Deciphering the Surety Space with Kara Skinner

09/18/24 • 24 min

Kara Skinner is a third-generation surety professional with an extensive background in surety, helping clients understand and obtain surety credit. Over the years, Kara has worked with many surety companies, retail agents, obligees, attorneys, engineers, and contractors. She has managed the surety bond department of a major insurance wholesale brokerage. Kara is a past President of the Surety Association of Washington, a member of the National Association of Surety Bond Producers, and an active member of several committees of other insurance and construction organizations. In this episode of the In The Know podcast, Chris Hampshire and Kara dive into all things surety, including the process of how it works and how the 4,000-year history of surety is shaping the future of the industry.

Key Takeaways

From ballerina to bonds, Kara is a third-generation surety professional.
Surety is a financial product more than an insurance product.
The surety process from both the commercial side and performance and payment bonds.
An overview of the current state of the surety industry.
The most exciting elements of the surety aspect of the insurance industry.
Insights into the benefits of being a third generation in surety.
Kara’s advice for going out on your own, especially as a woman in the industry.
Lessons learned from forming her own business, starting with relationships.
The value of getting involved in professional organizations.
Sharing information about bonds so that everyone can access them.
Teaching, for Kara, started as a marketing idea.
Kara’s advice for anyone considering a career in surety.
Being a female CEO in a male-dominated industry.
Ideas for better supporting women of color in the industry.
Addressing the talent gap in the insurance industry.
The future of surety relies on its 4,000-year history, which includes typewriters.
A look to the fast-moving future of insurance.
Kara’s relationship advice for her early career self.

Quotes

“I like to say that surety is the opposite of insurance.”
“The idea in surety is that we underwrite to zero losses.”
“Surety is an exciting part of the insurance industry because it’s really different.”
“Going out on your own isn’t for everybody. It’s a lot of work, but I love it.”
“This is such a unique and different product that everyone needs to know about it.”
“I want to get other agents as excited about surety as I am.”
“The concept of surety has been around for 4,000 years. It’s the most archaic part of the insurance industry.”
‘The future is coming faster and faster, and we need to be ready for it.”

Key Takeaways

From ballerina to bonds, Kara is a third-generation surety professional.
Surety is a financial product more than an insurance product.
The surety process from both the commercial side and performance and payment bonds.
An overview of the current state of the surety industry.
The most exciting elements of the surety aspect of the insurance industry.
Insights into the benefits of being a third generation in surety.
Kara’s advice for going out on your own, especially as a woman in the industry.
Lessons learned from forming her own business, starting with relationships.
The value of getting involved in professional organizations.
Sharing information about bonds so that everyone can access them.
Teaching, for Kara, started as a marketing idea.
Kara’s advice for anyone considering a career in surety.
Being a female CEO in a male-dominated industry.
Ideas for better supporting women of color in the industry.
Addressing the talent gap in the insurance industry.
The future of surety relies on its 4,000-year history, which includes typewriters.
A look to the fast-moving future of insurance.
Kara’s relationship advice for her early career self.

Quotes

“I like to say that surety is the opposite of insurance.”
“The idea in surety is that we underwrite to zero losses.”
“Surety is an exciting part of the insurance industry because it’s really different.”
“Going out on your own isn’t for everybody. It’s a lot of work, but I love it.”
“This is such a unique and different product that everyone needs to know about it.”
“I want to get other agents as excited about surety as I am.”
“The concept of surety has been around for 4,000 years. It’s the most archaic part of the insurance industry.”
‘The future is coming faster and faster, and we need to be ready for it.”

Previous Episode

Embarking on a Career in Insurance with Ben Boas

Ben Boas is an Underwriting Trainee for Markel Specialty’s Environmental team in Richmond, VA. He graduated from the University of South Carolina’s Darla Moore School of Business in 2023 with a degree in Risk Management and Insurance, with a concentration in Business Analytics. Throughout his academic career, Ben completed various internships with Wholesale & Specialty groups as well as the Philadelphia Insurance Companies. He served as the University of South Carolina’s Gamma Iota Sigma chapter president and was a CPCU Society student member. He currently holds an ARM designation from The Institutes and is pursuing both his CPCU and ASLI designations. In this episode of the In The Know podcast, Chris Hampshire and Ben discuss his internship opportunities, how writing has impacted his career, and his experiences as a member of Gen Z entering the insurance industry.

