2024 ACPRIA Project Showcase

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ACPRIA

2024 ACPRIA Project Showcase

Welcome to the project showcase of the 2023-2024 Advanced Chartered Private Risk & Insurance Advisor (ACPRIA) program graduates. Over the course of a year, our graduates embarked on a journey to deepen their expertise within the high-net-worth (HNW) risk management specialty. Each team, driven by intellectual curiosity and a commitment to advancing the field, has tackled complex challenges facing HNW risk management.

This year's graduates explored five pivotal topics, delivering insights and recommendations designed to transform current practices. Their projects not only highlight cutting-edge approaches to personal risk management but also offer valuable solutions that cater specifically to the nuances of HNW clients.

As you explore the projects below, you'll discover a range of innovative ideas and strategic recommendations that promise to enhance the landscape of HNW property and casualty risk management. Join us in celebrating the achievements of our 2024 graduates, whose work not only enlightens but also elevates the standards of our specialty.

Course of Construction

Danielle Andre, Central Insurance
Matthew Gibb, PURE Insurance
Amy Hruska, UNICO Group

Advisor: Dale Krupowicz, Personal Risk Management Solutions, LLC

Course of Construction (COC) is an important product offered by insurance carriers to clients who are engaging in building a new home or conducting renovations to an existing home. This specific product provides coverage during the construction phase, whereas a regular home policy would not, and is often based on the value and length of time of the project. This report will highlight the current issues that carriers, agents, and clients face when providing and obtaining insurance for new construction builds and/or renovations. Through detailed interviews with insurance experts and clients, it has become clear that there is a knowledge gap on when a COC policy is needed, what is covered, and carrier appetite. There is also the issue of inflation, which continues to cause projects to increase in value and timeline, due to labor and material shortages. Part of this report will touch on subjects such as waiver of subrogation, ordinance and law, and risk management requirements. These items continue to play a pivotal role in the agreement between all parties; client, agent, contractor and carrier.

Read the full 26 page report, download a two page questionnaire and information sheet, and watch the team's presentation below.

Flood

Margeaux Feisal, PURE Insurance
Christina Fredericks, Atlas Insurance
Samantha Rheel, Willis Tower Watson

Advisor: Ulli Krell, Cincinnati Insurance

The key problems and issues related to flood insurance revolve around affordability, coverage limitations, risk assessment accuracy, and the impact of climate change. Affordability poses a significant challenge for many homeowners, especially those living in high-risk flood zones, as premiums can be prohibitively expensive. Coverage limitations often leave policyholders underinsured or without adequate protection, particularly for contents and living expenses. Moreover, the accuracy of risk assessment models is a concern, as they may not fully account for evolving flood risks due to factors like urban development or changing weather patterns. Lastly, the escalating effects of climate change, including more frequent and severe floods, highlight the urgency for comprehensive and sustainable flood insurance solutions to mitigate the growing financial and humanitarian impacts of flooding events.

Read the full 10 page report, download the social media campaign, and watch the team's presentation below.

Selling to the Next Generation

Diana Acosta, Foundation Risk Partners
Joseph Kalinosky, WTW
Jenny Kopun, USI
Holly LaFlamme, Starkweather & Shepley Insurance

Advisor: Donald Poster, Jr., Aon

Being a successful Insurance Advisor to ‘Gen Z’ entails understanding their fast-paced mindset. They’ve grown up in a world where literally everything is a click away. Our job is to open their minds to real exposures and demonstrate the value we add in what is most likely their first insurance experience. Building that initial trust can be difficult, and once established, maintaining the best possible customer experience will ensure a lasting partnership.

Read the full 10 page report, download the two page infographic, and watch the team's presentation below.

Technology Use in Claims Procedures

Larrissa Burke, PURE Insurance
Corby Guse, Marsh McLennan Agency - NW
Michelle Harris, Marsh McLennan Agency - PCSN
Lisa Kadoura, McFarlan Rowlands Insurance Brokers Inc

Advisor: Darren McGraw, MBA, ACPRIA, Mechelsen Private Client

This report explores the use of technology in insurance claim processes through an overview of available technology through the perspective of clients, brokers, and carriers. Technology offers convenience and accessibility for clients through online claims submission, mobile apps, and automated updates. Clients benefit from computerized claims processing and improved data analysis for accurate evaluations. Brokers benefit from tools for efficient claims processing and personalized customer support. Carriers gain increased efficiency, cost savings, and improved customer satisfaction through data analytics and streamlined processes. Challenges include data security and finding the right balance between automation and personalized experiences. Opinions on Artificial Intelligence (AI) integration in insurance claims processing vary, but the industry recognizes its significant benefits. Brokers should embrace AI as a tool to enhance their role. Understanding customer perspectives is crucial for optimizing implementation and achieving long-term success through streamlined processes, improved accuracy, and enhanced customer satisfaction.

Read the full 10 page report, play the board game, and watch the team's presentation below.

Excess & Surplus

Joe Barich, MMA Private Client Services National
Stacy Crenshaw, USI Insurance Services Southwest
Jessica Kane, Alliant Private Client
Jennifer Wheeler, USI Insurance Services National

Advisor: Kris Zebratski, AmWINS Access Insurance Services

Excess and Surplus Lines is an essential component of the private client insurance ecosystem. Non-admitted coverage usage and role dates to the beginning of insurance and acts as the innovator and safety net of the industry. Understanding the origination and misconceptions of this space offers valuable opportunities to educate and proactively serve insurance consumers. By leveraging the freedom of form offered by surplus lines insurance, creative solutions are developed to meet evolving needs and goals. This paper provides an analysis and provides valuable insights into the unique risks and needs of high-net-worth individuals while highlighting the importance of engaging an expert to best navigate this specialized market segment.

Read the full 23 page report, play the Kahoot game, and watch the team's presentation below.

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