Whiletheinsuranceindustrymayhavehistoricallybeen seenasbeingslowertoadaptthanothersectors,major insurersareincreasinglyrealizingthattheyneedtoquickly adopttechnology.
ThischangeisindicatedbyWorld'sLeadersresearchonthe headsofthetechnologydepartmentsatnumerousAmerican insurancecompanies.Thegroup-levelCIOjobhaschanged in55%oftheinsurerswithaCIOpositionsince2017;20% ofthemdonesojustinthepast18months.Inaddition,an industryknownforlookinginwardtofillkeypositionsis increasinglysearchingoutsidecompanywallsaswellas outsidetheindustryitself;halfofCIOswerehired externally,andCIOswhohaveheldtheirpositionforunder threeyearsaretwiceaslikelytohavecomefromoutside theindustry ThetermofaCIOis4.7yearsonaverage.
Wespokewithafewimportanttechnologyleadersinthe insurancesectorwhoaredrivingchangeintheir organizationstolearnmoreaboutthesestarkpatternsof highratesofleadershipturnoverandtheindustry'sstruggle tokeepupwithtechnologicaladvancements.
“World's Most Influential Leaders in InsurTech, 2022” is World'sLeaderslatesteditionthatputinsightsoninsurance sectoritstransformationduetotechadvancements.The coverfeaturesKaranJainfounderandCEOofLife Simpli.Herecognizedachancetochangetheinsurance industryandworksarduouslyeverydaytostaycommitted tothisobjective.
BeforelaunchingStarLifeLtd.andprovidingfinancial servicestoHNIsacrossthenation,Karan,aChartered FinancialAnalyst(CFA)bytrade,workedforabout5years inthefinancialservicesindustry.Duringthattime,he interactedwithseveraldifferentserviceprovidersand discoveredfirsthandhowtime-consuminganddifficult purchasinginsuranceis.ThisinspiredhimtostartLife Simpli.Ontario,Canadahasbecomethecompany'sbase, andKaranhasbeenhighlyembracedthere.Hesays,"My successandaccoladeswithestablishingStarLifeLtd.and theprominentgapintheinsuranceindustrywerekey motivatorsforfoundingLifeSimpli.”
Also,whileyouflipthroughthepages,don'tforgettoread thearticlescreatedbyourin-houseeditorialstaffand industryexperts.
Have a lovely read!
Simplifying Insurance Services by Creating the Easiest Way to Shop for Life Insurance and Critical Illness Insurance
“My success and accolades with establishing Star Life Ltd. and the prominent gap in the insurance industry were key motivators for founding Life Simpli.”
Withthequicktransitiontodigital andthegrowingemphasisonhealth andwellbeing,particularlyduringthe COVID-19pandemic,itbecame crucialtoprovideclientswitha straightforwardwebplatformtobuy lifeandcriticalillnessinsurance fromthecomfortoftheirhomes. Thus,thenotionofstartingLife Simpliwasborn.Thefounderand CEOofLifeSimpli,KaranJain, recognizedachancetochangethe insuranceindustryandworks arduouslyeverydaytostay committedtothisobjective. BeforelaunchingStarLifeLtd.and providingfinancialservicestoHNIs acrossthenation,Karan,aChartered FinancialAnalyst(CFA)bytrade, workedforabout5yearsinthe financialservicesindustry.During thattime,heinteractedwithseveral differentserviceprovidersand discoveredfirsthandhowtimeconsuminganddifficultpurchasing insuranceis.Thisinspiredhimto startLifeSimpli.Ontario,Canada hasbecomethecompany'sbase,and Karanhasbeenhighlyembraced there.Hesays, "My success and accolades with establishing Star Life Ltd. and the prominent gap in the
insurance industry were key motivators for founding Life Simpli.”
Thegoaloftherecentlycreated insurtechplatform,LifeSimpliisto makeiteasierforCanadiansto obtainlifeandcriticalillness insurance.LifeSimpliisauserfriendlyinsurancemarketplacethat enablespeopletoeasilycalculate theirinsuranceneedsandapplyfor theappropriateinsurancecoverage byofferingfast,real-timequotations fromover30topinsuranceproviders inCanada,includingManulife,Sun Life,BMO,CanadaLife,and Desjardins,amongothers.Customers mayapplyforcoverageundersome oftheproductswithout havingeven toundergoamedicalcheckup.
AstheFounder&CEOatLife Simpli,Karan'sfocushasbeenon formingandmaintaining relationshipswiththeirpartnersand customers,recruitingtherighttalent andofcourse,ensuringthatthe company'svisioniscommunicatedto allitsmembers.
WhenKarangathersthestaff togetherattheendofthedayto discussconsumerfeedback, gratitude,and,ifany,complaints,it makeshimhappy Theteambenefits fromhavingabetterunderstanding ofwhattheyaredoingwelland wheretheycanimprove.
Clientsatisfactionisanotherfactor thatmakesKaranextremelyhappy andinspireshimtocontinuedoing whatheisdoing.Hefirmlybelieves
ineducatingpeopleandgivingthem thetoolstheyneedtomakeeducated decisions.Hesays, "My mantra has always been to convey the pros and cons of each situation or product to the client, give them my advice about what would work in their particular situation, and then provide them with ample time to make a prudent decision." Asaresult,hegets innumerablecallsfromclients thankinghimforgivingthemthe rightguidanceandadvice.Those appreciationcallstendtobethebest partofthedayandmotivateKaranto continuedoingwhathedoes.He asserts, "We have tried to keep the same mantra for Life Simpli as well. For each product we offer, customers can avail free advisor support and get all the information they need without feeling compelled to make a purchase.”
LifeSimplialsopublishesblogsto keepitscustomersuptodateabout allmattersrelatedtofinanceand insurance.
Oneoftheearliestonlineinsurance marketsinCanada,LifeSimpli, offersallwebsiteusersimmediate insuranceratesfromallthetop companies.Thequotationsarenot onlyavailable ,buttheyare instantly alsocompletelyfreeofcost.In contrasttootherserviceproviders,it doesnotrequestsign-ups,email addresses,phonenumbers,orother informationfromcustomerswhoare onlybrowsing .Thishas theiroptions changedthegameandeliminatedthe
waitingperiod,uncertainty,and resultingcustomerannoyancethat peoplepreviouslyexperienced.The platform'sabilitytodeliveraneasy, quick,andhassle-freeclient experienceisfurtherenhancedbyits clearuserinterfaceandsimple technology,whichhelpsthebusiness toconsistentlydeliverthebest customerexperience.
The andtheaccompanying pandemic shifttodigitaltechnologyhave revolutionizedtheinsurancesector. Manyinsurancecarriersquickly digitalizedtheiroperationsand abandonedtheconventionalinpersonapproachtoinsurance. Customerexpectationshavechanged asaresultofthis.
Asa100%digitalinsurance marketplace,LifeSimpli,onthe otherhand,wasabletoidentifythe loopholes,enterthisrecentlyaltered sector,andquicklyexpandtheir business.Eventoday,itsmantrato stayabreastwiththeincreasing competitionistofocusonsurpassing customerexpectations.Karanasserts, "Customers today want simple, single-platform procedures, clear, jargon-free information, and 24/7 access to tailored support." Life Simpliprovidesallofthisandmore. Italsohasateamdedicatedto understandingtherapidlychanging customers'needsanddeveloping innovativeapproachestoswiftly meetthoseneeds.
