Empowering Voices: Black Excellence in Insurance

Traci Adedeji

President, CPCU Society

Gavin Sharp

Chief Executive Officer, Health Plus Trans

Dionne Lacey-Artis

Chief Business Officer, Optum Workers’ Comp and Auto No-Fault

As we celebrate Black History Month, can you highlight a Black figure in the insurance industry who has inspired or influenced you, and what lessons have you drawn from their journey? 

Traci: Great question.  There are so many Black insurance professionals who have in the past and continue to mentor and inspire me.  But if I had to pick one, it would be a woman named Sheila Bracey-Liggins.  We worked together in the late 1980’s at Motor Club of America in Newark, NJ.  It was early in my career, and the first time I had seen a Black person in a leadership role.  The things I drew from her leadership were her authenticity, her sense of humor, her grace and her generosity.    Sheila took me under her wing and made me excited about coming to work every day.  She was vocal about gender and racial equity in the workplace at a time when it wasn’t sexy to broach such topics.  And because she was brilliant and at the top of her game professionally, people listened when she spoke. 

I learned from Sheila that I have the right to take up space and to be authentically myself.  I learned that this right came with a responsibility to be excellent at my job.  I also learned the importance of using my influence to support and encourage other people of color – particularly in spaces that do not nurture our talent.

Gavin: One of the most inspiring figures in the insurance industry is Mr. Jerald L Tillman, the founder of the National African American Insurance Association (NAAIA). His vision was to create a community for African American professionals in the insurance sector and he worked tirelessly to make it a reality. Mr. Tillman’s legacy is a testament to his dedication and commitment to the growth and development of individuals within and outside the industry. He planted the seeds for future generations to connect, learn, and seek guidance on how to thrive in this field. We owe a great debt of gratitude to Mr. Tillman for his contributions to the insurance industry and for creating a space where African American professionals can flourish. Let us honor his legacy by continuing to support and uplift each other.

Dionne: The definition of influence is to have the capacity to have an effect on the character, development and or behavior of someone or something. Nina Smith President of Customer and Market Operations at Enlyte has been that for me. I had the immense pleasure of reporting to Nina many years ago and even though I know longer enjoy that privilege, I do get to connect with her as we are now both board members with the Alliance of Women in Workers Compensation. She is the epitome of grace under pressure and has held numerous leadership positions that inspire a new crop of not just African American women, but all women leaders. She is passionate about DEI and has walked the walk longer than most. I am not even sure she knows how inspiring she is or how many people watch her from afar and want to emulate her. It truly is her natural disposition to provide support, feedback, and most of all sponsorship.

Can you share an experience or accomplishment in your career that you feel particularly proud of, and how has it contributed to your journey as a Black leader in the insurance field?

Traci: I am particularly proud of my role as the 2024 President & Chair of The Institutes’ CPCU Society. As the first Black woman in the 80-year history of this organization to serve in this role, I am humbled by this opportunity to make history.  It has increased my profile within the industry and provided access to people, places and things I might not have had access to before being in this role.  At the same time, the messages of support and encouragement that I’ve received from so many people have reminded me that people see you even when you don’t realize they do.  It has informed the thoughtfulness and intentionality with which I engage, and mindfulness about the example I set as a leader in our industry.

Gavin: As the leader of HPT, I am thrilled to share the growth of our company in the ancillary services sector over the past three years. Our transformation from a traditional T&T company to a tech company has been extraordinary. We are now providing real-time analytics to our customers, which has never been done before in this insurance sector. I challenge my organization to be excellent and with our team’s hard work and dedication I know we are the best company in our sector. This I am extremely proud of.

Dionne: Every step in a career has peaks as well as valleys but I am proud of where I am today in my career. Not because of my title but because of what I get to do which is to help the next generation of Black female leaders, businesses, and enterprises. As the Chief Business Officer of Optum Workers Compensation and Auto Injury Solutions, a subsidiary of the United Health Group, I get to collaborate with a team of amazing individuals who also value Diversity and Inclusion. I actively participate in the Black Experience group at UHG, Chief and now I am starting on a new project for Health Equity for marginalized communities. When I was younger my husband and I were raising our children, and I did not have as much time to give to my community. Now that they are adults, I really have the time to fully pursue a legacy of giving back.

How has your culture and community influenced your ability to be in the position you are in now?

