Strategic steps to modernize insurance teams

Blindly updating systems is a rookie move. Trust me, I've been there. I have fallen into that trap, wasting resources for minimal gain. But here's the secret: strategic modernization with targeted planning is the real difference maker. Think of your company as a house. You wouldn't just slap on a fresh coat of paint and call it renovated, right? No, you'd rewire, add smart features, and maybe even build an extension. That's strategic modernization. Let's look at some stats on what a difference it makes: Efficiency Boost: Modernizing IT systems can increase operational efficiency by 30-40%, making operations smoother and more productive. (IBM - United States) Cost Savings: Upgrading to modern IT infrastructure can cut maintenance costs by 20-30% over five years, freeing up budget for innovation. (McKinsey & Company) Revenue Growth: Digital transformation and IT modernization can boost annual revenue by 15-20%, thanks to enhanced customer experiences and streamlined operations. (Exadel) Ready to maximize every dollar? Let's renovate your house of tech, room by room: Step 1: Hunt for the Pain 🕵️♂️ Inspect your systems. Where are they creaking? Ask your team. What makes them want to move out? Check the numbers. What's causing your sky-high bills? Find those weak spots. They're your renovation priorities. Step 2: Set Your Sights 🎯 What's your dream house look like? Faster systems? Happier users? Make a checklist. What boxes must your new tech tick? Know your goals. It's the blueprint for your tech makeover. Step 3: Window Shop (But Make It Tech) 🛍️ Browse the market. What cool new tools fit your needs? Get some demos. It's like touring model homes. Try before you buy. Set up a mini-test and see what works. Choose wisely. Future you will toast to these decisions. Step 4: Crunch Those Numbers 🧮 Tally up costs. What's the price tag on this reno? Think long-term. How much will you save on energy bills? Show the ROI. Prove it's not just a vanity project. Make your case. Money talks. Step 5: Spread the Word (and Handle the Chaos) 📢 Tell everyone what's up. No one likes surprise construction. Plan for disruptions. When's the best time to tear down walls? Train your crew. New tools need skilled operators. Communication is key. A well-informed team makes for a smooth move-in day. Why This Matters - Smart updates create a tech home that's efficient and cost-effective. - Informed decisions lead to a house that grows in value over time. - When everyone's on board, your tech house becomes a true home. There you have it, folks! Your blueprint for a tech renovation that'll make your company the envy of the neighborhood. Follow for daily insights on tech leadership! Share your renovation stories in the comments! 👇

Is your organization struggling with duplicated audits, disconnected controls, or conflicting risk reports? You’re not alone. Studies show that: - 40% of organizations experience duplicated assurance efforts - 64% maintain multiple risk libraries This creates confusion, wastes time, and drains the energy of the first line of defense. But there’s a better way: Integrated Assurance. What is Integrated Assurance? It’s not just about “connecting” risk and compliance functions. It’s about creating a unified, coordinated effort across Internal Audit, Risk Management, Compliance, and IT Security to: - Reduce overlap - Eliminate silos - Present leadership with a single, trusted view of risk Here is a structured approach to this: Step 1: Develop a Shared Vision. Before integrating tools or frameworks, you need buy-in across teams. - Start with a joint purpose, why this matters to everyone - Proactively tackle resistance by highlighting practical benefits (e.g., fewer audits, clearer focus) - Involve key stakeholders early: Audit Committee, Risk, Compliance, IT, and Security Goal: Move from isolated reviews to coordinated assurance activities that target the same risks. Step 2: Align the Way You Work. You can’t work together if you’re speaking different “risk languages.” Alignment must happen at the operational level: - Agree on risk scoring scales, frequency, and terminology - Build a shared risk taxonomy - Discuss how each function perceives risk differently, and resolve gaps openly Outcome: Teams can prioritize better and avoid redundant testing. Step 3: Deliver a Unified Risk Picture. Leadership needs more than data, they need confidence in what they see. - Standardize the timing, structure, and messaging of reports - Avoid sending mixed signals from different functions - Present a consolidated risk report with input from all assurance lines Result: Boards and executives can make quicker, smarter decisions based on coordinated insights. Why It Matters: Without integrated assurance: – Teams duplicate efforts – Frontline staff get overwhelmed – Leadership gets inconsistent risk signals With integrated assurance: – You gain a single source of truth – Time and effort shift to the risks that truly matter – Trust and collaboration increase across all assurance functions Have you started integrating your assurance functions yet? What challenges or benefits have you seen? #RiskManagement #InternalAudit #Compliance #Cybersecurity #IntegratedAssurance #Governance #GRC #AssuranceAlignment #BoardReporting #3prm #tprm

