Fearless Female Leader: MAPTYCS Jacqueline LeGrand on Her Two Decades in Insurance

MAPTYCS founder and CEO Jacqueline LeGrand talks starting her own company, living abroad and why diversity is vital for the insurance industry.

By: Courtney DuChene | March 2, 2020

For MAPTYCS founder and CEO Jacqueline LeGrand, the best career advice she ever received was to “take advantage of every opportunity.”

“It gave me the confidence to move from technology to insurance (and back to technology with a vertical industry expertise), from Paris to New York via Porto and Sao Paulo, from the field to senior management positions in various companies,” she said.

“Altogether, it gave me the opportunity to approach the industry from different perspectives and to appreciate the importance of risk management and insurance in society.”

This advice gave LeGrand the courage to leave a tech job at IBM, take on positions in countries from Malta to to Brazil, and eventually it pushed her to start her own insurtech company.

Throughout it all, she’s kept her career focused on keeping her clients safe as they navigate for the insurance landscape of tomorrow and she’s helping prepare future leaders in the risk management and insurance industries to take on those challenges.

“Insurance and risk management are at the heart of much more than we often imagine,” she said.

“It is definitely not a dusty and outdated industry as many outsiders tend to think, on the contrary, it is a profession that echoes the heartbeat of our society, and I feel blessed to be part of it.”

Working from the Bottom Up

LeGrand’s insurance career began at a brokerage firm in Paris over two decades ago. After working in technology for a number of years at IBM, she decided she wanted to try something a bit different and when the brokerage opportunity presented itself, she knew she had to take it.

“I didn’t choose the insurance industry, it was more of a coincidence like it is the case, I believe, for most insurance executives,” she said. “I have enjoyed my work ever since.”

From that initial job at a brokerage in Paris, LeGrand launched a career placing and managing complex property and casualty programs for large multinational corporations. Most recently, she led a European-based brokerage group, a captive in Malta and Brokerslink, a global network of independent brokers.

“I have had the opportunity to work and live in various countries, with people from many different cultural and professional backgrounds, which taught me to always learn and adjust fast, and to be fearless, humble and confident,” she said.

Her career path wasn’t necessarily straightforward, however.

After moving with her family from Paris to the United States, LeGrand had to leave behind a job where she was head of the national account department and a member of the company’s board for an entry level position as an account executive at Crystal & Company in New York.

“Coming to a new country and starting a new career was a challenge,” she said. “Besides the language, the main challenge was the different business cultures.”

LeGrand remained confident, however, that this risk, like the others she had taken in her career, would pay off. By the time she left, she had worked her way up to become managing director of Crystal, managed the international department of the company and received the company’s Chairman Award for best employee in 2009.

“By the time I left, we had built a solid international organization and I even started to enjoy American football,” she said. “I’d say it was a challenging yet ultimately successful transition.”

Bridging Insurance and Technology

In 2016, LeGrand decided to bridge her love of the risk management and insurance industries with her background in the tech world by founding MAPTYCS, an insurtech company that provides businesses with an advanced risk analytics platform to help risk managers and insurance professionals visualize risk exposure and map their assets portfolio against perils.

“It is the perfect storm for us: the risk landscape has dramatically transformed because of globalization, climate change and technology. Natural threats and man threats are more complex and pervasive than ever. With the growing complexity of risks and the explosion of external data, technology is the only way for risk professionals to make better decisions,” she said.

“The market is moving fast from IT: Information Technology to IT: Insight Technology… and nobody will look back.”

MAPTYCS uses expertise from risk and insurance professionals, big data technology and a cloud-based geographic information system to allow risk managers to draw strategic insights about CAT risk zones, real time weather data and even political risks.

The platform draws data not just from a company’s portfolio, but also from government agencies and emergency response organizations, FEMA flood risk zones, fire stations and other sources.

“I feel that I am working with different generations both within MAPTYCS and in the insurance industry, digital natives and seasoned tech and risk professionals,” LeGrand said.

“It is fascinating and refreshing as I can contribute to the transformation of the risk industry, which will more and more rely on high tech and high touch. Technology will also be more attractive to young talents in our industry.”

Currently, LeGrand is focused on raising the profile of her company within the risk management and insurance industries and accelerating it’s development.

MAPTYCS has been working with companies, including AXA U.S. and Revlon, for the past three years while developing partnership with major data providers including IBM and The Weather Company.

LeGrand says company leaders want the platform to make it easy for risk managers to transition to using new technology solutions while also meeting the expectations of the risk management industry.

“Nobody would dispute the importance of technology but it involves changing behaviors, sometimes drastically, and companies wrestle unsuccessfully with their staff and this well-kept secret, because it is easier said than done,” she said.

“We are constantly evolving the platform to meet the expectations of today’s risk management industry, whether it’s predicting CAT events like floods and fires, or even political risks.”

Looking Towards Future Generations

As she’s grown in her career, LeGrand has looked for ways to support future generations of risk and insurance professionals.

In 2014, she founded the non-profit the Women Leadership Team which helps young women interested in the insurance industry find female executives to mentor them. The launch event for this organization was attended by executives from around the world and included speeches from World Economic Forum leaders.

Helping women go from entry-level positions to leadership roles will be key to closing insurance’s gender gap. A 2018 McKinsey & Company report found that while women make up 56% of entry level positions in the insurance industry, they only make up 30% of vice president positions and 18% of the C-suite.

Closing this gap will be critical if the industry has any chance of fending off the impending talent crisis. A Risk Management Society Study found that only 16% of insurance professionals think there will be enough talent to serve the industry’s needs by 2025.

