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To Renege or Not to Renege?… That is the Question

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So you just got an offer for a great internship that you’d really love to take, but you already accepted an internship a few months ago from another company and they are expecting you to start in May. It was a good company, decent pay, and you felt some pressure to commit at the time because it was the only/best offer you had and they weren’t going to keep the position open forever. Can you renege on (back out of) your acceptance of the first offer? Should you?

It’s not illegal, but it’s also not without consequences.

Going back on your commitment to join a particular employer, even as an intern, is something companies take very seriously. It is considered unprofessional and unethical because you are not keeping your word, essentially breaking the foundation for trust. You most certainly will “burn a bridge” and miss out on future opportunities to be hired for paying positions by that company. The company will be put in a difficult decision to either extend an offer to the runner up they already turned down (and who probably accepted another offer) or to start the recruiting process all over again in the final hour. 

On campus, your school may have certain consequences depending on how the internship was obtained. If it was on campus recruiting (OCR), they can ban you from future job fairs, resume workshops, and career resources. Even if you didn’t get your internship through OCR, some companies may contact your school, who could still impose sanctions because they feel that students reneging on accepted offers harms the school’s reputation with employers they count on for donations and student placement.

Finally, you have a personal reputation to uphold. You may think that the only person who knows is company A, but recruiters talk, people change companies, and you’d be surprised at the potential harm down the road in your chosen industry. If you worked with a recruiter, internal or external, they won’t be willing to put their own reputation on the line for you again. Additionally, internal recruiters can move to other companies, causing you issues down the line should that person be working for a company you want to work at. There are plenty of cases where candidates have lost both offers due to people who knew about the situation talking. At the end of the day, you have to decide if your word matters and if that is a personal value you want to uphold. 

Prevention is key to avoiding an ethical dilemma.

The trend of reneging offers is becoming increasingly more common, mostly due in part to a competing marketplace for talent. Companies are contributing to the problem by moving dates up sooner and sooner, and some pressure candidates to accept offers even up to a year before. However, leading employers understand that top talent has choices and will respect and work with you through exploring those options, within a reasonable timeframe, provided you are open and communicate. 

Let the company know that you haven’t finished hearing back from all of the companies that you’ve interviewed with, and you want to make an informed decision, but that you are interested in working there.  If you don’t really intend on accepting their offer, release it to someone who really wants it. Stay in communication and jointly agree on a date that you will get back to them. Without the communication, they will assume you don’t really want to work there and give the offer to another candidate. Alternatively, if you drag it out unnecessarily but ultimately end up joining, you show that you aren’t that excited and could cause an awkward situation when you start.

Know what is important to you about an internship and be able to vet out opportunities up front. If an internship is missing a “must have” on your list or shows any reg flags, don’t waste their time or yours. If you’re truly excited and it really is what you want, trust your gut, commit, and stick with it. Your intuition is usually right.

As for return offers, your best bet is not to accept them to begin with, unless you are 100% sure you want to work there post graduate. You won’t be the same person you are in one year from now, and it’s probable that what you want from an internship will be different too. While this may not seem logical at first, you most certainly will have other offers next year and the purpose of interning is to gain broad experience. If you already interned with a company, give another a try. You don’t know what you don’t know, and this is the best time in your life to unapologetically try new things.

If you do renege, be as professional as possible.

If after careful consideration, you do decide to renege your original offer, be as professional about it as possible. Let them know as soon as you can, so they can start working on a backup plan. Write a letter explaining the situation and apologize for the inconvenience you have caused. This will minimize your reputational risk. You can even recommend a replacement, which they surely will appreciate. Under any circumstances, do NOT wait to no show on the first day.

Don’t renege and still win.

You still really wanted to accept that new/better offer, but you’ve decided it isn’t worth the risk. Both the current employer and the prospective one will thank you. You can write a letter to the prospective employer and let them know that unfortunately you have already committed to another company, but that you would like to be confirmed or considered next year for an internship/full time position. They will understand and respect this, and most importantly they will respect you. You will build good will with the new company and open a door for future positions, while protecting your reputation with the current one. At the end of the day, it’s the right thing to do.

