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People in Insurance: Changing the Conversation

People in Insurance: Changing the Conversation

Written by: www.macaii.co.uk
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 Welcome to People in Insurance: Changing the Conversation Join us as we delve into the dynamic intersection of diversity, culture, and technological innovations within the insurance industry. Listen in as Host, Sarah Myerscough, Chief Ideas Officer at Macaii, sits down to talk with trailblazers, thought leaders, and innovators who are reshaping the very fabric of insurance. Here, we bring you stories that not only redefine the narrative but also offer a fresh perspective on the evolving landscape of insurance. From ground-breaking initiatives to transformative insights, we’re your trusted guide through the winds of change. Tune in to People in Insurance, brought to you by Macaii, and stay ahead of the curve in the ever-evolving world of insurance.Copyright 2020 All rights reserved. Economics Management Management & Leadership
Episodes
  • S2 E7: Courting a ‘Corporate Marriage’ With Your Software Vendor – with Andre Symes

    S2 E7: Courting a ‘Corporate Marriage’ With Your Software Vendor – with Andre Symes
    Dec 1 2024
    Why is it crucial to curate and maintain a good relationship with your software vendor? How do you go about selecting the right vendor for your business, and when is the right time to jump ship to a new platform? Is our industry’s rapid entanglement with AI necessarily fraught with danger, and how can we exploit it to drive efficiency and enhance customer’s buying experience? As our access to and experimentation with data continues to fuel rapid changes to our industry’s broader infrastructure, it’s high time for many insurers, brokers and MGAs to adopt software to better manage their systems and products. This can feel like a minefield, with an ever-expanding array of Insurtech providers on the market, and with digital transformation projects frequently failing due to miscommunication between customers and software vendors. In this episode, we’re privileged to be speaking with Andre Symes, Group CEO of Genasys Technologies, about how to navigate these risks and curate a collaborative and long-lasting relationship with your chosen software provider. He describes the need for compromise in what will become a ‘corporate marriage’, and also explores the risks and opportunities that AI will present the insurance industry for years to come. Quote of the Episode “We need to start appreciating the fact that tomorrow's buyers are not buying insurance in the way that today's buyers are buying insurance… They don't own cars; they don't own homes. They just live in the gig. Unless we start shaping insurance to accommodate that, I think we're going to be disrupted, and we're not going to be disrupted internally. We're going to be disrupted from outside.” Our industry’s current architecture is contingent on a vision of modern society that is quickly slipping away. With car ownership, house ownership and pet ownership all declining, the next generation of insurance customers will be seeking cover to accommodate for a lifestyle entirely different from that which our industry is currently equipped for. This is accentuated by the advent of new technologies that are certain to radically transform the way we conduct our daily lives; not least self-driving vehicles which already are capable of 0% accident rates. Our industry has always been reluctant to adopt change; but those companies, and indeed sectors which fail to heed the warnings on the horizon are sure to be left in the dust. Key Takeaways The technology that will reshape our future has already arrived. For the insurance market to remain sustainable, it must adapt to the advent of AI and incorporate it into our everyday practices. Genasys is already using AI to make its platforms more user-friendly. If its customers, in turn, wish to incorporate AI to enhance their own clients’ purchasing journey, Genasys can facilitate this via an API connection. It is clear that AI and software, more broadly, will be key to building the insurance industry of tomorrow. However, software should always be an enabler, to allow businesses to function and provide the personal journey that will always remain front-and-centre of what we do as an industry. As such, when beginning a transformation project to adopt a new software for your business, you don’t want to end up stuck with a monolithic platform for the next several years that can’t evolve alongside you. Andre outlines two major steps to take before selecting a software vendor for your business. Firstly, he argues that you must meticulously interrogate the platform’s capability – via demonstrations, proof of concepts, and ideally, access to a digital sandbox. You need an in-depth understanding of what a platform is, and how it can be modified to suit your business’ needs. Secondly, it is also crucial to understand the capital structures of the platform provider. Is it sustainable in the long term – and will they exist for as long as you intend to use the platform? Selecting a software provider is the first step in what will become, hopefully, a five-to-ten-year long relationship – a ‘corporate marriage’. As such, there must be a culture fit between both businesses before the engagement takes place. Is this vendor a partner willing to have an open conversation about their platform’s capabilities, and how it can (and cannot) be modified to suit your business? Furthermore, when engaging in initial discussions with vendors, you must remember that compromise on both sides will be both inevitable, and key to a sustainable and healthy business partnership. Best Moments/Key Quotes “I was at an event recently, and I was listening to a couple of reinsurers talking about the fact that the data that they receive is sometimes 18 months old. If you're working with data that is 18 months old, your modelling is going to be impacted on that. So, what we need to try and do as an industry is get the data to the providers as quickly as possible. Link the platforms up via APIs. Get that data across...
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    39 mins
  • S2 E6: From Finance to Fine Wine: Becky Glover’s Approach to Leadership and Innovation

