Sep 21 - 23, 2020 | Virtual

Topics & Speakers

            

NAMIC has made the decision to move all in-person events for remainder of 2020 to a virtual setting, including the Annual Convention in Boston scheduled for September where we had planned to celebrate NAMIC’s 125th Anniversary. The health and well-being of NAMIC members and staff are the most important factors in considering our options and hosting large event gatherings in these times is just not feasible.

Those who have already registered for an event will receive a separate communication with the details of transferring to a virtual event. All members will soon receive information about exciting new ways to experience what they have come to expect from NAMIC events.

Main Stage Opening Session and Keynote: Leadership Insights – Exclusive Interview with State Farm CEO, Michael Tipsord

Monday, September 21, 10:30 – 11:40 a.m. ET

Join us for the energetic kick off to the 125th NAMIC Annual Convention in grand style featuring vibrant stories, leadership insights and the latest industry updates.

Gathering virtually has provided an outstanding opportunity to feature a conversation with Michael Tipsord, the CEO of one of the largest companies in the world, and NAMIC’s largest member company, State Farm Mutual Insurance Company.

This interactive conversation facilitated by NAMIC President and CEO, Chuck Chamness, will dive into important issues facing the industry including the short- and long-term impact of COVID-19, the evolution of the industry post-pandemic, and key regulatory issues. Michael will also share his thoughts on the success of State Farm through the years, focusing on some of the key elements of its corporate culture, including the company’s diversity and inclusion initiatives.

Gather your entire team for front row access to this informative conversation.

Michael Tipsord
CEO
State Farm Mutual Insurance Company

Charles M. Chamness
President & CEO
NAMIC

Timeline of Events
10:30 a.m. | Opening Remarks and Flag Ceremony
10:34 a.m. | Moment of Reflection and Reflection of 2020
10:36 a.m. | NAMIC’s President and CEO Speech
10:46 a.m. | NAMIC Year in Review
10:50 a.m. | Chairman Speech and Chairman’s Award Presentation
11:05 a.m. | Exclusive Interview with State Farm CEO, Michael Tipsord
11:40 a.m. | Main Stage Concludes

Main Stage Political Outlook: Political Update – Interviews with Key Elected Officials

Tuesday, September 22, 10:30 – 11:15 a.m. ET

Join NAMIC’s Government Affairs team for exclusive interviews with key elected officials from both Democratic and Republican parties as they examine real-world insurance issues in Washington and in the states, including recent COVID-19 activities, the impact of decisions being made in the nation’s capital on the insurance industry, and the prospects for what is shaping up to be a wild 2020 election cycle.

With election day just around the corner, there’s no better time to have your team learn about the legislative and regulatory issues facing the industry directly from their elected officials and NAMIC Government Affairs team on the front lines.

Minority Leader Kevin McCarthy (R-CA-23)
United States House of Representatives

Senator Joe Manchin (D-WV)
United States Senate

Vaun Cleveland
Federal Affairs Director
NAMIC

Jimi Grande
Senior Vice President, Government Affairs
NAMIC

Timeline of Events
10:30 a.m. | Opening Remarks and 125 Moments
10:33 a.m. | Interview with Senator Joe Manchin (D-WV)
10:47 a.m. | Interview with Minority Leader Kevin McCarthy (R-CA-23)
11:15 a.m. | Main Stage Concludes

Main Stage General Session: The Mutual Factor – A First Look at How Mutuals are Performing in 2020

Wednesday, September 23, 10:30 – 11:15 a.m. ET

This timely session will share highlights from the soon-to-be released Mutual Factor 2020 report, sponsored by AON, featuring key mutual insurance industry performance metrics benchmarked against stock insurers as well as the overall property/casualty insurance industry. Promising to be both informative and entertaining, our presenters will share key findings on how mutual insurers have fared in 2020 from a financial, rating agency, and CEO perspective. This will be a first look for the industry on how companies are managing through COVID-19, with forward-thinking thought leadership on what the data means and how mutual insurers should be preparing for the coming months.

This session is designed for executive teams, industry leaders, and board members providing the insight and data needed to help guide future company decisions and planning.

