NAME: Michael Maio
NEW JOB TITLE: Atlanta-based senior vice president, head of HUC, Hiscox Inc.
PREVIOUS POSITION: Atlanta-based vice president, HUC business operations, Hiscox Inc.
INDUSTRY OUTLOOK: Before the pandemic, the insurance industry could be slow to adapt to the changing world. The last two years spurred a transformation from digital as a lip service to actual strategy backed up by investment. Weve recently seen a complete overhaul by many MGAs and insurers to develop digital solutions, especially in the small-business sector, and I believe that this transformation to digital will continue to accelerate.
GOALS FOR NEW POSITION: Our customers, brokers and partners are front and center for Hiscox, and my new position enables me to help them in a couple of ways. First, by further digitizing the small-business sector through streamlined underwriting, we can improve our efficiency. Second, ld like to continue to improve customer service. Whoever the customer may be, Id love for them to complete an interaction with Hiscox with a smile, and feel pleasantly surprised at how friendly, quick and easy the service was.
CHALLENGES FACING THE INDUSTRY: I think staffing will continue to be an issue, as there will continue to be a need to attract and retain top talent, particularly following the great reshuffle. The current employment market in insurance is hot, but is this sustainable? Also, I think inflation will be another key area to watch. Higher inflation provides short-term headwinds on investment income as insurers have to mark-to-market in their results, but this is accounting rather than actual cash and over time those headwinds will turn to tailwinds as bonds return higher coupon rates. Its also important that insurers keep exposures updated, to counter the impact of inflation on claims.
FIRST EXPERIENCE IN THE INDUSTRY JOB MARKET: I can say I am a happy lifer at Hiscox. In June 2008, I started as an underwriting assistant in our Armonk, New York, office.
ADVICE: Insurance is a great industry to get into. Personally, I never thought my life would have taken me here, but it has been enjoyable. I have made some amazing relationships, and have had some of the best mentors you could ever have had. I would tell everyone who gets into this industry, be comfortable learning the craft, it is not a race, and the opportunities will be there for you. Make sure you are putting the necessary time into learning the job you are currently doing. Insurance is a journey that can give you opportunities you never expected.
OUTSIDE THE INDUSTRY, A DREAM JOB: When I was younger, I would have jumped at this question and said MMA fighter, but now I would say a collectible store owner.
COLLEGE MAJOR: In college, I majored in business management but learned the value of building and growing relationships during my time.
LOOKING FORWARD TO: At Hiscox, there is so much to look forward to. We have great leaders who care about the staff, and we have a culture that in my opinion is second to none. In my new job, I am really focused on developing the underwriters on my team, and helping them reach their career goals. As a manager, I am lucky to have a great team, and excited for what we are building together.
FAVOURITE MEAL: Wow, this is a hard question, being originally from New York, there are so many things I love. If I had to pick one, I would say an Italian combo from a New York deli.
BOOK: NULL
HOBBIES: I would love to say training Brazilian Jiu-jitsu, but that ship sailed a long time ago. Now I find myself focusing on collecting. Currently, trading cards and comics are my focus areas.
TV SHOW: I do not watch a lot of TV shows, but usually I find myself watching anything superhero-related.
ON A SATURDAY AFTERNOON: Most Saturdays, I am focused on spending time with my family and my wife Susan. Weve raised two incredible children (Evelyn and Henry). I can honestly say, that without my wife, I would not be in the situation I am in today both at work and with my family.
