worxogo’s Post

When I learned about wormholes, I understood that one can travel in space-time infinitely faster. Later, I came across the closed timeline curve, a wormhole that sends you back to the initial stage. My theoretical physics metaphors will end here. Because I work in insurance. And that's exactly where our industry is stuck. We take one step forward and then fall two steps back. 😔 This cycle has to stop. Now. The insurance industry needs a radical overhaul. We need real-time risk management, personalized protection plans, and AI-driven insights. Insurance should predict and prevent risks before they occur, not just pay out when it's too late. Tailored, real-time coverages are the future. 📊🛡️ Encourage your teams to think outside the box. Invest in cutting-edge technology and foster a culture of relentless improvement. Leadership isn't just about decisions. It's about sharing bold visions and aligning the teams behind them for execution. Progress demands transformation, not stagnation. #InsuranceRevolution #InnovateToLead #RiskManagement ——————————— 🎤 I write about leadership, wellness, and the role of insurance in changing the world. Sometimes, I write just for fun! 🔔 Ring the bell on my profile 🔝 Follow me

Wow! The trifecta of news headings… a murder, AI, and corporate greed. This is becoming interesting. Some early reflections and lessons for us: ➡️ Leaders, how are we leading our organisations? Are we over serving one stakeholder group at the expense of another? How much time do you spend with each in a month? Is the mission maximizing impact or profit? Do you believe businesses are expected to deliver on a triple bottom line these days? ➡️ AI is neutral. It just does what it’s designed to do. Don’t blame the tech, it takes on the ethics of the users. All new tech is abused because it provides outsized leverage over the old paradigm. Crime, war and bad politics lead the way. Look at the online scams and disinformation around us today. It’s far easier to apply tech for self gain than solving for cancer or climate change. Be aware how others are using it and manage the risk. ➡️ Competition is good.. until it’s not. Over competition can create desperate outcomes for people to cheat and try to win at all costs. Do we need more transparency or regulation or perhaps just better leaders? How can we disincentivise bad actors? How can leaders work with competitors and regulators to change the system to improve game outcomes rather than game the system for selfish advantage? Leadership is becoming a profession that is complex, much like financial services, medicine and law. The potential for damage is huge given the responsibility of CxOs. Yet we allow leaders to operate without proper training or ‘licence’ to operate. Business, military and politics alike, leadership is clearly one domain where throwing money doesn’t equate to quality. Note to Boards: Is it time to rethink executive compensation and targets more radically? #leadershiochoices

New article alert: Michele Grosso, our CEO, writes about a new insurance culture that’s emerging. —- If for years the insurance industry has been synonymous with tradition and conservatism, today we are seeing how things are finally changing. A new type of insurance culture is emerging, one where people are excited (and not scared by) technology and see the potential of digital solutions to address the complex challenges they are facing today and in the future. This transformation is driven by forward-thinking leaders, who are trying to get their teams thinking that way, too – shaping a culture where people look beyond the standard insurance toolkit. The “no’s” don’t stop them; on the contrary, they challenge them. Link to article, in the comments >>> #digitaltransformation #culture #innovation #insurtech #insurance

Insurance Leaders: What Should You Be Focusing On to Stay Competitive? Working with insurance business leaders and CEOs, I've seen firsthand how fast things are changing. To stay ahead in this evolving industry, here are a few areas you should focus on: Digital Transformation: From AI-driven underwriting to customer-friendly apps, digital tools aren't just “nice to have” anymore—they’re a must! Customer First: Customers want personalized services and faster claims. Make the process smooth and tailored to their needs, and they'll stick with you. Operational Efficiency: Streamlining through automation is key. The less time spent on manual processes, the more time you can invest in growing the business. Attracting Top Talent: Your team drives your success. Invest in diversity, inclusion, and upskilling—your workforce needs to keep pace with tech advancements. Strategic Partnerships: Collaborating with insurtechs and other industries is a game-changer. It brings fresh innovation and expands your service offerings. Focusing on these areas will give you the edge you need to thrive and stay ahead of the competition! Is this your experience as well? Please share your thoughts below. #Insurance #Leadership #DigitalTransformation #Innovation #CustomerExperience

How will #genai impact productivity in service industries like insurance? This was the topic of a discussion with Swiss executives visiting Berkeley with University of St.Gallen. The answer: first gradually, then suddenly! It all depends on the willingness of leaders to rearchitect the work flows in their organization …

