Giving Back with APIW President Liz Kramer

RIMScast

English - March 12, 2024 06:15 - 35 minutes - 48.2 MB - ★★★★★ - 10 ratings
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Previous Episode: Spencer’s 2024 Outlook

Next Episode: RIMS San Diego Chapter President Cheryl Berman

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.

RIMS proudly observes and celebrates Women’s History Month in March. We are thrilled to welcome APIW President Liz Kramer. We talk about her international career in insurance and risk management, how she got there, her experience as a woman in insurance, and how the Association of Professional Insurance Women (APIW) influenced her career from the start and why she agreed to serve on the board and now as President. We discuss the four pillars of APIW, including the importance of serving and giving back. We hear about her DE&I goals and her upcoming participation at RISKWORLD 2024 on the DE&I panel and the Women’s Meetup.

Listen in for more information on the Association of Professional Women in Insurance and how you can learn even more by attending RISKWORLD 2024.

Key Takeaways:

[:01] About RIMS and RIMScast.

[:14] Public registration for RISKWORLD 2024 is now open. Explore infinite opportunities with RIMS from May 5th through May 8th, 2024, in San Diego, California. Register at RIMS.org/RISKWORLD.

[:31] About today’s EPISODE of RIMScast. Our guest is Liz Kramer, the President of the Association of Professional Insurance Women (APIW).

[:53] The RIMS-CRMP is the only competency-based risk management credential. That matters because earning the certification shows employers and recruiters that you have the skills necessary to manage risk and create value for your organization.
[1:09] Several Exam Prep virtual workshops are coming up. On March 19th and 20th, this two-day course will be presented with PARIMA. The next RIMS-CRMP-FED Exam Prep Virtual Workshop will be held from April 2nd through the 4th and led by Joe Mayo. Visit the certification page on RIMS.org for more information. A link is in these show notes.

[1:39] If there is a full group of employees in your organization who should earn the RIMS-CRMP, visit RIMS.org/webinars and register for the complimentary webinar, How Deloitte Leveraged the RIMS-CRMP.

[1:58] We will have leaders from the RIMS-CRMP Commission and leaders from Deloitte, who will speak to why they supported several of their employees in earning the RIMS-CRMP. It will be a relaxed, informational session and a lot of fun. Mark your calendars for March 15th and register!

[2:19] On March 20th at 9:00 a.m., Eastern, we have another informational session about Recertification: Keep Your RIMS-CRMP Active. I will be hosting that session, along with RIMS VP of Professional Development, Denise Osorio. If you have the CRMP and you don’t want the credits to lapse, find out how to keep it active! The link is in the notes.

[2:45] We are looking forward to RISKWORLD 2024 in sunny San Diego, California, from May 5th through May 8th, 2024. Public registration is open. Register today at RIMS.org/RISKWORLD and the link in this episode’s show notes.

[3:00] In Episode 276 of RIMScast we had opening keynote Peter Diamandis join us. Check out that episode for just a taste of what’s in store for RISKWORLD 2024.

[3:15] My guest today is Liz Kramer. She is the President of Excess and Surplus Lines at Munich Re Specialty. Today, she’s here in her capacity as President of the Association of Professional Insurance Women.

[3:34] In observance of Women’s History Month and International Women’s Day, we’re going to talk a little bit about her three decades in risk and insurance and where and how some of APIW’s goals align with RIMS’s goals in the way of ensuring the next generation of women professionals and also in the way of DEI.

[3:59] Liz will be at RISKWORLD 2024 at the community meetup on May 6th and she will also be presenting a session in the DE&I Studio, so we’re going to have a lot to talk about. I love getting these sorts of perspectives. I know you all do, too, so let’s have some fun!

[4:16] Liz Kramer, welcome to RIMScast!

[4:24] Liz studied economics. Not wanting a desk job, after graduation, she went to Japan and taught English for a year and a half. She came back and realized she needed health insurance and a stable job so she joined Marsh and McLennan in their Japanese Client Services Division. That’s when she started to learn about insurance.

