Power Broker Rising Stars
Judging the talent employed by commercial insurance brokers leads us to one conclusion; optimism is the order of the day.
As we discovered this year, not only are the ranks of high-achieving younger brokers as strong as ever, they are increasing in number.
We’ve renamed our Power Broker® “Under 40” category to “Rising Stars” to better celebrate this wave of talent and to focus on an important point. Yes, this is a younger group of professionals, all of them under 40, but it’s more on point to think of them as the future leaders of this profession.
As Power Broker® winners and finalists, this set of Rising Stars demonstrated a superior level of creativity in finding solutions for their clients, unflagging customer service and a devotion to learning more about their industry.
Just four years ago, the number of brokers honored by this designation hovered around 40. Last, year, there were 54 Power Broker® winners and finalists recognized in the Under 40 category.
Over the next few pages, you will see the names and affiliations of 77 brokers we recognize as Rising Stars. Since the launch of this category in 2009, more than 250 brokers under 40 received the designation.
The average age of the Rising Stars designees is 36. They represent a powerful wave of talent that is bolstering a profession, which like many other professions will be challenged to replace talent as the baby boomers retire.
For this group of Rising Stars, a career in commercial insurance brokerage is a compelling challenge that results in rich rewards.
“I really enjoy telling ‘the story’ on behalf of my client to the insurance carrier, to pique their interest in an account,” — Ashley De Paola, assistant vice president, Alliant
We first came to know Lockton’s Christopher Keith when he broke into the Power Broker® ranks as a winner in the Workers’ Compensation category in February 2013.
In those days, Keith worked for the Philadelphia-based Graham Co. Keith, 39, said it’s the “entrepreneurial” nature of the business that he finds so rewarding.
“I like the fact that I am managing my own profit and loss statement,” said Keith, who this year achieved Power Broker® status in the Aviation category.
At Lockton’s annual President’s Dinner, he was recognized as the “prototype” Lockton producer.
“I’m very proud of that,” he said.
Alliant’s Ashley De Paola, 33, a 2016 Power Broker® in the Real Estate category, said it’s the quick-paced, evolving atmosphere of commercial insurance brokerage that excites her.
“I really enjoy telling ‘the story’ on behalf of my client to the insurance carrier, to pique their interest in an account,” De Paola said.
Earlier in her career, a client expressed his concern over her age and experience. Her review of his insurance program changed his mind.
“It was very rewarding when he later asked me to work on his business,” she said.
Beecher Carlson’s Joe Roberta, a 2016 Power Broker® winner in the Private Equity category, has several reasons he likes working in this industry. Top of the list is that this is a very “social industry.”
“I truly enjoy working with people that I’ve been fortunate enough to build long-term relationships with,” he said.
Justin Wiley, 32, Power Broker® winner in the Public Sector category, works for Arthur J. Gallagher & Co., which prides itself on its mentoring efforts.
The company sent Wiley to Orlando, Fla., to work with veteran Rich Terlecki, himself a multiple Power Broker® winner.
“My goal was to learn and gather from him as much intellectual capital as possible,” Wiley said.
Clearly, Terlecki taught him well.
The 2016 Power Broker® Rising Stars
Clout in the Market
Few things are more important to boards of directors and corporate officers than directors and officers coverage – and that is where Aon’s Cara Cortes excels.
One private equity portfolio company needed D&O coverage at the end of the month. They couldn’t get an extension and an application had yet to be filled out.
Two days before coverage expired, the company asked Chip Gutshall, CEO of Work Comp Strategic Solutions, another of the portfolio companies, for help. He immediately called Cortes, who raced to the rescue.
“She got a 60-day extension for the application,” Gutshall said. “That was awesome. She carries a lot of clout within the market to pull something like that off.”
Cortes has also been extremely helpful in D&O and employment practices liability claims, he said.
“I wouldn’t trade her for anyone,” he said.
A risk manager in the Midwest said that Cortes “does a great job at matching up our exposure, our risk, with the best potential partners.
“We were able to significantly improve the coverage in several respects and to reduce the cost beyond what the [soft] market was.”
Cortes’ assistance with cyber coverage for St. Clair Hospital was what stood out the most for Linda Lattner, corporate compliance officer at the hospital.
