Risk Management: Brick by Brick

On the latest episode of Risk Management: Brick by Brick, Jason Reichl is joined by Laura Doddington from WTW, discussing innovation in insurance technology and data intelligence.In this episode, Jason and Laura explore externalized rating and underwriting, the evolution of data analytics in insurance, and how technology is transforming customer experience in personal lines insurance.To find out how TrustLayer manages risk so that people can build the physical world around us, head to TrustLayer.io.Podcast Host: Jason ReichlExecutive Producer: Don HalliwellEpisode Highlights:00:00 - Intro00:37 - Externalized Rating and Underwriting Explained01:50 - Technology Implementation Challenges03:04 - Data Intelligence Beyond Pricing03:50 - AI and Machine Learning in Claims05:06 - The Gap Between Data Collection and Execution06:35 - Evolution of Data Analytics in Insurance07:41 - Making Data Work for Customers09:07 - Career Opportunities in InsuranceEpisode Resources:Laura's LinkedInWTWTrustLayerIf you enjoyed this episode, please (with a cherry on top):Subscribe, rate, and review it on Apple PodcastsFollow Risk Management: Brick by Brick on SpotifyTell a friend!Risk Management: Brick by Brick is handcrafted by our friends over at: fame.soPrevious guests include: Seth Hausman of Kraus-Anderson Insurance, Matthew Meyer of The Horton Group, Diana Rich of Foundation Building Materials, Christy McHenry of Suffolk Construction, Mark Rieder of NFP, and Cory Mangum of Primoris Services Corporation. Check out the three most downloaded episodes: Managing Your Risk Portfolio with Seth HausmanFocusing on Specialization with Matthew MeyerRisk Management is Everywhere with Diana RichIf you are interested in being a guest on Risk Management: Brick by Brick, please complete this form: fame.so/trs-guest

In this Greatest Hits episode of Risk Management: Brick by Brick, Jason Reichl is joined by Marco Romero, Risk Management & Claims Specialist at Harkins Builders, a leading construction management and general contracting firm. Prior to joining Harkins, Marco spent nearly a decade working in Risk Consultancy at Simmerer Insurance. With such a strong background, Marco is a trusted advisor within his company and beyond.In this episode, Jason and Marco discuss the importance of effective communication, gathering information, and using tools such as centralized data systems to manage risk. Further, they touch on the potential future of risk management in the construction industry, and the potential for automation to make the life of a risk manager easier.To find out how TrustLayer manages risk so that people can build the physical world around us, head to TrustLayer.io. Episode Highlights:04:14 - 07:39 — Managing the Three Buckets of Risk Management - Risk management can be broken down into three buckets: governance, known execution, and mitigation. Effective communication is key to balancing the three and managing the process from start to finish. Unfortunately, it is impossible to be an expert in everything, so having an open channel of communication between the experts in each department allows for preparation for all risk cases. 09:28 - 11:37 — Communicating the Inherent Risk of a Decision - Marco’s organization uses an internal centralized grading system to communicate the inherent risks of decisions. It is majority based on historical data gathered from everywhere, including external to the organization. It provides the reasoning for making decisions, and allows for an archive to be created for every project team reference in new projects. This allows for the creation of new approaches, and for learning from the past. 11:37 - 15:58 — Fostering Effective Communication and Engagement with Vendors - Working with vendors is a partnership, and Marco sees every trade partner as a true partner on the projects they are working on. To Marco, the best way to foster engagement and collaboration with partners is to engage in face-to-face and telephone conversations. Avoid leaving anyone in the dark as you are all trying to achieve the same goal. Allowing everyone a voice helps to encourage partnerships that thrive and are maintained over time. Further, not every trade partner will be an insurance expert, and so it is important to lay clear the expectations and processes that will be involved. Maintain communication and hear them out; show them you’re people they want to work with.19:21 - 21:12 — Managing When Things Go Wrong - Risk managers have to expect unexpected incidents to occur, and figure out how to resolve them. One key method is to maintain transparency across all parties. It can feel as if insurance carriers are the ‘bad guys’, but really they are working towards the same goal, to get the right risk mitigation measures in place to prevent things getting out of control if a situation goes awry. Everyone needs to be kept in the loop.Episode resources:Marco’s LinkedInHarkins Builders LinkedinTrustLayer If you enjoyed this episode, please (with a cherry on top):Subscribe, rate, and review it on Apple PodcastsFollow TRS on SpotifyTell a friend!Risk Management: Brick by Brick is handcrafted by our friends over at: fame.soPrevious guests include: Seth Hausman of Kraus-Anderson Insurance, Matthew Meyer of The Horton Group, Diana Rich of Foundation Building Materials, Christy McHenry of Suffolk Construction, Mark Rieder of NFP, and Cory Mangum of Primoris Services Corporation. Check out the three most downloaded episodes: Managing Your Risk Portfolio with Seth HausmanFocusing on Specialization with Matthew MeyerRisk Management is Everywhere with Diana RichIf you are interested in being a guest on Risk Management: Brick by Brick, please complete this form: fame.so/trs-guest