AsKaranholds,fosteringan environmentofintegritystartswith recruitingandisupheldthroughout anemployee'stenurewiththe business.Inadditiontoensuringthat itscustomersreceiveonlythebest advicetailoredtotheirneedsalone andonethatisnotbasedon commission-scoutingpushyagents thatcustomershaveenduredfor years,LifeSimpli'snew-age approachofusingnon-commissioned insuranceagentsalsofacilitatesthis cultureofintegrity.
ThebusinessconceptofLifeSimpli isbasedoninnovation,whichis promotedacrossthecompany.Karan asserts, "Every team member across every department is provided the confidence to share innovative ideas that could help improve the customer experience and increase efficiency." Hefurtheradds, "This facilitation of constant dialogue between teams also helps us identify potential opportunities and gives us a granular understanding of the ever-evolving market landscape."
AccordingtoKaran,theorganization asawholehascultivatedacultureof togetherness,integrity,andcreativity thankstothedevelopmentofthis cultureandtheteam'ssubsequent empowerment.Asaresult,the businesshasbeenabletoconstantly giveitsclientsthebestservice. Teamwork,honestyandintegrity, simplicity,creativityandinnovation, aswellasdedicationtothecompany
anditsclients,aresomeofthebasic principlesthatKaranshareswithLife Simpli.
Whendiscussingbuildingateam, Karansaysthatinadditiontothe knowledgeneededintheinsurance industry,helooksforhonesty, enthusiasm,andcollaboration.Life Simpli,asacompany,iscommitted toprovidingitscustomerswith completetransparency,andit opposesoversellingandaggressive sales Asaresult,itseeksthe tactics samequalitiesinpotentialnew members:peoplewhoarekindto othersandprovidethebestinsurance advicesolelybasedonindividual needs.Healsoexplainshowallof thecompany'sadvisersarenoncommissionedandhavenoconflict ofinterestwhileprovidingadviceto aclientinordertosupportthisgoal.
Today'stechnologyhasgreatlyaided insurtechcompanieslikeLifeSimpli intheireffortstostreamlinethe insuranceprocessandcustomize financialadvicetobettermeetthe requirementsofeachclient. Additionally,ithasaidedthe industry'stransitionawayfromthe agent/brokerarrangementsthathave longbeeninuseandtowardnew technologically-baseddistribution models.Asaresult,itisnowpossible toreachawidermarketwhilestill guaranteeingthatclientsexperience totaltransparencyanddonotfeel pressuredtoacquireaproductbased onadvicefromapushysalesperson.
Offeringthesensitivityofdiscussing financialproblems,theintroduction ofrobo-advicehasgivenclientsthe privacythatwasabsentinthe previousintermediationparadigm. Overall,technologyandAItoday havehelpedsimplifytheinsurance process,bothforthebusinessowner andthecustomer.
BeforeCOVID-19,theinsurance sectorinCanadaworkedinahighly conventionalmannerfortheprevious fewdecades.Itwasveryrelianton face-to-facemeetings,paper applications,andmanualprocedures. TheCOVID-19 servedas pandemic theimpetusforthissector'smuchneededdevelopment.
Theinsurancesectorhasseenrapid changesince2020andisstill changingnow.LifeSimpliis continuouslytryingtoimprovethe systemsinceitisawareofhow quicklytheindustryischangingand wantstostayonestepaheadofthe competition.
Onewaytofurtherstreamlinethe processistostandardizetheAPI acrossallinsurancecompanies, allowingbusinesseslikeLifeSimpli tofurtherautomateitbylinkingend customerstoinsuranceproviders directlyandcuttingprocessingtimes.
Anotherchangetoanticipate,in Karan'sopinion,isthecreationof sophisticatedartificialintelligencesupportedsoftware,whichhasthe potentialtofullyautomate underwriting,compliance,and,in certaincircumstances,eventhe distributionofinsurancecontractsto thecustomer Theentireturnaround timewillbegreatlyshortenedby doingthis.
Karanisdedicatedtostreamlining theinsurancepurchasingexperience andwillkeeppursuingthisgoalby continuallydevelopinginnovative, customer-firsttoolsandmethodsto guaranteethebusinesskeeps providingpeoplewithprompt, jargon-freeinsuranceinaccordance withtheirneeds.Hisgoalisto ultimatelycrosstheborderafterfirst expandingtootherCanadian provinces.
The New York Metropolitan Transport Authority (MTA)
found it extremely challenging to renew their ood coverage following the massive ooding brought on by Hurricane Sandy in 2012. They developed a novel kind of insurance with the aid of Adam Rimmer and Ian Bartholomew: this "parametric" policy would pay $200 million if the water level in the New York harbor rose over a specic depth rather than pay out depending on damage.
They were aware that those with smaller budgets may also benet from this type of insurance. When the pair founded FloodFlash, their goals were to make eventbased insurance accessible to everyone and to guarantee that everyone could recover from disaster.
“
“
Belowarehighlightsoftheinterview conductedbetweenWorld'sLeaders andAdamRimmer:
Describeyourbackgroundand whatdidyoudobeforeyou started/joinedthecompany?
BothIandmyco-founderIanhave sciencebackgrounds,havingmetat CambridgeUniversity.Ourpaths crossedagainattheat-risk managementcompanyRMS,where weworkedtogetherforseveralyears. Inthattime,westructuredand modelledtriggersonover$2bnof parametricinsuranceproductand catastrophebondstoprotect governmentsandlargecorporations intheUSandaroundtheworld.
Tellusabouttheinceptionofthe company.Howdiditallstart?
Ifirstsawthepotentialofparametric (or"event-based")insurancewhile workingatRMS,theworld'slargest catastrophemodellingfirm.Whilst there,IworkedwithFloodFlashcofounderIanonparametrictriggers worthmillionsofdollars.These catastrophebondswereameansof transferringriskforlarge governmentsandcorporations. Unfortunately,theyweren'thelping themillionsofhomeownersand smallbusinessesthatcouldn'tget floodinsurancethroughtraditional meansandwhodidn'thavethefunds fordetailedrisksupport.Intermsof floodlosses,that'sa$58bnproblem everyyear,andit'sonlygetting worsethankstoclimatechangeand urbanisation.
IanandIwereworkingona catastrophebondfortheNewYork MetropolitanTransportAuthority
Wedevelopedinsurancethatpaid $200millionwhenwaterwas measuredatacertaindepthonthe Hudson.Thiswasthepointwhen floodingwouldinundatethemetro andcausehugelosses.
Werealisedthatwecouldusethe sameprincipalstoprovideinsurance tothemassmarket.Wesetabout developingascalableplatformthat usesIoTtechnologyandacloudbasedunderwritingplatformto provideparametricinsurancetothose thatneeditmost.FloodFlashhas alreadyhelpedthousandsof businessesintheUK,withUSand internationallaunchesonthe horizon.
Whicharethemajorservicesof thecompanyandhowdothe companytogetaheadinthe competition?Whatvalue-added servicesdoesthecompany provide?
FEMAestimatesthat90%of businessesthatdon'treopenwithin5 daysofafloodwillclosewithina year.FloodFlashprovidestwo fundamentalservicestohelppeople atriskofflooding.First,itprovides coverevenwhenthetraditional marketcan't.Secondly,wepay claimswithindaysoftheflood occurring.
Puttogether,thesegiveusahuge advantageinmakingsurethatwhen businessesflood,theyreopenquickly –guaranteeingtheirlong-term survival.
Whatarethemostimportant aspectsofacompany'sculture? Whatprinciplesdoyoubelievein andhowdoyoubuildthisculture?
