8/20/2019

Under-the-Radar Risks

"What advice would you give your younger self?"

By Phil Gusman

What is the one piece of advice you would go back and give yourself when you first entered the industry?

“Form relationships, and maintain them even if there’s no immediate business payoff. Be good to the industry and, somewhere down the line, it will repay you. Also, you only have one reputation, and, in this industry, everyone knows someone who knows you. Finally, be respectful of your colleagues, clients, opposing counsel, and yourself.”

Frances O’Meara, Partner, Thompson Coe & O’Meara. CLM Member since 2013.

“When presented with opportunities to grow and expand your knowledge in this industry, don’t necessarily be loyal to your employer. Evaluate the opportunity presented and follow a new path. It may be a risk, but also an opportunity to grow, learn more, and network in our industry.”

Michele S. Newman, Litigation Manager, Hamlin & Burton Liability Management Inc. CLM Fellow since 2011.

“I would tell myself, ‘This is a career; not a job. You will get out of it what you are willing to put in, both financially and in terms of self-fulfillment. But you need be willing to go all in.”

Summit Dhillon, Partner, Wood Smith Henning & Berman LLP. CLM Member since 2019.

“Learn more about the different disciplines. We tend to land in claims or underwriting and don’t venture out of that comfort zone. We lose perspective by not understanding insurance through multiple lenses. A better understanding of actuarial, marketing, underwriting, and claims rounds out our industry view.”

Matt McColley, Vice President, Chief Claims Officer, Berkley Human Services. CLM Fellow since 2009.

-1%

Percent decrease in employment expected for claims professionals from 2016-2026.

Source: Bureau of Labor Statistics

77.8%

Percent of 2018 J.D. graduates who landed full-time jobs that either required the graduate to pass a bar exam, or viewed possession of a J.D. as a requirement or preference. This figure is up from 75.3% in 2017.

Source: American Bar Association

16+%

Percent growth in law firm expenses related to recruiting during the 12-month period ending Q3 2018.

Source: Thomson Reuters

4th

Ranking of insurance marketing on insurers’ staffing plans. Claims and underwriting rank third and fifth respectively. Technology ranks first.

Source: Jacobson

22%

Percent increase in employment expected for actuaries from 2016-2026, well above the expected seven percent average growth rate for all occupations over that period.

Source: Bureau of Labor Statistics

 



Phil Gusman is managing editor of CLM magazine, a publication of the CLM. He can be reached at phil.gusman@theclm.org.

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