Spencer Looks Back with Michael Kerner, 2013 Gala Honoree
"I believe that education opens the door to a fulfilling career and a successful life. But who opens the door to an education? For many people, access to an education is elusive – either the money isn’t there, or the guidance and support is lacking. The Spencer Educational Foundation opens the door through scholarships that help meet the individual’s financial needs, as well as through programs that introduce young people to a rewarding career in insurance and risk management, thus providing guidance and support.
Helping young people get started on their career journey has always been energizing to me. So when I was honored at the Spencer Educational Foundation’s annual gala back in 2013, I was more than pleased to accept the honor and do what I could to contribute to this very worthy cause.
At the time I was honored, I was in a global role with responsibility for a large multi-national general insurance business. Since then, I have seen continued consolidation on both the carrier and distribution sides of the business. There has been massive growth in new, technology-driven business models called insurtech. We’ve also seen a massive expansion in how “traditional” players in our profession are using technology and data to improve the way they manage risk, both through risk mitigation and risk assessment. The world has also become a riskier place: Mother Nature is driving a significant piece of this increased risk but man-made activities are also creating a riskier world – whether due to the tort environment or new exposures, such as cyber. All of this makes what we do in the risk management community all the more challenging and important.
This is where the work of the Spencer Educational Foundation is so critical. Through scholarships, grants, partnerships, and other vehicles, Spencer introduces the risk management profession to the next generation of professionals, providing them with a foundation of knowledge and guiding them on the journey to a fulfilling career.
And our industry is in need of this incoming talent. The insurance industry and the risk management profession are seeing a steady increase in the breadth, depth and complexity of our roles within society. Navigating these ever-increasing challenges requires professionals with broad skills along with deep expertise. We need to be able to attract and encourage the next generation of risk management professionals to join the industry and make a contribution.
Today, I am responsible for a North American-based unit of a global re/insurance company. In this pandemic environment, I am now working from home and spending more time with family, friends and hobbies. However, I continue to have the pleasure of working with a great team of people and face interesting and important challenges every day.
My biggest personal accomplishment, by far, is a successful marriage of 26+ years along with two wonderful, worldly and thoughtful young adult children. I think my biggest professional accomplishment is being a respected and trusted member of the insurance business community, someone who has helped colleagues achieve their goals, advance their careers and enjoy the journey.
To this year’s scholars, my advice is to take the time and make the effort to learn the business. Risk management is a skills business, and those who are successful in it tend to have a strong foundation in the fundamental skills that underpin the business – whether that be underwriting, claims, loss control, actuarial, finance, negotiation, or communication. I’m not aware of any short cuts to building those skills – they come from classroom training and on-the-job experiences. Build the right foundation of skills and let your energy, commitment and wits take you to the career you aspire to have!"