Wehavefourcompanyvaluesat FloodFlashthatcamefromusasking thequestion:whenareweatour best?OwntheOutcomeisallabout takingresponsibilityforprojects, communicatingthroughout,and seeingthemthrough.Wealwaysuse evidencetomakesurethatweare usingreal-worldinformationto understandproblemsandchallenge thestatusquo.Webelieveinbeing helpfulandensurethatwerespect andvaluethoseweworkwith,our colleagues,andthoseweworkfor, ourbrokersandclients.Finally,Be Braveisthevaluethatencourages
autonomyandfreedominourteam tohelpsolveoneofthebiggest problemsfacingtheworldright now—theeconomicimpactsof climatechange.
Whatisthesignificanceof innovativeideasinthecompany?
Putsimply,withoutinnovative thinking,FloodFlashwouldn'texist. Wehaveamazingmindsfrom differentdisciplines,including insurance,hardware,andproducts. Everydaywechallengeeachotherto helpsolveaproblemthatnoonehas managedtosolvebefore.Without innovativeideas,wewillfallshortof
ourmissiontohelpmorepeople recoverfromcatastrophicflooding.
Thatsaid,it'simportantthatwedon't innovateforthesakeofit.Manyof thethingsthatmarkFloodFlashout, likeourIoTsensororinsurance product,areacollectionofexisting technologiesappliedinnewways.
Thinkingabouthowwecanusethe resourcesthatareavailableinnew anddisruptivewaysisasimportant asinventingproductsandprocesses fromscratch.
Giveusyouropinionon;do organizationsrelyheavilyon individualheroicsorteam processes?
Heroesaregreatformovies.Itcanbe convenienttopointtooneparticular geniusforstorytelling,PR(oreven fundraising)purposes.Inthereal world,theyrarelymakeameaningful impactwithoutagreatsupporting cast.
Bringinganewinsuranceproductto themarkettakesalargecastwith manydiversetalents.Theclichéof "ittakesavillage"appliesherein spades.Oneofthethingsthatwe workhardatwithinFloodFlashis hiringpeoplewithdifferent experiencessothattheycanbring freshthinking.Whenacastof expertscametogether,that'swhen ourbusinessbecamemorethanthe sumofitsparts.
Insurance companiesmust leveragetechnologyto providetheirclients withmoreeffective, optimal,andpertinent coverage.Datafroma wearableormobile devicecouldbesentinto thecustomizableonesortheonesthat areonlyusableforanhour Theystill needtoaccomplishkeycommercial goalslikeprice,operational effectiveness,andcompliancewith strictlawswithsuchcustomer-focused efforts.
Currently,InsurTech Customizedpolicies,riskreduction
techniques,real-timeanalytics,quick claimresolution,sensors,drones,and augmentedreality(AR)appsareall playingmajorrolesinthedemandon insurancecompaniestoreorganize theirbusiness.Whattechnologieshave thecompaniesused,then?Let'slook moreclosely–Ÿ Robo-Advisory
Theinsuranceindustryisusingroboadvisorswidely WithRobo-advisors, low-incomepersonscannowemploy DIYadvisefortheirfinancial portfolio,unlikethepastwhenhiring afinancialadvisorwasapipedream formany.Shouldyouchoosetocover allimportantdiseasesorjustaselect few?Someofthequestionsthatcould beaddressedbyRobo-Advisory
Servicesincludewhetherpurchasing anintegratedpolicywouldbe advantageouscomparedtoan individualone.
Ÿ
Earlywarningsofsmokeorradiation mightbesenttotheemergency servicesbysensorsanddetectors connectedviatheinternet,assistingin limitingthedamage.Additionally, telematics,suchastrackingvehicle speedandrecklessdrivingbehavior, couldhelpincreatinganaccurate assessmentofclaimpoliciesforboth individualsandinsurancecompanies. Therefore,evenwhileIoTsand connectednetworksmayleadtoa
surgeintheavailabilityofbespoke policies,thesetinyareadvancingthe stateofinsurance.
Couldthewaytheworldviewsthe insuranceindustrybealteredby technologieslikeblockchain, augmentedreality,andvirtualreality?
Wouldtheyimplementpolicieswith unusualflavors?Onlytimewilltell, butforthetimebeing,howmightthese technologiesbeusefulintheinsurance industry?
Ÿ Blockchain
AccordingtoareportfromEY, distributedledgertechnologyhasthe abilitytomakefrauddetectionandrisk
reductioneasier Thepaperalso emphasizeshoweffectiveblockchainis increatingtransparent,customerfocusedclaimssystemsthatfostertrust andloyaltyamonginsurance companies.
Ÿ
Imagineyourselfdrivinginbad weatherwhileusinganARappto definethelane/roadbordertoavoid hittingatreeoranothervehiclethatis inyourparallelpath.Orhowabout assistingconsumerswiththeir insuranceclaimswith3Dmodeling andsimulations?Or,insteadofreading thelengthydocument,howaboutusing asimulationtohelpyouidentifyevery locationcoveredbyinsurancebefore
yougethomeinsurance?Withthehelp ofARandVRtechnology,anythingis feasible.
Thetricktonavigatingthechanging technologicallandscapeistostay flexible.Weareoftheopinionthatthis istrue,andalotofbusinessesand insuranceagenciesuseinsurtech solutionsforpost-sale,pre-claim,postclaim,andrenewalprocesses.Itaidsin offeringclientsclear,simpleservices thatarereliableandsafefor organizations.
Agnew Multilingual's president and chief executive officer, Irene Agnew, has more than 30 years of expertise in the translating industry. She was raised in China, Japan, and the University of California. She was born in Harbin, China, and is of Russian descent. She still knows some of the Japanese she learned while attending a Japanese grammar school in Kyoto, Japan.
Irene and Agnew Multilingual, which has been in operation for 33 years, are currently facing a new obstacle in the form of the Covid-19 virus. During this challenging time, Irene Agnew quickly
rebuilt the business to assist both large and small businesses in all languages while working remotely on a 24/7 schedule. Irene wanted to establish a central location for all language-related services and technologies so that her clients could access them easily. And what is more crucial is to find solutions to the problems of the clients, such translating into Tzotzil, Mazateco, Amuzgo, Zoque, and Purepecha. Using the most recent tools and resources, the ISO-certified organization now offers interpretation, website localization, video voiceover and subtitling, and translation services. Irene is pleased with the list of clients the business has, which also includes Infosys, Verizon Digital, Activision, Sempra Utilities, Raytheon, Northrop, AEG Worldwide, Driscoll's, Kaiser Permanente, NBC Universal, and YMCA-Worldwide.
Irene worked as a machine translation consultant for Bunker Ramos Corporation, the company that created the machine translation software that served as the foundation for the Systran machine translation, prior to founding Agnew Multilingual. For the Rand Corporation, she translated articles that had been published in the Soviet Cybernetics Review and released a Technical Russian Translation Manual, a Glossary of English and Russian Computer and Automated Control Systems Terminology that is still available on Amazon.
Irene belongs to the Conejo Valley Rotary Club, the American Translators Association, the Women's Business Enterprise National Council (WBENC), and the International Trade Council.
Agnew Multilingual is the top provider of language services for all languages and platforms. These services include website localization and upkeep, simultaneous and consecutive translation, voiceover and subtitles for video content, multilingual videoconferencing support, and foreign language translation.
For more than 30 years, Agnew has offered culturally aware and interesting language solutions to both big and small organizations, including those entering the Middle East, Asia, Africa, and Latin America's rising markets.
