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.
Client Driven, a buzzword that gets tossed around in any industry, yet can be interpreted in many ways. Our organization is no exception, in fact, it is one of our company’s 11 Maxims. In my experience, how this is interpreted depends greatly on the type of business you’re running (product vs. service, B2B, B2C, etc.). Each of these business models may have different approaches when it comes to how they incorporate Client Driven behaviour into their organization’s offerings. Regardless of which category your organization falls into, its important to discover what being client driven means to you.
Here are some questions to guide your thinking.
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.
It is no secret that there is a common disconnect between underwriter and advisors, and it is not a surprise that this issue is present because we tend to look at these two functions separately instead of as a joint effort. In a couple of our previous blogs, we discussed the imminent shortage of underwriters and also how millennials are reshaping the underwriting industry; recognizing and looking to bridge the gap between underwriters and advisors is an addition to future changes within the industry. Here at LOGiQ3, we are all about progressive change, this is how we see the problem.
This year was my first time attending the Bermuda International Long-Term Insurers and Reinsurers (BILTIR) Conference and for a conference that is only in its 2nd year, the attendance was impressive, with over 175 attendees. What made it even more impressive was the high attendee rate given the weather…wind and rain and incoming hurricane… as a Brit, I can get this at home!
LOGiQ3, alongside our joint venture partners; msg global and TAI, co-sponsored the conference networking breakfast, and we were pleased to see that a vast majority of the attendees were able to make the breakfast and enjoyed meeting acquaintances old and new.
The conference sessions were very valuable and inspiring to us as life insurance and reinsurance professionals, and I thought I’d share a couple of the our key takeaways with you here to serve as inspiration for you and your teams looking to keep an eye on the industries’ key trends:
Earlier this year, we released a free eBook download from our CEO, Ray DiDonna titled "Critical Influencing Skills" for Professionals Looking to Advance in their Careers. The series of articles that formed this eBook were originally published for the Society of Actuaries (SOA) Publication: The Stepping Stone. It proved to be extremely popular with over 100 professionals downloading their copies across North America. While the content was originally written for actuaries, what we found was that it was extremely applicable to professionals looking to advance in their careers, both in and out of the life insurance and reinsurance industry.
At this year's SOA Annual Meeting (SOA 2015), our very own Ray DiDonna, CEO LOGiQ3, has been invited to speak and host a workshop where he will be presenting the core message of this eBook. The details of Ray's workshop can be found on the Society of Actuaries Website, or we have them listed for you here:
