12 Questions with Frank Nutter
Welcome to 12 Questions, a Q&A series where we pose the same set of 12 questions to intriguing folks at the intersection of insurance, risk management, commercial real estate, and digital innovation.
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This week, we chat with Frank Nutter, President of the Reinsurance Association of America (RAA).
1. What is the most interesting idea you’ve encountered in your world lately?
The industry has been successful over time utilizing an actuarial approach to underwriting. The downside of this is that the reliance on historical data for rating and exposure analysis causes insurers to be reluctant to address emerging risks and new market opportunities. For example, insurers should focus on climate risk from an underwriting point of view, not just a claims and exposure analysis.
2. Where do you think no one is looking right now?
The most significant asset on the balance sheets of many in corporate America: intellectual property.
3. If you had a magic wand, what would you change about your industry?
The overlay of rate regulation on primary insurers suppresses the naturally competitive nature of business. That would benefit consumers better than a utility-style rate regulatory environment.
4. What’s the most rewarding part of what you do?
Being close to government/public policy developments, Federal and state.
5. What do you envision the next 12 months will bring?
In the public policy arena, heightened interest in diversity and inclusion as well as climate change.
6. What’s your favorite building? Why?
US Capitol and the White House. The sense of history is pervasive throughout each and they are magnificent to see and to visit.
7. Please dispel a myth or misconception about your work.
That politics and influence are all about money. While not entirely untrue as it relates to elected officials for campaign purposes, the professional staffs on Congressional committees and in Congressional and state offices, as well as in Federal agencies, value data and honest analysis.
8. What are the tools, apps, or gadgets that you just can’t live without?
Same as what I used when I worked out of the office.
9. What’s your biggest pleasant surprise related to remote work?
That it is still going on and the organization is productive in a remote work environment.
10. What’s your favorite productivity tip for staying motivated and getting work done?
(Editor: This question was skipped.)
11. What or who do you read to keep informed on the industry?
IBNR Daily and Weekly published by Dowling Partners. Insurance Insider. Politico Pro. Artemis. Memos from RAA staff.
12. Nominate 2 people who should answer this next.
- Chuck Chamness, CEO of NAMIC (National Association of Mutual Insurance Companies)
- Sean Kevelighan, CEO of the Insurance Information Institute
Thank you to Fred Kipperman, Managing Director of Archipelago for inviting Frank to answer 12 Questions.
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