NAME: Colleen S. Vallen
NEW JOB TITLE: Camden, New Jersey-based senior vice president, forensic services, J.A. Montgomery Consulting
PREVIOUS POSITION: Philadelphia-based partner, forensic and valuation services, Citrin Cooperman & Co. LLP
INDUSTRY OUTLOOK: From a claims perspective, losses will continue to be complex and time-consuming. This places a tremendous burden on the insured to establish their loss through documentation and accounting. As a result, the support of a forensic accounting professional with years of experience in complex insurance losses can save the insured time and resources while freeing them to focus on running their business. As the insurance market, particularly property, continues to harden, you may see insurers take a more detailed look at claims as well.
GOALS FOR NEW POSITION: My primary goal in this new position is to provide clients with the individual support that J.A. Montgomery Consulting is known for, while streamlining their claims preparation and management processes so that together we can expedite the resolution of claims.
CHALLENGES FACING THE INDUSTRY: There are more catastrophic losses occurring around the world. This increase in large claims can consume an insurers available resources and ultimately delay the time for an insureds claim to be resolved. Therefore, it is critical for insureds to present their claims in a comprehensive fashion. By working with professionals who understand the market challenges, the intricacies of specific industries and the claims process to the fullest extent, a business claims can be expedited and more quickly resolved. Other challenges include the continued complexity of financial data and systems, which creates challenges in claims resolution, as well as the evolving impact of cyber crime and the hardening insurance market.
FIRST EXPERIENCE IN THE INDUSTRY JOB MARKET: My first experience in the field took place in the mid-’90s when I was involved in calculating a loss a business incurred as a result of a roof collapse. It was a complex claim with over 30 different loss calculations.
ADVICE: Never stop learning. Our industry is continually evolving. A dedication to learning and finding new creative solutions will take you far.
OUTSIDE THE INDUSTRY, A DREAM JOB: Boat captain
COLLEGE MAJOR: Accounting
LOOKING FORWARD TO: Its exciting for me to be joining an organization and a team of individuals so dedicated to providing customized service and support to its clients. Im really looking forward to continuing the companys longstanding reputation of leadership and excellence.
FAVOURITE MEAL: Steak and lobster
BOOK: I love to read, so choosing a favorite is hard. The first book that came to mind when I read this question was Harry Potter. I read the first four books aloud with my daughters, and it was wonderful to experience the joy of a good book with them.
HOBBIES: Boating, fishing, hiking, biking, whitewater rafting, camping and anything else that gets me outside.
TV SHOW: Treehouse Masters. If I ever hit the lottery, I definitely want an amazing treehouse.
ON A SATURDAY AFTERNOON: Anything outdoors
