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May 2729 2015 saratoga hilton Saratoga springs NY NYIA 2015 Conference Saddle up for Success Participants in the conference came from all sectors and all levels of the property and casualty insurance industry as well as a wide range of associated industries. The premier New York property and casualty insurance industry event of the year Conference Review 2 Annual Conference Review NYIAs 2015 Annual Conference theme was aptly titled Saddle Up for Success. Attendees from all sectors and varying levels of the property and casualty insurance industry galloped into the Hilton in Saratoga Springs New York for three days of engaging educational programs networking opportunities and inspiration. New Yorks premier insurance event provided plenty of opportunity to hear from industry experts with 24 featured speakers. Former Superintendent Benjamin Lawsky delivered the keynote and his farewell speech before leaving the NYS Department of Financial Services. Vendors provided valuable information on services and opportunities as part of the exhibit show. The forum made it easy for everyone to make new connections as well as catch up with old friends. To bring the event over the official finish line participants enjoyed a team scavenger hunt a photo booth contest a golf tournament and an amazing mind reader who completely stunned the audience. Please share this review with your colleagues who may benefit from attending future conferences and spread the word on the value in being a member of the association. We look forward to seeing you at next years conference at the Turning Stone Resort in Verona New York June 13. Sincerely Ellen D. Melchionni CAE NYIA President 240 attendees 105 member companies 8 sessions 1 keynote address 7 networking opportunities 18 exhibitors Presidents Report Visit Us Online www.nyia.org facebook.comnewyorkinsurance association twitter.comnyinsuranceassn linkedin.comcompanynew-york- insurance-association NYIA STAFF Ellen Melchionni CAE President emelchnyia.org Marc Craw Esq. Vice President mcrawnyia.org Cassandra Anderson CAE Associate Vice President candersonnyia.org Stacey Orlando Director of Design Technology sorlandonyia.org Holly Osborn Administrative Assistant hosbornnyia.org Natalie Boivin Account Services Coordinator nboivinnyia.org NYIA OFFICE 130 Washington Avenue Albany NY 12210 518.432.4227 518.432.4220 fax infonyia.org www.nyia.org Copyright 2015 by New York Insurance Association Inc. All rights reserved. 3 Annual Conference Review Contents 2 Presidents Report 4 Chairs Introduction 5 Keynote Address 5 Sessions Speakers 8 Conference Report 10 Golf Tournament 10 Putting Contest 11 Chairs Reception 12 Exhibit Show 12 Members Meeting Luncheon 13 Scavenger Hunt 13 Photo Booth 14 Banquet Reception 15 Banquet Dinner 16 Distinguished Service Award 16 Special Entertainment 17 Sponsors 18 Exhibitors 19 Education Conference Planning Committee Because NYIAs focus is solely New York we are able to provide our members with timely and relevant information on legislation regulation and other issues affecting the industry in the state. NYIA is the oldest state property and casualty insurance trade association in the nation tracing its roots back to 1882. The current association was formed in 1997 by the unification of the New York Insurance Alliance and the New York State Insurance Association. As the industry changed stocks mutuals and cooperatives had far more issues in common than they did differences. It became apparent that New Yorks property and casualty insurance industry would be best served by a single voice for the New York industry. That voice is now NYIA. Know better New York connections New York Insurance Association Inc. 4 Annual Conference Review Each year NYIA looks to host a conference that lives up to its reputation as the premier New York property and casualty insurance industry event. In choosing the theme Saddle Up for Success the association endeavored to provide a myriad of educational sessions and networking opportunities that enable members to return to their companies with a fresh perspective. In this years Conference Review weve highlighted the various aspects of the conference. If you attended the event we hope you enjoy the review and reminisce about your conference experience. If you were not able to attend you will be offered a glimpse of all that this years conference had to offer. The 2015 conference agenda demonstrated the multitude of issues occurring in New York related to property and casualty insurance. Featured speakers included outgoing Financial Services Superintendent Benjamin Lawsky and marketing guru Kordell Norton. Norton infused energy into the program with his engaging presentation on business charisma. Session topics ran the gamut from an outlook on reinsurance to emerging issues in personal lines as well as a session on coverage matters. The annual highlight of the event was the legislative and regulatory presentations by key public policymakers. The informative sessions and dynamic speakers are