Neil Alldredge | Moderator
Senior Vice President, Corporate Affairs
NAMIC

Patrick Matthews | Panelist
Senior Managing Director – Head of Rating Agency Advisory Services
Aon Re Solutions

Chris Delhey | Panelist
Senior Managing Director and Mutual Practice Group Leader
Aon

Timeline of Events
10:30 a.m. | Opening Remarks and Service Award Presentation
10:37 a.m. | Incoming Chairman Speech
10:39 a.m. | The Mutual Factor – A First Look at How Mutuals are Performing in 2020
11:09 a.m. | Closing Remarks from NAMIC’s President and CEO, Chuck Chamness
11:15 a.m. | Main Stage Concludes



Monday, September 21 (All times listed are in Eastern Standard Time)
 
9:30 – 10:15 a.m.

PFMM Session: Reinsurance – Part One
This session is required for those working toward their PFMM certification.
In this session, we will explore the basics of reinsurance by defining it and reviewing its various functions. We will also discuss the services provided by reinsurers through their partner relationships with mutual company clients. Additionally, we will look at differing types of reinsurance and the ways in which they can be structured to provide proper protection for a company's various risks.

Molly Fogarty
Director
Aon

 
12:00 – 1:30 p.m.

PFMM Session: Reinsurance – Parts Two and Three
This session is required for those working toward their PFMM certification.
In the second part of the reinsurance series, we will move to an overview of reinsurance contract language, highlighting some of the more important clauses. We will take time to review the methods reinsurers use in their pricing and how they might provide profit sharing to their clients. Join us as we examine how to determine reinsurance limits and retentions and talk about how all the various contracts fit together to provide a total reinsurance program to protect your company. We will close by reviewing the various types of reinsurance companies and the portions of the market they occupy.

During the final installment in the series on reinsurance, we will focus on the many ways reinsurance is marketed. Join us as we look at the important aspects of choosing a reinsurer or broker and the ways in which a company might best attract a reinsurer to its program. You will learn about the current state of the reinsurance marketplace and the numerous factors driving it in 2020. We will also discuss modeling for catastrophic risks and look at a hypothetical output from those models. There will be time at the end for practical application of the various principles learned in these sessions.

Molly Fogarty
Director
Aon

 
1:00 – 1:30 p.m.

Educational Sessions

  1. Understanding Why Models “Miss”
    Today, the industry has come to rely on models to go beyond simply providing probabilities of industry-level loss. The expectation is that models will be able to fully capture the unique characteristics of each individual event – often before all of the characteristics of an event are fully known – and to provide accurate loss projections on a much more localized scale. Relying on models for these purposes can contribute to the perception of a model “miss” in relation to a specific event.

    During this session, Joe Cleveland, a director in AIR’s consulting and client services group, will explain what it means for models to miss in estimating losses from real-time events. Joe will explain the challenges modelers face in developing accurate, realistic loss estimates as events are unfolding. He will also describe the different ways in which a model can miss and go explain factors that can contribute to this perception in the wake of major catastrophe.

    Joe Cleveland, CEEM
    Director, Consulting and Client Services
    AIR Worldwide

  2. Financial Training for Farm Mutuals
    This session qualifies for one FMDC elective credit in the Finance & Accounting module, or one FMDC maintenance credit.
    This session will provide a basic curriculum on financial training for farm mutuals geared towards Directors. Key topics to be discussed will include financial literacy and why it is important to directors, core operating cycles and calculating and analyzing performance metrics.

    Abby De Zeeuw, CPA
    Partner
    Cain Ellsworth & Co., LLP

  3. Corporate Governance Annual Disclosure II – The Sequel
    This session qualifies for one FMDC elective credit in the Management module, or one FMDC maintenance credit.
    Filing a Corporate Governance Annual Disclosure with your domestic regulator is now required nearly nationwide. What do you include? How detailed should it be? How do you address changes in your governance procedures in subsequent CGAD filings? Is your company required to change its governance procedures? This session will answer those questions and addresses other valuable CGAD insights. Even if you’ve filed one before, there’s always more to learn.

    Geoff M. Baker, JD, CPCU, FLMI, AIRC, MCM, CCP
    Assistant Vice President, Corporate Affairs and Associate General Counsel
    NAMIC


Tuesday, September 22 (All times listed are in Eastern Standard Time)
 
11:30 a.m. – 12:00 p.m.

