Newsletters
Risk Central
Digital Edition
Risk Management
The Profession
R&I: What was your first job?
Business Unit Safety/Loss Control Manager for Marriott Corporation, Bethesda, Md. I managed a team of safety coordinators throughout the United States and was a road warrior.
R&I: How did you come to work in risk management?
I was working at Marriott Corporation and met a gentleman by the name of Arnie Davenport who was the vice president of risk management. He would stop me in the halls and tell me that I was doing some really good things in safety and loss control for a division that I oversaw. He always encouraged me to get into risk management and learn the insurance side of the business.
Thomas “Skip” Smith, senior director of risk management and insurance, HOA, Inc.
R&I: What is the risk management community doing right?
RIMS continues to grow at the grass roots level to attract more members, which is a good thing if you want to learn about insurance. I am also glad to see a lot of diversity of thought in the business.
R&I: What could the risk management community be doing a better job of?
Over my career I have seen a lot of changes in technology, finance and risk. There were points when the risk management community could have done a better job in teaching companies how to prepare for the opportunities that accompany change. I would like to see a more systematic approach (other than ERM) to integrate risk management reforms with companies.
R&I: What’s been the biggest change in the risk management and insurance industry since you’ve been in it?
How the actuarial review process is taking over the insurance underwriting process. I spent some time in underwriting and deals were made over dinners and lunch meetings. Now, if I need to make a deal, the underwriter will tell my broker that he needs to discuss it first with the actuarial people and will get back to us. However, I see more underwriters getting out and making sure they have face time with clients. This is good.
R&I: What emerging commercial risk most concerns you?
Bitcoin, the decentralized peer-to-peer digital currency and payment network. Needless to say, this industry in growing and as users grow, so will the risks.
R&I: Are you optimistic about the U.S. economy or pessimistic and why?
Very optimistic about the economy as it will keep getting stronger and better.
R&I: How much business do you do direct versus going through a broker?
We do about 80 percent through a broker and 20 percent direct.
R&I: What insurance carrier do you have the highest opinion of?
Liberty Mutual Insurance. They keep getting better and better in workers’ compensation program development and other areas.
R&I: Is the contingent commission controversy overblown?
That’s a good Monday morning question. The insurance companies took a public relations hit on the topic and should have seen it coming before it got “overblown.” As a client you really want to make sure that the broker has your best interest at heart and the process is transparent.
R&I: Who is your mentor and why?
A gentleman by the name of O.B. Fawley … showed me I could do anything that I wanted to do in life. He told me this every day. Indeed, he was like a father to me and I will always be grateful for that.
R&I: How many emails do you get in a day?
Due to the nature of our business I find myself getting about 100 to 150 a day.
R&I: What is your favorite book or movie?
My favorite book — “They Call Me Coach” by John Wooden. I keep it in my office.
R&I: What have you accomplished that you are proudest of?
I tell everybody this — I married out of my league. My wife is the reason I am where I am today. She made it possible for me to excel in my career by providing a balance in my life with our family. To be able to find a person that understands your career and is willing to support you (all the way) is a big accomplishment. I really lucked out when she decided to married me.
R&I: What was the best location and year for the RIMS conference and why?
For me it was the 2009 Orlando RIMS. I was really fortunate to meet a lot of good people that I continue to have relationships with today.
R&I: What’s the best restaurant you’ve ever eaten at?
I am a pizza nut and the place that has the best pizza is Antico in Atlanta, Ga. This place has authentic Naples-style pizza. Hands down it’s the best pizza in the United States.
R&I: What is your favorite drink?
Root beer floats … from my West Virginia days as a kid.
R&I: What is the most unusual/interesting place you have ever visited?
Willis Reed’s house in upstate New York. It was like stepping back in time with all of the sports memorabilia he had as a basketball player for the New York Knicks.
R&I: If the world has a modern hero, who is it and why?
I would give a shout out to all of the teachers and coaches. I can’t tell you [how many of them] had a profound effect on my life. They have the ability to change people and shape minds.