considered the foundation of the conference but we know that it is equally important for attendees to connect with peers to discuss the industrys challenges and opportunities consistent with both state and federal law. We were told this years event delivered just that mix. We look forward to seeing you at next years annual conference at the Turning Stone Resort. Sincerely Bernard Turi Esq. NYIA Chair NYIA OFFICERS DIRECTORS Bernard Turi Chair Senior Vice President General Counsel General Auditor Chief Risk Officer Utica National Insurance Group Steven Coffey First Vice Chair President CEO Broome Co-operative Insurance Company Elizabeth Heck Second Vice Chair President CEO Greater New York Mutual Insurance Company Marlene Benton-Sherwood Treasurer President Fulmont Mutual Insurance Company Martin Doto Senior Vice President Preferred Mutual Insurance Company Mark Gardner Regional Counsel Allstate Insurance Company Stephen Harris President CEO Sterling Insurance Company Floyd Holloway Counsel State Farm Mutual Automobile Insurance Company Craig MacCormac Vice President Business Development Hartford Steam Boiler Inspection Insurance Co. Charles Makey Senior Vice President Insurance Operations Merchants Insurance Group Patrick OMalley Product Manager Progressive Northern Insurance Company Norman Orlowski PresidentCEO Erie and Niagara Insurance Association Mark Prechtl Executive Vice PresidentChief Executive Officer Chautauqua Patrons Insurance Company Jeffrey Rice President CEO Wayne Cooperative Insurance Company Chairs Introduction 5 Annual Conference Review Keynote Address Superintendent Benjamin Lawsky New York State Department of Financial Services Benjamin Lawskys final address to the insurance industry as superintendent of the New York State Department of Financial Services focused on cyber security telematics ride sharing and car sharing. Lawsky also reminisced about his time as superintendentstating that he grew to love insurance and stressed how important the industry is to the state. He acknowledged that a majority of his time was spent on banking issues but that insurance is the core of the agency with approximately 900 of the 1400 department employees dedicated to insurance. He articulated the need for DFS to always have a strong leader for the Insurance Division since it encompasses a bulk of the departments work. NYIA believes there is great opportunity for DFS to focus on growing the business of insurance in the future and attract high caliber employees who have a strong insurance background NYIA President Ellen Melchionni said. Our membership looks forward to working with DFS and the Governors administration to encourage a more innovative environment in the state that supports the property and casualty insurance industry and helps policyholders and business alike. Sessions Speakers Business Charisma HowGreat Organizations Engage and Win Customers Again and Again Kordell Norton Steve Coffey Broome Co-operative Kordell Norton and Liz Heck Greater New York Mutual Ellen Melchionni NYIA Superintendent Lawsky and Bernie Turi Utica National The conference officially kicked off Thursday morning with a shot of energy from featured speaker and marketing guru Kordell Norton who offered insight to insurance companies about how to stop being a best kept secret.He gave practical and often humorous advice on how to employ strategies from magnetic organizations like Disney Apple and Harley- Davidson based on his extensive experience and research. His simple while not always quite so obvious tips were the talk of the conference. Attendees seemed particularly intrigued by Nortons proven suggestion on how to take better photos. He offered insight after insight on what makes some companies more successful than othersexpertly weaving in his thoughts on how companies as well as individuals can find that same success by harnessing greater charisma. If you werent able to attend Nortons talk a taste of how he recommends engaging customers and winning again and again is provided in his Customer Service is Not Enough In fact it is two steps behind article that was featured in the spring issue of NYIAs magazine Your NY Connection. 6 Annual Conference Review Reinsurance Forecast Moderator Bernard Turi senior vice president general counsel general auditor chief risk officer Utica National Insurance Group Panelists David Domino managing director Guy Carpenter Company Craig Ospalik senior vice president Swiss Re Kristin Callahan vice president BMS Intermediaries James Kent president Willis Re and Thomas Reis senior vice president JLT Re The association was pleased to have a distinguished group of experts talk about the state of the reinsurance market. The panel discussed a variety of topics including alternative capital the role of data analytics the effects of the consolidation of the reinsurance industry and changes in rating agency models. The discussion centered on the importance of the partnership between insurers and their reinsurers especially given the acceleration of change. Emerging Issues in Personal Lines Moderator