[SPEAKER_01]: Welcome to AMBAST audio.
[SPEAKER_01]: As the directors and officers in Toronto are continues to evolve, driven by rising litigation risks, shifting regulatory landscapes and height and expectations around corporate governance, both new and experienced professionals are seeking deeper insight and more effective tools to navigate the complexity.
[SPEAKER_01]: With emerging exposures and increased underwriting scrutiny, staying ahead of market trends is more critical than ever.
[SPEAKER_01]: In his book, The Ultimate Guide to D&O Insurance author Ken Sven, Chief Underwriting Officer at Carve, provides an insightful resource for underwriters, brokers, and insurance buyers, equipping them with a knowledge and strategies needed to succeed in today's fast moving and competitive D&O landscape.
[SPEAKER_01]: I'm John Weber for I am best TV and I'm joined by Ken's fan now.
[SPEAKER_01]: Ken, so great to have you with us today.
[SPEAKER_02]: Thank you.
[SPEAKER_01]: So Ken, can you tell us about your book and the inspiration behind it?
[SPEAKER_02]: First of all, great to meet you.
[SPEAKER_02]: Take your time to speak to me.
[SPEAKER_02]: I really appreciate it.
[SPEAKER_02]: You're interested in the book.
[SPEAKER_02]: I love to thirty years in the market.
[SPEAKER_02]: I realized there really wasn't any public with material out there.
[SPEAKER_02]: That was straightforward.
[SPEAKER_02]: I'm pretty too wrong, comprehensive.
[SPEAKER_02]: Look for people coming into Dino and they're running, and I love the material, it was probably a bit too technical or too broad.
[SPEAKER_02]: So I thought why not put something together, that reached that gap.
[SPEAKER_02]: Something useful, particularly for new and the largest brokers and even clients.
[SPEAKER_02]: So the book helped the guy to the inertia as I called it.
[SPEAKER_02]: Let's give people a strong foundation in the very niche industry.
[SPEAKER_02]: The book is not necessarily only about the, you know, how modern, you know, covers, because also, God, you know, how insurance works in January and more broadly, the book talks about things like soft and hard market.
[SPEAKER_02]: The difference between lawyers and company market.
[SPEAKER_02]: reinsurance, pizza, and so on.
[SPEAKER_02]: However, there's several chapters about U.S.
[SPEAKER_02]: and there's aspects that is key for dealing the virus to understand.
[SPEAKER_02]: So for ADRs, use IPL, specs you'll learn about that even state on versus federal class action.
[SPEAKER_02]: Some of those chapters that are felt was a key for underwires to read and understand and have a solid foundation about.
[SPEAKER_02]: Even if you may or may not read U.S.
[SPEAKER_02]: expose accounts of the databases,
[SPEAKER_02]: Some chapters are probably a bit more subjective and like the impact of these news, use election and how ARMA influence our industry.
[SPEAKER_02]: And I finally wrote a chapter about my sentiment and psychology of the market, which is my own personal experience.
[SPEAKER_02]: Above all, I tried to make book as practical as possible.
[SPEAKER_02]: So that someone can't pick it up and get a clarity on certain issues.
[SPEAKER_02]: Finally, I've had a test-in-dollar section to those chapters, and I'm most like a typical one.
[SPEAKER_02]: It's a book, I wish I had when I started out as a new freshman to write in the market many, many years ago.
[SPEAKER_01]: I can't what newer evolving risks and exposures do you see in the DNL market today?
[SPEAKER_02]: Great question, John.
[SPEAKER_02]: The most consistent data we get on claims still come from the U.S.
[SPEAKER_02]: especially security class action.
[SPEAKER_02]: And I cover some of those recent trends in the book.
[SPEAKER_02]: And then we look at new trends.
[SPEAKER_02]: There's quite a few things we're paying attention to.
[SPEAKER_02]: Industry like tech and farmer lifestyles are always stood out.
[SPEAKER_02]: It's very challenging for the market.
[SPEAKER_02]: But more recently, some trains related to COVID, cryptic currents, the ESG issues, particularly greenwashing, and also cyber incidents, especially where boards are being questioned on how they handle a breach.
[SPEAKER_02]: So to keep pace under what is needed to move away from bridges, statistics, checklists, and towards a more dynamic way of thinking, sector-specific, forward-looking, taken help.
[SPEAKER_02]: But just when it's still key, it's not just about asking more questions, it's about asking better questions.
[SPEAKER_01]: Can what steps can ensures take the better support early career underwriters entering the D&O market?
