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Paying it Forward: Industry Leaders Celebrate at Spencer Gala
This article originally appeared in Risk Management Monitor and is reprinted with permission.
Every year in September, leaders in the insurance world celebrate the profession and show their support for the next generation of risk management and insurance professionals. This year, close to 700 executives made their way to the Spencer Educational Foundation’s 9th Annual Gala on Thursday night at the New York Hilton Midtown. Nearly $1 million in donations were accepted at the event, a critical fundraising initiative for the Foundation. Proceeds will directly fund grant, scholarship and internship programs for undergraduate and graduate students who are pursuing careers in the field.
“The Gala is a wonderful reminder of just how generous and passionate professionals in this industry are,” said Ron Davis, executive vice president at Zurich and Spencer Educational Foundation chairman. “Tonight we’re celebrating the profession that has afforded us so much by giving back and creating meaningful opportunities for future risk professionals.”
The Gala honored 2017 Spencer Scholars Jayde Lim Ah Tock, a junior from Temple University, and James Pappas, a senior at St. John’s University. “Being a Spencer Scholar has allowed me to focus on my university’s program,” Tock said. “I want to thank the donors for allowing me to pursue something that is so important to me.”
When speaking about the support Spencer provided, Pappas said he is now “confident, optimistic and energized” about his future and knows he is “joining an amazing industry that truly makes a difference.”
Among the industry leaders in attendance were honorees Joseph Tocco, chief executive, north America insurance at XL Catlin, and Michael Rice, chief executive officer at JLT Specialty USA. Both are longtime Spencer supporters and were recognized for their efforts to move the Foundation’s mission forward.
The night’s festivities concluded with remarks from the honorees whose comments focused on the industry’s talent gap and the aging risk management workforce.
“The world needs our industry and our industry needs to attract and develop new talent,” Rice said. “Spencer is a wonderful conduit that allows us to celebrate this talent and the future of the profession.”
Tocco added, “I’m proud to be in an industry that places so much energy on education. Enlisting the next generation of risk professionals is more imperative now than ever before. We need to make “risk management” students’ first choice and not a profession by accident.”
Students around the world have benefited from Spencer funding. Since its inception, the charitable nonprofit has awarded 970 scholarships totaling about $6.4 million, and $3.25 million in grants to universities and professional institutions for educational programs and conferences.
Spencer Scholar Profile: Ryan Mroz – Applying experience to education
Studying risk management and finance at Temple University’s Fox School of Business, Ryan Mroz is a passionate student aiming to become an industry leader to help more students. Before studying risk management, Ryan worked in the casino industry, where he gained plenty of experience and insights about risks in our daily life. Here is our Q&A with him:
What are you doing this summer?
I am interning with the NAPSLO partnering company, Sompo International in Alpharetta, Georgia, and Bass Underwriters in Plantation, Florida. It is a unique program for students interested in the E&S sector of the industry to experience both the carrier side as well as the broker side of the business.
What is your favorite activity (extracurricular/volunteer/work) to do outside of class, and why?
My favorite activity outside of class is our student mentorship program though the Sigma Chapter of Gamma Iota Sigma. It partners up an undergraduate student with an upper-class mentor so that aspiring risk management students can be helped both academically and professionally throughout their studies at Temple. It has been gratifying to see my mentee, Angel, grow tremendously both academically and professionally this year with my help.
In your opinion, why is risk management important to society?
Adrian J. Slowotzky said in his book, The Upside, that “Unmanaged risk is the greatest source of waste in your business and in our economy as a whole. The consequences of not being prepared for risk can have a damaging effect on our economy, our companies, our employees and the communities in which we operate.” Risk Management allows organizations to uncover their risks, prioritize and allocate resources to those risks that underpin the continued viability of the organization, and finally, build organizational preparedness, resiliency, and sustainability.
What do you wish to accomplish in your career path?
In the short term, I want to complete my CPCU designation and RPLU designation, which will prepare me to take on expanded roles and responsibilities in the future. In the longer term, I would like to become an expert in my area and become a mentor to help others grow in the industry.
What does it mean to be a Spencer Scholar?
Being a Spencer Scholar has allowed me to spend time on further developing myself personally, academically and professionally instead of working to pay off my tuition. More importantly, being a Spencer Scholar gives me the invaluable networking and professional development opportunities. It is very heartening to know that the industry professionals have a vested interest in my success, and I want them to know that I am doing everything I can to be an asset to the risk management and insurance industry and a good representative of the investment they have made in me.
Share something unique about yourself (fun fact/talent/skill/accomplishment).
I played competitive ice hockey at a high level until I was 19, and was teammates with two then-future NHL players on my high school hockey team.
Jacob Akstins: Baseball enthusiast, social action advocate, Spencer Scholar
A math and science enthusiast, Jacob Akstins studies actuarial science at the University of Illinois – Urbana Champaign. He loves baseball for its implications of math and analytics and enjoys extracurricular activities including serving as the President of his Actuarial Club. Here is our Q&A with him:
- What are you doing this summer?