Traci: This is such a timely question as I’ve recently been interrogating the concept of “culture” with all of its nuances.  Culture can be defined in so many different ways. I think that the culture that has most influenced my professional journey is being the child of Black parents who were raised in the south and who migrated to the northeast in the 1960’s.  I grew up feeling proud to be an intelligent Black woman.  I grew up feeling supported and celebrated by my family and extended family.  My parents did their best to instill in me that I am whole and perfect just as I am, with the God-given tools I need to be successful in life.  I think that racial socialization, gender bias and classism presented obstacles, but foundation has allowed me to effectively navigate adversity and to motivate and inspire others to do the same.

Gavin: As an immigrant from Jamaica, I came to this country with a dream and a goal. My parents and grandmother instilled in me the idea that I am a “leader not a follower”. This mentality has stayed with me throughout my life, from the basketball courts to the boardroom. I strive for excellence and have a comfort zone of perfection. Failure is never an option for me. These attributes have propelled me to where I am today.

Dionne: I was adopted by my grandparents who grew up during the depression and raised by a village of extended family in Birmingham, Alabama. I was surrounded with love, support, and a push to excel to represent my family and my culture in way that would bring honor. My grandmother went to college and my grandfather had an eighth-grade education but they both valued family, education, and exposure. Exposure to travel, reading, politics and the diversity of thought. They pushed an introverted girl to be comfortable in being uncomfortable before it was even a catch phrase. They pushed me to be a dreamer. But most of all they taught me to remember that it is a duty and an obligation to be accountable, tenacious, and always aid anyone that you can help. I feel them every day and keep them alive by sharing with my children the value of self-worth and service to community which is so important in a world that is slowly losing its empathy.

What advice would you give your younger self starting out in the insurance industry?

Traci: I would have advised my younger self to identify my purpose and to seek work in this industry that aligned with it.  My background is primarily in personal lines underwriting and I moved along that track of advancement until relatively recent years when I was able to step into roles where I was able to use the skills I learned as an underwriter and underwriting manager to do work that was more fulfilling for me.

Gavin:

  1. Never fear things not working as planned, it’s the steppingstone to your success;
  2. Mistakes are inevitable, don’t be afraid to make mistakes. Some will be big, some are small. Just grow from each scenario.
  3. READ EVERTHING, READ, READ, READ, READ. With firsthand knowledge, no-one can take that away from you!
  4. Become a subject matter expert in your career. People will pay you well for your knowledge.

Dionne: Interestingly I started out as a customer service person while in college at a group health HMO. My goal was to go to law school, but I honestly found my calling. I enjoyed being able to solve problems for customers and de-escalate angry customers. I followed that trail to several different insurance industries, Medicaid, Long Term Care and now Workers Compensation/ Auto for the last 22 years. The advice I would give myself is that you will find your way. Create a plan and put in the work that it demands but never be afraid to veer in a different direction. Being flexible and being able to adapt and change is the key.

Looking ahead, what changes or advancements do you hope to see in the insurance industry to promote greater diversity, equity, and inclusion for Black professionals and customers alike?

Traci: I’ve felt for a while now that we as an industry could do a better job of educating the public about insurance. There are so many financial services deserts in the Black community.  I see pockets of this kind of work but I would love to see us engage in a concerted, consumer-facing initiative that educates the public so that they embrace insurance and risk management as tools  that can be used FOR their financial benefit instead of a bad thing being DONE to them.  I think that effort would dovetail nicely with efforts to attract new talent to our industry.

I would also encourage us to not focus only on students and on young people when we work to attract new talent.  People are living longer and working longer.  There are experienced people who may have been displaced professionally or who just want to pivot to something different.  That experience will bring in a diversity of thought that can be a game changer in our industry.

Gavin: With the ever-changing trends and DEI quickly disappearing, it’s time to take a look at the insurance industry through a different set of lenses. It’s important to level the playing field for all professionals. As professionals, we can fight the good fight or choose to be competitive. Competition fosters excellence.

To optimize our careers, we should seek partnerships, allyship, or community. It’s crucial to work together and support each other to achieve success. Let’s work towards creating an inclusive and diverse industry where everyone has an equal opportunity to thrive.

Dionne: While there has been really disheartening news of late when you scan the media, I am incredibly hopeful for the future. I am especially happy to see so many Millennials and Gen Zers starting their own businesses in Insurance. Many in my generation thought that corporate America was what we all should aspire to. I love that this new generation feels strongly that there are so many paths to a truly multicultural industry.

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The 5 Cs of Insurance

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Author: Dana Ducommun

Marketing Manager, MC Consultants, Inc.

