The second instalment of the Business Leadership Series offers a structured guide to go deep and get a good, close look at the current state of your organization from a number of different perspectives. Now that you’ve got a grip on the business model, based on part 1 of this series, and a high-level view of the organization, it’s time for a more detailed look at what’s happening.
I’m excited to introduce our latest blog series – this time, we’re giving a crash course on business leadership, geared toward intermediate level professionals. Imagine you were suddenly promoted from your current role to running the entire business – this series will provide a step-by-step guide and tried-and-true strategies for how to succeed and lead from the top. It also provides a great refresher for business leaders moving to a new organization or seasoned executives looking to get back to basics and direct their company toward an ambitious goal. We’ll help you understand how to run your profit and loss (P&L) center – and provide tactical steps on how you can do it successfully.
As much as technology promises to be a boom to the life and health insurance industry, our business is a still very much a people business. While Artificial Intelligence (AI) offers opportunities to streamline our risk management processes and improve the customer experience, the core of what we do is driven by humans handling complex decisions and nuanced interactions.
The insurance industry is undergoing rapid digital transformation fueled by the average consumer’s desire/willingness to engage online. In a study released by EY Global, 80% of customers said they were willing to use digital and remote channel options for different tasks and transactions.
Digitization has the potential to dramatically increase customer engagement at a lower price point – both perennial challenges for the industry. It also has the potential to improve the underwriting process, leading to a better overall customer experience. Nevertheless, digital transformation requires more than simply applying technologies to current processes.
Managers tackle diverse responsibilities and competing deadlines – but the most important thing they manage is their team. In order to get the best performances from individuals and create a unified team, managers need to be well-versed in effective feedback strategies. Connecting with people and providing feedback that resonates is a critical skill to achieve your goals and get results.
The content of this article was originally published in The Actuary as Simplifying the Complex: How to speak to nontechnical audiences.
A natural part of anyone’s business career, the further you advance, the broader your audience becomes. And that applies to both formal and informal settings.
As an actuarial student, your primary audience is your boss (an actuary), his or her peers (other actuaries) and your peers (actuarial students). For the most part, this group is homogenous and very similar to you. Thus, it’s not too difficult to prepare to present information to them. You just need to focus on how you want to present the information since, generally speaking, the way you want to present it is the way they want to receive it. Said differently, early in your career you already know your audience well. This is not true, however, as your career advances and your audience gets more diverse.
What are the risks of having inaccurate treaty data in your reinsurance administration system? Are those risks top of mind for actuaries? While the impact of inaccurate treaty data might not be apparent on a day-to-day basis, over the long term, they present serious risk for insurance companies.
Have you ever thought about how many instances there are in a day where you influence other people? The budget you need to get approval on, the client who is so close to signing on the dotted line, the colleague who can’t decide between pizza or salad for lunch. All of these are just a few examples of opportunities you have to influence – and those are just instances in the workplace! Your personal life is full of them, too. So when you come across these moments where you have the potential to influence another person, you want to be as successful as possible.
I recently had the chance to speak about Critical Influencing Skills for Advancing Professionals at the 2016 TAI User Group Meeting. The conference is primarily focused on educating TAI users on updates and advancements in their reinsurance software solutions. This year was an exciting one, where they announced the release of two new products: Connector and Insights. So you may be wondering where the discussion around influencing fits in? Well,
So you’ve made it past the ten year mark as a company. That’s a huge accomplishment (and one we celebrated this year) considering 90% of startups fail. You are proud of what you have accomplished but you’re likely focused on the future and how to continue building on that growth and momentum. In other words, how can your business grow bigger and get better all while maintaining success. As CEO, this is a question I am tasked with every day. Of course the specific answers to this question will look different for every company but I think there are a two overarching strategies that can lead you to continued success. Find out what they are below.
Earlier this month the 10th annual ReFocus Conference, co-sponsored by the ACLI and the Society of Actuaries, was held in Las Vegas. ReFocus has become a “Must” Go-To destination for leaders in the life insurance and reinsurance market in North America and beyond. Our team was also invited to speak at the conference and share insight (see here for a sneak peek of our presentation highlights!). This year, more than 600 participants from around the world attended. As always, there was a variety of topics to peak the interests of attendees. But an overriding theme was the need for change in the life insurance industry to be able to better serve its customers of today and tomorrow.
There are some harsh realities in the life insurance world, some of which have always existed, while others are only now becoming prevalent.