Educational Sessions

  1. Cannabis v. Hemp: What’s the Big Deal?
    What impact does the increasing number of states legalizing marijuana use have on the insurance industry? Join this session to find out. Attendees will explore the differences between cannabis and hemp, review the farming process for each, and discuss the specific risks insurers are facing to cover these farms. Also included will be a review of court cases pertaining to insurance coverage of cannabis and hemp as well as risks for insurance company directors.

    Brenda Wells, Ph.D., CPCU, AAI, CRIS
    Professor
    East Carolina University

  2. Managing a Remote Workforce During and After COVID-19
    The national unemployment rate went from 3.5 percent in February 2020 to a soaring 14.7 percent in April, essentially changing the dynamics of the workforce landscape overnight. While some companies have experienced the need to reduce staff via furlough or layoff, many companies continue to seek and retain talent, but it’s more challenging than ever. Prior to the COVID-19 pandemic, traditional brick-and-mortar employers were attempting to move to a more flexible work environment in order to compete with modern organizations when recruiting and attracting top talent. Employers were also fighting to retain people. Plans for transformations were often led by skeptics who believe in an onsite workforce model and met by technological challenges. But as we all know and have experienced, it is possible to make a remote environment function at light speed … albeit with some pain and many lessons learned.

    This session is an opportunity to learn more about the benefits and challenges of managing/working remotely as well as lessons learned through the COVID-19 experience. The consistent evolution of technology lends to the ability for an organization to creatively staff difficult-to-fill positions and manage the workforce remotely. A remote workforce can be challenging to set up and it is imperative to success to ensure the employees have the tools to do their jobs and the support to meet expectations. Setting clear objectives and key performance indicators are crucial measures to foster a work environment that is conducive to working remotely.

    Stefanie Thiel
    Vice President and Chief Human Resources Officer
    United Heritage and Sublimity Insurance

  3. Questions All Directors Should be Asking Part 1 - Mergers/Affiliations
    This session qualifies for one FMDC elective credit in the Management module, or one FMDC maintenance credit.
    Just prior to COVID-19, merger and affiliation discussions were heating up among mutuals across the country. As the world slowly returns to normal, we anticipate these discussions quickly heating up again. Whether you are the acquirer or acquiree, or even if you are dealing with an unsolicited combination offer, directors need to understand the structures and alternatives available to mutuals. Equally important are understanding the impact the transaction will have on your mutual and know what issues to ask about and consider, from a board perspective, as part of a proposed transaction. This session will focus on these key issues to help you, as directors, prepare for if and/or when the time arrives for your mutual to talk about M&A activity.

    Kevin Kinross
    Partner
    Taft, Stettinius & Hollister, LLP

  4. Preparing for the Next Pandemic: A Discussion of Prospective Pandemic Risk Solutions
    The response to COVID-19 pandemic triggered unprecedented interruption in the operations of businesses across the country. While roughly one-third of U.S. businesses maintain insurance policies to cover loss of business income due to direct physical damage to a business property, such policies are not designed to insure revenue loss resulting from a pandemic because of their uninsurable nature. Therefore, a conversation among the insurance industry, its policyholders, and policymakers has begun regarding a long-term solution to prepare the national economy in advance of the next global pandemic.

    During this session, Jonathan Bergner, NAMIC’s vice president of public policy and federal affairs, will provide a high-level overview of the current state of play in the debate over a prospective pandemic solution. He will also highlight the various proposals circulating on Capitol Hill, including the NAMIC-created Business Continuity Protection Program, and provide an outlook of where this debate might be heading and on what timeline.

    Jonathan Bergner
    Vice President for Public Policy and Federal Affairs
    NAMIC

 
1:00 – 1:30 p.m.

Educational Sessions

  1. This is Not Your Dad’s Cannabis!
    This session qualifies for one FMDC elective credit in the Operations & Insurance module, or one FMDC maintenance credit.
    The cannabis risk for insurers isn’t going away. It is imperative that insurers arm themselves with the knowledge needed to properly underwrite the risk. This session will explore the differences between cannabis and hemp, discuss the history and current status of cannabis and hemp legalization, review specific hazards relating to cannabis that affect insurance underwriting, and discuss business opportunities in the cannabis space. It will also present a big-picture strategic focus for property/casualty company executives and boards of directors to assess whether insuring cannabis and/or hemp is a decision they would like to make.

