Insurica/Risk Services of Arkansas - February 2022

Insurica/Risk Services of Arkansas - February 2022

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GIVING OTHERS A NEW LEASE ON LIFE

With Blood and Organ Donations

F eb. 14 is one of the most celebrated days in America every single year. Most people recognize this day as Valentine’s Day, a time to celebrate romance and love with your significant others, but there’s actually another very important event that takes place on this day every year: National Donor Day. It’s an observance dedicated to spreading awareness and education about organ, eye, tissue, and blood donation. According to the American Transplant Foundation, almost 107,000 people in the United States are currently on the waiting list for a lifesaving organ transplant. This is the lowest that number has been in over 10 years. Instead of giving presents of chocolate, candy, and jewelry, you might want to consider becoming an organ donor or donating blood. By donating organs and blood, you are creating a living legacy with your generosity. I’m an organ donor myself, and I also donate blood pretty regularly. I was blessed with Type O-negative blood, which means it’s in high demand since it can be used in transfusions for any blood type. In fact, I usually get a call to come and donate blood as soon as the eight-week waiting period has passed since my last donation. It’s an opportunity I usually don’t miss because it’s an easy way for me to give back and help those in need. One of the most inspiring donation stories that I have ever heard actually came from our Chief Financial Officer, Ed Young. Back in the early 2000s, one of Ed’s neighbors named Phillip was having kidney failure. Phillip had already lost one kidney earlier in his life and started up dialysis after his other one began to fail. He went onto a waiting list while his friends and family got tested to see if they were a match. After failing to find a match, Ed and Phillip had a conversation about what steps would be taken if they found one.

Phillip stated that the donor would have to be O-negative, which Ed is. After discussing the process with Phillip, Ed took some time to pray about if he should step up or not. He finally asked his wife her thoughts on the matter, and she stated that he should definitely do it. Ed went through psych evaluations to ensure this was something he actually wanted to do and was informed that he wouldn’t notice a difference in his daily life with only one kidney. After discovering their creatinine levels perfectly matched — an incredibly rare occurrence — Ed felt like the decision was completely out of his hands. He was called on by a higher power to make this donation. They were ready by Christmas of 2003 to start the process, but it took five more months for the surgery to take place. The surgery went perfectly, and Phillip was out of bed before Ed was! Seventeen years later, both Phillip and Ed are going strong. Their daughters were matrons of honor at each other’s weddings, and Phillip even talked his way into Les Miles’ office to get Ed a signed Oklahoma State helmet as a thank-you present. Ed truly gave Phillip a second chance at life. If you’ve ever thought about becoming an organ donor or donating blood, there has never been a better time. The Red Cross is currently experiencing the worst blood shortage in over a decade. This has caused some hospitals to defer patients from major surgery, including organ transplants. Donating blood takes very little of your time, but it can be a life-changing difference for those who need it. If you’re still unsure, I would suggest that you do some research so you can see how beneficial blood and organ donations can be for those in need.

–Brad Johnson President, Risk Services of AR Specialized Insurance Programs for Specialized Industries. • www.INSURICA.com • 1

FROM ‘CAR GIRL’ TO CEO OF GM

MEET MARY BARRA

According to an interview with

Stanford Magazine, Mary Barra is a self-proclaimed red convertible “car girl.” Her

eyes gleamed as she talked about the day she first saw her cousin’s Chevy Camaro convertible, a late ‘60s vintage model.

The pandemic has made things incredibly difficult for many Americans who have faced job loss and struggle to feed their families. According to the U.S. Department of Agriculture, more than 38 million people, including 12 million children in the United States, are food insecure. But food insecurity did not start with the pandemic. It’s something that’s been affecting our country for a number of years, and one Pittsburgh woman decided something needed to be done. Back in 2015, Leah Lizarondo created 412 Food Rescue in an attempt to redirect food that was on its way to landfills to nonprofits and people in need. She decided the best way to move forward was to create an app that allowed volunteers to pick up the food and deliver it to the household or nonprofit in need. Through the app Food Rescue Hero, they have mobilized over 21,000 volunteer drivers within 12 cities and have recovered over 68 million pounds of food. A few years after launching their app and 412 Food Rescue, the nonprofit had made the necessary connections and was receiving hundreds of pounds of good food. Though they had the delivery service operating, they quickly realized there was no kitchen in their region that could turn the mass amount of donated food into meals. This led them to create their own kitchen in 2019 called the Good Food Project. The Good Food Project works to prevent waste by taking food that would go into the landfill and turning it into healthy meals that are ready to eat after being heated. They also made shelf-stable items and packaged everything in compostable containers to prevent any waste. Then they deliver the meals and items to other nonprofit partners serving the needy. Through dedication and perseverance, 412 Food Rescue is making a difference in their community and slowly expanding to new cities throughout the country. They are continuing to grow and work to curb hunger in the United States.

