Leadership defined: Q&A with WSIA President Jacque Schaendorf

When the announcement was made that you’d been elected President during the Spring Summit in Phoenix, there was a surge of enthusiasm from those in the audience, a palpable feeling shared that this is someone who’s known for getting things done, who is well-liked and extremely capable, and is deserving of the role. I’d love your thoughts on that, and what was going through your mind at that moment.

At that moment, when the current WSIA President, Corinne Jones, passed the gavel to me I turned to look at the audience and thought, “wow, what an extreme honor to have the opportunity to be in this room with so many current and superstar legends in this industry.” I am such a fan of those that established, built and continue to advance the Excess & Surplus lines sector of the insurance industry. Long-term relationships are such an important part of what makes our industry so unique. To see so many of the people that I have developed great friendships with and respect so much, many of whom served in the same leadership capacity that I was stepping into was just such a great moment for me. It was surreal and very special.

You’ve been a key player working with the former NAPSLO for many years, and now you’re charting the course for WSIA as its President. What does that mean to you, both on a personal and professional level/?

There have been several key players that I’ve been so fortunate to work with throughout the experience with NAPSLO and now WSIA. Charting the course for WSIA was a process that included a significant amount of planning and included so many key insights and historical perspectives from the Executive Committees, Boards of Directors and Past Presidents of NAPSLO and AAMGA, and various association members, respectively.

The WSIA Merger Committee had outstanding leadership also, and I cannot say enough about the work of the WSIA Staff lead by Brady Kelley, to make it happen so smoothly and so seamlessly. The breadth and depth of the work over the timeframe where WSIA became operational was completely almost another full-time job, particularly for the staff. From a professional standpoint, knowing that we could bring two already outstanding industry associations together to form WSIA to establish an even stronger organization for our membership and the industry could not be a more rewarding achievement as I reflect upon the experience. Personally, I think about how much fun this industry is, what a great purpose we serve and how lucky I have been to be a part of it.

Take us back. How did you get into the insurance industry?

I joined the insurance industry by pure chance and luck. I played college sports and when I graduated from Hope College in Holland, Mich., I moved to Chicago for work. I started my insurance career at Alexander & Alexander (“A&A”, acquired by AON) in Chicago. Hope College had an away game at a local Chicago school and I went to see the team play there. While at the game, I sat with the parents of one of my former teammates and began talking to her father about coming to work in the insurance industry. The next week I interviewed with A&A, landed the job and the rest is history. I was all in, and I loved it immediately.

How did your experience as an underwriter at Chubb color the way you look at various types of risks today at Insurance House? How does that inform your perspective?

My experience at Chubb added to the foundation of what I learned at A&A. The underwriter training process at Chubb was incredibly strong and the best part of it was that I was fortunate to learn from the top technical people in the organization. I also learned so much about how to manage agency partnerships from the lens of a carrier that did then and still does it exceptionally well.

My perspective on how to look at various types of risks today is very broad in that there are multiple things to consider outside of just the risk information itself. There are ways to structure terms and conditions that provide you with the ability to find a way to write the business and to do so in a manner that helps multiple stakeholders with respect to their specific needs.

What are your thoughts on the loss of institutional knowledge in the P&C business as more Boomers retire, and the need to recruit more young talent to the industry? How does WSIA help achieve the latter goal?

There is no doubt that talent recruitment is a critical issue facing this industry. We hear about it from our peers and see it in our own organizations. I think that part of passing the institutional knowledge through our organizations is incumbent on those of us leading firms and teams of young people, but the challenge of recruiting those people is real. WSIA’s efforts in that arena are really valuable to members of all types and sizes because they take on a variety of forms.

WSIA’s Career Development Committee does a really great job as ambassadors for the industry. That group of volunteers, which is a blend of industry veterans and U40 members, goes out to college campuses and presents to risk management students all year long about the industry and careers available for young professionals. That connection with those eager, bright young students is really impactful, and those visits help inform many students about surplus lines when they hadn’t considered it as a career path previously.

WSIA also works closely with Gamma Iota Sigma on campuses to connect with students and get in front of them at events and meetings, and that work happens in partnership with the Foundation. The Foundation also partners to make student symposiums happen, where WSIA members are able to meet with students at career fairs and really talk with them about specific career opportunities. The Foundation’s scholarship program is also phenomenal, and the scholarships they award help make it possible for the best and brightest to pursue majors in risk management, which is obviously important.

The WSIA Internship Program is another key way that WSIA is helping firms recruit talent. Member firms can host a summer intern and pay them a competitive hourly rate, while WSIA takes care of housing and travel expenses. That allows interested firms the chance to have a top-notch intern in their firm where the student can learn about all sides of the business and the host firm can get to know that student as well.

What do you consider WSIA’s most critical initiatives from a legislative standpoint, and what keeps you motivated to see them through/?

Legislative advocacy is a key member benefit for the association and a key focus for the team. The No. 1 goal there is to educate lawmakers about the wholesale, specialty and surplus lines industry so that they understand it and the important role the industry plays in the market and for consumers.

The top initiative continues to be full and uniform implementation of the NRRA. We are still working with partners to achieve that and are focused on bringing the few states that are not yet taxing 100% at the home state rate, into implementation.

Passage of the Flood Insurance Market Parity and Modernization Act is also a top priority and is ongoing. Congress has passed a number of extensions for the NFIP, but legislation that clarifies for lenders the ability for surplus lines insurers to write private flood policies is critical. This is not a new market for surplus lines insurers, but there is some lack of clarity surrounding that, and this legislation is important for consumers who desire coverage beyond that which can be obtained through the NFIP.

I think what’s motivating in these and other legislative issues is that this industry exists to provide coverage for the most complex or difficult to place risks. We are solution creators and getting these things right from a regulatory and legislative perspective is important for consumers. These are, in many cases, long-term, ongoing processes, but it’s the right thing to do.

Related: Best’s Special Report: Top 25 U.S. surplus lines companies for 2016