    Brenda Wells, Ph.D., CPCU, AAI, CRIS
    Professor
    East Carolina University

  2. The Changing Flood Insurance Landscape
    This session qualifies for one FMDC elective credit in the Operations & Insurance module, or one FMDC maintenance credit.
    The insurance industry once viewed flood as a largely uninsurable risk. Companies that tried to write the peril would often find themselves under water as claims outpaced catastrophe models’ predictions. This led to many private insurers exiting the market altogether. Recent improvements in technology, particularly around mapping and modeling, are changing the landscape and allowing insurers to view the private flood market as an opportunity rather than a risk. This session will review lessons learned in the infancy of the flood market and provide examples of model “misses” and how modeling and mapping have improved. Attendees will also learn about rate making, underwriting, and claims improvements as well as how the private flood market differs from state to state.

    Matthew Junge
    Senior Vice President
    Swiss Re

  3. Questions All Directors Should be Asking Part 2 – Activism
    This session qualifies for one FMDC elective credit in the Management module, or one FMDC maintenance credit.
    Mutual insurance company board members have fiduciary duties to act in the best interests of their members when providing direction and oversight. That duty is to the membership as a whole, not just one member or a small group of members. So, what happens if one member has a different view of the future of the mutual? What happens if someone buys a policy today with the sole purpose of intentionally causing disruption tomorrow? These instances are known as policyholder activism. Are they really happening in mutuals? Is your company prepared? This session will discuss the key questions directors should ask in anticipation of and/or during such an event.

    Kevin Kinross
    Partner
    Taft, Stettinius & Hollister, LLP

  4. Election Outlook 2020
    Election Day is fast approaching, and never have the stakes been higher for the property/casualty insurance industry. In a world where the industry is facing multiple unprecedented existential threats, such as retroactive business interruption mandates and the growing threats to risk-based pricing, the 2020 elections will prove very consequential for our future. Join Jimi Grande, NAMIC’s senior vice president of government affairs, who will tap into his more than 25 years of experience in Washington D.C. to break down how he sees the elections unfolding.

    Jimi Grande
    Senior Vice President, Government Affairs
    NAMIC


Wednesday, September 23 (All times listed are in Eastern Standard Time)
 
11:20 a.m. – 12:05 p.m.

PFMM Session: Financial Management - Part One
This session is required for those working toward their PFMM certification.
In order to properly manage a mutual insurance company, it is imperative to understand the impact of decision-making on the company’s financial statements. This course will guide you through the basics of insurance accounting and provide a basis for understanding and analyzing financial statements and the flow of premiums and losses within your company’s records.

Abby De Zeeuw, CPA
Partner
Cain Ellsworth & Co., LLP

 
11:45 a.m. – 12:15 p.m.

Educational Sessions

  1. Agritourism
    Farmers and ranchers are looking for innovative ways to maximize their profits. Many of these innovations do not meet the definition of traditional farming; instead, they bring in elements of tourism and entertainment around farming. These innovations are known as agritourism. During this session, attendees will learn how to properly insure agritourism risks and take a look at some available policy forms available.

    Jeff Wilson
    Vice President Farm and Ranch
    State Auto Insurance Companies

  2. Small Company Compliance with Cybersecurity Laws
    This session qualifies for one FMDC elective credit in the Operations & Insurance module, or one FMDC maintenance credit.
    If your company is not already subject to cybersecurity compliance requirements, it soon will be. Unlike some laws that only apply to domestic insurers, when the National Association of Insurance Commissioners’ model Insurance Data Security Act is enacted, it applies to all insurance companies licensed in the state where it is enacted. There are, however, limited compliance exceptions for very small companies that vary by employee size and, in some states, direct written premium.

    Join Geoff Baker, NAMIC's assistant vice president of corporate affairs and associate general counsel, and Lisa Sladek, NAMICO’s vice president of compliance and product development, as they explore the NAIC model’s various cybersecurity compliance requirements, including risk assessments, information security programs, incident response plans, and cybersecurity policies and procedures implementation. The session will focus on how smaller insurers may want to approach this compliance hurdle without expending significant resources.

    Geoff M. Baker, JD, CPCU, FLMI, AIRC, MCM, CCP
    Assistant Vice President, Corporate Affairs and Associate General Counsel
    NAMIC

    Lisa Sladek, ACP, AINS, AIS, API, MCM, MLIS
    Vice President of Compliance and Product Development
    NAMICO

 
11:45 a.m. – 12:20 p.m.

