NAME: Tom Sheffield
NEW JOB TITLE: New York-based managing director, head of management and professional liability, NFP Corp.
PREVIOUS POSITION: New York-based managing director, NFP Corp.
INDUSTRY OUTLOOK: The industry is going through immense change, similar to many other industries. Change will be hard for some, but we see a significant need for companies to manage and transfer risk as they work to advance through each successive wave of growth. Our focus on specialized expertise and solutions that reflects an understanding that not all industries are the same puts us in a great position to meet this need. So while the industry will be changing significantly, the relevance of the insurance industry remains very strong.
GOALS FOR NEW POSITION: My goal as the head of management and professional liability is to develop our existing talent and attract new talent to NFP, and build a deeper connection for all our clients – large and small – that emphasizes the personal delivery of service in support of clients respective risk management strategies.
CHALLENGES FACING THE INDUSTRY: Developing professionals in our industry and cultivating interest in what we do remain key challenges for the entire industry. We have a responsibility to invest in professional development and build resources that drive the growth among our team, and were doing these things, but the results we want and need arent there yet. Another challenge is the disruptive force of technology. Financial services have not acclimated to this changed environment at the pace other industries have. The next five years will be crucial, and will likely separate companies based on their ability to consistently leverage disruptive technologies in insurance and elevate their value proposition.
FIRST EXPERIENCE IN THE INDUSTRY JOB MARKET: I was a coverage lawyer, representing insurers. True story when I started, I needed Jackie Urban, now at Aon PLC, to explain the difference between D&O and E&O. Counseling sophisticated clients who knew more than I did about our industry was a great learning experience. Finding relationships where trust and confidence were shared in moments of stress even crisis was really meaningful to me and many of those remain the strongest connections I have to others in our industry.
ADVICE: Invest in your own development always be learning and always be cultivating relationships. Having managed numerous people, nothing demonstrates better commitment to your profession than self-investment. I remember not waiting for, but instead paying for, my own invitations to conferences and industry events and that has made all the difference.
OUTSIDE THE INDUSTRY, A DREAM JOB: I play and build guitars as a hobby. I would love to be a luthier!
COLLEGE MAJOR: Psychology. I went to the University of Idaho, so it was that or fisheries management.
LOOKING FORWARD TO: The build! Building an organization, contributing to its culture and watching people grow in their aspirations, confidence and passion for their jobs I really love it. Having built elsewhere, there is nothing better than pulling colleagues together to create something together.
FAVOURITE MEAL: Dinner made at home with my family. A grilled cheese sandwich made, under supervision, with love by a 9-year-old cant be beat!
BOOK: Grapes of Wrath, by John Steinbeck, impacted me the most. Its a story about people, impossible choices and circumstances, and the will to keep moving forward. Seems apropos these days!
HOBBIES:
TV SHOW: South Park. It is the rudest, funniest, most grotesquely accurate satire on TV!
ON A SATURDAY AFTERNOON: I play Katy Perry songs for my kids and watch chipmunks eat my tomato plants in the garden. Good times!