The fact that Agnew Multilingual is a WBENC/ISO:17100 certified small business and unencumbered by layers of bureaucracy sets it apart from competitors in the market. The advantage for its clients is that it answers right away to their demands with quick and efficient service and solutions, providing the best return on their multilingual communications investment at the crucial moments.
Brittany Nevins is in charge of marketing and business development for the captive insurance sector in Vermont in her capacity as director of captive insurance economic development. She collaborates closely with the Department of Financial Regulation and Vermont Captive Insurance Association to enhance the state's standing as the leading onshore captive insurance domicile.
Brittany provides policy recommendations to the Governor of Vermont and the Secretary of Commerce within the state government to ensure a favorable business climate for statewide development and relocation. Additionally, she maintains contact with Vermont's congressional delegation to track legislation governing captive insurance and associated financial services. Brittany travels to various captive insurance conferences and other events around the country and at times internationally throughout the year to promote Vermont as a domicile.
Belowarehighlightsoftheinterviewconductedbetween World'sLeadersandBrittanyNevins:
Describewhoyouareasaperson,insideandoutsideofthe workplace.
MynameisBrittanyNevinsandIamtheCaptiveInsurance EconomicDevelopmentDirectorfortheStateofVermont withintheAgencyofCommerceandCommunity Development.ImarketVermontasacaptiveinsurance domicileandrecruitbusinessestolicensetheircaptive insurancecompanyinVermont.InmyfreetimeIenjoygoing onlongwalkswithmydog,workingonartprojects,and travelingtonewplaces.
Describeyourbackgroundandwhatdidyoudobeforeyou started/joinedthecompany?
IgraduatedwithaBAinPoliticalSciencefromtheUniversity ofVermont,withaminorinCommunityandInternational Development.IreceivedanMAinSustainableDevelopment withaconcentrationinPolicyAdvocacy&AnalysisfromSIT GraduateInstitute.IalsodoubleminoredinCommunityand InternationalDevelopmentandGlobalStudies.
I'veworkedinavarietyofsectorsandrolesinnonprofits andgovernmententitiesinbothVermontandTexas.Most recently,IworkedforTravisCountyEconomic Development,managingtheirtaxincentiveprogramfor businessesthatdevelopedintheAustinregion.Iworkedto aligntheprogramwiththecounty'sComprehensive EconomicDevelopmentStrategygoals.
Tellusabouttheinceptionofthecompany.Howdidit allstart?
Captiveinsuranceisanalternativeriskmanagementtool forcompaniesandorganizations.In1981,Vermontadopted itscaptiveinsuranceenablinglegislation,oneofthefirst statestodoso.Sincethen,throughnumerousmodifications ofitslandmarklegislationtoaddressever-changing industryneeds,thedepthandbreadthofitsregulatorsand serviceproviders,andthepartnershipandsupportofits governorsandlegislators,Vermonthasbecomethepremier domesticdomicileintheU.S.andhasalsobeenrecognized internationallyasadomicileofchoice.
Whathasmadeyousuccessful?Whatdoyouvalue? Vermonthasbecomeasuccessfuldomicileoverthelast fortyyearsthroughcommitment,foresight,andinnovation. Thesupportofourpublicofficials,thestrengthand stabilityofourregulatoryteam,thenetworkofcaptive insuranceserviceproviders,andwiththelargestcaptive insuranceassociationintheworldbasedrightinVermont, theVermontCaptiveInsuranceAssociation,Vermont providesthevastsupportcaptivesneedtothrive.Vermont's CaptiveInsuranceDivisionoftheVermontDepartmentof FinancialRegulationismadeupofabout30regulatory staffmemberswhoareexpertsincaptiveinsuranceand havebeenknowntobeeasilyaccessible,fair,and supportive.
Whatarethecompany'sprimaryservices,andhow doesitstayaheadofthecompetition?
Asleadersofthecaptiveindustry,theVermontCaptive teamisconsistentlyrecognizedbyinternationaltrade publicationsandindustrypeersasthemostexperienced andknowledgeablecaptiveinsuranceregulatorsinthe world.Backedbyauniqueinfrastructuremadeupofinhouseexaminersandsupportpersonnel,ourteamworks closelytogetherandinpartnershipwithVermont's GovernorandstatelegislaturetomakesurethatVermont's regulationskeeppacewiththefast-changingneedsofthe industry.Ourteamisknownforhavingavaluableintro meetingpriortoasubmissionforlicensurewhere companiesandorganizationscanaskessentialquestions aboutVermontasadomicile.
Whatarethemostimportantaspectsofacompany's culture?Whatprinciplesdoyoubelieveinandhowdo youbuildthisculture?
ThemissionoftheCaptiveInsurance Divisionistomaintainaregulatory systemthatattractsqualitybusinessto Vermont,promotesourreputationin theindustry,andsafeguardsthe solvencyofcaptiveinsurerswhile recognizingthespecialpurposefor whichtheywerecreated.Wepride ourselvesonouraccessibilityfor companieswhentheyareinterestedin licensureorhaveaquestion.Weare alwaysopentonewideasandthink creativelyaboutmeetingtheneedsof companies.Almosteveryyear,a captiveinsurancebillispassedinthe legislaturewithinputfromtheVermont CaptiveInsuranceAssociationand Vermontregulatorstomodernizeour statutestokeeppacewiththechanging needsofcaptiveinsurancecompanies.
Whatisthesignificanceof innovativeideasinthecompany? Captiveinsurance,initsessence,isa toolofinnovation.Whenan organizationorcompanycannotfind traditionalinsurancetomeettheir needsorfindaffordableinsurance,they mightconsiderformingacaptive. Thereisacommonsayinginthe industrythat"ifyou'veseenone captive,you'veseenonecaptive." Everycaptiveinsurancecompanyhasa uniquesetofneeds,structures,and long-termgoals.ThestateofVermont hasalwaysbeenopentonewideasand seesthecultureofinnovationasan essentialcomponentofthehealthof theindustry.
Giveusyouropinionon;do organizationsrelyheavilyon individualheroicsorteam processes?
Ithinkthesuccessofanorganization reliesonacombinationofinspirational leadershipandacommitmentto culturethroughoutthebroader organization.Goodleadersmodelthe behaviorthey'dliketoseethroughout theorganizationandgivethespacefor otherstoexpandupontheirleadership. Notonlyshouldworkbeshared,butso tooshouldsuccess.Teamprocesses, whichareveryimportant,ofcourse, don'tachieveintendedoutcomes
withoutintentionalandinspirational leadership.IbelieveVermonthasboth, whichhasmadeitsosuccessful.
Whatareyourresponsibilitiesasthe CaptiveInsuranceEconomic DevelopmentDirectorforthestate?
AsCaptiveInsuranceEconomic DevelopmentDirector,Iam responsibleforthemarketingand businessdevelopmentofVermont's captiveinsuranceindustry,working closelywiththeDepartmentof FinancialRegulationandVermont CaptiveInsuranceAssociationto strengthenthestate'sreputationasthe premieronshorecaptiveinsurance domicile.
Withinstategovernment,Iadvise Vermont'sGovernorandSecretaryof Commerceonnewcaptiveinsurance legislationandpolicy recommendationstoassureabeneficial businessenvironmentforexpansion andrelocationwithinthestate.Ialso workcloselywithVermont's congressionaldelegation,monitoring policypertainingtotheregulationof captiveinsuranceandrelatedfinancial servicesindustries.
