Metlife Investment Management and Allstate Investment are refinancing a 48-story, 444-unit, apartment tower in Chicago’s Streeterville.

Northwestern Mutual Provides $127M Refi For Luxury Chicago Apartment Tower – Commercial Observer

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Northwestern Mutual Co is headquartered in the United States. The company's line of business includes the underwriting of life insurance.

Northwestern Mutual

THE NOUN AND THE PRONOUN

Lewis Carroll – author of Alice's Adventures in Wonderland – once wrote, “every story has a moral you just need to be clever enough to find it.” For instance, the pandemic has taught us that things can always take an unexpected turn. But how can one protect against this kind of event? One of the options would be to purchase some sort of insurance policy. COVID-19 Of course, it won’t prevent the unexpected from happening; however, if the inevitable occurs, you will receive some sort of payouts, such as covering funeral expenses, death grants, etc. No surprise, the worsening of the epidemiological situation across the globe has triggered a spike in the number of life policies sold last year. To be more precise, Northwestern Mutual, the largest seller of life insurance last year in the US, a 15% jump in the number of life insurance policies it sold between April and September, versus the same time last year. AccuQuote, an online insurance marketplace, on the other hand, has seen its policy sales grow about 30% because of the pandemic. registered The question then should be asked – Unfortunately for the companies, together with an increase in sales, also surged payouts on policies. It is that the non-life insurance industry has received over 1 million COVID-related claims in the first quarter of the current fiscal year, higher than in the entire FY21. In this context, it shouldn’t be a surprise that the vast majority of from the sector lost in value. does it mean that the insurance industry was able to benefit from the coronavirus crisis? estimated companies More precisely, the average market capitalization of publicly-traded life and health insurance companies in the U.S. by 13.4% in 2020. EBITDA multiples also dipped in the first quarter of 2020 as the market reacted to the economic fallout of the COVID‑19 pandemic and recovered throughout the remainder of the year. decreased A suggests that lower interest rates also had repercussions for life insurance companies, as they are particularly sensitive to long-term interest rates. The net effect on balance sheets will depend on the asset duration compared to the liability duration. Life insurers typically have liabilities that are longer in duration than the assets available in markets. Hence the net effect of a long-term reduction in on balance sheets is likely to be negative. study interest rates In the case of companies providing contingency, travel, and event cancellation policies, things went even worse. Just one reinsurer has an event cancellation exposure of €500 million. Now, imagine the number of travel insurance policies activated and the scale of event cancellations and postponements – from the Tokyo Olympics to weddings. It is the same story with marine and cargo insurers. Similar to the case of marine hull and cargo, the aviation industry and its insurers face challenges from decreased demand and changing exposures. estimated Companies providing general liability insurance also suffered an important hit. Long story short, businesses that continued operating until lockdown faced claims for infecting customers with COVID-19. As a result, insurance companies were forced to increase their policy premiums. The only problem is that such an increase may lead to customer drop-outs. For that reason, insurers have to be pragmatic about the share of cost increase they want to pass onto the customers without shrinking the overall demand substantially. What is going to happen next? Despite recent recovery, the long-term impacts of the pandemic remain uncertain and insurance companies face many changes and challenges. To recover the momentum, insurers will have to deploy new technologies to reinvent their core for mitigating both short- and long-term impacts of the pandemic. Looking forward, industry revenue is expected to increase over the next 5 years as premium prices are expected to rise. Similarly, interest rates are expected to rise, increasing expected portfolio returns.

Did Insurance Companies Benefit From COVID-19?

