The recipe for building a billion-dollar-premium commercial insurance operation from nothing in four years involves mixing a new model for doing business with a supportive and visionary executive team, a fast-paced collaborative and diverse group of “A-level” players, and a leader with a will to win.
Executive Summary"Better...stronger…faster." With apologies to the "The Six Million Dollar Man," Michael Chang, one of the P/C insurance industries few Black executives, described his determination to outpace the 13-year build of a $0.5 billion insurance operation he commanded at Chubb, when he signed on to create a strategic business unit with integrated industry verticals under Sompo International, addressing what's different in his second go-around with a model focused on industry verticals rather than lines of business, and his influence in developing a diverse group of senior leaders for his Sompo Global Risk Solutions team.
During a recent interview with Carrier Management, Michael Chang, the executive who leads the Global Risk Solutions business of Sompo International, described the model—an integrated industry vertical model—and his customer-focused team as part of his explanation to a question about why profitable growth has come quickly at Sompo International.
“Better…stronger…faster.” With reference to the introduction of the iconic 1970s TV character, “The Six Million Dollar Man,” Chang also described his determination to outpace a 13-year build to $0.5 billion in premium leading a smaller operation at Chubb.
In addition, he discussed the mental toughness that carried him forward to become one of the few Black executives in the property/casualty insurance industry in the excerpted interview below.