Peter Woo named Asian American Insurance Network chairperson, president

Peter J. Woo has been appointed board chairperson and president of the Asian American Insurance Network (AAIN), a non-profit organization dedicated to the professional development and growth of Asian-Pacific Islander (API) professionals in the insurance and business industries.

“I congratulate Peter on his new role as Board Chairperson and President of AAIN,” said Ana C. Shields, Long Island office managing principal and leader at Jackson Lewis P.C.’s Financial Services Group. “Peter is an excellent example of the caliber of attorneys we have at Jackson Lewis, and we look forward to his contributions as he works with the organization to advance its mission of fostering and advancing a culture of inclusion and belonging within the insurance and business industries.”

Echoing these sentiments is Kimya S. P. Johnson, chief diversity, equity & inclusion officer and principal at Jackson Lewis P.C. “I am delighted that AAIN has appointed Peter as Board Chairperson and President,” Johnson said. “As one of the founders of AAIN, Peter proactively sought to address gaps in representation and support for API professionals in the insurance and business industries,” Johnson said. “By creating this network, he continues to distinguish himself within the firm and the industry. We look forward to seeing how the organization will grow and strengthen under Peter’s leadership.”

AAIN’s mission

According to Woo, the overarching mission of AAIN is to provide a platform to amplify Asian-Pacific Islander professionals in the insurance industry and business community at-large. “AAIN seeks to do this through its four pillars: mentorship, education, networking, and social awareness.  We have seven committees where we are furthering each of these four pillars throughout the United States and internationally,” he said.

Woo saw the need to co-found AAIN because after speaking with a number of major carriers and brokerages, it was clear that there was no holistic organized group that is dedicated to the professional advancement of API professionals in the insurance industry.

“Our organization seeks to amplify professionals in all segments and lines of insurance in industry – from personal lines, P&C, specialty lines, reinsurance, excess and surplus, and workers’ compensation. Our network consists of members who are actuaries, underwriters, brokers, producers, claim professionals, in-house counsel, risk management professionals, and everything in-between,” he said.

Woo’s top AAIN priorities

As president and board chair of AAIN, Woo said that his role is to be a champion for all API professionals in the insurance and business industry as a whole.  “I work with my 13 other working board members to build and sustain strong and robust programming for our members and for the insurance community.  We partner with many other companies and organizations to ally with them to continue to build out our network, as a rising tide lifts all boats,” he said.

Apart from leading AAIN, Woo is the Riverside office litigation manager and Equity Principal in the Orange County office of Jackson Lewis. In this capacity, he represents businesses and management in labor and employment law matters, including general employment litigation, wage and hour class action/PAGA defense, Title III public accommodation issues, workplace investigations and audits, and advice and counseling.

Asian-Americans need for life insurance

Woo takes on the leadership role at AAIN at a time when many Asian Americans are expressing a need for life insurance.  For example, according to LIMRA’s 2022 Insurance Barometer Study, respondents cited many reasons for wanting life insurance, including a need to replace lost wages if the breadwinner in a family passes away. And among the top concerns of 39% of Asian American respondents were job security and the need to maintain a steady income.

Another survey by Allianz noted that Asian/American respondents are more likely than others to find appeal in working with a financial professional who provides holistic financial services to help them meet their retirement goals and are more worried about maximizing their financial benefits in retirement:

• Preference for holistic financial services: 51% vs 41% white; 50% Black/African American; 44% Hispanic
• Worried about the rising cost of living preventing them from enjoying retirement: 73% vs 58% white; 60% Black/African American; 69% Hispanic
• Worried about market downturns hurting their nest eggs: 69% vs 58% white; 47% Black/African American; 68% Hispanic

Ayo Mseka has more than 30 years of experience reporting on the financial services industry. She formerly served as editor-in-chief of NAIFA’s Advisor Today magazine. Contact her at [email protected]. 

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Ayo Mseka has more than 30 years of experience reporting on the financial services industry. She formerly served as editor-in-chief of NAIFA’s Advisor Today magazine. Contact her at [email protected].