Agenda Board Governance Roundtable

Transcription

1 piaa-events.us Agenda Board Governance Roundtable Thursday, March 10, :00 + 3:00 4:00 Welcome and Introductory Remarks Juan Carlos Cobo, MD, Chair, PIAA Board Governance Roundtable Section Benchmarking Baldrige: The Top Traits of High Performance Organizations Robert Fangmeyer, Director, Baldrige Performance Excellence Program, National Institute of Standards and Technology Organizations frequently face difficult challenges that can threaten their long-term success and even their viability. These include major shifts in markets and customer bases, new regulatory and legal requirements, turbulent financial markets, rapidly changing technology, environmental factors, and cyber security. When confronted with these challenges, leaders must be able to step up, and make informed and prudent business decisions. In this session, Robert Fangmeyer, only the third director to lead the Baldrige Performance Excellence Program since its establishment by Congress in 1987, will inform attendees about the critical role that board members play in moving an organization from average to great, despite the pressures of challenges like market disruption. He will also discuss what board members can do to improve in their roles and achieve maximum impact. Mr. Fangmeyer, who plays a leading role in the ongoing development of the Baldrige Criteria, the creation of the program s leadership development programs, and in Baldrige international activities, will discuss what makes the Baldrige Award-winning companies stand out, and what they, their leaders, and their boards, have done to achieve and sustain organization-wide excellence. + Willis Towers Watson MPL Product Management Exercise Updated for 2016! The Willis Towers Watson medical professional liability (MPL) product management exercise is an innovative simulation that helps leaders understand the interplay of the diverse factors that have an impact on the MPL insurance market. Some changes are planned for this popular exercise, including giving attendees new, additional variables to contend with in their decision-making to reflect current real world dilemmas companies are facing today. Decisions made in the midst of these challenges, considering the increasingly competitive environment, form the strategy for each company s management team as they navigate through the interactive MPL product-management exercise. Assigned to teams, attendees will discover, in real time, the motivations and consequences of their team s decisions for their fictitious company s financial results. They will find out what happens when their team s financial strategy is tested against the actual permutations in a competitive marketplace. This exercise will give attendees a more comprehensive, and at the same time more concrete, understanding of the financial underpinnings of today s highly competitive MPL insurance sector. They will be able to appreciate the relationship between the company s balance sheet and its income statement, and the importance of a full understanding of the multiple financial interactions that are critical to successful MPL product management. The Willis Towers Watson exercise will consist of two sessions on Thursday, two sessions on Friday, and eight sessions on Saturday.

2 + 4:00 5:00 Session: Basic Concepts and Introduction to the Exercise This session will provide a brief overview of basic financial statements, terminology and concepts with MPL perspective. It will also introduce the MPL product-management exercise. Participants will gain a greater understanding of the financial realities of the competitive MPL insurance marketplace, the relationship between a company s balance sheet and its income statement, and the importance of understanding the financial interactions that are critical for the product management process. + 5:00 5:30 Session: Product Management Exercise Breakout Year One For each of five years, the teams make key decisions that will determine the future growth and profitability of their company. These decisions include the rate, the underwriting standards on new and renewal business, and the amount, if any, of policyholder dividends. + 5:30 7:00 Registration and Cocktail Reception + Friday, March 11, :30-8:15 + 8:15-9:30 Breakfast and Informal Discussion On the (Long) Road to a Hard Market Chad C. Karls, FCAS, MAAA, Principal and Consulting Actuary, Milliman, Inc. Joint Session with CEO/COO Meeting Mr. Karls will brief attendees on the historical, and current, financial results of the MPL industry, highlighting the primary drivers behind the industry s present capital position. He will also provide commentary on a variety of factors now in play which may affect the MPL market in the coming years. + 9:30-10:00 PIAA Update Brian K. Atchinson, President & CEO, PIAA Joint Session with CEO/COO Meeting Mr. Atchinson will update attendees on the critical issues facing the Association and its members, and report on the proactive initiatives underway to deal with these issues. He will also discuss the pressing legislative and regulatory challenges for PIAA members, describe major areas of operation, and review the Association s finances. + 10:00 10:15 Refreshment Break