Product Managers have to work with a wide range of stakeholders -- business leaders, engineering teams, and tech leaders to ensure the success of a product. Advancing Women in Product - NY Chapter In our May 12th panel, AWIP chatted with Product and Tech leaders across industries at companies like Northwestern Mutual, Meetup, and Dropbox to get their perspective on how they’ve fostered communication and built credibility to leverage and influence product strategy as a team. Our six seasoned product and engineering leaders include: , Product Manager, Head of Programming AWIP NYC Chapter; , Director of Product, Northwestern Mutual; , Senior Director of Engineering, Northwestern Mutual; , Product Manager, Dropbox; , Engineering Manager, Dropbox; , Product Leader, Morty; , Engineering Manager, WeightWatchers Sonia Gupta Sandra Lin Dana Hart Marley Spector Ping Ma Maurice Chen Lori Hutchek Fostering Communication & Collaboration: How do you build consensus with key engineering stakeholders: Engineer, Tech Lead, Director of Engineering. How does communication vary across these stakeholders? : I try to have a good understanding of initial scope and timeline considerations. With that in mind, I go back to the engineering team on proof of concepts and take time to address the pros and cons of each approach. Sandra Lin, Northwestern Mutual In terms of communication, with engineering teams -- we address the tasks at hand. With a Director of Engineering, the focus shifts more towards looking at our product portfolios and aligning those with key metrics, helping address resourcing constraints and cross-functional considerations. Consensus between engineering and product always starts with alignment around common goals and the service or value we are trying to deliver to our users. This alignment needs to happen as early as possible -- the working team should be involved in understanding the ask and thinking through solutions. Knowing that solutions ultimately come from the team is a healthy way to build consensus around implementing the solution. Maurice Chen, Morty: What is one thing you want PMs to make sure they contribute and take away from 1:1s with the engineering team? What types of discussions should PMs be prepared to have during these meetings? Marley Spector, Dropbox: I can’t stress the importance of understanding the morale of the engineering team. Understand where they want to go in their careers so that the projects put in front of them are inspiring. It can be hard to have that insight in the work-from-home era, but it's something worth focusing on in 1:1’s. In addition to that, more specific to the product, I encourage teams to share the KPIs that we have in mind. Continuously track how these products are doing -- where users tend to drop off, how conversions occur, and what our goals for our users are. Sandra Lin, Northwestern: And echoing the note above, it’s also important to get to know the team on a personal level to help them understand where and how they want them to grow. Even the best teams, run into mistakes, miss deadlines etc - how do you approach difficult conversations when something has not gone according to plan? To follow up, how do you ensure a positive attitude moving forward? : Communication is key. We start to scope our larger features months in advance and don’t always know what issues we might hit closer to the release date. Be honest about these issues with senior management and try and understand what scope we can reduce. Over-communicate on the issue at hand as soon as it arises -- what’s happening, why is it happening, is progress still being made, what are our potential solutions that mitigate the problem at hand? Dana Hart, Northwestern It’s also important to note that we (Product and Engineering) approach these issues as a united front. There is no blame passed around for the slippage and it's important to champion the work that is being done. It helps to communicate the potential impact of our decisions as we are evaluating any slippage in dates. In addition, we also do a pre-mortem -- where we think of everything that can possibly go wrong so that we’re truly aware of all the risks. What’s happened, why has it happened, and try our hardest not to throw blame anywhere. Marley Spector, Dropbox: It helps to bring the focus back to the user. By focusing on the user impact, these difficult decisions and projected solutions become more objective and it becomes easier to implement. Ping Ma, Dropbox: As a woman working with potentially all-male engineering counterparts, it can be challenging to work in a role where you’re the minority - how to ensure that you’re bringing your best? How do you find mentors? What are the steps that one can take to help themselves and other women in their organization succeed? To be honest, a lot of my mentors have not been women due to the nature of engineering. It’s been about finding someone who has been a good role model, regardless of gender, and who wants to help you grow and expand beyond what you think you are capable of. I’ve had my mentors ask me: “Why can't you, why shouldn’t you, why would you limit yourself in those respects” when opportunities have presented themselves. Look for those people that push you in the organizations you’re a part of and find little nuggets of mentorship wherever you can. Lori Hutchek, WeightWatchers: Dana Hart, Northwestern Mutual: First and foremost, for all the women out there, believe in your ideas. You need to have your own ideas in order to have the self confidence to be able to stand up to your peers. Take up mentorship opportunities either internally or through organizations like Women in Tech, Advancing Women in Product. Find your people to help support you. We don’t have a lot of female peers. You have to be confident in yourself, and in order to do that you have to be prepared, buttoned up. There has been an upward trend of women in product roles, which has been great to see. It helps to expand your network across female leaders. And giving back and mentoring females and engineers is another way to help others grow into some of these roles to challenge gender imbalance. Sandra, Northwestern Mutual: Join our online community at to participate in live events and conversations for advancing your product management career. advancingwomeneinproduct.org By Haarthi Sadasivam, AWIP Programming Lead Credits: Thanks to the Advancing Women in Product NYC Team and our speakers

