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MARCH 2024 FURTHERING THE HIGHEST STANDARDS OF CLAIMS AND LITIGATION MANAGEMENT Leveraging Nuclear Verdict Defense Methods in Mediation Avoiding the Tentacles of Danger: The Reptile Evolves, Part II Matthew Smith Discusses Retirement, His Career, and the Industry’s Challenges and Opportunities Reflections on a Four-Decade Fight Against Fraud MARCH 2024 DIGITAL EDITION SPONSORED BY:888.CUSTARD Building Partnerships Since 1962. Providing quality Independent Adjusting and TPA Services in a wide range of areas, including: f Transportation f Property / Catastrophe f Heavy Equipment f General Liability f SIU Excellence in Claims Handling. CUSTARD.COMMARCH 2024 FURTHERING THE HIGHEST STANDARDS OF CLAIMS AND LITIGATION MANAGEMENT Leveraging Nuclear Verdict Defense Methods in Mediation Avoiding the Tentacles of Danger: The Reptile Evolves, Part II Matthew Smith Discusses Retirement, His Career, and the Industry’s Challenges and Opportunities Reflections on a Four-Decade Fight Against Fraudvertexeng.com EXPERTSWITNESS our When you need expert witness and consulting services that go beyond the basics, trust VERTEX to deliver excellence at every step. VERTEX specializes in forensics, commercial damages, delay analysis, government contracts, environmental, construction, and surety work. Our professionals bring subject matter expertise and unparalleled responsiveness ensuring thorough analysis and strategic insights. Witness what VERTEX can do for you. EXPERT WITNESSES ARCHITECTS ENGINEERS CONSTRUCTORS COST & SCHEDULING EXPERTS FORENSIC ACCOUNTANTS ENVIRONMENTAL SCIENTISTS INDUSTRIAL HYGIENISTS VERTEX Project # 10071: Boston University Center for Computing & Data SciencesTHECLM.ORG/MAGAZINE CLM MAGAZINE 3 MARCH 2024 DIGITAL EDITION SPONSORED BY: CLM MAGAZINE MARCH 2024 CONTENTS 22 REFLECTIONS ON A FOUR-DECADE FIGHT AGAINST FRAUD Matthew Smith discusses retirement, his career, and the industry’s challenges and opportunities 28 NUCLEAR DETERRENCE Leveraging the nuclear verdict defense methods during mediation 32 AVOIDING THE TENTACLES OF DANGER The reptile evolves, part II: decoding plaintiffs’ attorneys’ tactics 38 A TRUE CHAMPION RISES CLM Lifetime Achievement Award winner Caryn Siebert discusses her career and work with CLM 39 BETWEEN THE LINES How have you worked within the industry to promote women in insurance? 40 NATIONAL News and verdicts that affect you from across the country 42 VOICES Getting to know Anoush Holaday, partner and director of associate success Wood Smith Henning & Berman LLP FEATURES 4 FRONT DESK Celebrating women in insurance 8 THE RISE OF AI Assessing the impact on workers’ comp claims handling 12 UNDERSTANDING THE GAME IN ORDER TO WIN Current trends in cyber claims and cyber insurance 16 NAVIGATING CANNABIS LEGISLATION AND INSURANCE CHALLENGES Unraveling the layers of complexity COLUMNS 22 28 32 8 42 39 12 16 AROUND THE CLM 38 >>>4 CLM MAGAZINE MARCH 2024 A publication of DIRECTOR OF CONTENT Phil Gusman ASSOCIATE EDITOR Angela Sabarese ASSISTANT EDITOR Fran Clark ART DIRECTOR/ PUBLISHING OPERATIONS MANAGER Jason T. Williams EDITORIAL QUESTIONS Phil Gusman phil.gusman@TheCLM.org CHIEF EXECUTIVE OFFICER Ronna Ruppelt VP PARTNERSHIPS Jeremy Campbell SENIOR ACCOUNT EXECUTIVE Laurel Metz ACCOUNT EXECUTIVE Megan Josd ADVERTISING QUESTIONS Jeremy Campbell jeremy.campbell@TheCLM.org 513-377-7228 MARCH • ISSUE 2 • VOL. 8 REPRINTS For reprints and licensing please contact Jeremy Campbell at jeremy.campbell@TheCLM.org or 513-377-7228. CLM Magazine is published monthly and covers news and topics of interest to insurance claims, risk, and litigation management professionals. Copyright © 2024 by the CLM. All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without prior written permission of the CLM. The views expressed in the articles are solely those of the authors or those interviewed and do not necessarily reflect the views or opinions of CLM or the companies in which the authors are employed. March is Women’s History Month and we’re celebrating the amazing women in our community in departments throughout this issue! In writing this column, I reflected on my own journey and the landscape for women in our industry today. Although so much has changed in the past three decades, we still have a ways to go. Women make up just 7% of insurance sector CEOs. On the flip side, we hold 40% of board seats in insurance, according to the Bureau of Labor Statistics. And 30 years ago, I never believed I would see the day where 104 women in the insurance industry are promoted to manager for every 100 men—which is higher on average than other industries. Now that’s worth celebrating! My career path has followed a long twisting road paved with hard work, fascinating learning opportunities, and, most importantly, fun—from arguing before the Ohio Supreme Court one month after passing the bar to stepping into my role as CEO of CLM. I am so grateful that, along the way, I benefitted from the encouragement, support, and guidance of so many people, including my family, friends, and professional colleagues. While the proverb, “It takes a village” is usually applied to child rearing, I believe it really applies to how we as a world community come together to support and lift one another. In hopes that my experience can be of value, I would like to pass on my top five things I’ve learned along the way: 1. Ensure you have subject matter competence and substantive expertise. 2. Be yourself. Lead with emotional intelligence. 3. Develop and maintain relationships. Be the person that others talk about positively when you’re not in the room. 4. Have a good work-life balance, so you bring a whole person to the table. 5. And most importantly, be kind. These learnings apply to everyone, not just women. And the “it takes a village” approach means women showing up for themselves, supporting each other, and men creating space for women and the unique perspectives we bring. As you flip through this issue and read about the wonderful women in our industry, I encourage you to pause and reflect on what we can all do to celebrate and support women, no matter where we are in our journey. All the best – Ronna Ruppelt, Esq. CEO ronna.ruppelt@TheCLM.org LinkedIn.com/in/ronnaruppelt P.S. I am excited to be sharing more of my personal story and insights during a webinar celebrating Women’s History Month with our colleagues at The Institutes on March 19. To sign up, use the QR code. Hope to see you there! 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