There’s a limited market for professional lawyer liability, and Craig Howser is an expert at searching out the best specialized coverage for his clients.
On the Cutting Edge
The risks and exposures of companies in the new sharing economy receive significant media attention and face uncertain regulatory demands.
One of the Team
Weis Markets Inc. lost its risk manager this year, but rather than replacing the position, it relied more heavily on the expertise and knowledge of Michael Falvey.
“He really goes above and beyond the normal insurance broker,” said Chris De Tray, director, safety and risk management, Weis Markets.
In addition to placing insurance and shepherding renewals, Falvey is “the best business partner out there,” helping Weis proactively deal with risk management concerns, including vendor risk transfer and safety reviews.
“He absolutely is an extension of our department and understands what our model is. He does a very, very good job of making sure we are not at risk,” De Tray said.
For the Virginia Port Authority, Falvey helped Chris Harrell, vice president, contracts and risk management, rebuild the insurance program “from the bottom up. When I say the program, I mean 3,000 employees, six marine terminals and every policy you can think of from executive liability coverage to auto to human resources to ships on terminal.
“When we rebuilt it, it consolidated a lot of things,” he said. “It was a big value add.”
Marti Dickman, vice president, risk management, ADS Waste Holdings Inc., said “the quality and level of performance we get from Michael is exceptional.”
Active in acquisitions, ADS has been challenged with the structure and poor claims history of some legacy programs.
Responsive and Knowledgeable
Whether it’s addressing workers’ comp issues or the diverse needs of nonprofit organizations, Jeanna Madlener is creative, responsive and knowledgeable.
“Jeanna is tremendous,” said Vincent Salvi, risk and compliance manager at Northwest Evaluation Association (NWEA), which provides educational services to associations worldwide.
The insurance requirements from some schools can be “quite unusual,” he said, but Madlener resourcefully helps NWEA work through those challenges.
Two challenges affecting The Dussin Group, whose restaurant portfolio includes the Old Spaghetti Factory, were workers’ compensation and letters of credit, said Dean Griffith, president.
“Our outstanding letters of credit were frustrating to us,” he said, noting that Madlener “worked very hard to get those down.”
She was also instrumental in collaborating with the company’s medical provider to take responsibility for an expensive workers’ comp claim with reserves in excess of $250,000. The loss was decreased to just over $25,000, reducing the impact to Dussin Group’s premium expenses by more than 15 percent over the next three years.
Scrutinizing safety issues is also crucial, Griffith said. The company doesn’t want “rainbows and sunshine” from her store audits, he said. “A safe work environment is not just great on the cost side, but also for our people.”
Navigating Cyber Policies
Placing cyber policies is a complex undertaking, but for retail and health care organizations, that task is significantly more demanding. Kaitlin Upchurch nails it.
“She is just very, very good,” said Margot Roth-L’Heureux, global director of risk management, Whole Foods Market Inc. “She did a tremendous job.
“As anyone in the insurance world knows, cyber is not easy for anybody in retail,” she said. “You have to count on your broker to structure your program correctly and manage your expectations.
“Cyber has a lot of visibility with your officers and board right now. She brought good candidates to the table and different configurations for not only the best way to use money in our budget but to get us the best coverage,” Roth-L’Heureux said.
James Banfield, director of risk management/associate general counsel at Baylor College of Medicine, echoed those sentiments.
After years of self-insuring, Baylor wanted to explore going to market for cyber coverage. Upchurch took the lead, offering information and helping Baylor complete the “fairly extraordinary” applications.
When Baylor was dismayed about the prospect of completing each insurer’s separate application, Upchurch was able to convince the insurers to use a common document, with Baylor providing additional information if needed.
Compounding: Is it Coming of Age?
The WC managed care market has generally viewed the treatment method of Rx compounding through the lens of its negative impact to cost for treating chronic pain without examining fully the opportunity to utilize “best practice” prescription compounds to help combat the opioid epidemic this nation faces. IPS stands on the front lines of this opioid battle every day making a difference for its clients.
After a shaky start cost-wise, prescription drug compounding is turning the corner in managing chronic pain without the risk of opioid addiction. A push from forward-thinking states and workers’ compensation PBMs who have the networks and resources to manage it is helping, too.