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10 Questions to Ask Yourself Before Accepting the Offer

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You’ve been through months of revising your resume, applying for internships, attending virtual job fairs, and interviewing with companies. You finally have an offer, but you need to make sure it’s the right fit. Your internship sets the foundation for your career. Ask yourself these questions before accepting:

  1. Am I excited about the work I will be doing?

When it comes down to it, will you be happy with what you are doing for the length of your internship? Do you find it valuable and useful to your career as well as enjoyable?

  1. How did the people I met throughout the interview process make me feel?

It’s important to feel comfortable with the people you’ve met with so far. Did they make you feel welcome? If you had a chance to meet the teams you will be working with, are you excited to work with them? 

  1. What are the hours like?

Will the hours work for you and your schedule? Are you planning to take any summer classes you need to schedule around? What will this mean for your current daily routine?

  1. Do I care about the company’s mission?

The answer can be no, but it could also be yes. If you get excited about what the company does, its culture and values, you know you’re on your way to a good fit.

  1. What else did I learn throughout the interview process?

How did the company answer the questions I asked throughout the interview process? Did those questions make me more or less excited about the company? Were there any red flags?

  1. Are there opportunities for professional development or full-time work?

Post-internship, will there be full time opportunities and is that important to you? What other professional development are they offering? What skills will you learn?

  1. What are the pay/benefits?

Obviously pay is important. Look at the total benefit package available to you, not just the hourly rate. Weigh this against your other options and expectations. Is this negotiable? Is it a fair offer?

  1. Is the structure (virtual/in-person/hybrid) ideal for me?

You’ll have to weigh the benefits of both. Virtual is convenient and flexible, however you miss out on some of the interaction with people as well as the feel for the company’s culture in the office. In Person has more opportunity for collaboration, community involvement, and spontaneous learning, but sometimes lacks the flexibility of schedule and location.

  1. Do I have any other offers on the horizon?

It can be exciting to get an offer, but if you have other opportunities that you haven’t heard back about yet, it could make sense to wait to accept. You want to avoid reneging an offer. If there is a deadline you are unsure of meeting, consider asking for an extension. If you know that this is the one, trust your gut and go for it!

  1. Can you see yourself succeeding in the role?

Can you visualize a successful internship with this company? Do they have clearly defined goals? Did they give you assurance that they will equip you with the skills necessary to succeed?

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Top Jobs to Get Started With a Career in Insurance

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Entry-level Underwriter $45-55k

As an underwriter, you’ll provide credit decisions as well as review medical, legal, financial, and occupational information to determine insurance rates. You’ll also review risk management plans and procedures, and deal with applications and renewals, acceptance, and rejections. You’ll be expected to have a deep understanding of risk, insurance policy coverage, and financial responsibility. Ultimately, an underwriter is the individual who decides if a company should offer insurance to a particular risk.

Entry level Claims Adjuster $45-55k

As a claims adjuster, you are the one to fulfill the company’s promise to pay for a loss when something bad happens. You’ll be responsible for strategic processing and payment of claims while keeping abreast of regulations and legislation in regards to insurance claims. You’ll be in charge of strategies, developing budgets, and overall supporting the operational infrastructure. Most importantly, you interface with the policyholder when they’re going through a bad time and help them restore their life.

Marketing Associate $45-55k

Insurance is competitive and each year companies spend Billions on marketing. Marketing and branding go beyond TV commercials, extending to social media, YouTube, internal communications, and more. As a Marketing Associate, duties can range from arranging proposals and presentations using marketing resource materials to coordinating client communications to internal marketing.

Actuarial Associate (Actuary 1) $65-70k

Using pricing and risk assessment, an actuarial associate is a support role that focuses on projects of limited complexity. They may work in conjunction with more experienced actuaries to develop probability tables that estimate the probability and cost of certain events—death, illness, injury, disability, or loss of property. However, it’s important to note that an actuary has quite a bit of education. 

Risk Management Analyst $70-80k

As a risk management analyst, your job will be to protect your organization’s assets. You’ll forecast potential losses, work on solutions to eliminate or reduce risk, and monitor and report on controls. You’ll also work on risk model construction.