    S2 E6: From Finance to Fine Wine: Becky Glover’s Approach to Leadership and Innovation
    Nov 17 2024

    In this episode of 'People in Insurance,' host Sarah Myerscough sits down with Becky Glover from Yutree Insurance. Becky shares her unique journey from co-founding Elizabeth Rose Wines to becoming a Financial Director, navigating both the worlds of finance and entrepreneurship.

    The conversation delves into her rapid career progression, balancing non-traditional educational paths, and the importance of leveraging social media and personal branding. Becky also offers insights on supporting women in the workplace and the significance of celebrating professional milestones with the same enthusiasm as personal life events.

    Quote of the Episode

    “You can have it all, but you can't do it all. And neither should we expect people to do it all.”

    Key Takeaways

    • "You can have it all, but you can't do it all." This powerful statement encapsulates Becky's philosophy on work-life balance, especially for women in the workplace. The importance of building robust support systems and delegating tasks both at work and in personal life.
    • Becky's journey from leaving school at 17 without A-levels to becoming a Finance Director at 29 demonstrates that there are multiple routes to success. Becky advocates for apprenticeships, continuous learning, and proactively seeking opportunities.
    • Technology and adaptability are crucial for business growth. Drawing from her experience in the tech sector, Becky highlights the importance of embracing technology, particularly in traditional industries like insurance. Becky highlights how technology and AI can improve efficiency, employee satisfaction, and overall business performance.

    Key Quotes

    “You can have all of that, but you won't do all of it yourself. So, start delegating some bits out, at work, if you get to a senior position, you're not expected to do that senior position at all. and do all of the roles underneath it. So why is it that in the home, we still expect ourselves to do the senior position and do everything underneath it that we used to have time for.”

    “Always say to people, businesses are just a group of people hopefully doing the same thing in the same direction to grow that business and to make it more valuable. So, what are you as an individual bringing to the table? So, for young people, it should be amazing for them to go and get some work experience somewhere, doing something interesting for them.”

    About the Guest

    Becky Glover is the Finance Director at Yutree Insurance, and she is known for her rapid career progression and significant contributions to the finance sector. She left school at 17 to pursue a direct path into finance, completing her AAT and ACCA qualifications through an apprenticeship. By 29, she became a Finance Director, demonstrating her ambition and strategic learning. Becky advocates for diversity in finance, serving on various boards such as AAT and GENCFO, and actively promotes the use of technology in business operations​.

    LinkedIn profile - https://www.linkedin.com/in/beckygloverfmaatfcca/

    Becky co-founded Elizabeth Rose Wines!!

    Yutree Insurance is a specialist insurance broker and underwriting agency based in the UK. The company provides a range of insurance solutions tailored to the needs of businesses and individuals. They specialise in offering insurance products for commercial enterprises, including liability insurance, property insurance, motor fleet insurance, and professional indemnity insurance.

