Operations
Operations has broad responsibilities that include everything from technology and data analytics to security partnerships. In short, every employee relies on and is impacted by the work of our operations team.
Q&A With Jack Falvey, Chief Operating Officer
Jack is the son of Falvey Insurance Group’s founder, J. Michael Falvey. Jack joined the company in 2012. Starting as a business analyst before being promoted to VP of Group Operations and is currently our chief operating officer. Jack earned his degree from the D’Amore-McKim School of Business at Northeastern University.
How does your department support Falvey Insurance Group (FIG) as a whole?
JF: The operations team is made up of two divisions: Data and Innovation, and Products and Programs. The Data and Innovation division handles all system and process development responsibilities for the entire group. Working with various departments to find solutions to the problems they run into daily. In addition, Data and Innovation also handle all of our analytics and modeling projects, providing insights and information to the underwriting teams.
The Products and Programs division is responsible for all aspects of our relationship with our security partners. Including contract review, facilities set up, annual facility renewals, and new product development. Products and Programs encompass our licensing and compliance team, whose role is to ensure our entire group operates smoothly and in agreement with all state regulatory requirements.
The two operations divisions together are focused on ensuring every department within Falvey can operate effectively and with the best information possible.
What is your department’s area of expertise?
JF: Essentially, the operations team’s primary focus is problem-solving and reporting. The team identifies internal demands and develops solutions to meet the needs of each department, while also working on strategic development to keep Falvey moving forward. Additionally, this department handles company-wide reporting to ensure effective communication.
How has your department evolved over time?
JF: Operations started with just me back in 2012, so it has changed a lot (for the better!). Initially, operations only focused on reporting and analytics. In 2016, system and process development was rolled under the department; and in 2018, facility management was also brought under us. Currently, we have a team of six people who manage these expanded responsibilities.
What differentiates Falvey Operations from others in the market?
JF: I believe Falvey challenges the norm more than others in the market. The operations team continually looks at things from a fresh perspective and always prefers to start with a clean sheet of paper. As a result, we can be more transformational and innovative. Other companies try and simply adjust existing processes to meet needs, rather than tailoring the solution completely for the need.
What is your favorite Falvey Operations success story?
JF: Luckily, we have several success stories, but I think there are two that I’m most proud of for our department. First is the establishment of the $175 million Pollution Facility (the largest admitted solution for vessel pollution ever created) that utilizes a unique model to meet the market’s needs. Second is becoming the first cover holder to be backed by the new algorithmic syndicate KI.
What’s something that excites you about the future Falvey Operations?
JF: Our opportunities in the future are limitless. As a sneak peek, we are creating a new model for the insurance market, which we will hopefully be unveiling soon.