(760) 930-9966

dana.ducommun@mcconsultants.com

Happy 1-year Anniversary!  What is it that I am celebrating, you ask?  That would be my 1-year anniversary as a RISE committee member.  The various RISE committees engage young professionals to either join the RISE organization or further involve those that are already affiliated.  As a fellow member of the student committee, I wrote this article from the perspective of education through engagement; for every one of us can offer our own unique perspectives of the insurance industry from the various positions we hold and companies we serve.  Take me, for example.  I am writing this article from the perspective of a marketing professional who read author Shwetank Verma’s article “5 Cs of Transformation in Insurance” and asked myself: how can I breakdown the 5 Cs, relating each to a real-life scenario with a marketing twist?  I decided it best to put my student hat back on to do so.  After all, we never quite graduate from learning and adopting new skills.

Prior to my marketing career, I was a student.  As a student, I focused on methods that would help me better understand a topic, often incorporating real world situations so I could relate an unfamiliar topic with a familiar topic.  That was how I best retained information, so I decided to take that approach for this article, which outlines the “5 Cs of Transformation in Insurance” which are: Communication, Customization, Connection, Cognition and Consensus.

Let’s go back to my method of relating an unfamiliar topic to a familiar topic: We all have heard of the 5 Cs of a perfect diamond to take into consideration when investing in an engagement ring in advance of a marriage proposal.  This is where my marketing wheels start spinning (insert movie trailer voice as you read my tag lines below!)

  • The 5 Cs of Insurance and How to Pick the Diamond in the Ruff Claims Professional
  • The 5 Cs of Insurance and How to Pick the Perfect Fit
  • The 5 Cs of Insurance…& CLARITY Too
  • RISE and Shine in Insurance, Like a Diamond
  • Why is insurance so expensive? That’s like asking why a Diamond is so expensive.
  • Ensure you’re a 5 Cs Claims Professional…Insure it like you would a Diamond!

Do you see where I am going with this?  Let’s take it one step further, and breakdown the 5 Cs of Transformation in Insurance like that of 5 steps to a marriage proposal:

1. Communication (THE PROPOSAL):

The article states “At its core, insurance is a promise. Now, there isn’t much value in a promise if you can’t communicate it!” 

Breakdown: Effective communication is more than verbal words; it is a perception and overall feeling that shows your customers you are committed to them and their best interest at heart.  Keep things interesting and ask yourself: is the information I’m conveying informative?  Strive to establish trust by showing you can simplify and create content that is of benefit to the customer, keeping in mind a good proposal is one that is accepted, not rejected.

 

2. Customization (THE ENGAGEMENT RING):

The article states “Yet, for insurance customers, the tools and recommendations we provide look remarkably similar, if not the same.”

Breakdown: Insurance (both home and life) lacks personalization for insured customers.  No two customers are the same, yet recommendations and renewal prices are similar.  Customizing risk coverage to the individual may be an opportunity to improve this.  The article suggests how the generation of large data-sets can supersede underwriting tables and embrace customization.

 

3. Connection (THE PRE-PROPOSAL):

The article states “The key challenge for companies today lies in getting noticed. To get noticed, you have to be part of your customers’ conversation. The challenge is to engage without interrupting.”

Breakdown: How can you connect with a customer with little to no interaction?  The article describes how the innovation of future ancillary services could be the solution to increasing connections and loyalty between companies and their customers.  There is room for improvement for the insurance industry to improve overall customer satisfaction and connection is a part of that recipe.

 

4. Cognition (THE MENTAL COMMITTMENT):

The article states “Learning algorithms, whose results improve with experience, will enable us to find patterns in large data sets and make predictions more effectively — about people, processes and entire systems.  Ultimately, these technologies will completely transform the entire insurance organization.”

Breakdown: There is a cognitive effort happening in the insurance world, which is learning algorithms and making predictions.  The implementation of Artificial Intelligence (AI) can be transformative for analyzing ways to improve processes and customer experiences.  These technologies can be used for detection, monitoring, automation, analysis, prevention, etc.

 

5. Consensus (TIL DEATH DO YOU PART):

The article states “For instance, a Life insurer is the epitome of the trusted intermediary – you expect it to honour its promises after your death.”

Breakdown: Customers want to feel like they are being cared for during and after their natural lives.  This trust is shown through actions and proven commitment.  The article describes how transformation in insurance requires “digital fluency” and the importance of making it easier for start-up companies to find companies and formulate commercial agreements, and the impact this may have on better understanding the customer through all phases of life.

