Data plays a critical role in insurance, whether it’s providing benchmarks for securing competitive rates and terms in the market or giving policyholders a more accurate look at their risk exposure.
According to Maddie Beja (pictured), area vice president of property at Risk Placement Services (RPS), data will continue to drive industry trends.
“Insurance is always going to be a relationship business, but data is a differentiator in providing the strategy and expertise to secure better outcomes for clients,” Beja said.
When it comes to modeling, data can provide more accurate risk assessments and enhance insureds’ awareness of their property exposures to severe weather events.
“When models tell us the flood exposure on an account, we can help our clients and partners make better-informed decisions on coverage limits and better protect the insured against these evolving risks,” explained Beja.
A passion for data is only one part of what has accelerated Beja’s career at RPS, where she’s been recognized as a ‘Rising Star’ in the sector.
For young professionals aiming to expand their expertise, Beja stresses the importance of mentorship.
“Finding a mentor who is eager to help train the next generation and develop talent is vital,” Beja says. “My mentor not only taught me the ins and outs of insurance coverage but also the soft skills of being a business professional.”
Among those skills, Beja says, are the importance of listening to a client and truly understanding their needs, the willingness to accept feedback, and the resilience to learn from experiences.
“Picking yourself back up is crucial in this industry,” Beja said.
For Beja, another key attribute for rising stars in the industry is simple: “Pick up the phone. At the beginning of your career, you’re trying to form relationships with carrier partners and clients, and you can learn more from live conversations than back-and-forth emails.”
Navigating the complexities of building and managing a book of business while expanding into new areas requires a strategic approach. For Beja, she stresses the importance of understanding client needs and providing detailed information to underwriters.
Now a mentor herself, Beja can help set a standard for emerging professionals in the industry.
“I’ve benefited myself, and it’s something I’m trying to pass along,” she said.
