Benchmarking Roundtable

Insurance company executives throughout the U.S. and Canada took advantage of a great opportunity to network and gain valuable industry insight at the 2008 Ward Group Benchmarking Roundtable held in Cincinnati, Ohio on November 13 and 14. This is the third roundtable hosted by Ward Group to help companies increase the value of benchmarking at their organization and share experiences and business practices with their peers.

"Every year presents new challenges for companies and 2008 was no exception. This was a great opportunity for industry leaders to network, discuss challenges faced by their organization and share ideas about how to manage their company operations more efficiently. We were very pleased to host such a great event," said Jeff Rieder, President of Ward Group.

Today's political environment is of particular concern to insurance industry leaders. The day's events began with Jeff Rieder's review of 2008 and outlook into the coming year. The presentation touched on topics ranging from market observations, the impact of economic changes, and expense management considerations. Ward Group was then pleased to have Mr. Charles Chamness, President and CEO of NAMIC present his perspective of the 2008 U.S. election results and the impact on the insurance industry. He provided valuable insight into the current political climate and the coming legislative impact on the industry. Later in the day, attendees were provided a look into how Pennsylvania Lumbermens has utilized benchmarking knowledge to develop strategy and improve operational performance by Michael O'Malley, Sr. V.P. & Treasurer. Ms. Rebecca Dawley, VP and Director of Information Service with Federated Insurance Company and Ms. Theresa Keegan, Director of Underwriting with Beacon Mutual Insurance Company concluded the afternoon sessions by participating in a panel discussion on their approach to systems and project management. Together, they provided valuable insights into the challenges facing their organizations, lessons learned, and how to overcome obstacles.

The evening dinner event was lively with networking opportunities, live entertainment, and culture at Cincinnati's renowned Contemporary Arts Center. The evening concluded with a reception in the vibrant Kaplan Hall lobby. Guests toured exhibits by Odili Donald Odita and other well known contemporary artists while enjoying music by members of Strip the Image.

On day two of the event, the focus moved from presentations to roundtable discussions. Participants gathered with other attendees that shared similar operational interest to discuss the difficult challenges of controlling expenses, staying profitable in a soft market, succession planning, business growth and other topics. Attendees also shared how they utilize benchmarking information in their companies to gain a competitive advantage in the market.

Ward Group is already in the planning stages for our next benchmarking roundtable in 2010 and would like to thank all of those who attended this year's event.