Sophie had a Health and Safety functional saving of £70,000 to make in the first 6 months of the financial year. She was on the verge of restructuring her entire national team. Her Professional Services & Software cost centres were maxed. "Help." 5 months later, we hit our target using Microsoft. Over the year? We easily saved the business in excess of £90,000 p/a (not inc. productivity gains). Here's how: • Insurance: -£50,000 • Software: -£7,500 (£30,000p/a) • Staffing: -£12,500 What did we do? Digitalised and automated 1 process: ✅ Hazard & Near Miss Reporting. Oh. 🏆 We also increased reporting by 50% YoY YTD, and improved report quality. Now? We're moving into the whole HSMS. 🤔 'Come on, how did you really do it?'. Okay, pre-cursors: 1) A 6-step strategic & tactical structure, from Discovery, to Validation; including benchmarking & baselining of the original process. 2) Globally designed & integrated contextual frameworks, scaled and applied local sites, then scaled up to national ('whatever we do needs to be in lockstep with operational context, and must be applicable from grassroots to ELT') 3) Implemented 'Establish, Embed, Evolve' - Simple Foundry's approach to sustainable and successful design & deployment for digitalised and automated solutions. --- Specifics: A) Digitalised paper versions of Hazard & Near Miss reports, bringing down completion time p/report from 7~ mins (paper) to <3 mins (digitalised - avg.: 02:48). B) Automated all backend processes to eliminate 10 mins of admin time per report within the H&S team. C) Upskilled & multiskilled engaged staff, with a "you said, we did" comms strategy & 3-step cycle: 'report, feedback, reinforcement'. D) Created and integrated bespoke (visual) dashboards, thematic qualitative analysis, and 'by exception' escalation within the HSMS & broader governance review mechanisms. Providing contextually rich, detailed, and summative information where it drives relative, positive and tangible (proactive & responsive) actions at pace. 💵 The numbers, Pete? • Insurance - We approached the broker, and secured a premium reduction of £50,000 as a result of: 50% YoY YTD report increases, nationally scaled & improved process w/large range of consistent & unique submitters, evidenced (linked) actions from multiple hierarchical review meetings, and from resultant (targeted & evidenced) topical interventions. • Software - The company were approaching the halfway point into a 5 year £30,000p/a Safety Software contract. They had received minimal post-purchase support, it was broadly used by <5% users and the contract allowed for a mid-term cancellation (w/o fees). We leveraged this, and replaced the functionality with Microsoft digitalisation. • Staffing - By reducing admin burden, the team redeployed their agency admin assistant, whilst marginally reducing their hours per week, reducing team costs. --- ✋ Want to do the same? ✅ Let's go! 📨 peter@simplefoundry.co.uk

After 15+ years in insurance, I've watched one pattern destroy so many talented people: Sacrificing everything else for “success.” The traditional insurance model is: → Individual producers grinding alone → 60+ hour weeks disguised as "dedication" → Compensation structures that pit teammates against each other → Knowledge hoarding as competitive advantage → Burnout treated as inevitable So we built something different: Our Insurance Blue Zone. When we look at the world's actual Blue Zones—regions where people live to 100+ at extraordinary rates—you see their longevity comes from their systems. And the principles that create longevity in Sardinia and Okinawa are ones you’ll see in LION. 1. Purpose Over Performance Blue Zone communities have ikigai—reason for being. At LION, we solve problems that matter instead of chasing revenue targets. When your work has meaning beyond metrics, sustainable intensity replaces destructive grinding. 2. Community Over Competition Centenarians in Blue Zones live in tight social networks. We structured LION as "Elevated Ensemble"—shared success, collective expertise. Knowledge flows freely because everyone wins when anyone wins. 3. Movement as Medicine Blue Zone residents walk naturally throughout their day. Our workflows eliminate artificial urgency. Steady progress over frantic sprints. 150-day renewal orchestration instead of 90-day panic cycles. 4. Stress Resilience, Not Stress Avoidance Blue Zone communities face challenges but have strong support systems. We embrace complex risks but tackle them systematically as a team. "Crucible Forged"—edge earned under pressure, together. 5. Sustainable Rhythms Blue Zone eating patterns: regular, moderate, mindful. Our workload design prevents feast-or-famine cycles. Consistent quality over erratic heroics. These principles have led to: → 92% team retention over 12 months → 30% faster project delivery → Zero compromise on quality → People actually want to stay We stopped asking, "How do we make people work harder?" And started asking, "How do we help people thrive longer?" Most firms push until people break. We built a system where excellence is the natural outcome of sustainable practices. The insurance industry treats burnout like a badge of honor. But the world's healthiest communities prove that longevity will always beat intensity. — Want boardroom intelligence with zero noise? Every week, we share curated insights that cut through the chaos and help you make the best policy decisions: Join here: https://lnkd.in/garzxSxG LION Specialty. The Leader in Institutional Insurance. 🦁