Junior Data Scientist $77-97k

As a Junior Data Scientist, you work on projects that change the fundamental roles of traditional insurance professionals by applying machine learning, statistics and business applications to models. You will prepare tables, graphics or software tool components using statistical/biostatistical/machine learning capabilities. You also will assist in the interpretation of results and writing of small sections of technical reports/presentations, and support Senior Data Scientists in data cleaning, coding and validation.

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RISE Interview with David Vanalek, Chief Operating Officer of Claims at Markel

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Join RISE at the ACE conference as we interview David Vanalek, Chief Operating Officer of Claims at Markel. We learn about his scariest interview question, advice for those looking to move up the ladder, what skills he’s hiring for, and some innovative initiatives he’s involved in.

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RISE Interview With Dave North, President and CEO of Sedgwick

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RISE founder, Amy Cooper, interviews Sedgwick CEO, Dave North. From firefighter to insurance industry. Listen as we hear Dave’s advice to young professionals, aspiring leaders, and those looking to advance their career.

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RISE Goes to Connected Claims USA

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Connected Claims 2019 is over, and what a conference it was!  Our experience this year was that the conference had great energy, relevant content, cool technology vendors, and plenty of excellent speakers.  Highlights of the conference were definitely the panel content, the rooftop party, and the booming exhibit hall.

We loved the speaker set up with individual short presentations followed by a panel with the same speakers interacting together and answering the audience’s questions. Our favorite panels were “Accelerate Claims Transformation Through #ClaimsTech,” “Achieve Data-Driven Efficiency,” and “Deconstruct Culture, Tech and Customer Needs to Achieve a New Future for Claims.”

It was a change to hear tech-speak at an insurance conference and there were several conversations around the agile development method, straight though processing, and minimum viable product.  The biggest buzz words were RPA (robotic process automation), AI, and empathy.  It’s an exciting time to be a part of the insurance industry!

RISE was on site interviewing speakers, executives, and attendees.  Check out our video for highlights of the interviews and a taste of what it was like to be at Connected Claims USA. Full interviews will be available on the RISE YouTube channel

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Little Known Tips to Rock the Interview

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Your heart is racing and your palms are clammy. You take deep breaths and resist the urge to wipe your hands on your stain-free suit. It’s interview day, and you’re stressed. It’s almost impossible to avoid—nerves and interviews go hand-in-hand, but going in armed with these helpful tips could save your suit and help you land that job.

Preparation Makes Perfect

Do your research. Channel your inner student and study like it’s finals week. Do not underestimate the value of putting in serious preparation time before the big day. Gather useful information about the company or client and the interviewers, and don’t be afraid to use LinkedIn as a tool to help you. They may see that you viewed their profile, but this doesn’t make you a stalker—in this case, it can only serve to show that you’re taking the time to learn about them and the company for whom you hope to work.

Know Yourself

Remind yourself of your achievements; exude confidence with a healthy dose of humility. If you’re interviewing for a claims-specific job, be certain of how many claims you have handled at any given time. If you’re interviewing for a position outside of claims, re-familiarize yourself with your sales numbers if necessary, and be sure of the amount of time you have been with each company. Ensure that you have concrete examples of your accomplishments, and how those accomplishments have helped the company. Furthermore, if a hiring manager asks about your knowledge of a specific tool or software program—such as Xactimate—you should be able to provide real life examples of your experience with it and how it has helped you in your previous positions.

You should also be prepared to address your weaknesses as well as your strengths. When discussing your weaknesses, however, avoid portraying yourself in a negative light. Focus on “faux weaknesses” that could have a positive result for the company, such as working too hard or being a perfectionist. Lastly, think of a few hobbies to share with the interviewer(s) that show them you are the dynamic, well-rounded individual they are looking to hire, not someone whose only hobby is binge-watching their favorite show every night (even if that is the case!).

Suit and Tie

You’ve done all of your research and refreshed your memory with regards to your performance metrics. You’re almost ready. Almost. In order to truly impress the interviewer(s), you need to look the part. It is always safer to overdress—wearing a suit despite the company’s lax dress code shows professionalism. Underdressing in a formal environment sends the wrong message. Make sure what you’re wearing is appropriate for the situation, which means no B’s. Don’t wear an outfit that shows your Boobs, Butt, Back or Bellies. Save the flashy number for a night out on the town after the interview is over. Unless you’re interviewing for a fashion-focused position, keep it simple. It’s hard to go wrong with a clean blue or charcoal/grey suit for men and blue or black suit for women. Avoid brown or tan suits, as these colors don’t tend to inspire confidence.