MyfavoritepartaboutwhatIdois highlightingthestoriesofprofessionals intheindustryandraisingawareness aboutcaptiveinsuranceasacareer
choice.Igettosupportthemessages thisindustrytellstheworld,andthat feelsspecial.Ialsolovelearningabout thedifferentwaysthatcaptive insuranceisutilizedtofillneededgaps incoveragethatallowcompaniesand organizationstoprovideessential productsandservicestooursociety.
Forexample,fightingclimatechange, coveringspecializedmedicalservices, mitigatingtheeffectsofthepandemic, safeandqualityeducation,cyber security,andsomuchmore.Andonce youareinaleadershiprolespendthe majorityofyourtimeinthebeginning takingitallin,listeningandabsorbing. Nomatterhowmuchyouthinkyou knowaboutsomething,goodleaders areconstantlearners.
Whatadvicewouldyougive someonegoingintoaleadership positionforthefirsttime?
Inparticular,womenseealeadership roleanddiscountthemselves,thinking theyaren'tqualifiedenoughor wonderingiftheycouldreallydothe jobwhentheymightbethefirstfemale intherole.Justapply,stepone.Reach outtootherleadersforsupportand encouragement.Youhaveaunique perspectivethatcouldbringabout incrediblepositivechange,butyou neverknowunlessyoutry.
Belowarehighlightsoftheinterview conductedbetweenWorld'sLeaders andDr.KaenanHertz:
Describewhoyouareasaperson, insideandoutsideofthe workplace.
Iama'happy-go-lucky'kindof person. Alwaystryingtomake peoplesmile.Iamanextrovertwho isenergizedwhenshepresentstoa groupofpeople.However,Ienjoy solitudeaswell. Helpingothersisa keypartofmyethos.Iamaproblem solverbynature,whichsometimes getsinthewayofjustlistening, whenthat'sallthat'scalledfor.
Describeyourbackgroundand whatdidyoudobeforeyou started/joinedthecompany?
IgrewupinCalgary,Alberta, Canada.Aftercompletingmy
undergraduatedegreeinCalgary,I decidedtogotograduateschoolin Boston.There,Ibecameinterestedin understandingwhatinfluences people'svotingbehavior.Idecidedto pursueadoctoraldegreeinpolitical scienceandmoveddowntoAtlanta tofinishmystudiesatEmory While there,oneoftheprofessor'swives workedatapublichealthconsulting company,andtheyneededsomeone withstatisticalandanalyticalskillsto helpthemevaluatemanydifferent federalandstatehealth-based programs.Ihadtheopportunityto studydiseaseoutbreaks(longbefore COVID),preventingHIV/AIDS transmissionbetweenpregnant womenandtheirinfants,and improvingchilddevelopment.
WhileIlovedlivinginAtlanta,Ihad adesiretomovetotheBigApple.
Doesn'teveryone? Imovedmyself toManhattanandhadablast.Ithen changedcareerpathsandstartedto workforanurbanentertainmentdotcomcompany Whileweonlylasted alittlemorethanayear,itwasan incredibleopportunitythatprovided mewiththeskillsandexperiences thathaveshapedmyrecentcareer path.
FromNewYork,Imovedto Washingtonandgottodabbleinthe politicalworldabit,butmoreover,I startedmycareerinfinancialservices thereworkingforSallieMae,the studentlender.Irantheiranalytics anddatabasemarketingfunctions, andwewereamongtheearly adopterstoembraceemailmarketing. Fromthere,Igotrecruitedtoworkat Citibank,whichallowedmetomove backtoNewYorkCity,acityItruly
Expert in the insurance sector, Dr. Kaenan Hertz counsels C-Suite leaders on insights and analytics, strategy, and innovation. He focuses particularly on the ways in which carriers, agents, and reinsurers may benefit from analytics, artificial intelligence (AI), marketing, blockchain, telematics, wearables, and Insurtech. He was a driving force behind the innovation of several start-up and established financial institutions. Using digital, conventional contact centers, and third-party channels, he deliberately molded their customer experience and improved their business.
Managing Partner & Founder Insurtech Advisors
Chief Insurance Officer & Co-Founder Ahoy! Insurance
Kaenan had executive positions in marketing strategy and decision management with premier insurance, banking, and finance businesses, including USAA, Citibank, and Sallie Mae, as well as consulting firms PwC and EY, before launching Insurtech Advisors and co-founding Ahoy! Insurance.
loveforallitsbeautyandwarts. WhileatCitibank,Iwasrecruitedto headupcustomeranalyticsand board/CEOreportingforUSAA,and Igottorelocate,yetagain,toSan Antonio,TX.Moreover,thiswasmy firstforayintotheworldof insurance,whichiswhereI'vespent mostofmycareerpost-USAA.
HavinglivedinSanAntoniofor3 years,Ihadtheopportunitytomove backtoNYCandworkforPwC, helpingbuildoutanewon-shoreoffshoreanalyticspractice. Iwasthen recruitedtoEYtohelpbuildouta customerexperiencepractice.Itwas whileIwasatEYthattheworldsof FintechandInsurtechhadtheir beginnings. Istartedtoworkwith insurancecarrierstohelpthem improvetheirdigitalandcustomer strategiesandunderstandhowthe Insurtechevolutionwouldcreatea revolutionintheirspace.
Tellusabouttheinceptionofthe company.Howdiditallstart?
InsurtechAdvisorsgrewoutofmy workatEY Whileworkingwith largerinsurancecarrierstotacklethe influxofforcedinnovation,Irealized thatlargerconsultanciescouldnot providethesamelevelofadviceto smallerregionalcarriers,who dominatetherurallandscape.I wantedtohelptheseregionalcarriers becauseIgrewupintheWest milkingthecowwhosemilkwe drank.Afterconsultingwithafew CEOstoassesstheirinterestinand appetiteforthistypeofhelp,oneof themtoldmethatifIdidthis,he wouldsignupformyservices.With thatcommitment,Imadethejump fromworkingforsomeoneelseto workingformyselfandstartedto buildacompanyandabrand.Iwill foreverbegratefulfortheforesight thattheCEOhad.It'sbeen5years, andithasbeenanamazingjourney whereI'vebeenabletohelpmany smallercarrierscompeteand innovateinwaysthatthelarger nationalcarrierswishtheycoulddo aswell.
Whathasmadeyousuccessful?
Whatdoyouvalue?
Ibelievethatwhathasmademe successfulhasbeenacommitmentto helping.Ididn'tstartInsurtech AdvisorsbecauseIwantedtomake moremoney.IstarteditbecauseI didn'tlikesellingandratherwanted tohelpcompaniessolvebrainnumbingproblems.Moreover,Iam morethanwillingtoprovide whateverhelporconnectionsIhave withoutthinkingabout compensation.Myphilosophyisthat thereisahigherauthoritywho controlsthataspect,andintheend,if youprovidepeoplewithvalue,they willpayyouforthat.Mostpeople arecomfortablewithgetting everythingforfree.
Whatisthesignificanceof innovativeideasinthecompany?
Becauseweworkonthecuttingedge ofinnovationwithinfinancial services,creativityandbeingableto lookatourclients'aspirationsand
challengesfrommanydifferent anglesarekeytogenerating innovativeideasthatourclientscan embraceanddeploy.
Giveusyouropinionon;do organizationsrelyheavilyon individualheroicsorteam processes?
Frankly,Ibelieveindividualheroics trumpoverlyrigidteamprocesses. However,multipleminds(diversity) lookingatthesameproblemand bashingtheirheadstogetheralways leadstobetteroutcomes.