    Yutree also operates as an underwriting agency, designing and distributing insurance products on behalf of insurers. This dual role allows them to offer bespoke insurance solutions tailored to their client's needs.

    About the Host

    Sarah Myerscough is the Chief Ideas Officer at Macaii, formerly Boston Tullis. She hosts/co-hosts several podcasts and is known for her knack in connecting with people. Sarah excels in bringing out the best for video, podcast, and live events, helping clients showcase the human side of their business.

    Sarah is passionate about the evolving dynamics of the insurance industry and enjoys conversing with innovators, trailblazers, and long-term advocates of change.

    Website: www.macaii.co.uk
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    37 mins
  • S2 E5: The Importance of Community Involvement and Leadership with Lucy Hodgson

    S2 E5: The Importance of Community Involvement and Leadership with Lucy Hodgson
    Nov 3 2024

    In this episode of 'People in Insurance: changing the conversation,' Lucy Hodgson, a director at Eastwood Insurance Brokers, discusses her dual identities, her deep-rooted career in the insurance industry, and her commitment to community involvement.

    Inspired by her father, Lucy's journey in insurance started early, and she now leverages her experience to mentor and lead, especially through her work with the Rotary Youth Leadership Awards (RYLA).

    The conversation explores the importance of giving back, the evolving landscape of training and insurance, and the need for adapting to modern challenges while fostering young talent and the need for the insurance industry to innovate its training approaches to balance flexibility with effective skill development.

    Quote of the Episode

    “If you ask the right questions, or ask, just ask questions, sometimes it doesn't need to be the right questions, just ask questions. Have an interest in somebody and it's amazing what you'll find out. You can then cater for them individually. Ask questions and make sure you're really listening to the answers.”

    Key Takeaways

    • The importance of early exposure to the insurance industry: Lucy Hodgson's experience of visiting her father's workplace as a child and the impact it had on her career choice suggests a need for more initiatives to bring children into insurance workplaces and promote the industry as a career path.
    • The power of leadership development programs: The Rotary Youth Leadership Awards (RYLA) program that Lucy directs demonstrates the significant impact structured leadership experiences can have on young people.
    • Lucy discusses the challenges of training new insurance professionals in the post-COVID era of remote work. She highlights the importance of maintaining hands-on, interactive learning experiences and the value of in-person interactions for developing skills and confidence.

    Key Quotes

    “I fell into insurance and then they laugh. Well don't just laugh, say I fell into insurance, but this is my career, this is who I am, this is what I do, these are the people I meet. Talk about it, tell a story of being an insurance person.”

    “I think over the next 10 years, technology is going to continue to, you know, move forward so, so quickly. I'm already feeling that I'm starting to get out of touch with some of it, to be honest. So, How I see the future is really, it's almost doesn't really matter what I think. I think it's about what do these young people think. We've got to give them the opportunity now to, to start having their say about things because the one thing I've noticed really is that they do think very, very differently.”

    About the Guest

    Lucy Hodgson, a director at Eastwood Insurance Brokers in Huddersfield, joined the company in 2006. Based in Huddersfield, she has significantly contributed to the firm's reputation for prioritising client-specific, independent insurance solutions.

    Lucy has built a notable career in the insurance industry, inspired by her father, who introduced her to the field as a child. Her extensive experience is complemented by her community involvement, notably through her role as the Course Director for the Rotary Youth Leadership Awards (RYLA).

    She is also a vocal advocate for brokers engaging in community initiatives, enriching their personal and professional lives.

    https://eastwoodinsurancebrokers.co.uk/

    About the Host

    Sarah Myerscough is the Chief Ideas Officer at Macaii, formerly Boston Tullis. She hosts/co-hosts several podcasts and is known for her knack in connecting with people. Sarah excels in bringing out the best for video, podcast, and live events, helping clients showcase the human side of their business.

    Sarah is passionate about the evolving dynamics of the insurance industry and enjoys conversing with innovators, trailblazers, and long-term advocates of change.

    Website: www.macaii.co.uk
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    29 mins
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