NYIA Annual Conference: Connect. Collaborate. Change.

Acting New York Financial Services Superintendent Maria Vullo Delivers First Address

This year’s New York Insurance Association (NYIA) Annual Conference drew more than 250 insurance industry leaders to the heart of New York State in Verona, New York, June 1–3. The theme of this year’s event, Connect. Collaborate. Change., reflects the collegial nature of NYIA and its members. The event enabled property and casualty companies doing business across the state to come together and talk about critical New York issues.

After a welcoming Chair’s Reception on Wednesday night, the conference officially got underway on Thursday morning with featured speaker Dr. Robert Hurley discussing Building Trust in Organizations. Dr. Hurley said that while trust is increasingly scarce, it can be built and managed. He acknowledged that there is a lack of confidence in business as a whole, and there is low trust in financial services as it is an industry that has been stigmatized. Dr. Hurley illustrated how an organization can build trust with people by identifying meaningful similarities, aligning interests, displaying benevolent concern, demonstrating capability, being predictable and showing integrity, and communicating well.

This year’s keynote address was highly anticipated as it was the first speech given by Acting Superintendent Maria Vullo, the new head of the New York State Department of Financial Services (DFS). Vullo provided the audience with a dynamic overview of her goals, philosophies and vision for not only DFS, but more broadly the role of financial services in the state. She stated that she wants her tenure to be marked by creative ideas, bold actions and collaborative innovation. She also articulated that she is a true believer in a fair process and thoughtful deliberation and that under her leadership she wants DFS to speak with a clear and consistent voice. She stressed the importance of recognizing that a regulator can work for the good of businesses and consumers alike. “I want the New York insurance market to be robust and known for its innovation and nimbleness,” Vullo said. “So DFS, under my watch, will promote and applaud industry innovation and successes. And DFS, under my watch, will also work to increase access to financial services in all communities of this great state. I am both pro-business and pro-consumer—I do not believe that these terms are mutually exclusive.”

“NYIA looks forward to working with the new leadership at DFS,” NYIA President Ellen Melchionni said. “The members of the association are encouraged by Maria Vullo’s statements about a balanced regulatory approach. Advancing the growth of the industry and supporting innovation are crucial elements of a vibrant insurance marketplace. We believe innovation should be a key focus area for DFS as it relates to insurance products and services, as well as regulatory modernization. The state’s insurance market can only be as innovative as the regulatory framework backing the marketplace.”

A panel of industry leaders and an interactive presentation on drones brought Thursday’s education program full circle. The panel presentation, Top of Mind: New York State of Insurance addressed topics ranging from the importance of consumer choice to predictions of when the interest rate environment might change to how to attract talent to our industry. The panel was moderated by Steven Coffey, president and CEO, Broome Co-operative Insurance Company. Panelists included Edward Amsler, president and CEO of Donald J. Fager & Associates, a wholly-owned subsidiary of Medical Liability Mutual Insurance Company; Elizabeth Heck, president and CEO, Greater New York Mutual Insurance Company; Norman Orlowski, president and CEO, Erie and Niagara Insurance Association; and Robert Wong, president, Associated Mutual Insurance Cooperative. Jay Jablonski, vice president of HSB Professional Loss Control presented Taking Flight: The Highs and Lows of Drone Technology. Jablonski reviewed the variety of applications as well as exposures associated with unmanned aircraft. He also addressed the wide array of issues that continue to evolve as both capabilities and regulations constantly change. The presentation ended with Jablonski giving the audience a sense of just one of the capabilities of drones when he flew one equipped with a camera and attendees could see the live footage of the room projected on a screen.

A highlight of the banquet Thursday evening was the recognition of the 2016 Chair’s Distinguished Service Award recipient, William P. Melchionni III, deputy head, U.S. Federal and State Government Affairs of American International Group, Inc. Melchionni has been a member of NYIA for nearly 20 years and has served on a number of committees. He has also served on the NYIA Board of Directors and currently serves as chair of the Legislative and Regulatory Committee.

Melchionni was also the moderator of the opening session on Friday morning. Key insurance legislative leaders joined attendees for a Town Hall Meeting. Panelists included Senator Neil Breslin, Senate Insurance Committee Ranking Member, Assemblyman Kevin Cahill, Assembly Insurance Committee Chair, and Assemblyman William Barclay, Assembly Insurance Committee Ranking Member. The panel answered questions on a wide range of topics including transportation network companies, redomestication of insurance companies, and the role of the New York State Department of Financial Services.

The ever-popular topic of social media was discussed next by Roy Mura, managing member of Mura & Storm, PLLC,  Keeping Up With the Chameleon: Adapting to the Changing Colors of Social Media. Mura is a well known insurance attorney who also has a penchant for social media. In fact, he announced that his NYIA talk was the 100th episode of his social media presentation. He provided a myriad of tips, tricks and tidbits related to how insurance companies utilize virtual networks as both insurers and as businesses. The finale of the conference was what many regional companies say they enjoy most, the Small Company Roundtable. Matthew Benedict, president of Midstate Mutual Insurance Company was the moderator of this year’s roundtable discussion.

Next year’s NYIA Annual Conference is sure to be just as informative and eventful. Mark your calendar now so you don’t miss out on what is considered the premier property and casualty event of the year in New York: May 31–June 2 at the Hyatt in Buffalo, New York. This is a new venue for the association and we are excited to bring NYIA to this hip and vibrant city.