With the U.S. Census Bureau predicting that by 2024 there will be 173.9 million women and 167.08 million men in the U.S., women will play a key role in closing that gap.

“We need to attract your talents in our industry, and it is critical that the industry better communicate on its positive contribution to the society and economy, invest in new technologies, and embrace diversity,” she said.

“Inclusion is the basis of a livelier and more collaborative environment that combines different perspectives with new ideas to solve complex problems, innovate more or make difficult decisions for business.”

Investing in diversity is a personal issue for her. She’s married to a Euro-Asian man and is raising two American daughters of French and Asian heritage.

“You can imagine how we were immersed in a diverse environment at home,” she said.

“I didn’t realize how unique that was, but looking back I appreciate how this has shaped all of us to enjoy an ever changing world and develop empathy for the people we engage with.

“In my experience, I find it very enriching to work with colleagues from different cultures, different genders and different generations. It broadens our discussions and always brings new perspectives to the table,” she added.

She offers the young women she mentors the same advice that has guided her throughout her career.

“Be bold, be bright. Be brave, be great,” she said. “Don’t be afraid to take the opportunities when they arise and make the best out of them.” &

Courtney DuChene is a freelance journalist based in Philadelphia. She can be reached at [email protected].

Consistency and Stability

Sandy Bigglestone, Deputy Commissioner for the State of Vermont’s Captive Insurance Division

With the commercial insurance market so unstable, companies are turning to captives to house their exposures. Vermont, a long-time domicile, is getting increased attention because of their strong reputation and their leadership as the top domicile worldwide.

“All stakeholders enjoy the stable political and regulatory environment Vermont has to offer to operate in,” Bigglestone said.

Of course, a lot of consideration goes into deciding whether or not a captive is the right choice for a particular company. Businesses need to assess their exposures and their books to make sure they can adequately operate a captive.

There are significant advantages, however. “For low frequency, high severity risks, captives can access the reinsurance markets directly, so it’s very attractive for businesses to put a captive in place,” Bigglestone said.

And carriers are more accepting of captives as part of a broader insurance program.

“Captives are changing the relationship businesses have with commercial carriers,” Bigglestone said. “Commercial carriers are wanting to see companies with skin in the game; therefore, the relationships have evolved to be less transactional and more strategic.”

Balancing Bureaucracy

With 76 global domiciles, companies have a lot of options when it comes to selecting a captive partner. “Captive insurance domiciles compete globally for the business,” Bigglestone said. “If you were to put all 7,000-plus captive insurance companies around the world, all in New York, it wouldn’t have the same economic impact as 700 captives in Vermont does. The captive insurance industry is very important to our state and we will continue to support it in any way we can.”

Businesses should look for domiciles that balance a need for quality regulations with a process that isn’t overly bureaucratic and is seamless for business owners to navigate.

“Companies are attracted to an environment with quality regulatory standards and a stable regulatory environment,” Bigglestone said. “Vermont sets the regulatory standard in terms of financial analysis and examinations.”

In addition to quality regulations, firms will want to seek out a domicile that is agile enough to license captive insurance companies that fit their unique needs. It is important that a domicile have firm but fair regulation and the experience to consider new ideas and implement them. Companies must consider a variety of factors when choosing a domicile and not everyone will be the right fit for every company.

“You have to consider the captive owner and the industry sector that that owner operates in, as well as the insurance risks that are going into the captive program,” Bigglestone said. “Captive laws and regulations have to have a reasonable degree of flexibility to accommodate all the varying needs of owners and then impose rules based on the merits of each captive program.”

She added that creativity is a critical part of the process: “The ability to vet concepts and ideas with trusted individuals is key to having quality standards,” Bigglestone said. “And it can make captives appealing to insureds who are tired of commercial carriers not meeting the needs of the business, and who desire more control over their insurance programs.”

“When you think about the commercial marketplace, commercial insurers are supposed to operate in each jurisdiction in a competitive manner. Commercial carriers often look the same. They sell auto coverage to anyone with a driver’s license. The rules and regulations imposed upon commercial insurance companies are designed to be more formulaic for that reason,” Bigglestone said.

“Uniform regulatory standards apply to commercial carriers for the protection of the policyholders. These are standards all insurance regulators focus on, and standards captive insurance regulators need to understand, but with a specialized focus.”

A Quality Domicile Built for the Future

A combination of experience, regulatory standards and talent make Vermont a top domicile for companies looking to form a captive. The longevity of licensing captive insurance companies for over forty years is a testament to the quality work they’ve provided in the past and will continue to provide for many years to come.

Vermont’s reputation has helped the state attract and retain top captive talent, ensuring the businesses it serves are in good hands. The state has 32 employees dedicated to captives, and their average employee retention is 15 years. The Vermont Captive Insurance Association, the largest captive insurance trade organization, also helps companies connect with professional services needed to make their captive successful.

“There’s a whole host of service providers with proven expertise right here in Vermont,” Bigglestone said.

Taken together, Vermont’s resources, expertise and talent make it a prime domicile. They’ve been on a growth trajectory over the last few years and that’s unlikely to change anytime soon. Companies can trust their captive will be in good hands when they choose Vermont.

“Vermont has always competed on quality,” Bigglestone said. “We do have a mission and that hasn’t changed in over 40 years. It’s to maintain a system, or domicile that attracts quality business to Vermont, to promote our reputation in the industry, and to uphold a regulatory framework to protect the solvency of the companies that choose to place their business here.”

To learn more, visit: www.vermontcaptive.com

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

The State of Vermont, known as the “Gold Standard” of captive domiciles, is the leading onshore captive insurance domicile, with over 1,200 licensed captive insurance companies, including 48 of the Fortune 100 and 18 of the companies that make up the Dow 30.