Mangione case rattles industry leaders

CEOs are scrambling to remove as much online information about themselves, their lives and families following the sudden popularity of Luigi Mangione assassin of health insurance leader Brian Thompson on December 4. Incredibly, to many the suspect has become symbolic of the rage, some policyholders have toward their health and other insurers. Instances of rage from those without fire coverage or without satisfactory fire coverage in California to the average leaders in the healthcare space and in property casualty positions believed to be responsible for losses and worse, a sense of indifference toward the public.

Those of us in the industry know that this is a matter largely of a complete lack of understanding of how the business works, and what the policyholder relationship is.

Prudent companies, such as citizens property in Florida the state backed nonprofit went as far as to delete all names and photos of its leadership. Allstate to an extent has followed suit.

Historically, a murderer, such as Mangione appears to be would result in societal reactions quite different from the esteem in which he is being held in some quarters, from the free Luigi T-shirts too the fact that more than $600,000 has been raised for his defense. It is a sign of the times that social media can propel a suspect, such as Mangione to a position of sympathy, conferring upon him such names as “the adjuster” and other favorable identities.

Many insurers have reported threatening phone calls, and miscellaneous messages. Such as “ you people are next.”

Mangione now being held in Brooklyn has affected insurers in a number of ways, causing each to assess the public face of their business, their policyholder relations, the exposure of their executives and the very viability of the process of claims settlement in an age of social media, and have great hostility toward institutions.

This trend coincides fully with nuclear court awards, the incredible assault on medical practices and so many other aspects of our society. While the industry has mounted advocacy programs among legislators and regulators the fact remains that the public still doesn’t get it.

It is true that the facelessness of our institutions are simply a form of belittlement of the public and of a cold objectivity that never fits an individual who has been harmed financially or physically.

I do not know of an example or of a paradigm for transforming large scale companies with access protocols for clients that would make them friendlier would include education of policyholders, and would finally communicate to the society whose commerce enables the value of insurers.

For executives to fuel pressure or a need to hide themselves and their good work from public view is a sad state for commerce.

What will motivate aspiration?

Genova, Burns NJ legal powerhouse, adds top compliance and regulatory Counsel

Genova Burns LLC has named well known legal thought leader Sandra Bograd Esq to join the firm as “Of Counsel”, bringing a wealth of experience in insurance regulation , corporate governance, sustainable business practices, global regulatory compliance and ethics standards, securities regulation, and corporate governance. Ms. Bograd’s extensive career in ludes advising corporate, governmental, NGO, and multilateral institutions, a CV that aligns with Genova Burns’ focus.

Ms. Bograd is a faculty member at Columbia University’s School of Professional Studies, where she teaches Global Legal and Regulatory Ecosystems, a core course in the Insurance Management Masters program.

Ms. Bograd’s distinguished career includes serving as Senior Vice President and Chief Compliance Officer for New York Life International, LLC, where she led legal compliance and corporate governance programs across emerging markets in Southeast Asia and South America. She played a key role in regulatory development, advising Indian insurance regulators on anti-money laundering (AML), know-your-customer (KYC), and conflict of interest (COI) standards.

She has served as Associate General Counsel at Bank of America Corp., where she was the principal legal advisor on global financial crimes compliance, anti-bribery and anti-corruption policies, and oversight of corporate transactional activity. Additionally, as Assistant General Counsel at AIG, Inc., Ms. Bograd developed worldwide compliance programs related to anticorruption, anti-terrorist financing, and economic sanctions in response to the U.S.A. Patriot Act.

Ms. Bograd’s background further includes serving as Vice President of Ethics and Business Practices at Freddie Mac, where she managed corporate ethics, internal fraud investigations, and compliance programs to meet U.S. Department of Treasury expectations post-conservatorship.

James M. Burns, managing partner Genova Burns LLC .communicated to us  “Sandra’s deep understanding of the complexities of global business operations and regulatory frameworks strengthens our firm’s ability to provide comprehensive legal counsel in today’s rapidly evolving and global business environment.”

Kind wishes, Sandra.

SA