CEO PANEL DISCUSSES TOP INDUSTRY ISSUES
Hurricane, TRIA, and technology top focuses
NEW YORK, Sept. 12, 2005—Hurricane Katrina, federal and state legislative and regulatory issues, market trends, technology initiatives, industry recruitment, and the future of the independent agency system took center stage at a high-powered CEO panel held at the opening general session of the Big “I” Convention in New York City.
With Big “I” CEO Robert A. Rusbuldt moderating the discussion panelists spent considerable time discussing the industry response to Hurricane Katrina, as well as the lasting effects the hurricane might have on insurance.
“This was an extraordinary event,” said Frederick H. Eppinger, CEO, Allmerica Financial Corp. Commenting on how the industry can help, Eppinger continued “What a wonderful industry we’re in. What we do is put peoples’ lives together. We are good at solving problems.”
“We have to rid ourselves of bureaucracy,” said Charles M. Kavitsky, president and CEO of Fireman’s Fund. “In order to be helpful, we have to get the facts and then respond. We must have that trust factor with our agents so that they can continue working.”
The panel also discussed legislative issues.
“I hope TRIA will be renewed,” said Axel P. Lehmann, CEO of Zurich North America Commercial. “There is no country in this world that is leaving terror coverage entirely to private industry.”
Additionally, the panel discussed the general state of the insurance industry and its recent positive financial results.
“National and regional companies are better aware of what is happening with their books and their costs,” said Robert J. Joyce, chairman and CEO of The Westfield Group. “We’re better prepared to deal with the risks of our business.”
The leaders also discussed technology and employee recruitment with respect to the future of the independent agency system.
“New technologies will allow for a myriad of agencies to be successful,” said Michael McGavick, president, chairman and CEO of Safeco Insurance. “Big or small, improvements in technology will allow agents to be competitive with each other.”
The panel acknowledged the challenge of recruiting high quality employers into the industry.
“Programs like Young Agents and InVEST are instrumental in getting people into the industry,” said William J. Mullaney, president of MetLife Auto & Home. “Events like 9-11 or Katrina are like the Super Bowl for our industry, and a chance to show what a noble profession we’re in.”
The Big “I” Convention features nationally recognized speakers, such as “America’s Mayor,” Rudy Giuliani, who revitalized New York City during his tenure (1993-2001) and inspired his city—and the nation—to come together and move forward in the wake of the Sept. 11, 2001, terrorist attacks. The convention also features insightful continuing-education workshops, numerous networking events and the largest trade show in the insurance industry.
Founded in 1896, the Big “I” is the nation’s oldest and largest national association of independent insurance agents and brokers, representing a network of more than 300,000 agents, brokers and their employees nationally. Its members are businesses that offer customers a choice of policies from a variety of insurance companies. Independent agents and brokers offer all lines of insurance—property, casualty, life and health—as well as employee benefit plans and retirement products. Web address: www.independentagent.com.
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