Whatareyourresponsibilitiesas theFounder/CEOofthecompany? Whatisthehappiestpartofyour dailyroutine?
Asthemanagingpartnerandfounder ofInsurtechAdvisors(andacofounderofAhoy!)my responsibilitiesareendless.The happiestpartofmydayiswhenIget tocheckinwithteammatesand clients,notjustaboutadeliverable, butaboutthemmorepersonally Whatgoesoninpeople'slivesdoes impacttheirprofessionallives,andI wantmycolleaguesandclientsto understandtheyarenotjustanother numbertome.
What advice would you give someone going into a leadership position for the first time?
As a former executive coach of mine, Scott Eblin, told me, the skills that got you promoted are not the ones that will continue to get you promoted. You will need to develop and leverage new skills for your new role. Embrace the change and get comfortable coming out of your comfort zone.
Antonio Tejada has held senior management and director posi ons in a number of localiza on and telecom businesses. In the 25 years since he started his career as a translator, Antonio has held execu ve posi ons in opera ons, technology, and sales in the telecoms and language industries. In order to manage the Spanish Language Department of Interna onal Transla on and Publishing, Antonio joined the "Cel c Tiger" in Ireland in 1992. Since then, he has combined his passion for languages, technology, and management in a variety of roles, including those of language coordinator, in-country managing director, european sales manager, or country manager, among others.
He is presently working with Capita to establish a localiza on plan that will enable the company to collaborate with businesses that have a strong demand for material that can be translated into many languages. He has previously established his own transla on company and worked at businesses like SDL Interna onal and ITP. He frequently speaks at transla on and localiza on events throughout the world, including LocWorld, TAUS, and the ATC.
Capita Transla on and Interpre ng specializes in providing individualized and secure language solu ons that make today's complex interna onal communica ons easier to understand. It is combining technology and language exper se to create the most effec ve workflows at the lowest possible cost while consistently ensuring compliance, transparency, and consistency for our clients.
Regardless of their experience in buying language services, whether it be for e-Learning, digital, website localiza on, face-to-face or remote interpre ng, the organiza on is helping clients manage an ever-evolving, complex digital journey. It men ons, “we combine in-depth market understanding and technologies across transla on and interpre ng to help build the right solu on.”
The team also ensures client's brand and reputa on are protected. Its language Ecosystem is designed to facilitate a symbio c rela onship between them, their language assets and the company's people.
Risk is being reduced by Capita Transla on and Interpre ng by making sure of compliance and avoiding liabili es. By employing the highest standards of compliance, corporate governance, and security, it lessens the hidden risks related to transla on and interpre ng. Its accredita ons merely serve as a tes monial to the level of governance inherited from working with clients in industries like finance, law, the public sector, and manufacturing. Capita Plc.
Legal transla on, financial transla on, so ware localiza on, digital content and website localiza on, manufacturing and technical transla on, e-learning and training transla on, so ware localiza on, audiovisual and mul media localiza on, transcrea on and copywri ng, transcribing and transcrip on, design and typse ng, remote interpre ng, video interpre ng, telephone interpre ng, and face-to-face interpreta on are all services provided by Capita Transla on and Interpre ng.
“
Comparedtomanyotherfintech sectors,thepastyearhasbeen particularlydifficultforinsurtech businesses.Fortunately,tech-savvy insurancefirmshaverevolutionizedthe marketbyusingArtificialIntelligence (AI)anddatasciencetoprovidebetter customerserviceatalowercost.
Wehavecompiledalistofthetop insurtechcompaniesthathave revolutionizedthefintechindustry.We examinehowotherbusinessesmight usetheseinsightstosucceedinthis industrybybreakingdownthe characteristicsthathavemadethem standout.
Withtheirsmarthometechnology solutions,Roosthasreshapedthe marketfortraditionalproperty insurance.Todetectsmoke,leaks,and otherproblemsinthehome,theyfirst createdasmart9Vbattery.More recently,theycreatedProtection360,a commercialSMBlossprevention servicewithround-the-clockalarm monitoring.
This2015-foundedUKbusinessoffers autoinsuranceforonlythetimethe consumerrequiresit,whetherthat'san houroraday.Cuvvasaysthat customersmaypurchasecoveragefora carusingtheappinonlythreesimple clicksandisbuiltwithmobileusersin
Cmind.Inadditiontopayinganhourly feewhilethecarisbeingdrivenand purchasingapremium"topup" insurancethroughtheCuvvaapp,they canpurchaseamonthlysubscription.
Launchedin2015,thisUK-based companyprovidesinsuranceonacar foronlyaslongasthecustomerneeds it,whetherthat'sanhouroraday Cuvvaisdesignedtobemobilefirst, andboaststhatcustomerscanget coveredonacarthroughtheappwith onlythreeclicks.Theycanbuya monthlysubscription,buttheyalso mustpurchaseapremium'topup' insuranceviatheCuvvaappandpay anhourlyrateduringthetimethecaris beingdriven.
ShiftTechnologywasestablishedin 2014withthegoalofutilizingcuttingedgetechnologytoaddresstheissues affectingtheworldwideinsurance sector TheirAI-nativeSaaSsolutions aidinsurersinautomatingthefight againstfraud.Userscanfocusonthe mostsuspiciousinstances,andsave timebyavoidingfalsepositivecases.
BoughtbyMany Asthe2019winnerofMoneyWise's MostTrustedPetInsuranceProvider award,BoughtbyManyprovides lifetimeandaccident-onlyinsurance forcatsanddogs.Theycredittheir successtotheircustomer-ledmodel, whichleveragesanonymisedsearch datatopinpointcommoncustomer demandsthataren'tbeingsatisfiedby rivalsbeforetailoringexperiencesand goodstosuitthosepreferences.
WithitsinnovativeAI-poweredall-inonesecuritysystem,Cocooncan defendadditionalroomsbyusing infrasoundmotiondetection.Through anintuitiveapp,itkeepsindividuals informedaboutwhatishappeningin
theirhouses.Togivetheirclientsa 15%houseinsurancediscount,they haveteamedupwithPolicyCastle.
Oneoftheearliestpeer-to-peer insurancecompaniesintheworld, Friendsurance,madeitsdebutin Germanyin2010.Smallusergroups arerewardedattheendoftheyear withcashbackbonusesiftheydon't makeanyclaims.Byputtingthe consumerfirstduringthesearchand purchasingprocesses,Friendsurance disruptedtheinsurancemarketand encouragedotherleadinginsurtech firmstofollowsuit.
Teambrella
AccordingtoTeambrella,itwasthe firstBitcoin-basedcommunity insurancecompany.Eachother'susers givecoverageforit.Withintheteam, whensomeonemakesaclaim,the othermemberspaytheclaimantoutof theirownpockets.WhileTeambrella focusesmostlyoncollisiondeductibles andpetinsurance,thebusinesshopes tosoonbroadenitscoverage.
Kasko
London-based,thefirstdigital insuranceplatform,Kasko,enables brokersandinsurancecompaniesto easilylaunchnewon-demand insuranceproducts.Throughaplugin orAPI,itenablesonlinemarketplaces andbookingservicestopromote pertinentinsuranceproductstoits users.
SliceLabsisanon-demandinsurance platformthathasrevolutionizedthe insurancemarketbyutilizingbigdata toinstantlyassessconsumerrisk whenevercoverageisrequired.For instance,theyprovideUberandLyft driverswithapay-per-usepolicywhile theyareworking.