Dive In: Future of Work – Communication and Re-Skilling in the Age of COVID-19
As most of us have experienced firsthand this year, the future of work is already here. That means how and where we work is rapidly changing; it also means new skill sets will be required. Join this session for a “TED Talk”-style presentation from Chris Winans on the skills that can be honed to improve real-time communication, focusing on what’s actionable in our digital and virtual presentations.

Deanna Mulligan, Guardian Life CEO, and Chris Winans, founder of Chris Winans Consulting LLC, will then discuss ideas central to Deanna’s forthcoming book, “Hire Purpose: How Smart Companies Can Close the Skills Gap.” They will share how hiring candidates with nontraditional backgrounds can help organizations better position themselves for the future and how creating lifelong learning opportunities that break down boundaries between the classroom and the workplace can foster personal and career well-being as well as business growth.

Deanna Mulligan
CEO
Guardian Insurance

Chris Winans
Founder
Chris Winans Consulting LLC

 
12:15 – 1:00 p.m.

PFMM Session: Financial Management - Part Two
This session is required for those working toward their PFMM certification.
Join the second part in this course to focus on understanding statutory financial statements. You will learn what regulators look at from performance and solvency standpoints. The session will go through a balance sheet and an income statement, discuss performance indicators over time, and provide some basic analysis and ratios widely used in the industry.

Abby De Zeeuw, CPA
Partner
Cain Ellsworth & Co., LLP

 
12:30 – 1:00 p.m.

Educational Sessions

  1. Understanding the AM Best Innovation Scoring Methodology
    The pace of change and innovation in the insurance industry continues to accelerate. Those insurers that successfully incorporate innovation will likely strengthen their organizations, increase their customer base, and improve their efficiency while those that fail to innovate may find it difficult to sustain long-term profitability and success. In response to these changes in the marketplace, AM Best released its new criteria procedure, Scoring and Assessing Innovation, earlier this year, offering transparency into how AM Best will assess innovation and factor it into its rating process.

    In this session, AM Best will review the key components of this new criteria procedure, offer insight into its initial views on the industry's innovation scores and discuss observations on the industry's innovation efforts.

    Matthew Mosher
    President and CEO
    AM Best

  2. Ratemaking Basics
    This session qualifies for one FMDC elective credit in the Finance & Accounting module, or one FMDC maintenance credit.
    This session will present an overview of ratemaking studies that help monitor profitability. Attendees will learn about traditional rate-level studies and be introduced to more advanced multivariate class studies. They will also learn about the components, data requirements, and flexibility of these valuable analyses. The session will end with a discussion on the feasibility and cost of these analyses to show that they are attainable for companies of all sizes and types.

    Eric Mann
    Consulting Actuary
    Streff Insurance Services

  3. Risk Based Pricing: The Future of Underwriting Advocacy
    Amid what is perhaps the most tumultuous year the property/casualty insurance industry has seen in generations, some policymakers are calling for elimination of many, if not all, currently used underwriting factors. During this session, Erin Collins, NAMIC’s vice president of state affairs, will walk through the concepts of equity in insurance, disparate impact analysis as applied to insurance, and the future of underwriting advocacy.

    Erin Collins, MPA, IOM, ARM
    Vice President – State Affairs
    NAMIC

 
1:10 – 1:55 p.m.

PFMM Session: Financial Management - Part Three
This session is required for those working toward their PFMM certification.
The final session of this three-part course will look at financial risk and how to manage it. Attendees will take a deeper dive into analysis and the best methods in which to use statutory financial statements to manage the risk of their companies. The session will focus on the impact of growth on the financial statements. It will also discuss the importance of rate adequacy and budget development. It will also touch on mergers and consolidations.

Abby De Zeeuw, CPA
Partner
Cain Ellsworth & Co., LLP

 
1:15 – 1:45 p.m.

Educational Sessions

  1. Dive In: Live Q&A on the Future of Work

    Join this session for an interactive live Q&A with global future of work leader of Willis Towers Watson, Tracey Malcolm. Attendees can submit their questions about re-skilling in the age of COVID-19 during the session.

    Tracey Malcolm
    Global Future of Work Leader
    Willis Towers Watson

Contacts

Julie Bacher
Events Customer Service Coordinator

317.876.4279

  Julie

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