3 + 10:15 11:00 Session: A Practical Guide to Understanding Rate-Level Changes Keeping rates reasonably aligned with losses and expenses is critical to financial health and profitability. Learn how rates are determined and find out about the key elements of the process. + 11:00 11:45 Session: Product Management Exercise Breakout Year Two Key decisions for Year Two will be determined. + 11:45 + 6:30-7:30 Adjourn Attendee free time there are no PIAA functions on Friday afternoon. Cocktail reception + Saturday, March 12, :30-8:30 + 8:30 9:15 Breakfast and Informal Discussion Session: Insurance Company Operations Making Sense of the Data Insurance companies produce many kinds of specialized data reports. This session will clarify the interpretation of insurance financial data, defining the types of data produced and explain how to use the information correctly. It will also show how other parties may be using a company s data to draw (possibly inaccurate) conclusions. + 9:15 10:00 Session: Product Management Exercise Breakout Year Three Key decisions for Year Three will be determined. + 10:00 10:15 Refreshment Break

4 + 10:15 11:00 Session: Evaluation of Loss Reserve Adequacy Setting loss reserves for an MPL company involves more than just good actuarial technique. Evaluating the claim-handling and reserving process, for example, is all important in performing an effective reserve analysis. This session will discuss many of the common dilemmas that confront insurers/trusts in determining their total requirements for reserves. You will also learn about the impact that reserves have on a company s financials. + 11:00 11:45 Session: Product Management Exercise Breakout Year Four Key decisions for Year Four will be determined. + 11:45 12: :45 1:15 Networking Luncheon Session: Product Management Exercise Breakout Year Five Key decisions for Year Five will be determined. + 1:15 2:00 Session: Potpourri This session will provide a brief overview of a few important topics including how rates for individual insureds are determined, how reinsurance works, and current key financial indicators. + 2:00 2:15 + 2:15 3:30 Refreshment break Navigating the Dynamics of the Boardroom Are You Being Held Hostage? Mark Goulston, MD, Founder and Co-CEO, The Goulston Group

5 It happens in any management ecosystem: The diverse backgrounds, personalities, viewpoints, and conversations can be a source of contention, as well as a source of strength. The boardroom is no different so the ability to manage these variables, from the perspective of an individual board member, can mean the difference between achieving gains from boardroom dynamics and being at the mercy of them. Throughout his career as an organizational consultant, executive coach, relationship counselor, and FBI hostage-negotiation trainer, Mark Goulston has learned how to connect with diverse types of people, in many different situations. In this session, he will apply his expertise to boardroom dynamics, focusing on what it takes to build trust, confidence, and cooperation among directors and what steps you can take when distrust, doubt, and conflict are plaguing your boardroom. A renowned author and frequent guest expert on news channels such as CNN, Dr. Goulston will discuss your anonymous, real-world examples of boardroom dysfunction. He will first distill and focus the challenges that are stymying you. Then utilizing his highly skilled facilitator role, he will elicit the best solutions from you or one of your peers. Finally he will offer strategies, tactics, and solutions that you can use to obviate these issues. His doable by you promise is that you will begin taking action on them within 24 hours. He will provide you with an expert s tips and tools, and explain how and why they work. These tools will foster better communication and collaboration among your director colleagues. You ll leave this interactive and engaging session with a brand-new outlook on boardroom dynamics. You ll find out how and why the tactics presented by Dr. Goulston can lead to richer discussions and greater productivity in the boardroom. + 3:30 4:00 Session: Product Management Game Wrap-Up Results and Commentary In this final session, the results of the MPL product management game will be reviewed. Learn how your team performed did you manage to keep your financials in the black, and meet your company s goals? + 4:00 Adjourn