator questions.

Attendees will also have the opportunity to give back to the local community by supporting the conference charity. This year, the CPCU Society will raise $5,000 to support Rise Against Hunger. Donations are being accepted through November 12.

There is something for everyone at this year’s In2Risk!

Register Now For In2Risk22

Registration is open for In2Risk. Join the excitement, network with your colleagues, and grow your passion in San Francisco this November with the CPCU Society.

Chris Hampshire, CPCU, vice president, carrier practice with Gallagher Bassett, and president of the CPCU Society Leadership Council, summed up the excitement for In2Risk: “I’ve heard from so many CPCU Society members that they’re excited to get together in person again at In2Risk in San Francisco.

“The momentum that’s been generated from our expanded membership categories along with all of the New Designees that have already committed to attending their conferment at In2Risk should create strong attendance at this year’s event. The speakers and educational sessions that were selected for this year’s conference are First Class and represent a diverse amount of sectors of insurance and risk management,” he said.

“We couldn’t be happier with how the planning for In2Risk 2022 has gone and look forward to seeing a few thousand of our closest industry friends in November.” &

The CPCU Society brings together risk professionals who are either pursuing or designees of The Institutes CPCU designation. Both the CPCU Society and Risk & Insurance® are affiliates of The Institutes.

Abi Potter Clough, MBA, CPCU, is a keynote speaker, author and business consultant focused on Insurtech, leadership and strategy. She has over 15 years of experience at a Fortune 500 company with expertise in P&C claims operational leadership, lean management consulting, digital communications and Insurtech. As the past chair of the International Insurance Interest Group of the CPCU Society, Abi remains involved in many international initiatives and projects. She has published two books about change management and relocation. Abi can be reached at [email protected].

How a Carrier Partner Can Help Navigate a Challenging Management and Professional Liability Market

A combination of a choppy economy with increased claims frequency and severity could lead to rate increases in the Management & Professional Liability market.

By: Risk & Insurance | April 3, 2024

Rates in the management & professional liability (M&PL) markets were on the rise from 2020 to early 2023 and are now falling rapidly.

M&PL divisions manage a number of different insurance products including management liability (D&O), professional liability (E&O), employment practices liability (EPL), fiduciary liability policies, cyber, etc. In 2023 and into 2024, a big influence on the marketplace has been the extremely aggressive and softening public company D&O market.

Though these rates have been softening for management liability, that may change over the next few years as companies continue to adjust their business models motivated by economic uncertainty. Layoffs were up nearly 200% last year, Forbes reported, even as other recession indicators, like the inflation rate, improved. A recession could lead to an increased claim activity and force carriers to raise rates.

“Whenever there is a meaningful downturn in the economy, we tend to see claim frequency pop up,” said George Schalick, Jr., senior vice president of the Management and Professional Liability Division at Philadelphia Insurance Companies (PHLY).

With continued fiscal uncertainty, businesses potentially already burdened with pandemic-related claims should seek a carrier with a long history in M&PL products. They will provide much-needed risk management guidance and be better positioned to support their insureds during market fluctuations.

Why Insureds Might See an Uptick in M&PL Claims

George Schalick, Jr., Senior Vice President of the Management and Professional Liability Division, Philadelphia Insurance Companies

The current soft market might come as a bit of a surprise as it does not track with previous underwriting cycles and economic conditions. Afterall, many privately held and non-profit organizations struggled during the early days of the pandemic with shutdowns and rapidly declining revenues. But the Government assistance programs, like the Paycheck Protection Program loans, helped keep many afloat during the tough times.

“During COVID many organizations stopped doing business until they were able to sort out all of the health and safety challenges,” Schalick said. “They were forced to lock down, but then all the government assistance programs allowed them to keep people employed. The increased volume of claims we anticipated we would see coming from the lockdowns and restrictions that were imposed upon businesses in the U.S. didn’t manifest at first.”

