The THiNK Blog

This article was originally featured in the September 2019 Issue of OTR and is reprinted with permission of ON THE RISK, Journal of the Academy of Life Underwriting.

Author: Al Thai, MD Underwriter LOGiQ³ Corp.

This article was originally featured in the September 2019 Issue of OTR and is reprinted with permission of ON THE RISK, Journal of the Academy of Life Underwriting.

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.

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.

Several years ago I was part of General Electric's world renowned Six Sigma process improvement initiative. The program itself was well developed and GE, among many other companies, derived great value from exercising the methodology.

While I haven't done true Six Sigma work for quite a while, I had the occasion recently to reflect on the methodology and think about how Six Sigma has influenced my leadership style here at LOGiQ³.