In an industry in which the status quo reigns, it's invigorating to witness a room of personal lines and risk management insurance professionals grow energized.
The Private Risk Management Association (PRMA) continued to up the ante at its second annual summit, held in Atlanta, Nov. 2 and 3. PRMA is a member-owned, not-for-profit association committed to the advancement and growth of the high-net-worth risk management and insurance niche.
Now in its second year, PRMA has more than 600 members, including carriers; insurance agents and brokers; wealth management advisers; family offices; fine art appraisal and advisory services; personal security; restoration companies; and other specialists who serve the wealthy.
The summit delivered speakers of significance in the high-net-worth insurance industry. Sara Hamilton, CEO and founder of the Family Office Exchange, covered concerns in the generation to come. As clients shift toward self direction and take advantage of accessible information, the indicators all point to the urgent need for technological innovation in the insurance industry, and left many in the room deliberating on their next move. Hamilton also received the Industry Leader Award, which recognizes an individual who shares the association's commitment to educating and advocating for professionals serving the high-net-worth community.
The summit lineup included practice management opportunities necessary in advising the wealthy. Attendees were able to choose from a range of classroom-like sessions with topics focusing on: Professional Liability risk to families of wealth; emerging cyber security concerns; insurance concerns beyond jewelry and art; and personal risk and well-being beyond the home.
Roundtable forums promoted collaboration among attendees on universal factors that influence their businesses. Attendees were able to choose from one of the following five roundtable forums: Staff development; marketing strategies for growth; service excellence and client retention; working with financial advisers and centers of influence; and women in leadership.
At dinner on Nov. 2, the JoAnn Heltibridle Award — named in honor of an insurance professional who died in the Sept. 11, 2001, attacks, and which honors those showing integrity and client commitment — was presented to Kurt Thoennessen, vice president at Ericson Insurance Advisors in Washington Depot, Conn.
The summit ended with best-selling author Robin Koval sharing her tips for success. Koval, author of “GRIT to Great: How Perseverance, Passion, and Pluck Take You from Ordinary to Extraordinary,” said that possessing the character traits of guts, resilience, initiative and tenacity (GRIT) are the direct determinants of success.
PRMA was built by and will continue to grow from the “GRIT” of its increasing number of passionate volunteers. Jim Kane, president of PRMA, highlighted the need for an agent's GRIT in the summit's closing remarks as he challenged attendees to embrace innovations that will enable a better client experience and ultimately drive the category of high-net-worth personal insurance. He also called attention to opportunities that await as both agency and carrier consolidation continues to mold the future of the high-net-worth space.
If you are not a member of PRMA join, stand up and get involved.
Azeema Hartley serves as member relations chair of the Palm Beach, Fla.-based Private Risk Management Association.