The insurance industry is navigating a period of rapid change, driven by technological advancements, evolving consumer expectations, and global challenges. Companies that adapt to these trends and leverage technology effectively are likely to lead in the competitive market. Acadia Insurance specializes in commercial property casualty insurance. Our company began in 1992 insuring businesses in Maine. “Today we offer insurance programs for small and midsize businesses throughout New England and New York State with local offices in Connecticut, Maine, Massachusetts, New Hampshire, New York and Vermont. Acadia Insurance is a member company of W. R. Berkley Corporation,” says Simone Grimes, CFO, Acadia Insurance.
The Leadership Journey
Simone Grimes, CPA started her career, not in finance, but by venturing into the world of the culinary arts, opening restaurants and crafting speciality vegetarian delights. Her unexpected success in the culinary domain prompted a shift from perfecting recipes to navigating the intricacies of scaling a business.
In her early twenties, Simone found herself raising capital, presenting growth strategies to investors, and delving into the meticulous quantification and communication of key performance indicators (KPIs). Despite her relative inexperience, she viewed the capital entrusted to her as a personal mission to generously reward investors who placed their trust in her. As she approached her mid-twenties, she successfully expanded her culinary empire to encompass multiple restaurant and real estate assets.
As the business expanded, Simone was careful to ensure she had the full support and buy-in from the communities in which she operated.
Within a span of five years, she steered her ventures through a prosperous M&A disposition, culminating in a significant payday for everyone involved. This pivotal experience not only solidified Simone’s approach to subsequent endeavors but also instilled in her a profound understanding of the importance of delivering returns to shareholders, comprehending valuation multiples, fostering bottom-line growth, executing ambitious strategies, and building a team of talented and reliable individuals to support her vision.
Simone Grimes, armed with early career confidence and a burgeoning reputation in the business community, was recognized for her business acumen being offered the opportunity to play a key role in the insurance industry.
After two decades of experience in the financial services industry, including working with a large P&C carrier, auditing large banks and insurance companies with Big 4 public accounting firms, and close to a decade spent in real estate finance, she joined Acadia Insurance as their Chief Financial Officer in 2021.
Beating the odds
The escalating frequency and severity of global risks will require a renewed focus on the industry’s capacity and readiness to react as society’s financial safety net. Insurers will need to invest in proactive risk management by leveraging analytics, technology and the internet of things (IoT). By embracing cutting-edge technologies, insurers are seeking to detect and prevent threats early on.
The impact of three years of heightened M&A activity will reshape distribution channels and require insurers to adapt. As tech savvy customers continue to expect insurers to meet them where they are, insurers will need to invest in advanced technologies, which includes investing in augmenting employee’s skill sets. With an increase in technology, insurers are looking to AI to help them maintain a customer centric look and feel.
Prime Focus
Maximizing Risk Adjusted Returns, Nurturing Talent, and Upholding Integrity. In pursuit of maximizing long-term risk-adjusted returns, the business maintains a proactive approach, comprehensively assessing current exposures while anticipating the impacts of a dynamic environment on future risks. With a decentralized structure, the business remains intimately connected with customers, offering tailored and innovative solutions with swift decision-making capabilities.
The Work Culture
The team culture at Acadia is an embodiment of its guiding principles, which form the bedrock for a robust future. With an unwavering commitment to integrity, professionalism, and ethical conduct in all endeavours, Acadia places a premium on achieving financial objectives to ensure strength, viability, and continued investment in both its people and business. The culture is characterized by a relentless pursuit of improvement, rejecting complacency and embracing a proactive stance to enhance operations.
Influencing the Industry
“We still have a long way to go in terms of proving out the ESG hypothesis statements. There is much more to be done to demonstrate above average returns for sustainable investing which means creating quantifiable metrics that resonate with Wall Street. The cumulative flow of investments into US ESG funds has been flat to slightly negative since the first quarter of 2022. So much of ESG is qualitative, which makes it challenging to get to materiality. I am hopeful that Artificial Intelligence will help reinvigorate this space because of the immense amount of data it can access and analyze. If you can incorporate the immense computational capabilities of an AI model into crunching all the data with transparency that will bring legitimacy back to it,” adds Simone.
Achievements
Being the first in the U.S. to receive the Mindful Employer Designation, Acadia Insurance underscores its dedication to prioritizing people within its business framework. This accolade symbolizes a steadfast commitment to fostering purposeful work, engaging leadership, and overall well-being for all employees. The designation is a testament to Acadia’s proactive approach, as reflected in the results of an anonymous survey crafted and conducted by Mindful Employer.
Advice to the Young Entrepreneur
Simone Grimes’ words to young business leaders is to not shy away from the financial services sector as a great place to make a difference for society while having a great career. The finance industry has historically been a catalyst for progress. Financial products shape behaviours (both instances) and help organizations manage through economic and societal changes. Young business leaders who invest in the industry and are ambitious enough to develop new products and services could help shape behaviours and norms for years to come, and in so doing help create the society they want to see.
- Visit Simone Grimes – LinkedIn Profile
- Visit Acadia Insurance – Company Website