“Just because there wasn’t an onslaught of reported claims at the beginning of the pandemic, doesn’t mean the circumstances that would give rise to a claim being reported didn’t occur. Courts and the judicial system were closed or slowed and now that they are back open, we’re starting to see the circumstances that occurred during the COVID lockdowns becoming claims today,” Schalick said. “Litigation is progressing.”

Added to the delayed pandemic litigation is a concern over newer claims that might be filed as the country inches toward an economic downturn. Though a recession was avoided in 2023, experts think a soft dip could occur in 2024, with 76% of economists saying there’s a 50% or less chance of an economic downturn this year — that almost always results in more management liability claims.

“During the Great Recession in 2008, we saw an almost immediate spike in claims because of the economic conditions and the pressure it placed on organizations. They were making personnel changes with significant belt tightening almost immediately.” Schalick said.

What’s in Store for M&PL Policy Rates in 2024?

Despite an uptick in claims and increased economic uncertainty, management liability rates haven’t increased, resulting in market-wide pricing levels that may not meet the increased pressure of rising settlements and jury verdicts.

“Rates are going the other direction and settlement values are not falling,” Schalick said.

The mismatch between rates, claim frequency and severity is, in part, because carriers experiencing the dramatic soft market in the public D&O market are seeking premium gain in the private and non-profit market.

“In the public company market, the rates have been decreasing significantly. The rates were increasing in the private, not-for-profit market, and rightfully so, but there’s a desire to supplement overall mid-size D&O for carriers who also write private not-for-profit, and they see that as an opportunity to aggregate premium,” Schalick said. “So the always competitive landscape in the private, not-for-profit market has dramatically increased in the last 18 to 24 months.”

Still, companies of all sizes and types should be concerned about management liability rates in the future. Legal system abuse is resulting in increases in both the amount of litigation and the size of verdicts plaintiffs are receiving.

Certain areas of the country are particularly vulnerable to this type of legal system abuse. As a result, insureds in these localities are likely to be vulnerable to rate increases.

“The environment is so positive for the plaintiff that forces premium increases so carriers are able to stay in that market long term,” Schalick said.

Why a Tenured Carrier Partner Can Help Insureds Navigate An Uncertain Market

It’s clear that insureds are facing an uncertain M&PL market over the next few years. Fortunately, carriers with a long history in the M&PL space will be there to offer stability.

Philadelphia Insurance Companies has been supporting this market for 35 years. PHLY is committed to offering long-term rate stability, even as economic and claims trends start to push premiums upwards. They have an appetite for all sorts of companies, large and small, for-profit and nonprofit alike.

“We’ve been at this game for a long time and are one of the most tenured underwriters in this space,” Schalick said. “We like to stay very consistent.”

PHLY has worked with both for-profit and non-profit on management liability policies. With dedicated M&PL teams throughout the company’s 13 regions, PHLY provides the support agents and brokers are looking for on behalf of their clients. The teams know their regions well and can respond to local trends. They’re also dedicated to making the renewal process as easy as possible for their partners and policyholders.

“We have real confidence in our results, so we focus a lot on making the renewal experience as painless as possible for all agents and insureds,” Schalick said.

The company is also investing in tools to help insureds avoid losses. Earlier this year, they launched a new online risk management platform, PHLYGateway, which offers resources for insureds on how to create an employee handbook and trainings on issues such as recognizing workplace sexual harassment and discrimination.

If insureds have questions, they can consult a Best Practices Help Line, provided via the platform. That way, they can get on the spot risk management guidance to help them prevent claims.

To learn more, visit: https://www.phly.com/mplDivision/managementLiability/default.aspx.

This article was produced by the R&I Brand Studio, a unit of the advertising department of Risk & Insurance, in collaboration with Philadelphia Insurance Companies. The editorial staff of Risk & Insurance had no role in its preparation.

An Exclusive Peek at the In2Risk 2022 Conference Agenda

Trending Sessions and Interesting Questions

Meta What? Warped Reality or Business Opportunity

The Kennedy Tragedies Through a Risk Management Lens

The Earth-Shaking Realities of Supply Chain Disruptions and Their Ethical Implications