NAME: Cathy Smith
NEW JOB TITLE: Princeton, New Jersey-based chief risk and underwriting officer, Munich Re America Services
PREVIOUS POSITION: Cincinnati-based chief underwriting officer, American Modern Insurance Group, a part of the Munich Re Group
INDUSTRY OUTLOOK: The insurance industry is very strong and is investing in the future, including technology, analytics, diversity of talent and new business models. Current economic challenges have intensified this focus on progress. Insurance plays a huge part in supporting societys penchant for risk-taking and progress. I have had a long career in insurance and have never been prouder to say that or more bullish about recommending it as a career.
GOALS FOR NEW POSITION: I want to ensure that Munich Re US P&C Cos. has the governance framework in place to support our varied business opportunities and guide them to consistent profitability. Avoiding disruptions, both self-inflicted and externally imposed, is a big part of achieving consistent growth and profit. With the combination of information risk management, and underwriting and pricing governance, we have the ability to provide great benefit to the Munich Re US P&C Cos. by helping them understand and anticipate these threats.
CHALLENGES FACING THE INDUSTRY: Our top challenges right now are changing patterns of loss (e.g., weather, litigation, social inflation), regulatory/government intervention in response to social issues and the war for talent.
FIRST EXPERIENCE IN THE INDUSTRY JOB MARKET: I was a territory manager for Great American Insurance in Raleigh, North Carolina.
ADVICE: If youre new to the industry, its critical to establish a strong understanding of the fundamentals of the business in your early years. Underwriter, claims adjuster, agent or some other position that puts you in regular contact with agents, customers or even regulator are the positions that move you up the learning curve quickly in terms of understanding how the industry works.
OUTSIDE THE INDUSTRY, A DREAM JOB: Shrimping boat captain
COLLEGE MAJOR: Economics
LOOKING FORWARD TO: Interacting with people in business units that have a wide array of market approaches, business models, lines of business insured, and a wide range of ways to think about insurance.
FAVOURITE MEAL: Lunch grilled cheese sandwich (although watermelon is my favorite food)
BOOK: Too hard to pick just one.
HOBBIES: Kayaking, exercise
TV SHOW:
ON A SATURDAY AFTERNOON: Grill out with family, take a boat ride, soak up the sun.