Norman Orlowski president and CEO Erie and Niagara Insurance Association Panelists Patrick OMalley product manager Progressive Northern Insurance Company Charles Kingdollar vice president and emerging issues specialist General Reinsurance Corporation Dirk Smith vice president and engineering manager Mutual Boiler Reinsurance and Jan Scites CEO president MSO Inc. The emerging issues session brought up a host of potential concerns and opportunities for the property and casualty industry including rapid advancements in auto technology smart homes and the Internet of Things 3D printers and usage of drones by hobbyists. The panel made it clear that an integral part of insurance is and always will be to stay informed on these new exposures and look to address the implications in both underwriting and claims handling. Town Hall Meeting Moderator William Melchionni deputy head U.S. federal and state government affairs American International Group Inc. PanelistsSenatorNeilBreslinSenateInsuranceCommitteeranking member Senator James Seward Senate Insurance Committee chair Assemblyman William Barclay Assembly Insurance Committee ranking member Assemblyman Phillip Goldfeder Assembly Insurance Committee member and Assemblyman Raymond Walter Assembly Insurance Committee member The education program continued on Friday morning starting off with a dynamic Town Hall Meeting. The panel spent the entire hour fielding questions from the audience on topics ranging from cyber security to the State Insurance Fund to flood insurance to ride sharing. This years expanded panel enabled NYIA members to hear from the leadership of the Senate and Assembly Insurance Committees as well as get a sense of other perspectives that exist on each committee. The association believes the Town Hall Meeting is a great opportunity for legislators to hear directly from companies on issues that are being considered. Legislators acknowledged that there are not simple solutions to many of the policy matters under consideration and they recognized the importance of collaborating with the insurance industry to ensure legislation is passed that has the greatest impact for all stakeholders. 7 Annual Conference Review Wait Until You Hear Whats Coming Next Tomorrows Coverage Issues Today Dan Kohane Senior Member Hurwitz Fine P.C. Dan Kohane a well known name in insurance coverage circles discussed the latest and greatest or perhaps in many cases not so greatest legal issues that have developed in New York including the ever increasingly important topic of privilege marijuana body cameras and extreme sports. Kohane expressed the concerns of the industry with the continual erosion of privilege and that the underlying need for insurance company communications with coverage counsel must be protected and not be discoverable. He also touched on the topics du jour of cyber liabilitydrones and the sharing economy. The session certainly proved that coverage issues grow increasingly complex with new issues continually cropping up. Small Company Roundtable Moderator Steven Coffey President CEO Broome Co-operative Insurance Company The conference concluded with an annual favorite for regional companies the Small Company Roundtable. Participants discussed the plethora of issues that are currently top of mind for regional carriers. Cyber security was not surprisingly a hot topic of conversation as property and casualty insurers determine how to best protect their companies and policyholders while simultaneously looking to meet the expectations of regulators.Other keydiscussion items included the NAIC Corporate Governance Annual Disclosure model and the impending requirements for insurance companies and the upcoming changes to Bests Capital Adequacy Ratio and what it means for regional companies especially the shift from Value at Risk to Tail Value at Risk. NYIA welcomes input for the 2016 Annual Conference education sessions. Please contact Cassandra Anderson at candersonnyia.org or 518.432.4227 with all suggested topics. 8 Annual Conference Review Conference Report Breakdown by Company 240 attendees Very well run conference. I was impressed with the agenda... The meeting format worked very well. Nice to begin the conference with a good motivational speakersets a positive tone. Also very impressed that you were able to get Ben Lawsky for one day and the impressive group of legislators for the next day. I thought it had the best overall content of the last few years. Moderators asked great questions. Overall the conference was extremely well done. Lots of preparation and planning and it showed This was a great convention - excellent job Overall a very well run conference. It is always a highlight of the year because its the perfect mix of learning about current relevant industry topics and networking opportunities. I look forward to next year. I thought the reinsurance discussion was particularly interesting. Primary Members 44 Exhibitors 17 Reinsurer Members 11 Subscriber Members 17 Non- members 11 I thought it was an excellent presentation of different topics all