In summary, as processes become more digital, it is important to stay diligent in preserving the human aspects in the industries we serve.  As a marketing professional, I strive to promote my employer’s forensic consulting services through personal interaction, placing client satisfaction at the forefront of my objectives.  MC Consultants’ forensic expertise includes investigation of construction defects, construction site accidents and injuries, accident reconstruction, traffic and roadway claims, product failures and first-and third-party property damage analysis, just to name a few.  Over 200 colleagues of mine work together to apply their expertise, skills, and knowledge in forensic consulting support of primarily first and third-party claims. 

The takeaway here is simple:

by engaging with our industry colleagues about what we individually do, we educate one another on the resources that are available for the if, and when, you need that diamond in the ruff professional to serve you…and provide clarity too!! 😉 

 

Reference: 

Article: “5 CS OF TRANSFORMATION IN INSURANCE”

 

Author: Shwetank Verma (Jan 5, 2017) Shwetank Verma is the co-founder of Leo Capital, an early stage fund and an open innovation consultant. Previously, he led open innovation at MetLife Asia.

 

Article/Quote source: https://www.insurancethoughtleadership.com/leadership/5-cs-transformation-insurance#:~:text=The%205Cs%20of%20transformation%20in,you%20can’t%20communicate%20it!

 

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Navigating Change: How AI Is Reshaping the Landscape for Insurance Agents

By: Jon Corrin

Co-founder & CEO

XILO

Artificial Intelligence (AI) is becoming one of the largest topics of conversation in the insurance industry, primarily due to its potential impact on traditional processes and customer experiences. Although AI has been in research since the 1950’s, large tech companies like OpenAI, Microsoft, Google and Facebook have recently advanced the math, science, and programming behind it making it much more usable to modern people. These advancements are moving so fast, AI now has the ability to pass the bar exam in the 90th percentile and It even helped Google’s research lab, DeepMind, discover millions of new crystals which would have equated to nearly 800 years’ worth of human research efforts. Now, a lot of insurance agents are asking themselves whether AI is going to take their job, or worse, is AI going to take over humanity!?

 

The short answer is no, it won’t take your job as an insurance agent (or take over humanity); but it will change your job and the insurance landscape over time. Before I get into the whys and how’s of the change AI will drive, it’s important to remember that the demise of insurance agents has been preached by many uneducated of the industry or by those who would profit from it since the days we were all still logging into AOL over dial-up … When I first started my InsurTech company XILO, built for insurance agents to help them fight back against technological disruptors, big direct writers like Lemonade and Next Insurance prophesied that insurance agents would be obsolete by now. They then later rolled that statement back and started working with independent agents a few years later. Lemonade is now seemingly working on “synthetic agents” to try and generate a profit but still admit to the power of independent agents in their announcement of these terminators and may have trouble convincing consumers, who are very uncomfortable with the idea of AI Insurance Agents, to buy through a synthetic agent.

 

As someone who’s been in software programming for a decade and AI/Machine Learning for the last few years, I want to assure you that AI is not the next terminator and that agents are needed for AI to help improve the insurance industry. The changes that will affect an insurance agent’s job will vary from one product line (personal lines) to another (life and health). But there are a lot of commonalities that will change for all insurance agents. For the sake of keeping this article to a readable length, I’m going to list some of the broad changes you will see as an insurance agent.

Insurance agents will have to field new objections and questions as customers become more informed on their risk

As AI advances on modern consumer apps like ChatGPT, the customer’s ability to research their risk before talking to an agent increases significantly. Studies have already shown that over the last 10 years a majority of insurance shoppers start their journeys through online research and I expect that will trend upwards while they also become more informed on their risk given the ability to Q&A with an AI chatbot. Companies like Perplexity.ai, who recently raised about $74m from the likes of Jeff Bezos, are making it easier for consumers to not only ask AI questions, but to reference credible sources to increase the quality of the answers provided. If you’re selling personal lines insurance, be prepared for consumers to try and prescribe themselves the coverages they need with an estimated price range, similar to what doctors faced when WebMD became popular. If you’re in commercial insurance, be prepared for a more sophisticated and educated buyer. Agents will need to start handling new types of objections or Q&A driven by this change. They’ll also need to fact check their customers given the misinformation that can be provided by AI chatbots in the short-term as companies like OpenAI figure out how to increase the validity of the responses of their chatbots.

