Of course, the industry must also adapt to the new reality of the pandemic. Kappler says the pandemic raises questions about business interruption insurance in particular, and for most policies, pandemics like the one caused by Covid-19 were never planned as part of coverage. Kappler points out that the company has provided all sorts of support to individuals, but “that doesn`t mean it`s a perfect solution. I spend a lot of time communicating with managers to make sure they are very close to their employees, understand their individual needs, and are as supportive and flexible as possible to support people. As Executive Vice President and General Counsel at Prudential Financial, Ann Kappler is responsible for law, compliance, business ethics and external affairs and a member of the executive team. She was appointed in September 2020 after serving as the firm`s Assistant General Counsel and Head of External Affairs for six years. In this role, Kappler oversaw Prudential`s corporate functions, including mergers and acquisitions, litigation, regulatory law and corporate investigations. She also led the company`s public advocacy and led all activities in federal, state and international government affairs. She spent ten years at Jenner & Block, where she became a litigator, in Washington, DC. She joined the appeal practice, but knew she wanted to work on topics that were both impactful and interesting.
Kappler joined the firm`s large First Amendment practice and subsequently worked with clients representing insurance company sellers or distributors. She has worked with regulators and legislators and has had the opportunity to deal with legislative issues. For example, Prudential Financial is involved in a significant number of real estate investments. As a result, the company is studying where this investment is geographically located and whether it is a vulnerable area. “It was a fascinating area for me,” says Kappler. “It seemed ideal to think about issues from a public policy perspective in the legal field, where I was able to use my litigation skills, my regulatory skills and learn a lot about the financial sector.” Looking for another way inside, she found a place at Prudential Financial. She joined the team in 2009 as Vice President, Chief Legal Officer, Corporate Services. In a few years, she held three other interdepartmental positions. In the fall of 2015, she assumed the role of Senior Vice-President, Assistant General Counsel and Chief External Affairs Officer prior to her current position. “It was a great experience for me, both professionally and personally,” she says. “It`s a great group of people to work with. And it`s a company with a mission that I believe in – it serves a social purpose, both in the United States and in every country we`ve worked in, in terms of managing financial fragility and improving people`s lives by solving their financial challenges.
But beyond company-wide transformation, Kappler says it “has the luxury of supporting an incredibly strong department. I didn`t feel the need to go in and shake anything. Instead, I feel it is my responsibility to make sure he stays that strong. In 2019, the IBA released a report presenting the results of a landmark global survey on bullying and harassment in the legal profession. The report found that 45% of corporate lawyers reported bullying and 98% of incidents occurred in the workplace. Twenty-six per cent of in-house counsel who participated in the survey said they had experienced sexual harassment. However, the Covid-19 pandemic has undermined some of their transition plans. “What I really miss and regret is not being able to go and meet all my department colleagues,” she says. In the fall of 2020, Ann Kappler assumed a new role as Executive Vice President and General Counsel of Prudential Financial Insurance Company. It comes at a time of transformation for the business and pandemic-induced disruption to the world, as In-House Perspective reports. After six years as Senior Vice President, Assistant General Counsel and Chief External Affairs Officer, Kappler was very willing to take on this role when his predecessor, Tim Harris, retired.
In total, she has 12 years of experience in the company in various functions. She took on this role at a time of change for the company. “As a company, we`re looking for a transformation initiative that will get us where we want to be over the next ten years,” she says. Her next step led her into the house. She received a phone call asking if she wanted to work at Fannie Mae, the U.S. Federal National Mortgage Association. “It was a time when I was ready for a change, and I was interested in going indoors, especially at Fannie Mae, because it`s a goal-oriented business that aims to create housing, with great efforts around affordable housing.” However, this period turned out to be a good one, as Kappler became more sensitive to the needs of the company`s employees. Kappler is part of the company`s racial justice task force to address the effects of systemic racism. The Task Force takes a three-pronged approach: to examine internally and consider what could be done about the recruitment, development and promotion aspects of the talent pool; from a business perspective, how the company can create more opportunities to reach underserved markets, particularly the middle market, which includes the Black community; and finally, a policy perspective in which the working group examines where the company can use its voice to drive change, including through corporate social responsibility.
She compares the situation to the way the U.S. has thought about issues such as flood insurance or even terrorism. “You need a solution that is sort of a combination of the private sector and government, because it`s hard to understand how the insurance industry can cover all the risks,” she says. “It takes a partnership, because it`s not like you can accurately measure the pandemic and look at how most insurance companies are run from a [statistical] perspective. The problem is simply not understood enough to be able to draw it that way. Beyond the pandemic, Kappler emphasizes that workplace culture is key to retaining a diverse and engaged workforce. She believes that this culture is extremely important, whether in a law firm or a company, in terms of the organization`s ability to achieve its goals. “If you have a business where some people feel intimidated, discriminated against, or unable to fully get to work, then your business is not fully utilized. So that`s something that`s really close to our hearts at Prudential. Kappler wants to avoid this fate for employees. “As senior executives of the company, we don`t want to get away from the idea that women have taken a step back because they have had to limit their working lives to support their family life,” she says.
The company has also been at the forefront of examining the environmental aspect of environmental, social and corporate governance considerations, Kappler says. It highlights Prudential Financial`s sustainability report, an initiative that has been underway for several years. Environmental concerns are crucial from the point of view of the impact on companies, but also from the point of view of commercial interests. “Where things are going, especially for the life insurance industry, is to think about the exposure of your investment portfolio to climate collapse,” says Kappler. Kappler learned a lot from Fannie Mae and eventually became executive vice president and general counsel. “I learned how to interact with a board, lead a department and be a leader.” Scott Sleyster is Executive Vice President and Head of Global Operations at Prudential Financial, Inc. In this role, he oversees Prudential`s global insurance business, which develops, distributes and serves individual life, retirement and related financial insurance products for markets around the world. Despite Covid-19, a survey of employees in Kappler`s department and the entire company showed that employees are highly engaged and have a high level of confidence in the company`s purpose. “We have incredibly smart, engaged people and we`re a goal-driven company that we truly believe in as individuals,” she adds. Ann Kappler assumed leadership as Executive Vice President and General Counsel of Prudential Financial Insurance Company.
Since the beginning of September, she has been responsible for law and compliance, business ethics and external relations. Nick Silitch is Senior Vice President and Chief Risk Officer of Prudential Financial, Inc. In this role, Silitch oversees Prudential`s risk management infrastructure and risk profile across all lines of business and risk types.