Collaborating for Success: Product and Engineering Leadership

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[Photo by on ] 贝莉儿 NG Unsplash Creating sustainable value should be the goal of any company. Leaders can steer the course with long-term vision, models for growth, and a well-oiled work environment. “Persons merely excelling in such areas [as book learning and technology] are nothing more than component parts of a colossal mechanism of the state and society. People of ability are creative people who untiringly pursue lofty ideals, who have rich individuality, and who can make free and effective use of their knowledge and skills.”–Daisaku Ikeda Several decades ago, Japanese philosopher Ikeda defined value creation essentially as “the capacity to find meaning, to enhance one’s own existence and contribute to the well-being of others, under any circumstance.” In narrowly defined financial terms, value creation means creating revenue, which exceeds expenses, which results in a profit, or value, to the stakeholders. Management guru Peter Drucker broadened this narrow notion of business value creation, when he said: “Indeed the modern organization was expressly created to have results on the outside, that is, to make a difference in its society or its economy.” Like Drucker, I believe that the implicit–and explicit–expectation is that businesses should “do good” for others: The ultimate objective is to produce a wealth of new ideas, profound change, dynamic innovation, and sustainable opportunities. To create such value, it requires: driving long-term vision; creating for growth; and fostering synergistic eco-systems. platforms In order to create a real difference, leaders must set their sights on the long-term goals and not get trapped staring at the short-term numbers. Success isn’t measured solely by balance sheets, and focusing on quarterly returns isn’t going to work for the long haul. Volatile times can’t be avoided, but we can be ready for any disruptions in society with a long-term plan that supports our vision and enables us to create meaningful value. Consider the following vision statements: “To bring inspiration and innovation to every athlete* in the world. *If you have a body, you are an athlete.” Nike: “The IKEA vision is to create a better everyday life for the many people. We make this possible by offering a wide range of well-designed, functional home furnishing products at prices so low that as many people as possible will be able to afford them.” IKEA: None of these vision statements actually talks about creating financial value for themselves. Alfred Rappaport, Professor Emeritus at Northwestern University’s J. L. Kellogg Graduate School, in his book, , calls for conquering the addiction to short-term profit–and getting on the path to building long-term value by: Saving Capitalism from Short-Termism Gaining the commitment of senior management and the board to long-term value creation as their governing objective Incentives that reward CEOs, operating-unit managers, and front-line employees for delivering superior long-term value Performance fees that align the interests of investment managers and shareholders. Actively managed funds with concentrated holdings and long investment horizons that tilt the odds in favor of better long-term shareholder returns. He argues that if corporate and investment leaders do not address the problem of short-termism, more financial crises may be in store–and they are likely to be more severe and broader than the meltdown in 2008. The trade-off is clear: We can continue to pursue short-term profit at the expense of economic vitality, individual financial security, and perhaps even the dominance of the free-market system itself. Or we can take the responsible path and generate innovation, quality, growth, and value over the long term. Platforms for Success and Growth The term “platform” is used in a variety of contexts. Early on, it was often a synonym for “operating system” for computing. But today it is used to describe a variety of scenarios. A business platform creates an environment to accelerate operations, get closer to customers and partners, unlock innovation, and drive efficiencies. Tech giants like Microsoft and Google have mastered this, but every industry needs a platform that can propel it to the next level. Take English business magnate Richard Branson, who built a platform that has evolved into the Virgin Group of more than 400 companies. With an iconic brand punctuated by his unorthodox renegade image, Branson has never let change impede his long-term goals. He launched an audio-record mail-order business in 1970 and created Virgin Records two years later. That music and media business became Virgin Megastores. By the time the digital music revolution forced him to shut towering stores, he’d already expanded his brand, starting in the 1980s, when he set up Virgin Atlantic Airways. He’s never slowed his ambitions to extend his platform, beyond Earth even, with his latest plans to build an orbital space launch system. His platform is that of business structure, brand and a unique management culture. A business platform has the following key attributes: It attracts a wide variety of communities of interest. To thrive, these communities should be managed and nurtured. Building a community around a platform enables us to build our business more effectively with the enthusiastic help of customers, suppliers and partners. It does not discriminate between small and large customers or partners. Creating Sustainable Ecosystems A successful business platform drives a living-breathing ecosystem. In an ecosystem–a network of interlinked organizations, such as suppliers and distributors, interact with each other, primarily complementing or supplying key components of the value propositions (benefits for customers) within their collective products and services. James F. Moore, author of The Death of Competition defined “business ecosystem” as: “An economic community supported by a foundation of interacting organizations and individuals–the organisms of the business world. Over time, they coevolve their capabilities and roles, and tend to align themselves with the directions set by one or more central companies. Those companies holding leadership roles may change over time, but the function of ecosystem leader is valued by the community because it enables members to move toward shared visions to align their investments, and to find mutually supportive roles.” Today every leader must nurture a healthy business ecosystem to achieve long-term success. It’s the structure we form around our organizations to get through the bad times and thrive in good times. It’s that environment that allows us to partner with differing individuals and groups who bring unique perspectives and skills. A sustained ecosystem provides us with: New capabilities and process extensions that can be integrated into existing processes. Innovation and improvements through partner/customer feedback that is easier to generate, evaluate, and implement. Business opportunities that can be accessed more quickly and efficiently. Copyright © 2017 by Faisal Hoque. All rights reserved. I am an . Founder of and other companies. Shadoka enables aspirations to lead, innovate, and transform. Shadoka’s accelerators and solutions bring together the management frameworks, digital platforms, and thought leadership to enable innovation, transformation, entrepreneurship, growth and social impact. entrepreneur and author SHADOKA Author of “ ” (McGraw Hill) and “ ” (Motivational Press). Follow me on Twitter . Everything Connects — How to Transform and Lead in the Age of Creativity, Innovation and Sustainability Survive to Thrive: 27 Practices of Resilient Entrepreneurs, Innovators, and Leaders Faisal Hoque Use the Everything Connects leadership app and Suvvive to Thrive resiliancy app for free.

NORTHWESTERN MUTUAL

northwesternmutual.com

11-50 employees

Since 1857

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NORTHWESTERN MUTUAL

EVERGREEN INDEX #8194

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NORTHWESTERN MUTUAL

northwesternmutual.com

11-50 employees

Since 1857

COMPANY RANKING

NORTHWESTERN MUTUAL

EVERGREEN INDEX #8194

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