Prescription drug compounding has been around for more than a decade, but after a rocky start (primarily in terms of cost), compounding is finally coming into its own as an effective chronic pain management strategy – and a worthy alternative for costly and dangerous opioids – in workers’ compensation.
According to Greg Todd, CEO and founder of Integrated Prescription Solutions Inc. (IPS), a Costa Mesa, Calif.-based pharmacy benefit manager (PBM) for the workers’ compensation and disability market, one reason compounding is beginning to hit its stride is because some states have enacted laws to manage it more effectively. Another is PBMs like IPS have stepped up and are now managing compound drugs in a much more proactive manner from an oversight perspective.
By definition, compounding is a practice through which a licensed pharmacist or physician (or, in the case of an outsourcing facility, a person under the supervision of a licensed pharmacist) combines, mixes, or alters ingredients of a drug to create a medication tailored to the needs of an individual patient.
During that decade, Todd explains, opioids have filled the chronic pain management needs gap, bringing with them an enormous amount of problems as the ensuing addiction epidemic sweeping the nation resulted in the proliferation and over-consumption of opioids – at a staggering cost to both the bottom line and society at large.
As an alternative, compounded topical cream formulations also offer strong chronic pain management but have limited side effects and require much reduced dosage amounts to achieve effective tissue level penetration. In fact, they have a very low systemic absorption rate.
Bottom line, compounding provides prescribers with an excellent alternative treatment modality for chronic pain patients, both early and late stage, Todd says.
Time for Compounding Consideration
That scenario sets up the perfect argument for compounding, because for one thing, doctors are seeking a new solution, with all the pressure and scrutiny they’re receiving when trying to solve people’s chronic pain problems using opioids.
Todd explains the best news about neuropathic pain treatment using compounded topical analgesic creams is the results are outstanding, both in terms of patient satisfaction in VAS pain reduction but also in reduction potentially dangerous side effects of opioids.
The main issue with some of the early topical creams created via compounding was their high costs. In the early years, compounding, which does not require FDA approval, had little oversight or controls in place. But in the past few years, the workers compensation industry began to take notice of the solid science. At the same time, medical providers also were seeing the same science and began writing more prescriptions for compounding – which also offers them a revenue stream.
This is where oversight and rigor on the part of a PBM can make a difference, Todd says.
“You don’t let that compounded drug get dispensed when you’re going to pay for it without having a chance to approve it,” Todd says.
Education is Critical
At the same time, there is the growing, and genuine, need to start educating the doctors, helping them understand how they can really deliver quality pain management to a patient without gouging the system. A good compounding specialty pharmacy network offering tight, strict rules is fundamental, Todd says. And that means one that really reaches out to work with the doctors that are writing the prescriptions. The idea is to ensure that the active ingredients being chosen aren’t the most expensive sub-components because that unnecessarily will drive the cost of overall compound “through the ceiling.”
IPS has been able to mitigate costs in the last couple years just by having good common sense approach and a lot of physician outreach. Working with DermaTran Health Solutions and its national network of compounding pharmacies, IPS has been successfully impacting the cost while not reducing the effectiveness of a compounded prescription.
In Colorado, which has cracked down on compounding profiteering, Legislative change demanded no compound could be more than $350.00 period. What is notable, in an 18-month window for one client in Colorado, IPS had 38 compound prescriptions come through the door and each had between 4 and 7 active ingredients. Through its physician education efforts, IPS brought all 38 prescriptions down 3 active ingredients or less. IPS also helped patients achieve therapeutic success (and with medical community acceptance). In that case, the cost of compound prescriptions was down to an average of $350, versus the industry average of $788. Nationwide IPS has reduced the average cost of a compound prescription to $478.00.
Todd says. “We’ve still got a way to go, but we’ve made amazing progress in just the past couple of years on the cost and effective use of compound prescriptions.”
For more information on how you can better manage your costs for compound prescriptions, please call IPS at 866-846-9279.
This article was produced by the R&I Brand Studio, a unit of the advertising department of Risk & Insurance, in collaboration with IPS. The editorial staff of Risk & Insurance had no role in its preparation.