As the Senior Risk Management Advisor at SambaSafety, Michael Carcione acts in an advisory capacity for insurance brokers and carriers seeking to refine their risk management processes. Carcione has over 10 years of industry experience and holds an active New York State Property & Casualty Brokers License. Prior to joining SambaSafety in 2022, he worked on both the retail and reinsurance sides of the business at HUB International and Guy Carpenter New York, respectively. Carcione recently earned his Associate in Risk Management (ARM) designation. This, coupled with his deep industry experience, allows him to offer additional support to companies partnering with SambaSafety to reduce risk in their portfolios.
We recently sat down with Carcione to discuss his role at SambaSafety, the challenges facing the insurance industry, how technology is driving smarter risk management strategies and much more. Read on to dive into the discussion and schedule a free portfolio assessment.
Q: Tell us about your current role at SambaSafety.
Carcione: At SambaSafety, I work closely with brokers and insurers to help them identify opportunities to improve their risk management strategies. My prior industry experience gives me a unique perspective on the challenges organizations face, particularly in commercial auto. Whether it’s navigating marketplace hardships or addressing how risk exposure impacts renewals and program placements, I understand the complexities involved.
A key part of my role is conducting complimentary assessments for brokers and insurers. These assessments help uncover areas where risk can be better managed, providing actionable insights that can make a real difference in their portfolios. By pairing my industry background with the technical expertise of our Solutions Consulting team, I’m able to help our partners build stronger, more effective risk management programs.
Q: What inspired you to focus on helping insurers and brokers reduce risk?
Carcione: Having worked as a broker, I know how challenging it can be to place a commercial auto policy, especially in today’s market where insurers are reducing capacity or exiting certain lines altogether. Brokers play a critical role in helping fleets differentiate themselves and ensuring policyholders are accurately represented. At SambaSafety, we provide solutions that empower brokers and their clients with comprehensive risk profiles, improving transparency and strengthening marketplace positioning.
I get excited about being able to introduce something new to the traditional world of that broker-carrier relationship. At SambaSafety, I’m able to share solutions that I didn't have the luxury of utilizing when I was on the broker side of the business. It’s rewarding when I can help remedy a lot of the challenges they are facing in this market.
Q: What are some common challenges the insurance industry faces in addressing risk?
Carcione: The insurance industry faces several significant challenges in addressing risk, particularly in the commercial auto market, where profitability has become increasingly difficult to achieve.
One major issue is capacity limitations, as financial backers have grown more risk-averse. This has reduced coverage options in high-risk regions and lines like commercial auto. Rising claim costs, increased loss frequency and economic pressures have further hardened the market, leading to stricter underwriting standards and higher premiums. Factors such as expensive vehicle repairs, higher medical costs, larger jury awards and the growing prevalence of distracted and inexperienced drivers exacerbate the problem.
Labor-intensive processes also present a hurdle, such as manual workflows and site visits, which delay underwriting and drive up costs. Adopting reliable, automated data systems is critical to streamlining these operations and improving efficiency.
Finally, maintaining data integrity is essential for profitably underwriting risks. Proper due diligence and leveraging innovative risk management solutions help insurers balance growth with smart risk selection, reducing surprises later in the policy lifecycle. Inflation, supply chain disruptions and rising reinsurance costs add further financial strain, forcing insurers to adapt by raising rates, tightening underwriting criteria and seeking proactive strategies to mitigate risk.
SambaSafety’s 25+ years of experience and focus on adapting to client needs make us a trusted partner for insurers and brokers seeking innovative solutions to navigate these challenges and manage escalating exposures effectively.
Q: Are there any recurring themes that present themselves in your portfolio reviews?
Carcione: A topic of conversation I encounter quite often during portfolio assessments is insureds overlooking hired and non-owned scenarios, such as sales teams or administrative staff using personal or rented vehicles for work-related activities. While most organizations will specifically target fleet or regulated drivers for their risk and safety program, they don't consider non-owned auto exposure. However, this oversight can significantly impact the commercial auto line if a claim arises. All individuals driving on behalf of the organization, regardless of vehicle ownership, are tied to the commercial auto policy. A comprehensive risk management program should account for every potential driver.
Learn More About Our Complimentary Portfolio Assessment
Q: Tell us more about the complimentary assessments that you conduct. Do you have an example of a significant risk that you have uncovered?
Carcione: We conduct two types of assessments:
1. Portfolio Analysis: The first focuses on analyzing commercial auto portfolios. In one analysis, we found that drivers with major violations were 34% more likely to have a claim, and those with minor violations were 22% more likely. Monitoring violation frequency allows insurers to address high-risk drivers proactively.
2. Gap Analysis: The second type of assessment is a gap analysis, where we review an organization’s insurance program holistically to identify overlooked risks. For instance, we’ve found cases where seemingly minor physical damage incidents have broader implications on the insured’s attractiveness in the marketplace due to frequency. These ripple effects highlight the value of proactive risk management that extends beyond individual claims.
Knowledge is power, and a lack of awareness can lead to significant consequences. For example, if a driver’s suspended license goes unnoticed until an accident occurs, the organization could face litigation, higher claims costs and damage to its reputation in the insurance marketplace.
Q: How should insurers and brokers integrate and analyze additional data sources?
Carcione: Insurers and brokers should focus on partnering with vendors that adhere to industry standards and have a strong market reputation. Working with a provider that serves a larger percentage of the market ensures access to reliable, standardized data for benchmarking and trend analysis.
Solutions promoting data sharing and transparency are essential for creating a unified view of risk. At SambaSafety, we provide portfolio insights that allow insurers and brokers to compare risks across organizations and regions under one lens, helping them make informed decisions more efficiently.
Q: What role does technology play in helping insurers and brokers reduce risk?
Carcione: Technology plays a transformative role by enabling dynamic, real-time risk management. It creates a "living, breathing ecosystem" where data is continuously updated and actionable, allowing insurers and brokers to adapt strategies as exposures evolve.
This shift has raised industry expectations, pushing insurers to portray risks with greater precision and transparency. Over time, this improves decision-making, enhances pricing accuracy and strengthens the overall insurance marketplace by addressing poor risks more effectively.
Q: What advice would you give insurers going into 2025?
Carcione: Keep an open mind about technology and its potential to transform workflows. The industry is evolving rapidly, and waiting too long to adapt could leave organizations struggling to catch up. Even if you’re not ready to act today, start researching tools that can materially improve your processes over the next few years.
Q: How can insurers and brokers get started with a complimentary assessment?
Carcione: We’ve helped countless brokers and insurers improve commercial auto workflows and reduce costs. If you’re struggling with loss ratios, premium leakage or increased claims, I’d love to help. The process begins with understanding your goals and providing a risk-free analysis to uncover opportunities for improvement.
Ready to uncover actionable insights into your policyholders’ driving behaviors and risk control program gaps? Learn more and schedule a free portfolio assessment by visiting the link below!