[SPEAKER_02]: First of all, most mentorship I believe, pairing June and Devon is with more experience once, makes big difference.
[SPEAKER_02]: and dividing a wheel and actually accounts is very beneficial and giving you and dividing is a very quick learning curve beyond that.
[SPEAKER_02]: I think structure training is essential, just what to do but why are you doing it?
[SPEAKER_02]: What's behind the thinking?
[SPEAKER_02]: It's key to underwired to access the real tools, good data, also encouraging and interaction with your claims team.
[SPEAKER_02]: It's also something I would recommend and finally speak to brokers and get the input as well if that is appropriate.
[SPEAKER_02]: I like to think curiosity is key.
[SPEAKER_02]: The best underwired is IRC and is the ones who ask questions.
[SPEAKER_02]: You seek out conversation.
[SPEAKER_02]: You want to understand why behind a decision.
[SPEAKER_02]: If you have a hunger to learn, don't send them out just strongly believe and have a successful carry.
[SPEAKER_02]: I also think they will enjoy the work much more if they do so.
[SPEAKER_01]: Do you think continuing education and training play a role in helping ensure stay competitive and the DNO space can?
[SPEAKER_02]: I think it's critical.
[SPEAKER_02]: The role of DNO doesn't stand still.
[SPEAKER_02]: Regulation change, mitigation, trends evolve.
[SPEAKER_02]: investigation shift is the moving target.
[SPEAKER_02]: So if you are not staying informed, you're falling behind.
[SPEAKER_02]: Continuous education, whatever that is, formal training, limits of learn or just staying close to your claims data, health teams participate, risk rather than just reacting to them.
[SPEAKER_02]: It also have maintained consistency in underlying, which is so important for the ability, both internally and in the market.
[SPEAKER_01]: I can't have control as foster or stronger collaboration between underwriters, brokers, and clients in the D&O line.
[SPEAKER_02]: Well, the good question.
[SPEAKER_02]: It all starts with trust and be clear about your appetite, broken up pre-shared transparency.
[SPEAKER_02]: If something doesn't fit, explain why.
[SPEAKER_02]: Build long-term relationship and trust.
[SPEAKER_02]: In the terms of consistency, um, have a solid framework helps.
[SPEAKER_02]: Um, something that guides the system without being too rigid.
[SPEAKER_02]: Uh, good underwater still needs to.
[SPEAKER_02]: It's the freedom to apply judgment.
[SPEAKER_02]: Um, communication is key, especially on the news.
[SPEAKER_02]: Um, if you're lying early on and clear about what you need, everyone is on the same page.
[SPEAKER_02]: I mean, you say no, say it in that way that constructed.
[SPEAKER_02]: That was a particularly important episode during the hard market.
[SPEAKER_02]: I learned after speaking to brokers that have some underwise, communicate it very poorly.
[SPEAKER_02]: During that time, one thing I would recommend is try to offer an attorney to at least help to understand your decision.
[SPEAKER_01]: I've got to ask, can what do you hope that readers will be taking away from your buck?
[SPEAKER_02]: Well, my name was to give a new or relative and new underwires, an induction into various aspects of what they should know, not only about the, you know, but in insurance in general.
[SPEAKER_02]: I hope that we'll give them, give the new underwires a better and quicker foundation into the world of the, you know, the insurance.
[SPEAKER_02]: We should also result in hopefully more confidence.
[SPEAKER_02]: But Brock is, I hope they will appreciate all the various aspects.
[SPEAKER_02]: There's a lot of moving parts that the employees need to consider.
[SPEAKER_02]: So just sum it up.
[SPEAKER_02]: My aim was to create something practical and useful for the employees.
[SPEAKER_02]: I'm material to support them in the day-to-day job.
[SPEAKER_02]: Ultimately, it's about
[SPEAKER_02]: helping and the virus to make better decisions, smarter and rewarding, clear recommendations, better alignment across the DNA chain.
[SPEAKER_02]: And if it helps someone feel a bit less overwhelmed, a bit more control in the day to day job.
[SPEAKER_02]: And if you like the book has done this job, then give me personal some satisfaction as well.
[SPEAKER_01]: Great conversation, Ken.
[SPEAKER_01]: Thank you so much for taking the time to speak with us today and best of luck with the book.
[SPEAKER_02]: Welcome, y'all.
[SPEAKER_02]: Thank you so much, my family.
[SPEAKER_01]: That was Ken's phone.
[SPEAKER_01]: Chief underwriting officer at Carve and author of the book, the ultimate guide to D&O insurance.
[SPEAKER_01]: And I'm John Weber for I Am Best TV.
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