Data plays a critical role in insurance, whether by providing benchmarks to secure competitive rates and terms in the market or giving policyholders a more accurate view of their risk exposure.

Data will continue to drive industry trends, says Maddie Bega (pictured), vice president of real estate at Risk Placement Services (RPS).

“Insurance will always be a relationship-based business, but data is the differentiator in providing the strategy and expertise to ensure better outcomes for clients,” said Bega.

When it comes to modeling, data can provide more accurate risk assessments and enhance insureds’ awareness of the risks to their property from severe weather events.

“When models tell us how vulnerable an account is to flooding, we can help our clients and partners make better decisions about coverage limits and better protect insureds against these evolving risks,” Bega explained.

How to become a rising star

A passion for data is just one part of what has accelerated Bega’s career at RPS, where she has been recognized as a “rising star” in the sector.

For young professionals aiming to expand their expertise, Bega stresses the importance of mentorship.

“Finding a mentor who is keen to help train the next generation and develop talent is crucial,” says Bega. “My mentor not only taught me everything about insurance coverage, but also taught me the soft skills needed to work in business.”

Among these skills, says Bega, are the importance of listening to the customer and really understanding their needs, being willing to accept feedback, and being flexible to learn from experiences.

“Getting yourself back is so important in this industry,” Bega said.

For Baja, another key trait of rising stars in the industry is simple: “Pick up the phone. Early in your career, you’re trying to build relationships with carrier partners and customers, and you can learn more from face-to-face conversations than from back-and-forth emails.”

Dealing with the complexities of building and managing a book of business while expanding into new areas requires a strategic approach. For Baja, she stresses the importance of understanding customer needs and providing detailed information to underwriters.

Having become a mentor herself, Pega is able to help set the standard for emerging professionals in the industry.

“I have benefited from this myself, and it is something I try to pass on to others,” she said.