Key Takeaways

Ben’s interest in golf led him to explore Risk Management and Insurance.
The internship and full-time position offerings of Gamma Iota Sigma.
Ben’s experience with WSIA internships was an experience like no other.
Key takeaways regarding networking in the insurance industry.
A Philadelphia insurance internship allowed Ben to learn more about the marketing aspect of the industry.
The role that networking played in Ben securing a position at Markel.
The value of earning designations throughout your career.
As a CPCU scholarship recipient, Ben began working on his designation before he graduated.
Attracting Gen Z talent to the insurance industry by effectively marketing the opportunities.
A look at the growing future of the insurance industry.
Ben’s goals for his career trajectory include emerging trends and an MBA.
A five-year look at the growth of technology use within the insurance industry.
Ben’s advice for his early-career self.

Quotes

“I felt I needed to give back and show students all of the internship and full-time positions Gamma Iota Sigma has to offer.”
“My internship with WSIA was an experience like no other.”
“I quickly learned how important the networking aspect is in the insurance industry.”
“Always continuing your education really can never hurt.”
“I was motivated by people with their CPCUs encouraging me and giving me advice to get mine.”
“The CPCU Society offers amazing network opportunities and a whole new community outside of your company.”
“Insurance is a lot more fun than it sounds... You can do a million different things in the industry.”
“The insurance industry utilizes every industry in business.”
“As long as you trust your connections and the people around you and the industry as a whole, you’re going to be where you want to be.”

Next Episode

The Innovation of RiskTech with Jo Lynn Clemens

Jo Lynn Clemens, CPCU, ARM, is the CEO and Founder of RiskKarma.io, a strategic risk intelligence solution to reduce claims and improve workplace culture. Jo Lynn has over 20 years of experience in risk, compliance, and litigation, which includes her role as president of JJC Insurance Services, LLC and her past experiences as an auditor for Underwriters at Lloyds of London, director of legislation and research for Arizona CPCU Society, regional chair for Claim Litigation Management Alliance (CLM), 2010 Delegate Ambassador to China for global Society of CPCU and special examiner to the insurance commissioner of Arizona’s Department of Insurance. Jo Lynn has served as a thought leader in artificial intelligence, insurance, compliance, and the future of work. She has also served as an expert panelist and speaker for the CPCU Society, the Claims Litigation Management Association, Arizona State University, and the International Association of Defense Counsel. Live from Risk World 2024 in San Diego, this episode of the In The Know podcast features Chris Hampshire and Jo Lynn for a conversation about the number one topic at this year’s RIMS RISKWORLD conference — the possibilities and future of AI.

Key Takeaways

Jo Lynn’s unique and varied journey in the insurance industry.
From the perspective of a mother, Jo Lynn is constantly looking at what the future holds and what society looks like.
Common litigation topics that can be addressed by AI.
Jo Lynn is working to create key risk indicators before risk occurs.
Utilizing AI to scrutinize department policies and practices.
Diversity quotients can be tracked by AI.
Does AI have the potential to truly revolutionize the insurance industry?
Addressing common concerns about AI.
Increased diversity efforts can help address the talent gap.
Jo Lynn’s experience as a female leader in the industry.
The current state of diversity in the insurance industry.
Technology in the insurance sector is improving and has a great future.
A five-year look at the future of technology.
Overcoming the challenges of technology adoption.
Jo Lynn’s message to those entering the technology facet of the insurance industry.

Quotes

“In insurance, you’re learning something new every day.”
“With the perspective of a mother, I’m looking at what the future holds and what society looks like.”
“AI has the potential to truly revolutionize the insurance industry.”
“This is just like the industrial revolution. People fear the unknown.”
“Diverse corporations not only perform better productivity-wise but the profits have been proven.”
“I see exponential change in the future of technology.”
“Technology is probably the most needed employment area of our industry.”