On the latest episode of Risk Management: Brick by Brick, Jason Reichl is joined by James Benham, founder of JBKnowledge and experienced pilot, who shares insights on innovation in insurance technology, aviation safety practices, and the importance of education in risk management.In this episode, Jason and James explore how AI and automation are transforming claims management, the value of knowledge sharing in risk mitigation, and the parallels between aviation safety and risk management practices.To find out how TrustLayer manages risk so that people can build the physical world around us, head to TrustLayer.io.Podcast Host: Jason ReichlExecutive Producer: Don HalliwellEpisode Highlights:00:00 - Intro02:21 - Insurance Industry's Early Tech Adoption04:03 - Leveraging Unstructured Data in Claims09:33 - Teaching and Innovation in Insurance12:32 - Education's Role in Risk Management17:49 - Attracting Young Talent to Insurance20:58 - Bootstrapping vs VC Funding27:23 - Aviation Safety Culture and Risk Management29:49 - Knowledge Sharing in Risk Management31:14 - Decision-Making in High-Risk SituationsEpisode Resources:- James's LinkedIn- JB Knowledge- TrustLayerIf you enjoyed this episode, please (with a cherry on top):Subscribe, rate, and review it on Apple PodcastsFollow Risk Management: Brick by Brick on SpotifyTell a friend!Risk Management: Brick by Brick is handcrafted by our friends over at: fame.soPrevious guests include: Seth Hausman of Kraus-Anderson Insurance, Matthew Meyer of The Horton Group, Diana Rich of Foundation Building Materials, Christy McHenry of Suffolk Construction, Mark Rieder of NFP, and Cory Mangum of Primoris Services Corporation. Check out the three most downloaded episodes: Managing Your Risk Portfolio with Seth HausmanFocusing on Specialization with Matthew MeyerRisk Management is Everywhere with Diana RichIf you are interested in being a guest on Risk Management: Brick by Brick, please complete this form: fame.so/trs-guest

Sharon Fox, Vice President of Partnerships & Strategy at TrustLayer, dives into the transformative impact of technology on the insurance industry. With expertise in data and risk management, she shares her unique journey and the importance of staying curious in a rapidly evolving landscape. The conversation highlights the need for modernization in both client-facing and back-office operations, challenges common misconceptions about the market, and emphasizes the significance of consultative services and effective collaboration in enhancing risk management.

