100 influential women in re/insurance
Why did you choose to work in the insurance industry initially? I was attracted to the actuarial profession and began taking exams in college. I was hired as an intern by E.W. Blanch working on the Monte Carlo simulation of tornadoes. I worked with Karen Clark and found the work fascinating. I was hired full-time to perform reinsurance treaty rating but really loved working with the new cat models. Blanch had a vibrant, stimulating, creative atmosphere and I got to work with really smart people who were changing the reinsurance and risk management landscape.
Name: Julie Serakos
Company: BMS Intermediaries Job:
Executive vice president, Catastrophe analytics
Timeline: 2011—Executive vice president, catastrophe analytics, BMS Intermediaries 2009—Executive vice president, property resource group, Willis Re 2001—Executive vice president, catastrophe management services, Willis Re 1998—Assistant vice president, risk advisory services, The St. Paul Companies 1997—Executive vice president, catastrophe management services, Willis Re 1989—Vice president, catalyst cat modelling services, E.W. Blanch Co
Julie Serakos is a pioneer in the cat modelling field having begun her career at E.W. Blanch Co. working on the world’s first catastrophe simulation models with Karen Clark of AIR and Hemant Shah of RMS. She was involved in the evolution of cat models over the years and in their application with various risk transfer products including ILWs, cat bonds and ILS structures. She developed some of the first portfolio optimisation
techniques and actively works with clients on concentration and capital management issues. Serakos consulted with the Florida Commission on Hurricane Loss Projection Methodology where she designed the format for cat model evaluation in Florida and worked closely with the Florida Hurricane Catastrophe Fund to perform the premium calculations for all member companies. She led the development of BMS’s proprietary geospatial analytics platform, iVision™. Additionally, Serakos built and managed highly-seasoned cat modelling teams for E.W. Blanch, Willis Re and currently, BMS. She heads the catastrophe analytics team, which supports
the catastrophe risk assessment needs of BMS’s reinsurance, wholesale and MGA clients.
90 | INTELLIGENT INSURER | 2015
What has been the highlight of your career so far? I feel really fortunate having been involved with the cat modelling industry since its birth. I have consulted with both AIR and RMS on their first versions of hurricane, tornado/hail and workers’ compensation models. I helped set up the Florida Hurricane Catastrophe Fund and the Florida Commission on Hurricane Loss Projection Methodology. I helped lead the portfolio risk management evolution of portfolio optimisation, concentration assessment, and risk driver identification. So it has not been one moment, rather, my entire career has been exciting as I have worked to apply cat models in greater depth and breadth.
What has been the biggest challenge you have encountered? Today’s challenge of building a company when the entire structure of our industry is changing is really challenging. It’s like an Indiana Jones movie where the walls shift and the floors give way and you need to think fast, leverage your experience, manage your people and find your way through the maze. It is challenging yet exciting and I am lucky to be working with really smart people who are up for the challenge together.
If you had chosen a different profession/career path, what would it have been? I have mentored other women professionals throughout my career and have had the opportunity to peer into the dynamics of other industries. I can honestly say I have yet to find another industry that offers what the insurance industry offers me: the challenge of solving really difficult problems; the ability to be truly creative in an approach to solving a problem; working with really smart people who encourage me to be better; the ability to help others achieve their objectives; and to interact with really clever scientists, actuaries, modellers, finance and capital advisors, underwriters, risk managers and executives who are all doing fantastic things in their field. I am not sure another industry exists with all the exciting things
that have happened (are happening) in the insurance industry and to be in a position to make a difference. Why would I choose a different profession? I love working for a company where I am helping to build something—I had that at E.W. Blanch, Willis Re and now BMS.
www.intelligentinsurer.com
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