Welcome to the latest episode of the Technology Boardroom podcast. In this episode, “Strategic Visionaries: Redefining technology in insurance”, we dive into the evolving role of technology in the insurance sector, featuring insights from industry leaders who are navigating this changing landscape.
Let’s explore the key themes discussed during our vibrant conversation and highlight some thought-provoking quotes that will entice you to listen to the full episode.
Meet the Boardroom
The Technology Boardroom regular, Director of Sales Expertise Pete Wilson, welcomes two industry guests, who are sharing their extensive experience in the insurance industry.
- Steve Jolley: Steve is the Chief Information Officer (CIO) at Miller Insurance Services LLP, bringing over 30 years of expertise in the insurance and London market sectors. His insights are rooted in a wealth of knowledge from previous roles, and he offers a unique perspective on how technology can drive efficiency and innovation.
- Pete Robertson: Pete has spent 25 years in insurance, primarily focused on technology collaboration across different organisations. He is passionate about advocating for the benefits of technology in creating a more efficient industry.
Together, Steve and Pete provide rich insights into how the insurance industry must adapt to meet modern challenges.
The changing role of technology in insurance
As we kick off this episode, it’s clear that technology’s role in insurance is not just about keeping the lights on anymore. It’s about driving strategic growth and efficiency. Steve emphasises that ‘the CIO role has evolved and is evolving’ as technology rapidly changes. It’s no longer sufficient for technology leaders to simply manage operations; they must also be at the forefront of innovation.
In the conversation, our guests discuss how traditional methods are becoming outdated. With younger generations entering the workforce, there’s an increasing demand for modern solutions that enhance productivity and engagement. Pete highlights this shift, noting that ‘the world is changing’, and it’s essential for companies to adapt to remain relevant.
Intriguing questions
Throughout the discussion, our host and guests pose some intriguing questions that provoke thought:
- How can insurance companies leverage technology to create a culture of innovation?
- What specific challenges do CIOs face when integrating new technologies into established workflows?
- How do we balance the need for security with the drive for innovation?
These questions are just a glimpse into the rich dialogue that unfolds in the podcast, addressing the complexities and opportunities that lie ahead for the insurance industry.
The importance of people
While technology is a significant focus, both Steve and Pete underline that people remain at the heart of any successful transformation. As Pete aptly puts it, ‘it’s not just about the technology; it is about the people’. This sentiment resonates throughout, as Steve and Pete explore how new hires and existing personnel must adapt to new tools and processes.
Steve discusses how the overall workforce is going to change as seasoned professionals retire and new talent enters the industry. This transition presents an opportunity for companies to cultivate a culture that embraces change and encourages ongoing learning.
Cultivating a culture of learning
Creating an environment where employees feel empowered to learn and adapt is crucial. Steve points out that fostering a culture of experimentation can lead to innovative solutions. He highlighted how entrepreneurial spirit is essential for driving progress within organisations.
“We want the business to think entrepreneurially; we want them to try and be creative.” - Steve Jolley
As technology continues to advance, companies must invest in training and development to equip their teams with the necessary skills. This proactive approach not only benefits individual employees but also strengthens the organisation’s overall capability to adapt.
Security in a digital age
As we delve deeper into this episode, we confront a critical issue: security. The rise of digital technologies brings new vulnerabilities that organisations must address. Steve stresses that ‘understanding how [data] flows between your internal systems and external systems is vital’. This understanding is crucial for protecting sensitive information and maintaining trust with clients.
Pete echoes this sentiment, explaining that if you leave something exposed, it can lead to significant consequences. The discussion highlights the importance of robust security measures as organisations embrace modern tools while ensuring they remain compliant with regulations.
The balance between innovation and security
The question arises: how can organisations innovate while ensuring security? Steve discusses the concept of guardrails in technology adoption, which allows employees to explore new tools without compromising security. It’s about finding a balance that fosters innovation while protecting vital assets.
This balance is essential as organisations navigate the complexities of a digital landscape. Both Steve and Pete agree that security should be integrated into every aspect of technology deployment rather than treated as an afterthought.
Looking ahead: the future of insurance technology
As the discussion wraps up, our guests ponder what lies ahead for the insurance sector. Both Steve and Pete agree that agility will be paramount. Companies must be ready to pivot and adapt as new technologies emerge.
Steve challenges listeners with a thought-provoking question: “What does going from a proof of concept to production look like?” This question encourages us to think critically about how innovations can be effectively integrated into everyday business practices.
Embracing emerging technologies
One area where both speakers see potential for growth is artificial intelligence (AI). They acknowledge that while AI is often hyped as a solution, it is essential to understand its application within specific contexts. AI can solve problems, Steve reminds us, but it’s crucial to identify what those problems are before jumping on the trend.
Pete adds that the tools available are powerful, but organisations must be discerning in choosing solutions that align with their strategic goals. This mindful approach will ensure that technology serves as an enabler rather than a distraction.
Final thoughts from our guests
The dialogue in this episode is not just informative; it’s engaging. Listeners will find themselves reflecting on their approaches to technology adoption and risk management as we share real-world examples of success and caution.
The evolving landscape of the insurance industry presents both challenges and opportunities. By embracing change and focusing on both technology and people, organisations can position themselves for future success.
