National Underwriter spoke with Sean Kevelighan as he transitions from global head of public affairs for Zurich Insurance Group to serving as the new president and CEO of the New York City-based Insurance Information Institute (I.I.I.). Read the interview in full at www.PropertyCasualty360.com.
Why did you leave a private insurance company for I.I.I.?
Sean Kevelighan: It was a difficult decision to make, but I’m excited to have the opportunity. I’ve been fortunate to be able to understand, appreciate and work with I.I.I. closely for several years, starting in 2008 when I first joined Zurich. I gained a better understanding of the value that they brought to the industry and the broader community as well. When I received the phone call offering me the job, I already had a strong appreciation for the organization, as well as the work Bob Hartwig and his team have done.
Where do you think the P&C industry is heading?
Kevelighan: It's difficult to predict but change is inevitable, whether through some consolidation in the industry or the other disruptors that the industry is facing. The rapid changes in technology and digitalization are key elements of change for the P&C industry; it's only a question of how or when, which are still unknowns. I.I.I. is doing extensive research in this area, and I foresee this evolving.
For the industry itself, it's going to come down to the increased potential for new competition. Some of the fundamentals of insurance are also undergoing change, for example, productivity, claims handling, even underwriting, and how technology plays a role in all of them.
How do you see I.I.I. changing as the P&C industry evolves?
Kevelighan: I.I.I. will continue to do what the organization has done so well over the years under Bob Hartwig's leadership and with his team. First of all, [I.I.I. will maintain] objectiveness when looking at the information and letting the facts and statistics speak for themselves. I.I.I. does a great job of gathering information and helping members and other key stakeholder groups understand what the information means, and I expect that to be an important role that we’ll continue to play — with those immediate issues we’re seeing right now as well as the ones that are evolving and changing the industry in the future.