This summer, I am interning at CNA Financial in Chicago as an Actuarial Intern on the Specialty Pricing team. In particular, I am developing a Quick Quote Tool for Management Liability coverages and analyzing our team’s Life Agents portfolio.
- What is your favorite activity (extracurricular/volunteer/work) to do outside of class, and why?
Social justice-related work and baseball are my favorite activities.
At the University of Illinois at Urbana-Champaign, I have the privilege of serving as a Multicultural Advocate. This live-in position gives me a unique opportunity to serve a diverse group of students as a facilitator and consultant regarding social identity. Mainly, I really enjoy working with students with disabilities and students who identity as LGBTQ.
As far as baseball goes, I have always been a super-fan whether as a player, umpire, or spectator (go White Sox!). This sport is, first of all, so fun to me. Additionally, it has really evolved since I’ve grown up; the implications that analytics and math play in this sport (through analysis and player shifts to cover probable ranges of hit balls, etc.) are endless.
- Name a few goals you wish to achieve in the near future.
I’m hoping to sit for (and hopefully pass) a fourth actuarial exam in early 2018. Additionally, I am looking forward to successfully completing my second internship with CNA this summer!
- In your opinion, why is risk management important to the society? Where do you see the industry trending in the next 5 years?
I believe that risk management is essential to our existence. The world is full of risk. Tools like insurance exist as a way for people to pool together their resources and protect one another through a guide (insurer). I believe that with increased reliance and innovation with technology (cloud computing, increased data usage, self-driving cars), our risks are becoming much more complex and unpredictable. Thus, advanced modeling, analytics, and other analysis is going to be a key-driver of risk management’s future.
- Share something unique about yourself (fun fact/talent/skill/accomplishment).
I was a musician throughout high school, playing marimba!
- How do you wish to succeed in both risk management and promoting social justice?
I believe that it is important to be knowledgeable about social identity and its impact on our world today. In particular, there have been many movements including those for disability rights, #BlackLivesMatter, gender-inclusive bathrooms, and more, and it is interesting to see how these progressions towards (or, sometimes, against) social equity affect everything around us.
Oleksandra Arkhangelska: Spencer Scholar & multi-cultural mastermind
Currently studying enterprise risk management at St. John’s University, Oleksandra Arkhangelska has pursued her education and career in diverse places, including Ukraine, Germany and the United States. Now living in New York City, she brings in her multi-cultural perspectives into classes, work and life. Here is our Q&A with her:
- What inspired you to study risk management?
I chose to pursue a Master of Science degree in Enterprise Risk Management (ERM) because I find managing and controlling risks interesting and challenging. Risk management has gained significant importance worldwide in recent years. It enhances all decision making processes, from strategic decisions to traditional risk mitigation decisions. ERM takes a holistic approach and provides a robust toolkit of advanced risk management capabilities and competencies that can be applied to enhance value at the enterprise level.
- How has your multi-cultural experience shaped you?
I believe my multi-cultural experience can bring a different perspective into the classroom and enrich our discussions. Growing up in Ukraine and moving to Germany was a cultural shock for me. It showed how different businesses could be managed and challenged me to think outside of the box knowing that there are multiple approaches and solutions to one problem. It also pushes me to work hard, dream big and be confident. This is what brought me to New York.
- Apart from family, who/what is your biggest inspiration/motivation, and why?
My grandmother, who was an economics professor at Odessa National Maritime Academy, is my biggest motivation and inspiration to pursue a career in business. Apart from my grandmother, Dr. Browne, the chair of the faculty at my current graduate school has been my biggest inspiration and motivation. He is a professional who is truly passionate about what he does. It is a great honor to be assisting him this summer with preparing publication and research papers.
- Name a few goals you wish to achieve in the near future.
One of my future goals is to succeed in my career, become an example for others especially females and support better access to high-quality education for everyone, everywhere.
I aim to work in the field of enterprise risk management and regulatory compliance. Being a highly motivated self-starter, I enjoy working in groups and believe that a collaborative and motivated team can achieve greater results. I believe the people I work with will be a great part of my own success. My ultimate goal is to be a part of an excellent ERM team.
- In your opinion, why is risk management important to the society? Where do you see the industry trending in the next 5 years?
Risk management is intended to drive growth and act as an enabler of business strategy. As a risk professional it is my priority to ensure its correct implementation to create greater confidence and value in the organization. I believe the industry will be trending in IT, financial, health care, oil and gas, and defense sectors in the next five years.
- What does it mean to be a Spencer Scholar?
Becoming a Spencer Scholar is a proof that I am moving into the right direction. I feel very honored and proud. I am very thankful for the Spencer Foundation’s generosity in supporting the education of tomorrow’s risk management professionals. Receiving this scholarship will allow me to continue to work hard towards achieving my professional goals.
- Share something unique about yourself (fun fact/talent/skill/accomplishment).
I am obsessed with high quality food. My friends call me a picky eater and even suggested me to pursue a degree in The Culinary Institute of America. I appreciate a balance between a healthy, nutritious and at the same time tasty meal. I also like to cook for and with my friends and family.