Personal Insights and Takeaways from the 2024 Larson Insurance Summit

December 2, 2024

The 2024 Larson Insurance Summit was a perfect opportunity to learn, connect, and have a little fun! I had the chance to work with our Insurance Practice Group, led by Allison Johnson (Larson Audit Partner who specializes in insurance), in preparing and planning for the conference. I was so excited to see it all come together last week! I got to see a side of the industry that’s not just about technical talk but also about building relationships in creative ways. Below is my list of takeaways if you missed the summit and want to know what happened—or if you attended and have other insights to share—I’d love to hear your thoughts!

Key Takeaways from Expert Sessions

2024 Utah Laws and Rules Update

Susan Speirs (CPA, CGMA, CEO of the Utah Association of Certified Public Accountants) gave a deep dive into legislative updates and recent changes to Utah’s CPA licensure requirements. For me, the big takeaway was how important it is to stay on top of these updates, especially as we work on hiring and supporting new CPAs.

Insurers’ Response to a Changing Economy

Kyle Timmerman (Parkway Advisors)’s session was a great reminder of how much economic trends and Federal Reserve decisions impact insurers’ financial strategies. As an auditor, it’s crucial for me to stay on top of these shifts, and Kyle shared some practical tips for my clients who might need to adapt to these changes.

Captives—Wait, Insurance Companies Use Those?! Tell Me More!

I really enjoyed getting to hear from Jesse Olsen (CPCU, ARM, COO of Helio Risk), an expert in captive insurance. It was helpful to get a comprehensive background on captives and learn more about how captives can be used to create long-term growth for insurers. I had the opportunity to talk with Jesse before and after the conference and appreciated learning about his background and experience in the industry. Overall, the presentation had some great insights that I’ll bring into future conversations with clients.

Risk-Focused Exam Basics

Cambria Shore (CFE, MSA, Chief Financial Examiner, Utah Department of Insurance), shared some useful strategies for preparing for regulatory exams. As an auditor, having our clients prepared for full-scope examinations is key and can help significantly with the yearly insurance audits that we perform. Cambria gave some solid advice on improving documentation and using tech to make the process smoother.

Guide to Investing in an Election Year

Kyle Coffey (CIMA, Capital Group), talked about how markets tend to behave during presidential election years. His session was a great reminder of how important long-term investment strategies are, especially when things get a little volatile. It gave me some good talking points for my clients who are navigating these uncertain times.

Recent IT Threats and Best Practices for Insurance Companies

Andrew Wan (CPA, CFE) and Cameron Hodson (CPA, CISA) led an important session on IT threats facing insurance companies. With all the increasing risks—like business email compromise (BEC), ransomware, and deep fakes—staying ahead of cybersecurity issues is critical. Their advice on developing and improving privacy standards was a key takeaway that I know will come in handy for my clients dealing with IT compliance.

Networking and Fun Moments

The summit wasn’t just about the sessions—there were opportunities to connect with people too. We had office golf, ping pong, and I had a blast running the nerf gun networking station! It was a great way to break the ice and meet new people. Plus, the nerf gun prize—a massage gun—was a fun and clever touch!

It was also great catching up with old co-workers, meeting new clients, and getting to know some amazing people in the industry. Having the event at Larson’s offices was a nice touch and made it feel even more connected to the community.

What It Means for My Work

As an auditor, the summit reminded me why I love what I do—working with insurance clients who challenge me to think differently and stay sharp. The sessions on economic trends, regulatory updates, and cybersecurity were particularly relevant to my work, and the insights I gained will help me better support my clients in navigating these changes.

I’m excited to take everything I learned and apply it to my audits and client relationships in the coming year. The summit was a great mix of learning and connecting, and I’m already looking forward to the next one!

Larson and Company has developed a suite of services specifically to serve the need of insurance companies of all sizes in a wide range of industries. Learn more about our free educational training clips for insurance accounting.