Co-Founder of Steadfast Insurance, LLC, Kelly Augspurger is a Long-Term Care Insurance Specialist and Certied Senior Advisor (CSA®). She assists businesses and people in creating care plans now to live well and to lessen the negative nancial, physical, mental, and emotional burdens of long-term care (LTC) scenarios. She offers many different LTC insurance solutions and expert advice on how to protect your family, income, and assets.
Since Steadfast Insurance is a family-run independent insurance rm, it is totally independent of any particular corporation. It locates the best business and insurance coverage for customers and their families based on their particular demands.
Kelly co-founded a used vehicle dealership in 2007 before her and her husband started Steadfast in 2019. She learned how to launch and run a business, promote, acquire, and sell automobiles, and provide customers with excellent service over her twelve years at the dealership. When her daughter was born in 2010, she reduced her hours and switched to a part-time schedule. Kelly got priceless experience that equipped her and Adam to launch Steadfast. The abilities she needs on a daily basis, such as multitasking, problem solving, conict management, communication, organizing, etc., are also much enhanced by becoming a mother.
Belowarehighlightsoftheinterview conductedbetweenWorld'sLeadersandKelly Augspurger:
Describewhoyouareasaperson,inside andoutsideoftheworkplace.
Ihadtoaskmyhusbandforhelpwiththis one.Ihopetoreflectbothgivingandgratitude throughoutmypersonalandprofessionallife. We'vebeensoblessedandreceivedsomuch thatIwantmygratitudetobeevidentinwhat Ido.Bringingthisgratitudetobothsidesof mylifehopefullyshowsitselfinpositivityand happinessthatinfectsothers.Theimportance ofreallyshowingupasalightforothersin thiswayisimportanttome.Theheartfelt gratitudethatIhavepushesmetotrytogive toothersinallthatIdo.
Tellusabouttheinceptionofthecompany. Howdiditallstart?
Myhusband,Adam,andIhadbeentalking aboutowningandoperatingourownbusiness foryears.Wewantedtomakeasignificant impactinpeople'slives,haveflexibility, ownership,opportunitiesforgrowth, creativity,andtheabilitytogiveclientsa unique,customizedexperience.Hewasan insuranceagentatanotheragencybeforewe startedSteadfast,andtheinsurancebusiness wasanaturalfit.It'sthebestindustrytobein! Thefactthatwegettohelpprotectfamilies andbusinessesandthepeopleandpossessions mostimportanttothem;it'sSOimportantand we'rehonoredtodoit.
Whathasmadeyousuccessful?Whatdo youvalue?
Ithink"success"looksdifferentforeach person.Forme,successisnotXnumberof policiessoldorXamountinpremiumssold. Successisnotanumber.I'msuccessfulwhen I'mhelpingpeopleandmakingadifferencein theirlives,spendingqualitytimewithmy family;learningnewandusefulthings, meetingnewpeopleandexpandingmy network;improvingaskillorprocess;and beingabletogive,save,andtravel.Ivaluethe peopleinmylifeandthetimeIhavewith them,myfaith,andtheopportunitiesand blessingsI'vebeengiven.
What'smademesuccessfulinmy eyes?
Thoseinmylife:God,myhusband, parents,in-laws,kids,friends,mentors, etc.They'veallhelpedmebecome successfulindifferentways.Ithinkmy attitude,drive,passion,abilityto connectwithpeople,andmarket myselfhavehelpedtoo.
Whatarethemostimportantaspects ofacompany'sculture?What principlesdoyoubelieveinandhow doyoubuildthisculture? Webelievethatculturedrivescompany actions.It'ssortofthe"who"ofa companyentityandreflectsthe principlesthatguidedecisionmaking. Wewantourculturetobeoneof servantleadershipinallthatwedo.We believethateveryonehasthepotential toleadinanorganization,regardlessof theirofficialrole.Wewantservicetobe attheforefrontofwhatourbusiness represents,asthatiswhatwebelieve willkeepusunique.
Whatisthesignificanceof innovativeideasinthecompany? Wetrytomakethingseasierfor customersinwaysthatbestsuitthem. Wewanttoservepeoplewhocan benefitfromourcouncilintheways thattheyprefer.Innovativeideashelp usvarythewayswecanreachothers andbestcommunicatetheadvicewe offer
Giveusyouropinionon;do organizationsrelyheavilyon individualheroicsorteam processes?
Individualheroicsseemtogetthe "press"fororganizationsallthetime, butthosewhoaretrulysuccessfulwill bepointingfromthepodiumtothe teamsthatgotthemthere.Businesses canabsolutelyhavetheirown individual"rockstars,"buttheyare almostalwayssupportedbyateamthat enablesthemtoshine.Inourindustry, it'softenthebigproducerswhoget attentionduetotheirlargerevenue numbers,butwithouttheunderwriting teams,theclaimsteams,customercare, billingteams,etc.,theproducersdon't haveanythingtosell.Withoutthe "backend"teams,ourproducerswould quicklyfallflatastheirreputationand productwouldbeburnishedbythe others.Organizationsmayverywell relyonindividualheroicsfordifferent piecesoftheirsuccess,butit'stheteam processesthatmakethoseheroics possible.
Whatareyourresponsibilitiesasthe CEO/Founder/President/Directorof thecompany?Whatisthehappiest partofyourdailyroutine?
Myresponsibilitiesincludeserving clientsbyprovidingeducationand insurancesolutions,creatingour marketingplan;blogging;videos;and beingourcommunityadvocate.Ilove whatIdo!Myfamilypersonally experiencedfourLTCsituationswith
mygrandparents.Noonehadaplanor insurance,anditcausedsevere consequencesformyfamily: physically,mentally,emotionally,and financially.It'smygoaltoreducethese consequencesforotherfamiliesby helpingthemputaplaninplace,so theydon'tendupin"crisismode"and sotheycanlivewell!Thehappiestpart ofmydailyroutine(outsideof spendingtimewithmyfamily)is hearingmyclients'stories,gettingto knowtheirfamilies,and recommendingplansthatwillbest protecttheirqualityoflife.
Whatadvicewouldyougive someonegoingintoaleadership positionforthefirsttime?
Ÿ Findmentorsthatcansupportyou personallyandprofessionallyand helpyoureachyourgoals.
Ÿ
It'sokforotherstoshineintheir areaofexpertiseortalent.Don't compareyourselftoothers.It'sa dangerousgamethatusuallydoesn't leadtopositiveoutcomes.Remind yourselfhowfaryou'vecomeand focusonwhatyou'redoingwell andworkonareasyoucan improve.
Ÿ
Takemeasuredrisks.Havecourage andtakealeapoffaith.Youwon't knowifyoucandoituntilyoutry.
Ÿ Beaservantleader:serveothers, showintegrity,compassion, humility,andgenerosity
Ÿ Givethanks.Givecreditandpraise tothosewhohelpyoualongthe way.
Ÿ
Ÿ
Beconfidentandcurious.
Offersupportandencouragementto others.Youseeanotherwoman succeedingorstruggling?Offerher helpandencouragement.
Ÿ Buildameaningfulnetworkof peopleandresources.
Ÿ Whenanideaorplanfails,learn fromitandberesilient.
Sam Wanekeya is a full-stack software engineer with Eight years of experience working as a parttime and full-time software engineer. He is a high-performing technology leader. Technical strategy, corporate architecture, cloud computing, big data, blockchain software development, and machine learning are among his areas of competence.
