Stay ahead in the RMI landscape with expert insights, practical tips, and innovative solutions designed to help you elevate your career and drive organizational success.
Eric Czerwin
A decade ago, risk lived mostly in insurance and loss prevention. Today enterprise risk management sits much closer to strategy, as organizations face increasingly interconnected...
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Why Become a CPCU? Interview With Kelsey Connors, CPCU
By Skills Edge TeamYou may have been asking yourself, is CPCU worth it? We definitely think it is, but don’t just take our word for it! Over 90,000 RMI professionals have invested in themselves to become CPCUs, and today we’ll hear from one of them about how earning her CPCU has impacted her career.
We sat down with Kelsey Connors, a Policy & Performance Underwriter at USAA, to talk about the benefits earning her CPCU has had on her professional development. Kelsey shares how she’s been able to improve her communication about complex topics, expand her professional network, and grow her career. Read on!
Answer: I wanted to get into the underwriting path, and I knew I would ultimately need my CPCU, as it’s required for most of those roles. Plus, I wanted to learn more about the industry in general. CPCU gives you a lot of broad knowledge, whether it's in personal lines, commercial lines, different types of contracts, or even life insurance and health insurance. It really gives you a well-rounded education that you can only get at The Institutes.
A: In my previous role, I often communicated with company members directly on our chat channel. A lot of the discussions would be about servicing. For example, rates are a common discussion, especially in today's climate with the rate increases going on. After earning my CPCU, I was able to better explain that process and what goes into reviewing and analyzing rates. You learn a lot more behind the rate making process, what different carriers have to analyze, and the different types of ratios that the company is looking at. Just knowing that information helped me communicate better with members at my company.
CPCU also helped me easily segue into my current underwriting role. Because this is a completely new department, a lot of what I’m doing is different than what I'm used to. However, I’ve already had some of that background in the CPCU courses, whether it’s learning about how actuaries are calculating, what they're looking for in risk reviews, etc. My designation has helped me a lot, but the main benefit is helping educate others about it, too.
A: I've really tried to get involved at my company and become a voice for CPCU. I've encouraged my peers to look into the designation while answering questions about it because I think it's one of the most valuable tools you can get working in insurance. For me, CPCU has been even more valuable than my degree. It helped set me up for future roles and my current role that I really wasn't able to get prior.
CPCU helped my career path a lot and I want to help express that to others. For example, we have professional designation talk rooms where we chat with different people about what they're studying, and my goal is to help continue to educate about CPCU. Plus, I’m on the membership committee for The Institutes CPCU Society, which has helped me learn things I never knew before, like that students can join through the Pathways membership. In general, I think there's a lot of opportunity to get more people involved.
A: It feels exciting because it's a very prestigious credential in the industry. Looking at insurance professionals as a whole, less than 10% have their CPCU designation. I feel more accomplished; I took it upon myself to go through the process, and I've done something that most might not have pursued.
Plus, I’ve been able to make a lot of new connections. I went to In2Risk in November in San Francisco where I met a lot of great people, either from my company or at other carriers. Being able to network with different people and attend local chapter events made me feel more included in the insurance community. All of that is what I've enjoyed the most from earning my CPCU.
A: I'm a CPCU because I want to know the most about insurance and be a part of a great community. I highly encourage anyone out there to obtain their CPCU. It really is worth the time that you put into it, and you gain so much more than you think you will at the end of the process.
So, is CPCU worth it? It was for Kelsey and thousands of others who’ve used their designation to leverage new networking opportunities and career advancement. The Institutes Designations' CPCU® is the leadership standard in risk management and insurance for a reason, and those who embark on their CPCU journey will gain practical leadership expertise, credibility, and valuable skills they’ll use for the rest of their RMI career.
Hear more from Kelsey in this video, and get started on your CPCU journey today!
Innovative Risk Management: Shifting To A Predict & Prevent Approach
By Skills Edge TeamIn today's rapidly evolving insurance landscape, staying ahead of the curve is not just a strategy but a necessity. Embracing innovation has become essential for navigating uncertainty. But what defines innovative risk management, and how is technology driving the shift toward a predict and prevent approach?
Innovative risk management extends beyond reactive measures to address potential threats; it involves anticipating them proactively and leveraging technology that enables prediction and prevention. This strategy moves beyond conventional risk mitigation approaches by identifying and addressing risks before they escalate into crises.
To adopt an innovative approach to managing risk, individuals and organizations must lean into experimentation and continuous learning. It’s also important to stay current on advancements in the risk management and insurance field and invest in the right solutions to anticipate and respond to risks proactively.
The shift to a predict and prevent approach is at the center of innovative risk management and will help revolutionize the way society approaches risk. It’s a model that makes sense for all parties involved:
The traditional detect and repair model is being challenged by one that uses technology to predict and prevent losses from ever happening in the first place.
Organizations are now equipped with cutting-edge analytics and predictive algorithms, giving them the power to foresee and prevent potential threats before they become serious issues. This proactive stance isn’t just about minimizing risks; it’s about protecting safety, assets, and reputation.
A major advantage of these technological advancements is the efficient gathering and analysis of large amounts of data. Through real-time data processing and predictive modeling, predicting emerging threats and anticipating risks will become more efficient.
There are many new approaches for leveraging technology to predict and prevent losses. For example, Whisker Labs has developed an innovative device being deployed to millions of U.S. homes that's proven to prevent 80 percent of home electrical fires. And Betterview deploys a property intelligence platform that can score various property risks.
Peter Miller, CPCU, President and CEO of The Institutes, deep dives on both of these innovative risk management technologies on episode 2 of the Predict & Prevent™ Podcast. Through conversations with insurance experts, the podcast sheds light on how technology and resilience techniques are being used to prevent losses before they occur.
For those interested in staying current on advances in technology, successful initiatives, and emerging trends in risk management, be sure to subscribe to Predict & Prevent wherever you get your podcasts.
Keeping ahead of risks is key to staying resilient in uncertain times. By embracing technology and continuously upskilling employees, organizations can proactively predict and prevent risks, boosting their resilience and ensuring success into the future. This not only minimizes potential disruptions but also fosters a culture of innovation and adaptability, leading to sustained growth and competitive advantage.
To navigate today's risks effectively, it's vital for individuals and businesses to fully embrace these innovative strategies. Investing in technology-driven methods and proactive risk management not only safeguards assets and reputation but also fosters a safe and resilient culture.
Professionals looking to gain strategic risk management skills and remain competitive in the evolving shift from detect and repair to predict and prevent should explore The Institutes Designations' Associate in Risk Management (ARM™). ARM equips individuals with the knowledge and expertise to navigate today's complex risk landscape effectively through a holistic and strategic understanding of risk assessment and treatment. You can even try ARM and see if it's right for you with this free sample course!
