FORTY Under 40: Naomi Baumann
Naomi Baumann, vice president, claims and insurance services, FCCS.
Baumann brings more than 15 years of experience in commercial insurance, risk management and claims operations. In her leadership role, she oversees strategic initiatives focused on optimising claims management, strengthening loss prevention practices and enhancing partnerships across the insurance ecosystem. Her expertise spans complex claims, professional liability and programme development, with a strong focus on operational excellence and supporting long-term organisational resilience.
She plays a key role in supporting the Farm Credit Captive Insurance Company, helping safeguard the institutions that finance agriculture and rural communities across the US. Through disciplined governance, thoughtful coverage strategy and stakeholder education, her work contributes to the stability and sustainability of organisations that underpin the nation’s food and agricultural system.
Beyond her professional role, she serves on the board of the Denver chapter of the Claims Litigation Management (CLM) Alliance, where she advances industry collaboration, education and professional development among claims and litigation professionals.
Committed to continuous learning and leadership growth, Baumann is currently pursuing her MBA at Louisiana State University, further strengthening her strategic and business leadership capabilities within the insurance and financial services sectors.
Looking back at your journey over the past year, what accomplishment are you most proud of, and how has becoming a FORTY Under 40 finalist influenced your perspective on that achievement?
I am most proud of the work my team and I have done to expand and evaluate new coverage solutions for the farm credit system. These efforts help strengthen institutional resilience and reinforce our commitment to delivering long-term value through the farm credit captive insurance programme.
In parallel, my involvement in our governance initiatives revealed an opportunity to better support and educate board members – both in understanding their risk oversight responsibilities and in gaining deeper insight into how our captive insurance programmes support their organisations. Strengthening that connection between governance and insurance strategy has been especially meaningful.
This work required close collaboration across legal, underwriting, risk management and executive leadership, as well as translating complex insurance concepts into clear, practical guidance for boards and stakeholders. Seeing increased confidence and engagement from our members affirmed the value of transparency and disciplined processes.
Being named a FORTY Under 40 finalist has encouraged me to step back and recognise the broader impact of that work. What initially felt like operational improvement is part of a larger effort to strengthen trust, governance and long-term sustainability within captive insurance structures. The recognition reinforces my commitment to leading with integrity and a long-term perspective.
What key challenge did you face in your work this year? How did you overcome it and what did it teach you about leadership at this stage of your career?
One of the most significant challenges this year involved navigating complex coverage questions where legal interpretation, stakeholder expectations and governance considerations did not always align. In these situations, the pressure to provide immediate answers can be high, yet the long-term implications require thoughtful analysis.
Rather than prioritising speed, we intentionally slowed the process – engaging the right subject matter experts, conducting a comprehensive review and carefully documenting our reasoning to support defensible outcomes. This approach helped align stakeholders while preserving the integrity of the captive’s coverage framework.
The experience reinforced that leadership at this stage is less about having the fastest answer and more about creating clarity, building trust and ensuring decisions can withstand scrutiny over time. It also underscored the importance of communicating complex issues in ways that empower others to make informed decisions with confidence.
In what ways have you tried to push innovation or rethink traditional approaches within your sector, and what impact has that had on your team or organization?
Captive insurance programmes often evolve incrementally, but emerging risks require more proactive thinking. Over the past year, I have focused on expanding how captives deliver value beyond traditional risk transfer by strengthening loss prevention initiatives, enhancing vendor risk oversight, and identifying opportunities to modernise coverage structures that address evolving operational exposures.
We have also prioritised education and transparency – providing practical guidance and risk insights that help members proactively manage exposures rather than react to losses. Internally, this has encouraged a more strategic mindset within our team, reinforcing that our role extends beyond claims handling to long-term risk stewardship.
The result has been stronger stakeholder engagement, greater alignment around risk mitigation efforts, and a shared understanding that the captive is not simply an insurance vehicle, but a strategic asset supporting institutional resilience.
“Strengthening that connection between governance and insurance strategy has been especially meaningful.”
How do you see your role evolving over the next three to five years, and what initiatives are you most excited to pursue as you continue to grow professionally?
Over this period, I see my role evolving from operational leadership toward broader strategic influence within the captive insurance and risk management landscape. I am particularly excited to advance initiatives that strengthen governance frameworks, enhance risk transparency for boards and modernise coverage solutions to address emerging exposures such as cyber risk, vendor dependency and evolving liability trends.
I am also passionate about expanding education and thought leadership efforts that help organisations better understand the strategic value of captive insurance. By equipping stakeholders with practical insights and clear decision-making frameworks, we can strengthen long-term programme sustainability and resilience.
As the industry continues to evolve, I hope to contribute to shaping how captives balance innovation with disciplined risk management.
Many of the FORTY Under 40 winners are recognized for both business success and broader impact – how do you balance professional excellence with contributions to your community or industry landscape?
I believe professional excellence and broader impact are deeply connected. Within my organisation, I strive to elevate understanding of risk management and captive insurance through education, mentorship and collaborative leadership. I am especially committed to helping colleagues and stakeholders build confidence in navigating complex insurance decisions.
Beyond my immediate role, I contribute to industry dialogue and knowledge sharing, recognising transparency and shared learning strengthen the captive insurance community as a whole.
Personally, I also prioritise being present for my family and community. That balance grounds my perspective and reinforces the importance of stewardship, responsibility, and long-term thinking – values that guide my leadership approach both professionally and personally.
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