2006 Women to Watch: Trish GettyPosted On: Oct. 8, 2006 12:00 AM CST
Chief Executive Officer/Executive Director
Assn. of Insurance and Reinsurance Run-Off Cos.
Trish Getty has been active in the insurance and reinsurance industry for more than 40 years. She spent most of her career in the area of reinsurance claims, cutting her teeth with Berkshire Hathaway’s National Indemnity Re, where she spent the first 12 years of her reinsurance career. After serving in several management positions in the reinsurance industry, in 2004, she worked with a handful of insurance veterans to form the Assn. of Insurance and Reinsurance Run-Off Cos. as a way for insurers and reinsurers to address the common concerns associated with run-off business and to work together to identify solutions to their common problems. Serving as its founding CEO and executive director, Ms. Getty has built AIRROC in less than two years into an association with 55 members, including many of the world’s largest insurers and reinsurers.
Q: Who has had the greatest influence on your career and why?
A: "Art Betz, who was the director of reinsurance claims throughout the ’70s and early ’80s at National Indemnity Re. He was a son of a college professor, so he also loved to teach and I became his student and he my mentor. He taught me to be 100% honest; he grilled me on reinsurance and primary coverages; he pushed me into taking several insurance courses; and he gave me the confidence that I could achieve my goals. I owe so much to him."
Q: What advice would you give young women entering the industry today?
A: "Don’t allow your gender to impede your progress and achievement of your personal goals in the industry. Keep your nose to the grindstone and learn everything possible about your sector of the industry and then more. Be creative to identify more efficient and cost effective ways to achieve results. Identify a mentor in your industry who will freely advise and guide you. Don’t be afraid to be a leader and never compromise your principles."
Q: If you had the ability to change one thing about the industry what would it be?
A: I wish we could revert to a gentleman’s world emphasizing ethics, fairness and trustworthiness, which seems to be missing today. There should be some sort of penalty mechanism in place, for example, for reinsurers that do not pay on a timely basis without a contractual or reasonable reason for nonpayment. I wish that regulators could recognize this problem and develop a mechanism or process for penalties and be prepared to implement them.