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Ruminations from a RAPA Rookie: Insights on the Growing Reinsurance Sector

December 3, 2015 / Reinsurance, RAPA2015

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There is an old saying that ‘Everyone is a rookie at least once’.   For me, that’s exactly what I was last month when I attended my first RAPA Conference.  Set against the backdrop of beautiful Phoenix, Arizona, we spent 2+ days exploring reinsurance topics ranging from data quality, client audits, post level term, and ending the final day with breakout sessions on best practices and lessons learned from our shared community of experts.  I sat on a discussion panel with LOGiQ3's Brittainy Pratt, who has also shared her insights. What follows are some thoughts and reflections from that great event, in no particular order, from the perspective of a RAPA rookie:

Data is the lifeblood of reinsurance 

If there’s one takeaway from RAPA, its highlighting how critical data is to the role of reinsurance.  Data integrity, data controls, data security all play a crucial role and can have drastic impacts to downstream business processing. I shared how TAI Reinsurance software has been upgraded to cloud solutions

Our industry has a growing resource concern 

Mention reinsurance at your next cocktail party and watch the eyes glaze over faster than that guy in the corner overserved with McCallan.  The pool of reinsurance expertise is already a small one, and there is a mounting concern surrounding the availability of next generation workers in the field of reinsurance and the broader insurance and financial services.  My feeling is, like most things, it’s up to us to be the agents of change we want to see in the world, in others, and in our industry.   

We can and should learn from others 

The great thing for me about attending conferences is being able to connect with other people.  Often times, although we have a shared mission as the basis for our attendance, I found an incredibly wide spectrum of background and experiences from which to gather information, engage in stimulating conversation, and learn from others.  I’m grateful for the conversations and left with a strong impression on the quality and professionalism of those connections. 

 

As an avid sports fan (Go Pats!) and someone who has been surrounded by sports my entire life, the role of a rookie can be a humbling experience.  It can also be a great opportunity to observe, ask questions, and learn something new and exciting.  Looking back on my 2015 RAPA rookie year, I found it educational and motivating and I look forward to next year – and meeting a new crop of rookies interested in driving change.

 

TAI Quarterly Newsletter

Written by
Mitch Ocampo