On the latest episode of Risk Management: Brick by Brick, Jason Reichl is joined by Paul Hedgepath, Director of Virtual Construction at M. J. Harris Construction Services. In this episode, Jason and Paul explore virtual construction and building information modeling (BIM), as well as AI, advice for newcomers, and lean construction principles. To find out how TrustLayer manages risk so that people can build the physical world around us, head to TrustLayer.io.Podcast Host: Jason ReichlExecutive Producer: Don HalliwellEpisode Highlights: 00:00 - Intro 02:29 - Early Days of BIM Adoption07:44 - Collaboration with Project Managers and Trades10:25 - Integrating Virtual and Real-world Construction12:45 - Lean Principles and Technology16:16 - Kickoff Meetings: Aligning Project Teams19:19 - AI in Daily Construction Practices21:47 - Smart AI Adoption: Bottom-Up Approach25:24 - Risk Over Stagnation 27:22 - Learning from PeersEpisode resources:Paul’s LinkedInTrustLayerIf you enjoyed this episode, please (with a cherry on top):Subscribe, rate, and review it on Apple PodcastsFollow Risk Management: Brick by Brick on SpotifyTell a friend!Risk Management: Brick by Brick is handcrafted by our friends over at: fame.soPrevious guests include: Seth Hausman of Kraus-Anderson Insurance, Matthew Meyer of The Horton Group, Diana Rich of Foundation Building Materials, Christy McHenry of Suffolk Construction, Mark Rieder of NFP, and Cory Mangum of Primoris Services Corporation. Check out the three most downloaded episodes: Managing Your Risk Portfolio with Seth HausmanFocusing on Specialization with Matthew MeyerRisk Management is Everywhere with Diana RichIf you are interested in being a guest on Risk Management: Brick by Brick, please complete this form: fame.so/trs-guest

In this Greatest Hits episode of Risk Management: Brick by Brick, Jason Reichl is joined by risk management expert, Joanna Dimitrion. Joanna is the Head of Risk at Lend Lease in the Americas Region. There she leads the development and implementation of risk management strategies, ensuring that risks are identified, assessed, and mitigated effectively across the whole business. In the episode, Jason and Joanna discuss their optimistic thoughts on the integration of technology into the industry, the powerful reason behind Joanna ending up in risk management, and why, as a risk manager, you need to be comfortable with taking risks.Risk Management: Brick by Brick is handcrafted by our friends over at: fame.soPrevious guests include: Seth Hausman of Kraus-Anderson Insurance, Matthew Meyer of The Horton Group, Diana Rich of Foundation Building Materials, Christy McHenry of Suffolk Construction, Mark Rieder of NFP, and Cory Mangum of Primoris Services Corporation. Check out the three most downloaded episodes: Managing Your Risk Portfolio with Seth HausmanFocusing on Specialization with Matthew MeyerRisk Management is Everywhere with Diana RichIf you are interested in being a guest on Risk Management: Brick by Brick, please complete this form: fame.so/trs-guest

On the latest episode of Risk Management: Brick by Brick, Jason Reichl is joined by Nicole Peck, President of ITC at Clarion Events and Bill Harris, co-founder and Chief Customer Officer at ITC. InsureTech Connect or ITC is the world's largest annual gathering of insurance innovation, while Clarion Events have a portfolio of events and media brands across a range of vertical markets. In this episode, Jason, Bill, and Nicole their journeys into the InsureTech space, the vibrant atmosphere of ITC, and the importance of fostering connections among attendees. To find out how TrustLayer manages risk so that people can build the physical world around us, head to TrustLayer.io.Podcast Host: Jason ReichlExecutive Producer: Don HalliwellEpisode Highlights: 00:00 - Intro 00:53 - Origins of ITC03:27 - ITC's Core Focus05:39 - ITC’s Unique Networking Model07:39 - Theme and Objectives for ITC 202411:57 - Risk Management and ITC’s Content Tracks12:31 - How ITC Organizes Around Key Insurance Sectors23:11 - Consolidation and the Aging Workforce: The Insurance Industry's Challenge27:13 - ITC as a Job Fair: A Platform for Opportunities28:36 - Insurance Industry's Professional Gap: A Call for InnovationEpisode resources:Bill’s LinkedInNicole Peck LinkedInInsureTech ConnectClarion EventsTrustLayerIf you enjoyed this episode, please (with a cherry on top):Subscribe, rate, and review it on Apple PodcastsFollow Risk Management: Brick by Brick on SpotifyTell a friend!Risk Management: Brick by Brick is handcrafted by our friends over at: fame.soPrevious guests include: Seth Hausman of Kraus-Anderson Insurance, Matthew Meyer of The Horton Group, Diana Rich of Foundation Building Materials, Christy McHenry of Suffolk Construction, Mark Rieder of NFP, and Cory Mangum of Primoris Services Corporation. Check out the three most downloaded episodes: Managing Your Risk Portfolio with Seth HausmanFocusing on Specialization with Matthew MeyerRisk Management is Everywhere with Diana RichIf you are interested in being a guest on Risk Management: Brick by Brick, please complete this form: fame.so/trs-guest

