Why Attending Insurance Conferences Is a Smart Investment (and how to make your case to attend)
Insurance conferences are not just industry events. They are great opportunities for insurance training, networking, and professional growth. Whether you’re a broker trying to stay ahead of market trends, an underwriter improving risk strategies, or a lawyer looking for new clients, these conferences help you keep up in a fast-changing industry. In this article, we’ll discuss:
- the value of attending insurance conferences
- how to convince your employer to let you go and pay for the cost, and
- how managers can choose who should attend.
- Bonus content: top insurance conferences to attend this year!
The Unique Value of Insurance Conferences
Attending conferences such as RIMS, PLUS, or NetDiligence Cyber Risk Summit provides a wealth of benefits that extend beyond the individual attendee. Here’s why these events matter to different roles within the industry:
Brokers:
- Anticipating Client Needs: Staying ahead of market trends enables brokers to offer innovative solutions to their clients proactively.
- Building Relationships: Networking with underwriters, reinsurers, and other market players helps strengthen partnerships and uncover new opportunities.
- Competitive Edge: Demonstrating knowledge of emerging risks and products solidifies your role as a trusted advisor.
Underwriters:
- Data-Driven Decision-Making: Insights from conferences help underwriters better understand emerging risks like cyber threats or climate-driven exposures.
- Industry Connections: Meeting brokers and buyers in person fosters trust and improves collaboration.
- Professional Development:
Many conferences provide insurance training through workshops and seminars tailored for building underwriting technical skills and regulatory knowledge.
Insurance Buyers:
- Optimizing Risk Strategies: Learn about innovative insurance solutions to mitigate risks while reducing costs.
- Vendor Selection: Direct access to vendors allows buyers to compare offerings and negotiate favorable terms.
- Leveraging Trends: Staying informed about developments in risk management empowers buyers to make better purchasing decisions.
Lawyers and other Vendors:
- Business Development: Networking opportunities open doors to new clients and partnerships.
- Brand Exposure: Conferences often include opportunities to sponsor or exhibit, amplifying your brand visibility.
- Deeper Client Understanding: Engaging directly with insurance professionals provides insights into their challenges, enabling tailored service delivery.
Making the Case for Conference Attendance (As an Employee)
Securing employer support to attend a conference often requires a persuasive and practical pitch. Here’s how to make your case effectively:
- Link Attendance to Company Goals:
- Identify how the conference aligns with your organization’s strategic priorities. For instance, if cyber risk is a focus, point to relevant sessions or networking opportunities at events like NetDiligence Cyber Risk Summit. Be specific, go through the agenda, and highlight topics and speakers you’ll gain valuable insights from.
- Focus on Tangible Outcomes:
- Offer to prepare a comprehensive report or presentation to share actionable insights with your team. Show how the knowledge gained will directly benefit projects or operations.
- Present a Detailed Cost Breakdown:
- Create a clear budget that includes registration fees, travel, and accommodations. Highlight opportunities to save, such as early bird discounts.
- If you can afford it, offer to pay for some of the costs – see it as an investment in your future.
- Propose value-added opportunities to maximize ROI, such as scheduling client or underwriting meetings while at the event.
- Explain how you’ll manage your workload while away at the conference.
- Emphasize Long-Term Impact:
- Position the conference as an investment in your skills and knowledge, which will benefit the organization well beyond the event itself.
Selecting the Right Attendees (As a Manager)
When budgets are limited, managers need to be strategic in deciding who attends conferences. Consider these factors to maximize your investment:
- Align Attendees with Conference Objectives:
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Consider which team members will benefit most. For example, one person may need specific insurance training to enhance technical skills, while another could focus on insurance networking to develop key relationships. Perhaps, you could even send two employees together to strengthen teamwork or allow a more experienced employee to mentor a junior colleague. Think creatively about how the event can maximize professional growth and teamwork, while also ensuring attendees can represent the company effectively, such as negotiating partnerships or showcasing thought leadership.
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- Use Objective Criteria:
- Base decisions on performance, contributions to team goals, and potential for growth. Avoid favoritism or unconscious bias by using clear, measurable standards.
- Create Rotation Opportunities:
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- Establish a system where employees take turns attending conferences. This ensures everyone has a fair chance while still rewarding high achievers.
- Track Results:
- Ask attendees to share what they learned or how they applied new knowledge. This helps demonstrate the value of conference participation and keeps the whole team engaged.
Top Insurance Conferences to Watch
Here are some of the most impactful insurance conferences globally:
- RIMS Annual Conference & Exhibition: A flagship event for risk managers, bringing together global experts to discuss trends and solutions.
- PLUS Conference: Focused on professional liability insurance, this conference offers deep dives into niche areas like D&O and E&O coverage.
- NetDiligence Cyber Risk Summit: Essential for professionals navigating the fast-changing cyber insurance landscape.
- Insurance Innovators: A global platform for discussing the future of insurance and technological advancements.
- National Association of Insurance Commissioners (NAIC) Events: Critical for understanding regulatory trends and industry standards.
- InsureTech Connect: The largest conference dedicated to insurtech and digital transformation in insurance.
Takeaways
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- Insurance conferences provide valuable opportunities for insurance training and insurance networking, helping professionals grow their skills and connections.
- Employees can gain practical knowledge, improve their careers, and bring new insights back to their organizations.
- Managers should strategically select attendees to maximize return on investment and foster team development.
- Employees should take the initiative by building a strong case for why they should attend. This takes energy and effort – consider it as a personal investment in your career!
- Events like RIMS, PLUS, and NetDiligence keep you informed and competitive in the evolving insurance industry.
- Start planning your conference attendance now to stay ahead and drive growth in your career or business.