with relevance. I loved the motivational speaker Kordell Norton so much I am going to look into having him speak at our next meeting. Topics and speakers were excellent. I appreciated the variety of panel members and that state legislators were involved in the discussion. You addressed not only insurance issues but had the soft skill training as well. Everyone from NYIA did a spectacular job Kudos to all... 9 Annual Conference Review Exhibitor Survey Nearly one-third of the exhibitors responded to the survey. The overwhelming majority of the respondents thought audience quality and clientsprospective clients attending the conference were the top two factors in determining whether or not to exhibit at the conference. Sixty percent of the respondents received leads from exhibiting at the conference. Eighty percent of all respondents felt exhibiting at the conference was at least somewhat beneficial. Eighty percent of the respondents said they would be interested in exhibiting at NYIAs conference next year. Attendee Survey Sixty-eight conference attendees responded to the survey with nearly 60 of the respondents representing primary insurer member companies. The overwhelming majority of respondents rated nearly all topics and speakers at the conference as good or excellent with good being a 4 and excellent being a 5 on a scale from 1 to 5. Ninety-four percent of the respondents find it valuable beneficial to have regulators speak at the conference. Ninety-two percent of the respondents find it valuable beneficial to have legislators speak at the conference. Overallrespondents liked the location of the conference with the majority of respondents rating the Saratoga Hilton as good or excellent with good being a 4 and excellent being a 5 on a scale from 1 to 5. Seventy-four percent of the respondents visited the exhibits at the conference and said they felt the exhibitors offered servicesproducts that are of interest to their company. The overwhelming majority of respondents would like to continue to see exhibitors at future conferences. Two-thirds of scavenger hunt participants said they enjoyed the optional afternoon activity. Sixty-seven percent of respondents believe that NYIA should continue to offer an optional activity on Thursday afternoons. Respondents suggested such events as wine tasting walking brewery tour shuttle to shopping or a museum but the most popular suggestion was a lesson on gaming and betting. 10 Annual Conference Review Saratoga Spa Golf Course Golfers embraced the warm weather and the golf.Thank you to our golf breakfast and golf tournament sponsor Munich Re and Hartford Steam Boiler Inspection Insurance Company and the golf lunch sponsor Magna Carta Companies. Golf prizes were awarded for Longest Drive and Closest to the Pin Contest each par 3. The following were the recipients of each award Longest Drive Men Charles Makey Women Heather Shaughnessy Closest to the Pin Contest Hole 2 John Quinlan Hole 8 Norm Orlowski Hole 11 Jon Nelson Hole 15 Dave Fraser Putting Contest Victor Marques was the final qualifier in the NYIA putting contest sponsored by North Country Insurance Company. Victor gave it a valiant effort on the 50 foot putt but unfortunately he was not able to sink it. Golf Tournament 11 Annual Conference Review The Chairs Reception was held on the Pavilion Saratoga Foyer on Wednesday night. The beverages were sponsored by Chautauqua Patrons Insurance Company. The cuisine was sponsored by Guy Carpenter Company LLC. Chair Bernard Turi made no formal remarks but thanked the sponsors and welcomed everyone to the Saratoga Hilton. Chairs Reception 12 Annual Conference Review Exhibit Show Attendees had the opportunity to visit the exhibitors and view their many products and services. Our exhibitors were very generous and donated some amazing door prizes. At the conclusion of the Members Meeting the winners received their prizes. Members Meeting Luncheon Special Presentation A special panel presentation on the Value of Internships was held during NYIAs Members Meeting and Luncheon. Richard Zick president and CEO of Utica First Insurance Company moderated the discussion and asked questions about how companies can create internship programs that are meaningful for both the student and the company. Panelists were Robert Baxter CEO and general manager of Dryden Mutual Insurance Company and Stephanie Nesbitt assistant professor Risk Management and Insurance director MBA and RMI Programs of Utica College. Baxter and Nesbitt shared great perspective and practical advice with Baxter detailing his success with the InVEST program that has resulted in approximately a third of his current workforce of around 60 employees being a former InVEST student. 