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An Unusual Path to the C-Suite: The Path to Insurance

This symposium presentation discusses the unique career path of the speaker, who transitioned from working in Oil and Gas/Construction to becoming a CFO in the insurance industry. The presentation also explores the challenges and lessons learned from M&A experience and the role of technology in the insurance industry.

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An Unusual Path to the C-Suite: The Path to Insurance

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  1. Entrepreneurial Insurance Symposium, September 1st, 2015“An Unusual Path to the C-Suite”

  2. Entrepreneurial Insurance Symposium, September 1st, 2015“The Path to Insurance”

  3. Finish Start

  4. Why the change in vocation? • Spent 13 years in Oil and Gas / Construction • 6 years (total) in Home office • Brief stint in Papua New Guinea (Commercial Project Oversight) • 2 years in Ukraine (Commercial Site Manager) • 2 years in Mexico (CFO and Commercial Site Manager) • Brief stint in Norway (Commercial Project Manager) • Next Stop ? • Left Germany in 2002 to join WKF&C Agency, Inc. • Family Reasons • Looking for a change in scenary • Felt the USA was a great place to start something new • Had some good job offers......ultimately chose WKF&C

  5. 2002 - 2015 Back then Today... 128 employees (23 at WKFC China Paperless 7 Branches Developed our IMS Software 15 products Electronic data transfers Interactive Website/Portal Underwriting via U/W software with webcalls to service providors • 18 employees • Paper clogged the office • Sole location on LI • Microsoft Access was our software • 4 products • Fax was our submission portal • No website • Manual Underwriting

  6. Entrepreneurial Insurance Symposium, September 1st, 2015“The Path to a New Beginning”

  7. Our M&A Experience • Hardest part? • Confidentiality • Letting go • New management / administration / red tape • Upholding the trust of the staff • Dealing with Client and Carrier concerns • Mistakes? • Not letting an inner core into the „deal“ • Not creating an LTI plan for senior staff • No RFP for our representation • What would we do differently? • Consider an employee acquisition model • Allow for a reasonable timeline for DD. Pressure breeds mistakes • Advice? • Don‘t wait for a life event to decide to perpetuate the business • Choose a broker wisely • Think long about informing your staff • Multiples are not the be all and end all • Educate yourself on all types of acquirors. They all have major pro‘s and con‘s and depending on your business, some are and others are not suited • Understand the consequences of your choice and be very careful about messaging once the deal closes • Don‘t be afraid to say „no“

  8. M&A Distribution Evolution Retailers Wholesalers Insurers PE M&A Brokers Bankers Aggregators

  9. Watch this space...

  10. Entrepreneurial Insurance Symposium, September 1st, 2015“The Path Forward”

  11. Technology – Its place in Insurance • Millenials are coming • Impossible to ignore or not only risk, but guarantee irrelevance • Automation is taking over wherever and whenever possible • Some recent poignant quotes • The insurance industry will find itself in a "bleak scenario" if it fails to attract young talent to tackle the disruptive force of technology • He highlighted that 25 percent of all people working in the insurance industry will be eligible to retire in just three years, meaning that in five years, around 400,000 job positions would be open in the US alone. • "At the very least, we've done a terrible job in helping people to understand the value in what we do,"

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