In addition, avoid distracting the potential employer from your accomplishments and skills with extreme odors at both ends of the spectrum; arrive fresh and clean, but there’s no need to bathe in Chanel No. 5 beforehand, either. Today is about you and your qualifications, not your perfume.

Go Time

The time has finally come. You’re well-equipped with information about the company, your interviewer(s), and yourself, and you’re looking fresh. Now, you need to be certain you have all of the necessary materials to help you. Print and bring multiple copies of your resume, just in case there are more people in your interview than you anticipated. It’s a simple gesture that proves your level of preparation. In addition to your resume, you should also bring a pen and a notebook with a few questions to ask. Even if your questions get answered during the course of your interview, a quick flick through at the end to check that all of your questions have been answered will show the interviewer that you came fully prepared. If you happen to arrive early, instead of sitting while you wait, stay standing. This helps you maintain decent posture, and means you’re ready for a handshake as soon as they come out to greet you. If you’re kept waiting long enough, have a look around the lobby. Take stock of your surroundings and try to use them to your advantage. You might find some information on the wall such as a recent award or staff announcement, or even just the age of the business, which could give you an edge in the eyes of your interviewer(s).

During the interview, don’t ask about benefits or PTO. Think of the first round of interviewing as a first date—you wouldn’t ask your date how many kids they want when you shake hands, so don’t ask your interviewer what the company intends to do for you when you first meet. Save those questions for when you know you like each other.

The End is Nigh

The interview is coming to a close and you’ve done just about as much as you can to show them you’re the right person for the job. But it’s not over yet! Before you leave the room and breathe a sigh of relief, ask the interviewer(s) if they have any reservations about your application, your resume, or yourself as a candidate. Let them know you’re happy to address any concerns they may have. Addressing any doubts that the interviewer(s) may have in person means that you can leave safe in the knowledge that you’ve shown them your best self and all that’s left is for them to decide. Before you run through the goodbye handshakes, be sure to ask about the next steps. This reaffirms your interest in the job, shows that you are proactive, and brings the interview to a natural but firm close. Lastly, remember to ask for the interviewer’s business card or contact information so you can easily follow up with them after the interview.

Don’t You Forget About Me

Show how much you care about the job by following up with a thank you note for every interviewer within 24 hours of your interview. Make sure each note is specific to the person you met, not just a generic note that you’ve copied and pasted for the whole team. If you really love the job, send an email and follow up with a hand-written note. Writing the note by hand adds a personal touch and helps you to stand out in a crowd over-saturated with technology.

Remember that people hire people they like, so go in with a friendly, positive attitude and let your awesome self shine. Follow these tips, take a deep breath, and go get ‘em. You’re destined for success.

These tips are from Chelsea Buzer, Head of Recruitment at Insure National Staffing, and written by Rebecca Kirkpatrick. For more information please contact Chelsea Buzer at [email protected] or go to Insure-National.com

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A Day in the Life of…

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Regina Cedeño

Resolution Lead
Blackboard Insurance

Regina C. Cedeño, MBA, CLMP is a Resolution Technical Lead at Blackboard Insurance Company, a subsidiary of AIG. Ms. Cedeño joined Blackboard Insurance Company with over 13 years of insurance experience in the areas of Financial Lines including Errors & Omissions, Professional Liability, General Liability including Automobile, Construction, Construction Defects, and Environmental. Ms. Cedeño is licensed as an adjuster in thirty-two states, and due to reciprocity, she is able to provide claims management in all fifty states. In addition, Ms. Cedeño has experience within three different sectors within the insurance industry, having held positions with insurance carriers, third-party administrators, and clients (insureds).
Ms. Cedeño also completed the extensive requirements for the Litigation Management Institute hosted at Loyola University Chicago School of Law, and was awarded with the designation of Certified Litigation Management Professional (“CLMP”). She is also a member of the Claims and Litigation Management (“CLM”), National Retail and Restaurant Defense Association (NRRDA), and The International Association of Claims Professionals (IACP). Ms. Cedeño received her Master’s in Business Administration from Florida Metropolitan University in 2006 and her Bachelor of Science in Criminal Justice, with a minor in English, from Pennsylvania State University at Altoona College in 2001.

