SIFM Young Professionals represent a growing and dynamic group within our organization. “Spotlight 2020” articles are a series of interviews with some of these outstanding young leaders in the insurance industry.
Here’s what Yelena La Forgia has to share:
FAVORITE PROJECT
Global Expansion Led to Streamlined Operations
Shortly after I joined Berkley, we began our global expansion by hiring underwriters in London. With scant experience in international operations, especially the Lloyd’s Syndicate, I began asking many questions as I started to build out our process and see the financials start flowing. I quickly realized that there were significant information and communication gaps due to a platform developed for one or two companies that was quickly adopted by many affiliate companies. I worked closely with international, domestic and corporate teams to identify the key challenges and developed consistent operational flows, processes and templates to facilitate streamlined reporting, data and information sharing across all parties. These processes and templates are still being used today.
RESPONSIBILITIES
- Responsible for all aspects of financial and operational analysis and reporting for the company
- Work closely with the president and other key members of the organization to develop the strategic, operational and financial vision
- Manage day-to-day activities such as the financial close, planning and analysis, cash management, reinsurance accounting
- Work closely with underwriting and claims teams ensuring that I have direct interaction with both our business partners and reinsurance brokers
2020 VISION
This industry has been built on both service to the customer and response to our insureds. Reacting to changing market conditions while still being responsive will be critical to the industry’s near and long-term success. There may be a point when the actual insurance product is less significant, but service delivery and risk control will be the primary differentiators for all carriers to compete on.
Technological innovation to identify new opportunities will be a big component as we think about new products and how they are offered, while also keeping in mind the balance of profitability versus scale.
SUCCESS PATHWAY
The experience of immigrating to America and growing up in an immigrant environment helped lay the foundation for her success.
“I will always be able to draw on the strength I built while dealing with issues that a newcomer to this country faces. Seeking to understand another view-point has taught me to be inclusive and collaborative, to sit back and listen before sprinting to conclusions.”
She is inspired by taking on new challenges: getting excited about a reengineering project, leading a team toward a resolution and then implementing a fix.
“Being empathetic and actively listening has allowed me to effectively coach for performance and build relationships. I have found that former colleagues still lean on me for advice and mentorship many years later.”
Having the experience of leaning on others during my immigration to the U.S. and an appreciation for those who went out of their way to make me feel welcome ensures that I promote team collaboration and inclusivity while also setting the vision.