At that moment Barra knew she’d love cars forever, so she worked on cars as soon as she could. In fact, she was only 18 years old when she

started working for General Motors (GM). She worked her way up while earning a couple of college degrees, and she held multiple engineering and administrative positions at GM, including managing the massive Detroit/Hamtramck assembly plant. By 2014, Barra became the CEO of GM and was the first female head of a “Big Three” automaker in the United States. It was a dream come true — her appointment even earned her a spot on Time’s 100 Most Influential People in the World of 2014.

However, during her first year as CEO, GM faced one of the worst scandals in the U.S. auto industry: the GM ignition switch scandal.

Faulty switches resulted in 124 deaths and 275 injuries, which prompted the Senate to conduct an investigation. Barra’s court appearances led to a public outcry against GM, forcing the company to recall nearly 30 million cars due to their defective ignition switches. Although no federal charges were pressed against Barra or the GM executives, the company paid $120 million in settlement claims and offered $595 million to victims and families affected by the scandal. Barra’s subsequent actions became key. She fired 15 employees, including eight executives, for failing to respond quickly to the defective ignition switches. Additionally, she initiated GM’s shift toward electric-powered cars, including the Chevrolet Bolt EV, which became the first electric car with a range of 200 miles priced under $40,000, a milestone that warranted significant coverage. According to GM executives, a major reason for Barra’s corporate and entrepreneurial success is not only her passion for cars, but also her skill to listen and communicate well with others. Her “consensus approach” involves conducting town hall meetings to seek input from the majority of people, not just top management. This allows every employee to be heard, and that inclusive environment remains a crucial part of GM’s ability to thrive far beyond its darkest days.

2 • www.INSURICA.com • Specialized Insurance Programs for Specialized Industries.

Insurance Industry Growth in 2022

Swiss Re group chief economist Jerome Haegeli stated in the survey that “given its capacity and expertise in absorbing risks, the insurance industry is crucial in making societies and economies more resilient. Yet for inclusive and sustainable growth, everyone must be onboard.” Swiss Re’s study also states that the outlook for the insurance industry is boosted “by a strong cyclical recovery from the COVID-19 shock, but economic growth is expected to slow in the next two years due to an unfolding energy price crisis, prolonged supply-side issues, and inflation risks.” The study forecasts that global GDP growth will drop in 2022 by 1.5% from 2021. It will then drop another 1.1% in 2023. Inflation has the potential to affect nearly every business operating within our country and is fueled by the energy crisis and prolonged supply-side issues.

Over the last few years, the insurance industry has seen tremendous growth and an increase in premiums. As we continue through the early months of 2022, it appears that the global insurance industry will continue to grow even higher. For the first time, the global insurance market is set to exceed $7 trillion in premiums sometime in mid-2022. This is set to occur way sooner than anyone previously expected or predicted. According to Swiss Re Institute’s latest sigma study, insurance premiums are expected to grow by 3.3% in 2022 and 3.1% in 2023. Many people may be wondering why the insurance industry is seeing incredible growth, and the answer to that is rooted in our current pandemic. The COVID-19 pandemic has led to rising risk awareness in both the life and nonlife segments of the insurance industry. Swiss Re estimates that global nonlife premiums will grow by 3.7% in 2022 and 3.3% in 2023. Property-catastrophe rates are also expected to improve in 2022, and casualty rates will be stronger this year due to ongoing social inflation.

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Specialized Insurance Programs for Specialized Industries. • www.INSURICA.com • 3

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INSIDE This Issue Giving Others the Gift of Life page 1 How Mary Barra Helped GM Feeding the Hungry With 412 Food Rescue page 2

Insurance Industry Growth in 2022 page 3

3 Steps to Identify Your Business Value page 4

Feel Confident in Business!

We’ve all been taught that bragging is annoying, but when you’re afraid to identify your worth, it can really hurt your confidence and success in business. To prevent that from happening, here are three tips to make it easy to name your price! No. 1: Get to know your value. How do we figure out our value? Specifically, how do we come up with a quantifiable method to reach an exact, irrefutable number? Well, we don’t. The best place to start is deciding who you want to be in your business and industry and building from there. With a solid mission statement and concrete affirmations that support your value in the business, you’ll gain more confidence in arriving at a price point. 3 Steps to Identify Your Value

Keep your happy emails, texts, and reviews from clients and create an easy reference for instant, uplifting support. If a client seems happy, never be afraid to ask for a testimonial. Many people simply need to be asked, and they’ll be happy to provide one. In the same stride, consider the people who help you and your business every day and find ways to show appreciation. Passing that love around can make a huge difference in energizing the way you perceive your value.

No. 3: Make the final game plan. After considering what your offerings are likely worth, whom

you’re looking to serve, and what they’d be willing to pay, you can name your final price. After all, prices don’t fall from the sky. Without obsessing over it, look at what kind of value your competitors have set for themselves. That’ll give you a great starting point.

No. 2: Be open to receiving — and giving — love. Accepting compliments can be tough, but in business, compliments can be powerful catapults to your continued success. When you take time to notice all the people you’ve helped, the accomplishments you’ve achieved, and the difference you’ve made, the motivation it fosters is monumental.

Take good care of yourself, friends — and don’t forget that being confident can be a great way to do just that in your business.

4 • www.INSURICA.com • Specialized Insurance Programs for Specialized Industries.