When Carol Ann O’Dea is asked for advice from younger women in the industry, she is quick to tell them, “If you’d like to focus on raising a family, that’s understandable, but don’t give up work entirely, it’s very difficult to get back in the game.” She is quick to credit her mother, an elementary school teacher, with her own early career decisions. Growing up in Morristown, N.J. as one of five children in a single-parent household, she remembers her mother’s wisdom, “Make sure your training, education and the profession you chose will enable you to support yourself and your family. You never know what life may have in store for you.”

 

She often thought of her mother’s advice when she was working full-time and juggling raising three boys with her husband, a high school teacher and retired Naval Officer who was often gone for months at a time while serving in the Navy. “It seemed that every vacation day I had was dedicated to school plays, parent-teacher conferences, a sick child or regular doctor’s appointments, those things that parents at home just naturally schedule into their day. But I wouldn’t go back and do it any other way,” she says. “Once you leave the work force, it is very difficult to re-enter a specialized field of work, even at a much more junior level. And besides, I have always enjoyed my work and believe that working has made me a better and more patient parent! Talk about time management!” 

 

After starting her career as an attorney in private practice, O’Dea moved in-house after eight years into the role of Claims Attorney at Executive Risk Management Associates in the early 1990s. After learning the business, she moved from primary insurance to reinsurance at NAC Reinsurance, later XL Reinsurance and currently at Partner Reinsurance Company of the US. “Professionally, one of my best career decisions was the move to reinsurance. And next, and quickly gaining momentum on that #1 spot was joining PartnerRe.” As a claims attorney, she was directly involved in the day-to-day claims handling of individual files, including the analysis of complex litigation and coverage issues.   Although claims and underwriting interfaced to review loss history, policy terms, conditions and drafting, submissions and legal and risk assessment on individual risks, she knew she had more that she could add to the business and reinsurance has given her that opportunity. “In reinsurance I find that I tap into my training and resources as an attorney as well as my undergraduate degree in Economics,” says O’Dea.

 

In her current position, O’Dea oversees a department of 25 claims professionals responsible for the claims operations of the U.S. business of PartnerRe, a leading international property and casualty reinsurer. She sees the claims role in reinsurance as a strategic position, aligned with the business, underwriting, actuarial and finance. The overall functions of the department are to provide high-quality claims handling with transparent processes, accurate and fair decision making and timely payment of claims. The department serves external and internal clients by providing auditing functions, loss detail, claims aggregation and trending analysis and education to other departments and senior management. She pushes her department to keep abreast of court decisions and legal developments that affect the business underwritten by the company which adds value in their claims capacity while also furthering their professional development.    

 

She views the mentoring and professional development of her staff as vital for maintaining and retaining her department of qualified professionals.  “As a mentor, I’ve introduced colleagues to various professional organizations and supported their involvement, whether it’s serving on a committee or attending educational sessions. And for those women colleagues, groups like WIR and the AIPW offer wonderful networking opportunities with other professional women in our industry,” O’Dea says.  “I want to make sure that everyone has the resources available to them to help them perfect their skills, expand their knowledge base, grasp opportunities and live up to their career aspirations,” says O’Dea. “In a department such as Claims it may be thinking outside of the box as to what skills you can develop that are not traditionally within the claims handling function. I pride myself on the fact that PartnerRe was recently recognized in our industry for the development of an e-business claims workflow system, a system that required coordination between departments and innovative thinking and leadership. The Claims department took a lead role in the design and implementation of the system.” 

 

When asked what comes next, O’Dea is quick to focus on the current economic crisis. “During this very challenging financial crisis, it is important to stay focused and do what I do best. And that includes understanding the claim implications arising from the current turmoil in the financial markets and such monumental events as the federal takeover of Fannie Mae and Freddie Mac, the bankruptcy and sale of Lehman Brothers, the Federal Reserve’s loan to AIG, and the Emergency Economic Stabilization Act of 2008. And this knowledge and expertise needs to be shared appropriately throughout the department, across departments and with executive management.”    

 

Among the lessons O’Dea has learned during her career:

 

Education:		“Whether it’s formal and/or information education, I am a true believer that knowledge is a wonderful thing.  Our industry benefits from both primary and reinsurance Claims Analysts knowing about their company’s business, the exposures and risks, the applicable laws and litigation environment, and being ahead of the curve and of the first reported losses on a business.”
Good Advice:		“Make sure you listen. Listen with your ears, listen with your eyes, and listen to your instincts. And stay clear of knee-jerk reactions, especially when responding to emails. Knee-jerk reactions should be left on the horse track when you place that $2 wager on the horse with 21-1 odds just because the jockey is wearing that perfect shade of green silks!”
Women in Business:		“As a woman in business I have always relied upon my professional strengths and technical abilities to open doors, but we all can appreciate that there are at times a few obstacles along the way. I recall being told at one point in my career while attempting to negotiate a raise, that since I was married and could shop in the commissary, I didn’t need a raise. I did wonder what that had to do with my work product and truly have never forgotten the insult. I learned a hard lesson that day and it wasn’t just that I needed different negotiation skills!”
Health:		“First let me say, I feel great. When diagnosed with breast cancer five years ago, I looked at my young boys, my wonderful husband, my family and friends and knew I had way too much to live for. Some say I battled the cancer the same way I take on most challenges:  I educated myself, I sought out the best resources and doctors and faced the disease head on.   I continued to work throughout my treatment and my coworkers and company provided amazing support. One of the most endearing outcomes of my cancer battle is seeing how my sons demonstrate their strength and understanding by participating in cancer awareness programs, raising money for cancer research and coordinating teams for Relay for Life. The experience certainly grounded me and I have responded by making sure I live each day to the fullest!”
Work-Life Balance:		“Balance is probably not the right word to use when you are talking about work-life-children, it’s really more like a juggling act in the circus! When I was still in private practice and my husband often gone to sea for months at a time, I thought, ‘How can I do this?’ But I was young, full of energy and had wonderful day care. By the time I moved into reinsurance, my husband had retired from the Navy and began his career in education which provided the balance in our lives. And now as the boys are all older and the summer days are often spent golfing, I believe they often forget I am at work!”

 

 

Senior Vice President, Claims Manager, Partner Reinsurance Company of the U.S

Vice President, Claims Counsel, NAC Reinsurance Corporation, an XL Capital Company

Claims Attorney, Executive Risk Management Associates

Associate, Greenberg, Parenteau & Geraghty, P.C.,

Associate, D’Amato & Lynch, New York, NY

 

1986 New York State Bar, United States District Court, Southern and Eastern District of New York

1989 Connecticut State Bar

J.D., Fordham University School of Law, New York, New York 

B.A., University of Vermont, (Economics and Political Science) Burlington, Vermont