Samhashadadeepinterestin technologysincehewasachild. Heshares, "My father bought us a computer back in 2005 and allowed us to play an active role in using the computer and also make any repairs whenever any damage occurred." Sam decidedthenthathewantedtopursuea professionthatenabledhimtotinker withcomputersandeventuallyuse thosesametoolstotackleissuesinthe realworld.Heexperimentedalotwith manyprojectswhilehewasastudent atUnitedStatesInternational University-AfricastudyingApplied ComputerTechnology.Beforestarting Kakbima,heworkedonseveral softwaredesignanddevelopment projects.Hehasexperienceworkingon singleprojects,leadingteams,and workinginteams,occasionally collaboratingwithhisco-founder BertrandOmuga.
Belowarehighlightsoftheinterview conductedbetweenWorld'sLeaders andSamWanekeya:
Describewhoyouareasaperson, insideandoutsideoftheworkplace. Iampassionateaboutmyworksimply becauseIlovewhatIdo.Ihavea steadysourceofmotivationthatdrives metoalwaysdomybest.Idocarrythe samezealoutsidetheworkplace, challengingmyselfdailyandlearning newskillsthathavehelpedmetodo betterwork.Forexample,besidesthe obvioussoftwareengineeringskills oneisexpectedtohave,I'vehadto learnalotaboutinsurance.From attendingclassestointeractingwith industryexperts,theteamat Kakbima andpolicyholders,withthegoalof leadingthecompanyintheright directionandhelpingbuildabetter insurancepolicy.Outsideoftheoffice, I'manavidstorywriteronMedium andlovetosharemyknowledgebased onmyexperiencetohelpoutother startupsandsmallbusinessesnotmake thesamemistakesI'vemadeinthe past.Onweekends,youmightfindme
helpingoutdifferentclothingstore ownerswithinourcity'scapitalor exploringhikingtrailsoutsidethecity
Tellusabouttheinceptionofthe company.Howdiditallstart? Kakbimaisthebrainchildof passionatepeoplewithavisiontoreimagineandhelpbuildabetter insurancepolicy.Ihadjustcompleteda previousprojectofdesigningand developingahospitalmanagement systemforafairlynewclinicwith multiplebranchesacrossthecountry andgottolearnalotaboutthegaps thatdoexistbetweeninsurance companies(carriers)andhealthcare facilities(clinics,hospitals,ambulance serviceprovidersetc.)majorityof whichwereaffectingtheuptakeof insurancebyconsumers.Ontheother hand,Bertrand,ontheotherhand,had workedintheinsuranceindustry, understoodthesechallengesonalevel thatallowedhimtobuildacasearound themtoseewhatsolutionshecould comeupwith.Itwasatthispointthat wedecidedtojoinforcesandstarted offbybuildingasolutionforinsurance agentsthusmovingforwardtostartthe company,havingreceivedimmense positivefeedbackandanudgeto commercializethesolution.
Whathasmadeyousuccessful? Whatdoyouvalue?
Passion,consistency,andpatience. Passion,havingazealtohelpout, makingachange,orimproving somethingdoesmakeabigdifference.
Whicharethemajorservicesofthe companyandhowdothecompany togetaheadinthecompetition?
Whatvalue-addedservicesdoesthe companyprovide?
Kakbimaconnectsinsurers, distributionpartners,andcustomersto transformthewayinsuranceisbought, managed,andsold.Thisisdone throughourinsurancemanagementand distributionplatformthatremovesthe barrierstoflexibleproduct developmentanddistributionchannels, helpingmorenewbusinessesget started,expeditegrowthforexisting companies,andincreaseglobal consumercoverage.We'vestayed aheadofourcompetitorsbybringing numerousinsurancepurchaseand managementprocessesintothedigital space.Theplatform'sfeaturescombine CustomerRelationshipManagement (CRM),products(Motorand Motorcyclefullysupported),policy, claimsmanagement,quotation automation,premiumpayments,and muchmoreintoasingle,integrated platform.
Wecurrentlyprovide3othervalueaddedservices.
BusinessProcessOutsourcing(BPO)
-OurBPOwasformulatedtosupport allback-officeprocessingneeds.The Kakbimateammembersworkdirectly withoperationalandunderwritingstaff tominimizetime-consuming administrativeactivities.
Forensic&SecurityAudits-The Kakbimateamoffersanumberofboth proactiveandresponsivesolutionsto directlyaddressanyforensicchallenge thatanorganizationmaywishto undertakeintheirongoingeffortsto mitigateandrespondtopotential compromisesbyadvancedthreats, employee-misconduct,andother similarandrelatedthreats.
InsuranceConsumerEducation–
TheBimwikconsumerawareness platformprovidescomprehensive insuranceeducationandtoolstohelp insuranceeducatorsmanage,measure, andenrichlearningexperiencesonall matter'sinsurance.
Whatarethemostimportantaspects ofacompany'sculture?What principlesdoyoubelieveinandhow doyoubuildthisculture?
Trust,community,andinnovationare themostimportantaspectsofa company'sculture.
Ibelievethatagreatcompanyneedsto haveitsemployeesequippedwith substantialindustryknowledgeabout theircustomersandcompetitors, providehighqualityproducts,and haveclear,achievablegoals.The
companycultureisbuiltbydefining whatagoodcompanycultureis, makingadjustmentstocreateapositive workenvironmentandfinallyhelping theteamachievethesetstandards.
Whatisthesignificanceof innovativeideasinthecompany?
Theyhaveallowedustoprovidebetter productsandservicestoourcustomers, savingyoutimeandmoneyandgiving usacompetitiveadvantageoverother companiesstuckintheirsystems.
Giveusyouropinionon;do organizationsrelyheavilyon individualheroicsorteam processes?
Individualheroics.Thisisthecasein mostpartsoftheworld,andcanbe attributedtotheshiftinstockexchange orcompanyevaluationswhencertain individualswithinthecompaniesmake adifferentmovethatiscontrarytothe norm.Inmostcases,thereisalarge teaminvolved,buttheattributionfor successorfailurealwayslandsonone individual.
Whatareyourresponsibilitiesasthe Principal/CEO/Presidentofthe company?Whatisthehappiestpart
ofyourdailyroutine?
MycoreresponsibilitiesatKakbima are:
Ÿ
Buildingourtwomainproducts (theKakbimainsuranceand Bimwikconsumerawareness platforms),thisinvolves observing/interactingwithusers, writingcode,designingproduct specs)andacquiring users/customers.
Ÿ
Interactingandhelpingtheteam understandourvision,values,and companyculture.
Ÿ Communicatingeffectivelywithall ourstakeholders Interactingwithourusers/customers, theteam,andgettingfeedbackonthe productswehavebuiltalwaysbrings joytome.Ialwaysfeelasenseof accomplishmentwhenauser'sproblem issolved,especiallywhentheyreach outtoyoutoexplainafeaturethey founduseful,notknowingthatyou werepartoftheteamthatbuiltthe solution.
Whatadvicewouldyougive someonegoingintoaleadership positionforthefirsttime?
Sharerelentlesslywithyourteam.Let themknoweverythingyouknow unlessitisabsolutelyconfidential. Admittothepossibilityofbeing wrong.Thenyouwill,moreoftenthan not,comeupwiththebestanswer
Makemeetingsfuntoanappropriate extent.Beingeffectiveandthoroughin meetingsdoesnotruleouthumorasa lubricanttobringoutthebestinyour teammembers.
Youcan'tbeeveryone'sfriendneither canyoumakeeveryonehappy.Don't gettooclosetoanyofyouremployees, asthatmayleaveyouwithlittleroom todisciplineorevaluatethemproperly