[5:20] Liz learned about underwriting and got into the underwriter training program at Gen Re as an E&S underwriter. After three years, Gen Re merged with an international company and Liz had the opportunity to go back to Japan, which she loved. She was in Tokyo for four years. She enjoys change and new opportunities.

[7:45] Liz learned German in school and Japanese in Japan. While in Japan, she lived in Japanese and worked in English.

[8:19] Liz was pretty young when she went to Japan. It was a risk being a young woman alone in the country. Her youth was a hurdle in Japan. She had support in the States, but it was tough. She learned a lot, including how to advocate for herself and how to lean on others. Her job was to build a local team to replace her, and she did.

[9:43] After eight years in the business, she came back to the U.S. For 16 years, she did several things: specialty treaty, prop management, and business development. Then through a former client contact, she went to Zurich for three years in three great roles.

[10:21] Someone reached out to her from Munich Re. She would report to the CEO in a new role, Chief Underwriting Officer. She joined them in 2020 and is there today, now as the President of the E&S Division.

[11:32] Liz started in 1993 when the leadership teams were mostly men. She is grateful for all the managers and the men in her career who advocated for her and listened to her. She worked incredibly hard to succeed. She tells the women of APIW, don’t put your head down; put your head up, network, and make connections.

[12:32] When you make connections, your brand gets recognized and noticed and you learn more about what is out there.

[12:56] Liz would say she still doesn’t advocate enough for herself. She had a woman who is her current boss, encourage her to make the move over from the Chief Underwriting Officer back to writing a P&L. You have to step out of your comfort zone sometimes. There’s an incredible amount of diverse talent in the industry.

[14:14] Liz feels very blessed in her career. She doesn’t get resentful about bumps in the road. When she was pregnant with her second child, 18 years ago, a manager assumed she would want to stay home with two children. But her manager’s boss told her “We absolutely want you to come back.”

[15:14] If you hear it from one person, it doesn’t mean everyone feels that way. Still today, we have biases and make assumptions. We should always ask, instead of assuming, if we think they are capable.

[15:57] RIMS plug time! RIMS Virtual Workshops: Visit RIMS.org/virtualworkshops to see the full calendar. On March 27th and 28th, our good friend, Ken Baker, of Enterprise Risk Consulting, leads the two-day course, Fundamentals of Risk Management.

[16:19] Information about these workshops and others is on the RIMS Virtual Workshops page and a link to the full calendar is in this episode’s notes.

[16:27] Resolver returns on March 14th to deliver the session Maximizing Business Value: Top 5 Risk and Compliance Dashboards for Organizational Resilience. On March 21st, Zurich presents Fraud Attitude Shifts in the Industry.

[16:44] On March 28th, our friends at TÜV SÜD GRC will present Inflation and Property Valuation: Aligning Your Assets with Reality. On April 11th, Clara Analytics returns to present AI’s Impact on Emerging Risk Management Trends.

[16:59] On April 18th, Hub International returns for the second installment of its Ready For Tomorrow Series, Challenging the Status Quo: Rethinking Your Casualty Risk Strategy. Visit RIMS.org/Webinars to learn more about these webinars and to register! Links are in the show notes. Webinar registration is complimentary for RIMS members.

[17:25] Our friends at FERMA encourage you to participate in its inaugural International Risk Managers Survey, open through March 2024 to risk professionals from the U.S., Latin America, Asia-Pacific, and Africa. It is produced in partnership with PwC France. The results will be distributed in October 2024. A link is in this episode’s show notes.

[17:53] A quick plug for Liz Kramer and APIW. They will be co-hosting their Women’s Leadership Forum with NYCAIW on March 26th, 2024 at 4:00 p.m. at The View at Battery Park in downtown Manhattan. The topic is “Midlife Collision.” This explores what happens when you are raising your family and caring for your parents at the same time.

