NU PropertyCasualty360 Luminaries 2022: Innovation and optimism
The October 2022 issue of NU Property & Casualty magazine is packed with inspiration for insurance professionals.
As we closed the October 2022 issue of NU Property & Casualty magazine, the Federal Reserve had just announced its third consecutive interest-rate hike this year. I don’t need to tell you what that move signaled to many economy watchers: Recession is in the air.
Economic forecasting is far from my area of expertise, but life has shown me two financial truths: What goes up must come down, and higher interest rates can translate into money pain for businesses and individuals.
How can insurance agents and brokers respond/?
In an article published earlier this year, Renaissance Alliance Chief Revenue Officer Michael Cormier had these wise words for agencies preparing for the coming financial storm: “Be mindful, but increase your efforts and keep investing in your business.”
Insurance is among the most resilient industries around. One reason is that insurance professionals at every level tend to develop the keen skill of viewing challenges as opportunities, and that’s exactly what they should be doing now. Agents and brokers would be well advised to acknowledge that the financial landscape is beginning to shift for their clients and take proactive steps to illustrate their preparedness to serve as trusted advisors, no matter what comes.
Chubb Personal Risk Services VP Mary Parsons suggests another step: Encourage employers to pick up personal excess liability insurance coverage as part of their employee benefits package. Parsons comes to this conclusion after sharing the results of a recent Chubb personal-finance survey. Sixty-five percent of respondents to the July 2022 study said they’re worried about inflation; 58% said they’re worried about covering monthly living expenses; and 29% said they’re worried about being squeezed by unexpected accidents or lawsuits. Three out of four respondents said they believe employers should offer financial protection benefits.
“Agents and brokers can help commercial clients attract and retain employees and individual clients can protect their assets and their families from the potentially massive expense of unforeseen accidents or lawsuits,” Parsons writes in her column on page 38 of this issue.
That’s only one place where you can find career inspiration in this month’s magazine, which is devoted to highlighting the 2022 honorees of the NU PropertyCasualty360 Luminaries program. This is the evolution of the “Insurance Innovators” award launched in 2021. The program highlights achievement in five categories: Technology, Customer Experience, DE&I, Risk Management and Environmental Stewardship.
Why the award’s rebranding?
The “Luminaries” brand is synonymous with several other professional recognition programs fostered by my colleagues who cover highly regulated industries for ALM, a global information, data, intelligence and content company with reporters and editors all over the world. In addition to the industry-leading insurance coverage you have come to expect from NU Property & Casualty magazine and PropertyCasualty360.com, the ALM network of writers follows the biggest news events across a range of professional markets including legal, commercial real estate and investment advisory. We work hard to identify trends and analysis to help you do your job better.
My team and I are always inspired by the stories of professionalism, endurance and optimism that inevitably surface when we run a professional recognition program such as Luminaries. I trust you will feel the same after reviewing this year’s class of honorees.
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