On the latest episode of Risk Management: Brick by Brick, Jason Reichl is joined by Jacquie Parker, Director of Risk Management at The PENTA Building Group, a relationship-focused general contractor. In this episode, Jason and Jacquie explore the intersection of cybersecurity and risk management, highlighting the importance of proactive cyber risk assessments, vendor management, and privacy policies. To find out how TrustLayer manages risk so that people can build the physical world around us, head to TrustLayer.io.Podcast Host: Jason ReichlExecutive Producer: Don HalliwellEpisode Highlights: 00:00 - Intro 00:25 - Career journey into risk management 03:49 - Risk management in cybersecurity06:29 - The value of cyber risk assessments 09:58 - Common cybersecurity mistakes in small businesses12:07 - Data privacy responsibilities in cybersecurity15:13 - Choosing the right cybersecurity firm17:15 - C-suite and frontline employees: the two-pronged approach19:45 - Cybersecurity in annual reports20:22 - Breaking the cybersecurity stigma22:54 - The need for transparency27:19 - Advice for aspiring risk managersEpisode resources:Jacquie’s LinkedInPENTA Building GroupTrustLayerIf you enjoyed this episode, please (with a cherry on top):Subscribe, rate, and review it on Apple PodcastsFollow TRS on SpotifyTell a friend!Risk Management: Brick by Brick is handcrafted by our friends over at: fame.soPrevious guests include: Seth Hausman of Kraus-Anderson Insurance, Matthew Meyer of The Horton Group, Diana Rich of Foundation Building Materials, Christy McHenry of Suffolk Construction, Mark Rieder of NFP, and Cory Mangum of Primoris Services Corporation. Check out the three most downloaded episodes: Managing Your Risk Portfolio with Seth HausmanFocusing on Specialization with Matthew MeyerRisk Management is Everywhere with Diana RichIf you are interested in being a guest on Risk Management: Brick by Brick, please complete this form: fame.so/trs-guest

In this engaging conversation, Anne Grubish, a risk manager with over 30 years of experience, shares her insights on navigating the complexities of Certificates of Insurance (COIs) in the construction industry. She highlights the perils of inexperienced risk managers and the critical importance of ongoing compliance checks. The discussion also touches on the evolution of technology in risk management, emphasizing the need for human oversight amidst AI advancements. Anne’s expertise illuminates the balance between effective risk management practices and the importance of collaboration across departments.

In this Greatest Hits episode of Risk Management, Brick by Brick, Jason is joined by our very own Steven Wright, Director of TrustLayer, a collaborative risk management platform that helps reduce friction between businesses! He is also the Men’s President of Pasadena Rugby Football Club, and was previously a Senior Account Manager at Lockton Companies and an Insurance Agent at Price Wright Insurance Services.Together, they discuss whether the insurance industry is behind in technology; what Steven’s definition of a risk appetite is; how adding more layers to a project can overwhelm a project owner; and what some of the most important trends for risk managers are. Steven has taught Jason a lot of valuable knowledge over the years and we can’t wait to share some of his wisdom with you!Episode resources:Steven’s LinkedInTrustlayerIf you enjoyed this episode, please (with a cherry on top):Subscribe, rate, and review it on Apple PodcastsFollow TRS on SpotifyTell a friend!Risk Management: Brick by Brick is handcrafted by our friends over at: fame.soPrevious guests include: Seth Hausman of Kraus-Anderson Insurance, Matthew Meyer of The Horton Group, Diana Rich of Foundation Building Materials, Christy McHenry of Suffolk Construction, Mark Rieder of NFP, and Cory Mangum of Primoris Services Corporation. Check out the three most downloaded episodes: Managing Your Risk Portfolio with Seth HausmanFocusing on Specialization with Matthew MeyerRisk Management is Everywhere with Diana RichIf you are interested in being a guest on Risk Management: Brick by Brick, please complete this form: fame.so/trs-guest