The roadmap to sustainable profitable growth in insurance emphasizes the broader impact of strategic planning, highlighting its significance beyond mere profit-making for shareholders. It underscores the importance of adding value to society as a whole through strategic planning. It connects various critical topics such as climate change, tranformation, artificial intelligence, technical performance, and success by emphasizing the need to sustain positive outcomes achieved today for the future. It is key to stress the essential role of bridging gaps and connecting dots in strategic planning, emphasizing that planning is paramount. It reinforces the adage that failing to plan equates to planning to fail, emphasizing the crucial nature of thoughtful and forward-thinking strategies in the insurance sector. #insurance #strategicthinking #leadership #transformatiom #artificialintellience

Life can change in an instant, and that is exactly what happened for a business owner who I have had the opportunity to work with, get to know, and call my friend. Their sudden health challenge was a wake-up call for all of us. As business owners, we often put our businesses before ourselves, but it’s crucial to prioritize self-care. Here are 4 important steps to consider: ✅ Prioritize Your Health: A healthy leader is a productive leader. ✅ Create a Contingency Plan: Ensure your business can operate smoothly in your absence. Have a clear plan, delegate responsibilities, and train your team. ✅ Invest in Executive (key person) Insurance: Protect your business financially if something unexpected happens. This type of insurance can be a lifeline during critical times. ✅ Automate and Document Processes: Having clear, documented processes and automated systems can ensure business continuity. Remember, taking care of yourself is taking care of your business. Let's prioritize our well-being and safeguard our hard-earned enterprises. See 👀 # 5 on my second educational recipe. Are your prepared if something happens to you the business owner or a key person in your business? #BusinessOwner #BusinessContinuity #WellBeing #ProtectYourBusiness #LifeInsurance #Leadership

The true measure of "innovation" in the insurance industry will be the observable changes in mindset and human behavior on both sides (insurers and policyholders/potential ones). Adopting this perspective as a defining characteristic of innovation is valuable: it represents the culmination of changes across the entire insurance value chain, rather than being a singular cause or incremental tweaks of behavioral change. Incremental innovations have never led to significant shifts in how people allocate or spend their time. In contrast, major innovations have consistently brought about substantial changes in human behavior and incentive designs. #insurance #insurtech #innovation #businessdesign #culturaltransformation #leadership

🌟 **Leadership in the Insurance Industry: Navigating Change and Inspiring Growth** 🌟 In an ever-evolving landscape, effective leadership in the insurance industry is more crucial than ever. The challenges we face—from regulatory changes to technological advancements—require leaders who can not only adapt but also inspire their teams to embrace innovation and resilience. 🌐 **Embrace Change:** The insurance sector is witnessing rapid transformations. Leaders must cultivate a culture that views change as an opportunity rather than a threat. By fostering adaptability and openness within our teams, we can navigate disruptions with confidence. 🤝 **Empower Your Team:** Great leaders empower their teams to take initiative and make decisions. By encouraging collaboration and valuing diverse perspectives, we unlock the full potential of our workforce. This empowerment leads to more innovative solutions and enhances overall performance. 📊 **Data-Driven Decisions:** The use of data analytics is revolutionizing our industry. Leaders who leverage insights to inform strategies can make more effective decisions that ultimately benefit our clients and stakeholders. It’s about staying ahead of the curve and setting a precedent for excellence. 🔍 **Focus on Customer Experience:** Leadership is not just about managing teams; it’s about understanding and responding to the needs of our clients. By prioritizing exceptional customer service and building lasting relationships, we can foster trust and loyalty in an increasingly competitive market. 💡 **Lead with Integrity:** In a field built on trust, ethical leadership is paramount. Transparency and accountability should be the cornerstones of our practices, ensuring that we uphold the highest standards for our clients and our teams. As we move forward in this challenging market, let’s commit to being visionary leaders who inspire, innovate, and drive positive change in the insurance industry. Together, we can shape a future that not only meets the challenges ahead, but exceeds expectations. #Leadership #Insurance #Innovation #CustomerExperience #Empowerment #Integrity #ChangeManagement

Great insights from Scott Ham in his latest thought leadership piece. Here are a few key takeaways: ⚖ Insuring people more appropriately, rather than exiting a market to alleviate profitability and rating constraints, is fairer and better serves all stakeholders, including customers. 💡 Utilizing individualized predictive intelligence allows carriers to more precisely identify and quantify risks, placing policyholders into the appropriate tiers without the need for continuous premium increases or drastic market exits. 📈 The challenges of achieving sustainable profitability amidst rising costs of claims, litigation, and social inflation require adapting to new or growing risks. By failing to utilize new technologies and intelligence, insurers miss the opportunity to build stronger companies and fulfill their obligations to stakeholders. For more insights, read the full article: https://lnkd.in/gmPSxJdc