 

Insurance agents will get new features to automate workflows but will have to learn the nuances of these new systems

With venture capital (VC) investment in AI increasing, BrokerTech/InsurTech companies like mine will also start heavily investing in AI in order to stay at the forefront of the software market. Top tier VC firms are telling me about their excitement in technology that leverages AI to automate insurance agent workflows, making it a big focus for the next few years. This means insurance agents will be getting features and services that will make their lives significantly easier. In my blog, I’ve already written about a few use cases that could save agents a lot of time, including:

  1. AI can synthesize client documents to help with discovery and E&O
  2. AI can extract data from policy dec pages and Acord form to help automate data entry
  3. AI can extract data from phone calls to help automate data entry

These are just a few examples, but there are many more including:

  1. AI can help detect fraud based on client profiles
  2. AI can help score and prioritize clients based on their profiles
  3. AI can identify additional opportunities to help round out accounts by scanning your book of business
  4. AI can help service customers by answering questions that don’t require an agent
  5. AI can help you with email and digital marketing by writing creative content

 

 

Fortunately, and unfortunately, these new features are going to come at a rapid pace given the nature of tech startups and our competitive landscape. That means management will be implementing new features and platforms that you will have to learn that may disrupt how you currently operate. We know first-hand, some of those will stick, and some of those will phase out quickly. My recommendation is to double down on the ones that truly drive efficiency in your process and that remove steps, as this will help with the next change that I’m suggesting.

 

Insurance agents will be expected to adopt technology faster than their competitors

We’ve seen it first-hand; some agencies adopt technology easily and improve workflows continually so they can deliver a better customer experience. Other’s struggle to adopt new technology for various reasons. I know it’s challenging, especially for those that have been conducting business the same way for decades. But one thing is certain with the advancement of AI, your competitors will be driving technology changes that will improve their customer experiences and competitive advantages. Commercial insurance agents will start using features like I mentioned above so that they can quickly read through summaries of all interactions and documents stored on a client to seem highly informed on a customer prior to going into a renewal conversation making it a much more personalized experience for them. Personal insurance agents will start running analysis on their books of business to identify new cross-sell opportunities driving up retention on those clients. Life and health agents will start using AI bots to synthesize carrier PDFs to help better inform customers on their coverages and policies. These things have already started happening and will only improve over time. As an insurance agent, it will become your duty to adopt new AI technology to better service your customers.

 

New risks will require insurance and old risks will change

One of the easiest examples to point to when talking about how AI will change the risk we’re insuring is to take a look at the autonomous driving industry. Autonomous vehicles are programmed with AI that can make the vehicles capable of driving themselves. Some studies have shown that autonomous vehicles are already 50% as safe as humans and are expected to pass them in the future. But there’s also plenty of bad publicity out there where autonomous vehicles have put people in danger. One thing’s for sure, we know as these things improve, more services will come out to robotaxi people to and from work and more cars will come out with autonomous capabilities. This will have a huge impact on personal auto risk. Another big personal risk coming is from a category of AI called “DeepFake”. DeepFake AI technology enables someone to create videos and audio that is identical to virtually anyone given existing video or audio of that person. In some cases, I’ve seen professors able to create videos using AI of themselves speaking that appears 100% real from just a few minutes of recorded video to train the AI on. This presents a whole new risk category for insurers that agents will need to learn the nuances of as it could also increase fraud significantly.

 

These are just a few examples of how the job of an insurance agent will change due to advancements in AI but the list could go on. AI at its core is a scientific concept that requires a lot of research to advance. This means we don’t fully understand its potential which has many overestimating it (terminator) and many underestimating it (it’s a fad). My recommendation is to stay right in the middle. Stay educated on what’s new by following journals that write about how the insurance industry is using AI or what new risks are on the horizon. Ask your carriers what they’re doing in AI and how it will affect you so you can be ahead of the game and not behind it. Try not to overwhelm yourself with all the new features and platforms coming out as a lot of it will be a waste of your time, but do not reject AI altogether as your competitors will be using it to drive a better customer experience.

In closing, as the insurance landscape evolves with AI’s integration, remember that it’s not about fearing the change but embracing it. By staying informed, adaptable, and open to the myriad of ways AI can enhance your capabilities as an agent, you’ll not only future-proof your career but also provide unparalleled value to your clients. AI won’t replace you; it will empower you to be more efficient, knowledgeable, and competitive in a quickly transforming industry.

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