[18:24] The panel will be comprised of women leaders in risk and insurance who are there to support each other during this critical life event. Register at the APIW.org events page or the link in this episode’s show notes.

[19:00] Liz learned about APIW early in her career. She was working mostly in New York and APIW has a strong presence in the NY area. She has been a member of APIW on and off throughout her career and saw the value and benefit of it.

[19:49] As a member, she was asked if she wanted to join the board and she immediately said yes. She understood what was important about what they were doing and she wanted to expand their reach and awareness, not to the big cities only but throughout the industry. She was an officer and treasurer for four years.

[20:46] When she was asked about becoming president, at first she declined as she was too busy at work and didn't feel like she could commit her time to that role. After two years, she agreed to stay on the board as treasurer and take the two-year term starting in two years. She wanted to make sure she went into it prepared. They made that plan.

[22:16] She has been the president since September of 2022. This September, she will pass the baton to a new president and stay on the board for another two years as “past president.”

[22:38] It was important to Liz to give back to an organization that has been important to her over the years. It’s fulfilling to give back and serve. Giving back gives her a better perspective.

[23:39] The four pillars of APIW are 1) Learning and development, 2) Connectivity and networking, 3) Supporting DEI, and 4) Giving back. APIW networked cities give back to their local communities. When doing strategic planning, the board lives and breathes the four pillars.

[25:53] Liz compares the APIW DEI vision with the RIMS DEI vision, including gender inclusion and encouraging dialog.

[26:56] Liz is a huge fan of the insurance industry. She says it’s a noble industry that does some great things. Her hope for women in insurance is that there continue to be numerous leadership opportunities for women who are in the industry now and that there will be more balance at senior levels.

[27:31] In the U.S. workforce, 47% of the workforce are women. In the insurance industry, it’s close to 60%. The industry is welcoming and attractive for women. It needs to attract more diverse talent with STEM and liberal arts backgrounds for all levels of leadership. It’s a great industry and there are great opportunities for women.

[29:50] Liz will be on the DE&I panel at RISKWORLD 2024 in San Diego, representing APIW. There will be a women’s meetup hosted by APIW right after the panel. Liz and other APIW board members will present who APIW is and share information about it. Liz is considering talking about women and risk-taking.

[31:25] Then they will go into breakout groups to hear from the attendees. Liz invites you to come. She would love to see you face to face. That’s Monday the 6th.

[31:52] It’s been such a pleasure getting a chance to meet you, Liz! I look forward to seeing you at RISKWOLD 2024. We encourage everyone to go check out your session and the community meetup.

[32:20] Special thanks again to Liz Kramer, the Association of Professional Insurance Women president. Links to the APIW events that I mentioned are in this episode’s show notes. There is a link to the RISKWORLD 2024 agenda, where you can find the APIW presence in sunny San Diego, California from May 5th through May 8th, 2024.

[32:43] Happy International Women’s Day, everyone!

[32:48] Go to the App Store and download the RIMS App. This is an exclusive members-only benefit with all sorts of RIMS resources and coverage. Everybody loves the RIMS App!

[33:12] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact [email protected] for more information.

[33:52] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email [email protected] for more information.

[34:09] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.

[34:24] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com, and check out the blog at RiskManagementMonitor.com. Justin Smulison is the Business Content Manager at RIMS. You can email Justin at [email protected].

[34:44] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!

Mentioned in this Episode:

RISKWORLD 2024 — San Diego, CA | May 5–8, 2024

NEW FOR MEMBERS! RIMS Mobile App

RIMS DEI Council

Spencer Educational Foundation — Grants Page

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RIMS-CRMP Virtual Workshops

2024 International Risk Manager Survey conducted by FERMA in partnership with PwC FERMA

Association of Professional Insurance Women

APIW NYCAIW Women’s Leadership Forum | March 26, 2024

RIMS Webinars:

Maximizing Business Value: Top 5 Risk and Compliance Dashboards for Organizational Resilience | Sponsored by Resolver | March 14, 2024