NAME: Carolyn L. Cox
NEW JOB TITLE: Denver-based executive vice president, general counsel, Alera Group Inc.
PREVIOUS POSITION: Denver-based deputy general counsel, Alera Group Inc.
INDUSTRY OUTLOOK: Since the Lloyds coffee shop sprung into existence in the late 1600s, the insurance industry has played an integral role in global commerce and will continue to do so well beyond the current challenges facing our industry. Though we may see changes in risk mitigation approaches on the property/casualty side due to a hardening market and recent catastrophic losses, underwriters and brokers will continue to play a vital role in our economy. As the nature of business and societal risks evolve, so will the type of risks the industry covers and this evolution will provide new sources of revenue in the short-term while we wait to see what the future brings.
GOALS FOR NEW POSITION: My first goal is to build a high-functioning and well-rounded legal team that provides pragmatic and nimble advice to the business and is welcomed to the table as a true partner. Then my focus will be on helping the business maximize the legal and compliance functions for competitive advantage.
CHALLENGES FACING THE INDUSTRY: Alera Group is a full-service insurance and financial services firm offering property/casualty, employee benefits, wealth management and retirement services products throughout the United States. Like similarly situated firms, we see upcoming challenges on the property/casualty side from a hardening market and lack of capacity in certain lines of business. We are also seeing more insurtech firms enter the market, disrupting insurance product distribution. Weathering these short and long-term issues poses the biggest challenge, but I fully expect the industry to adapt and grow because of them. I also expect we will see brokers acquiring technology solutions in the near term to keep up with changes in technology.
FIRST EXPERIENCE IN THE INDUSTRY JOB MARKET: I started my insurance career as a legal intern at a small property/casualty underwriter in Chicago. As those in the industry oftentimes say, I did not choose insurance; insurance chose me. I have never looked back.
ADVICE: Do not shy away from the insurance industry just because it sounds old-school. Insurance, including alternative risk transfer, can include highly sophisticated transactions and financial products and this space is truly dynamic and engaging.
OUTSIDE THE INDUSTRY, A DREAM JOB: I would love to travel the world and write about those experiences.
COLLEGE MAJOR: B.S. in business administration (finance and accounting)
LOOKING FORWARD TO: I look forward to continuing my career development, focusing less on individual contribution and more on leading a successful team.
FAVOURITE MEAL: A medium-rare ribeye paired with a light- to medium-bodied glass of red wine.
BOOK: Catch-22, by Joseph Heller
HOBBIES: I enjoy any activity that gets me outside, both during the summer and winter months hiking, skiing, golfing.
TV SHOW: I really enjoy the HBO show Succession and am anxiously awaiting the third season.
ON A SATURDAY AFTERNOON: I enjoy spending as much time outdoors as possible with my husband and our dog. Though we live in Denver, we spend a fair amount of time in the mountains, especially in this COVID-19 environment.