13 Annual Conference Review Scavenger Hunt Teams battled for first place during NYIAs scavenger hunt. Each participant was armed with a map and a list of clues as they headed out into sunny downtown Saratoga on Thursday afternoon. The winning team comprised of Bob Pastel of Pastel Rosen Bobs wife Nettye Tom White president of Community Mutual and Tim Curren manager at URB claimed victory by having the most correct answers despite not returning first. Photo Booth Many conference attendees joined in on the fun and frivolity of the photo booth Thursday evening during the banquet reception. Hats masks and feather boas are just a few of the costume options that participants had at their disposal. Gen Res zany depiction shown directly below was deemed the funniest photo. Scott MacNeil and his wife Robin were declared a close second. Congrats to all on their creativity 14 Annual Conference Review Banquet Reception Special thanks to reception sponsor Buffamante Whipple Buttafaro P.C. for the delicious cuisine and to reception sponsor Merchants Insurance Group for the refreshing beverages. 15 Annual Conference Review Banquet Dinner The Banquet Dinner was held on Thursday May 28. Chair Bernie Turi provided welcoming remarks. He thankedourcenterpiecesponsorErie and Niagara Insurance Association and dinner sponsor WaterStreet Company. On Friday morning the centerpieces were donated to The Wesley Foundation. The residents truly enjoyed this special treat of fresh flowers. 16 Annual Conference Review Distinguished Service Award Mark Pretchl Executive Vice President and CEO Chautauqua Patrons Insurance Company At the banquet Chair Bernie Turi recognized the members in attendance who previously served as chair of NYIA. Everyone applauded those previous leaders for doing such a great job and having a major role in taking the association to where it is today. This recognition was the perfect segue to Bernies presentation of this years Chairs Distinguished Service Award. Members took time at the banquet on Thursday evening to honor this years very deserving Chairs Distinguished Service Award recipient. Longtime NYIA member Mark Prechtl executive vice president and chief executive officer of Chautauqua Patrons Insurance Company was the 2015 honoree.Mark has spent his entire 30-year career in insurance and made a tremendous impact through his exceptional work and altruistic nature. The association is fortunate to have Mark as a dedicated member and director. Mark embodies the fundamental purpose of insurancehelping people He epitomizes the meaning of altruism and the passion he has for helping others is contagious. Bernard Turi NYIA Chair and SVP General Counsel General Auditor Chief Risk Officer Utica National Insurance Group Special Entertainment Robert Channing Thursday nights entertainment was truly mind-blowingno one would have predicted how dazzled they would be with Channings ability to seemingly read minds. Attendees were astounded as he was able to accurately proclaim how much change someone had in their pocket name an object in an audience members possession and seemingly pick out any detail someone was thinking whether it was a special date favorite vacation spot or specific memory. Special thanks to sponsor American Transit Insurance Company. 17 Annual Conference Review Sponsors NYIA would like to thank all the sponsors for their continued support R Underwriters Rating Board 18 Annual Conference Review Exhibitors NYIA would like to thank all the exhibitors for taking part in the Exhibit Show. 19 Annual Conference Review Education Conference Planning Committee Acknowledgement and thanks go to the committee members for their guidance and leadership Chair Marlene Benton-Sherwood Fulmont Mutual Insurance Company Joanne Andela Otsego County Patrons Co-Op Steven Coffey Broome Co-operative Insurance Company Vivalde Couto American European Insurance Group Kimberly Davis Underwriters Rating Board Stephen Harris Sterling Insurance Company Brian Heermance Morrison Mahoney LLP Floyd Holloway State Farm Mutual Automobile Insurance Company Craig MacCormac Hartford Steam Boiler Inspection Insurance Company Charles Makey Merchants Insurance Group Randall Peters Allegany Insurance Group Joseph Petrelli Demotech Inc. Mark Prechtl Chautauqua Patrons Insurance Company M. Paige Raski Millville Insurance Company of New York Thomas Ruane Security Mutual Insurance Company Edward Scannell Utica First Insurance Company Heather Shaughnessy Mutual Boiler Reinsurance Ram Singh Maya Assurance Company Thomas Spataro Guy Carpenter Company LLC Bernard Turi Utica National Insurance Group Edouard Vieux Swiss Re Thomas White Community Mutual Insurance Company Members of the Education Conference Planning Committee For further information regarding the NYIA Annual Conference and your opportunity to participate as a sponsor or exhibitor please contact New York Insurance Association 518 432-4227 SponsorshipsStacey Orlando at sorlandonyia.org ExhibitorsHolly Osborn at hosbornnyia.org www.nyia.orgevents NYIA2016 annual conference Turning Stone Resort Verona New York June 13 2016 Dont Forget Call for speakers open through January Solicitation for sponsors opens October 15 Solicitation for exhibitors opens October 15 Registration opens February 1 Program details updated regularly on the website Preparing for the Future 130 Washington Avenue Albany NY 12210 p 518.432.4227 f 518.432.4220 www.nyia.org