RISE Director, Katerina spent time with Regina to discuss what a day in her life is like, the insurance industry, and suggestions for young professionals entering the space. This is what she said.

What are your mornings like?

My morning starts at 5:30 am. I leave my house by 6:45 am. Time is of the essence because I commute from western NJ to NYC at least 2-3 times a week and to PA at other times. In fact, my preparation starts the night before. It entails sorting the clothes for my two girls and myself, filling their backpacks with all school supplies and mine with work essentials including my laptop. School lunches are prepped the morning of and packed before I depart. Once my mother arrives to take assist my little ones for school, I’m off to work. My commute is usually a three-step process. It’s long at best. I drive approximately 20 minutes to a bus stop. The bus then takes me to NYC Port Authority–approximately 1.45hrs. Then, I take the NYC subway to Fulton Street, and walk three blocks to my office building. The total commute time varies, but it’s usually 2 ½ hours one way.

What do you do once you walk into the office?

The first thing I do is grab a cup of Bustello coffee and a KIND bar. I recommend the almonds & coconuts KIND bar. Then, I look at my emails. At the office I work closely with my Chief Claims Officer and my direct counterparts. I supervise and oversee the claims being handled by our Third-Party Administrator, consisting of 15-20 adjusters. Prioritizing at work is very critical. Ongoing handling of situations never ceases. Generally, priority hinges on the level of severity. I prioritize problem solving first, followed by critical emails and team meetings.

Lunch?

I prefer to dine out at a pub/restaurant with colleagues and friends, but at times meetings keep me in for lunch. I never get through a day without coffee. I need that boost!

How do you get back into work?

Finishing what I started along with resolving new issues and matter. The most rewarding part of my job is resolution–being able to resolve an issue or matter, where all parties are satisfied and agreeable to the resolution.

What do you look forward to after work?

At the end of my work day, I look forward to two smiley faces waiting at the door, calling me, “mommy”. They are the biggest motivation in my life along with my husband–my family motivates me to get up every day to endure the long commute to work.

Can you name an innovative solution that made a huge impact for your area of responsibility?

Yes, but we’re not talking about it just yet. Our innovative solution to claims handling will rely on new technology that we are building. It will have a huge impact not only on my position, but other participants in the insurance industry, including policyholders. Stay tuned!

What changes in the role of technology have you noticed in the workplace?

Technology is now firmly entrenched in the insurance industry. It has enhanced the access to information so that almost everything is available in a paperless environment. Also, technology allows individuals to work remotely, yet communicate instantaneously with co-workers, clients, brokers, policyholders, etc.

What technology skills seem most important now and in the years ahead?

I would say Artificial Intelligence, and the ability to access things from anywhere. Combined, these two technologies open up unlimited possibilities to resolving problems anytime, anywhere.

How is technology improving the customer experience?

Technology helps in two-folds: 1) through the efficiency in retrieval of information, as opposed to receiving by “snail mail,” and 2) the ability to respond instantly to customers to ensure a superior service experience.

What advice would you give to your 18-year old self or any other 18 year old?

At 18 years old, I wanted to be a veterinarian. I never once thought of insurance as a career. At 21 yrs. old, the television show, Law and Order, caught my attention–particularly the investigation aspect piqued my curiosity. From that curiosity, I pursued a career in investigation, which inevitably led to insurance. If I were to give advice to my 18 year old self, I would say, major in Business, and minor in Communications. It would make you a solid performer in any industry. Also, never forget to network. To the 18-22 year olds, don’t worry if you are unsure as to what you want to do with the rest of your life. 80% of college graduates venture into a different direction from their major that they studied. That’s okay. Just find something that you enjoy and look to correlate it with an industry. Then, make that industry or work your passion and continue to build yourself up in the industry. Always network! Look for a mentor! Plenty of us love to take new grads under our wings. Then, remember to stay in touch with those people who helped you along the way and they will remain a constant source for your growth.


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