Carole J. Banfield has been selected as this year’s recipient of the APIW Insurance Woman of the Year Award. Ms. Banfield is Executive Vice President of ISO.
A cocktail reception and award ceremony will be held in Ms. Banfield’s honor on Thursday, June 24, 2010, from 6:00 p.m. to 8:30 p.m. at the New York Marriott Marquis. Frank J. Coyne, Chairman, President, and Chief Executive Officer of ISO and Veririsk, will introduce Ms. Banfield at the event.
“We are proud APIW is honoring Carole’s many contributions to the insurance industry,” said Mr. Coyne. “During her four decades in the property/casualty insurance industry, Carole has risen through the ranks from assistant actuary to her current position of executive vice president, which she assumed in 1996. In this role, she acts as the chief custodian for ISO’s insurance lines database, which is one of the largest and most detailed in the world. She has also played a critical role in establishing the data management discipline at ISO and in fostering the growth of that specialty throughout the industry.”
Under Ms. Banfield’s direction, ISO supplies actuarial information, actuarial and data management consulting services, and cutting-edge research on various issues in property/casualty insurance. Also under her direction, ISO collects and compiles data from insurers and acts as statistical agent for all U.S. insurance regulators. In addition, she leads ISO’s Government Relations Department.
A powerful leader within her organization and industry, Ms. Banfield serves as an exemplary role model for women. She has been closely involved with the development and implementation of many of ISO’s principal insurance programs. Following the events of 9/11, Ms. Banfield spearheaded ISO’s efforts to obtain regulatory approval of policy form language for various terrorism exclusions. She was also instrumental in the development of ISO’s homeowners policy forms and the associated pricing and ratemaking procedures. She has testified at many regulatory hearings on issues related to those programs as well as commercial general liability programs.
Ms. Banfield serves on the Board of Directors of the American Society of Workers’ Comp Professionals (AMCOMP). In 2004, she received AMCOMP’s prestigious Donald T. DeCarlo Legends Award in recognition of her “lifelong outstanding achievements.” In 2003, she received the Helen M. Garvin Outstanding Achiever Award from the National Association of Insurance Women.
Well-known throughout the industry, Ms. Banfield is involved with state and federal governments and national regulatory organizations, such as the National Association of Insurance Commissioners (NAIC). Her NAIC activities include participation in and leadership of various NAIC working committees on statistical reporting.
Ms. Banfield is a member of the American Academy of Actuaries and an Associate of the Casualty Actuarial Society. She is past president of the Insurance Data Management Association (IDMA) and has been elected a Fellow in Insurance Data Management by IDMA’s Board of Directors. She currently serves on IDMA’s Board of Directors.
The annual APIW Insurance Woman of the Year Award, first presented in 1976, recognizes an exceptional woman who has achieved prominence in her profession and has made significant contributions to the insurance industry. In announcing this year’s award, Cynthia Beveridge, President of APIW, said: “APIW is proud to bestow this honor on Carole Banfield. She serves as an outstanding role model for both women and men and has been instrumental in the establishment of a formal mentoring program at ISO. Her mentoring, flexibility and accommodation of personal situations include both men and women. Her leadership and accomplishments, as well as her commitment to supporting and advancing women, are exceptional examples of all of the qualities that APIW looks for in the recipient of this highly prestigious honor. She has portrayed exemplary professionalism in all her activities and is highly respected both within her organization and within our industry.”
