SIFM Young Professionals represent a growing and dynamic group within our organization. “Spotlight 2020” articles are a series of interviews with some of these outstanding young leaders in the insurance industry.
Here’s what Joseph Randazzo has to share:
FAVORITE PROJECT
Monthly Reporting Package Standardization
With departments presenting reports in many formats, the CEO wanted a standardized view. As the project leader, Joe worked with executives, managers, and IT personnel to develop a team to create an automated, standardized monthly report package. It is now used to manage the operating side of GNY, reducing the time to develop a monthly report by almost 90%.
RESPONSIBILITIES
- Liquidity management ensuring the optimization of investible funds to portfolio managers
- Financial planning including financial and expense budgeting, closing expense and depreciation schedules
- P&L statements and KPI reports
- NY state regulation 500 compliance
- Transition of reporting to Tableau visualization dashboards
2020 CHALLENGES
One of the challenges our industry faces is keeping up with technology. Most companies want to take advantage of available new tech opportunities. However, many companies encounter three challenges: people, systems and cost. The key is finding the right insurance professionals with the technical experience to drive these initiatives. Working with cross-functional teams is imperative for the successful implementation of a project.
SUCCESS PATHWAY
Joe learned leadership skills early and deploys them daily. Growing up in Brooklyn with an accountant mom and a small business owner dad, Joe chose to attend college in NYC, allowing him to continue working for his dad.
Playing sports was also an important part of his life and taught Joe the skills needed to work with different situations and foster a winning attitude among all the players.
Those two links from childhood to AVP, playing on sports teams and working for his dad, emphasized the skills needed to get along with different personalities and diverse situations. Now, his goal is to develop a mutual respect with his team members so that they can together achieve personal, department and company goals.