🤔 𝗥𝗲𝘁𝗵𝗶𝗻𝗸𝗶𝗻𝗴 𝗔𝗜 𝗶𝗻 𝗜𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲 𝗖𝗹𝗮𝗶𝗺𝘀: 𝗕𝗲𝘆𝗼𝗻𝗱 𝘁𝗵𝗲 𝗛𝘆𝗽𝗲 𝘁𝗼 𝗦𝘁𝗿𝗮𝘁𝗲𝗴𝗶𝗰 𝗧𝗿𝗮𝗻𝘀𝗳𝗼𝗿𝗺𝗮𝘁𝗶𝗼𝗻... while most carriers focus on operational efficiency — using AI to speed up existing processes — the real opportunity lies in fundamentally reshaping the cost curve itself... 𝗹𝗲𝘁 𝗺𝗲 𝗲𝘅𝗽𝗹𝗮𝗶𝗻: 𝘁𝗵𝗲 𝗳𝘂𝗻𝗱𝗮𝗺𝗲𝗻𝘁𝗮𝗹 𝘁𝗿𝗮𝗱𝗲-𝗼𝗳𝗳 𝗶𝗻 𝗖𝗹𝗮𝗶𝗺𝘀 𝗠𝗮𝗻𝗮𝗴𝗲𝗺𝗲𝗻𝘁 𝗶𝗻 𝗺𝗮𝗸𝗶𝗻𝗴 𝘆𝗼𝘂𝗿 𝗔𝗜 𝗶𝗻𝗶𝘁𝗶𝗮𝘁𝗶𝘃𝗲 𝘄𝗼𝗿𝗸 𝗖𝗹𝗮𝗶𝗺𝘀 𝗖𝗼𝘀𝘁 𝗘𝗾𝘂𝗮𝘁𝗶𝗼𝗻:  𝗧𝗼𝘁𝗮𝗹 𝗖𝗹𝗮𝗶𝗺𝘀 𝗖𝗼𝘀𝘁 = 𝗟𝗼𝘀𝘀 𝗖𝗼𝘀𝘁𝘀 + 𝗟𝗼𝘀𝘀 𝗔𝗱𝗷𝘂𝘀𝘁𝗺𝗲𝗻𝘁 𝗘𝘅𝗽𝗲𝗻𝘀𝗲 (𝗟𝗔𝗘) Loss Costs: Actual claim payouts (settlements, repairs, medical expenses) LAE: Operational costs to process claims (staff, technology, overhead) Trade-off Dynamic: Reducing LAE can increase Loss Costs if accuracy suffers; excessive LAE spending creates inefficiency 𝗧𝗮𝗸𝗲 𝘁𝘄𝗼 𝗽𝗮𝘁𝗵𝘀 𝗣𝗮𝘁𝗵 𝟭: 𝗢𝗽𝗲𝗿𝗮𝘁𝗶𝗼𝗻𝗮𝗹 𝗔𝗜 (𝗗𝗿𝗶𝘃𝗲 𝗗𝗼𝘄𝗻 𝘁𝗵𝗲 𝗖𝘂𝗿𝘃𝗲) 𝗠𝗼𝘀𝘁 𝗶𝗻𝘀𝘂𝗿𝗲𝗿𝘀 𝗮𝗿𝗲 𝗵𝗲𝗿𝗲.. —using AI for incremental improvements: - Automated damage detection - Faster claim routing - Document processing acceleration - Fraud detection enhancement these efforts optimize existing workflows but operate within current structural constraints. 𝗣𝗮𝘁𝗵 𝟮: 𝗧𝗿𝗮𝗻𝘀𝗳𝗼𝗿𝗺𝗮𝘁𝗶𝗼𝗻𝗮𝗹 𝗔𝗜 (𝗦𝗵𝗶𝗳𝘁 𝘁𝗵𝗲 𝗖𝘂𝗿𝘃𝗲) 𝗟𝗲𝗮𝗱𝗶𝗻𝗴 𝗰𝗮𝗿𝗿𝗶𝗲𝗿𝘀 𝗮𝗿𝗲 𝗶𝗻𝘃𝗲𝘀𝘁𝗶𝗻𝗴 (𝗶𝗻 𝗮𝗱𝗱𝗶𝘁𝗶𝗼𝗻 𝘁𝗼 𝘁𝗵𝗲 𝗮𝗯𝗼𝘃𝗲) 𝗶𝗻 𝘁𝗲𝗰𝗵𝗻𝗼𝗹𝗼𝗴𝗶𝗲𝘀 𝘁𝗵𝗮𝘁 𝗳𝘂𝗻𝗱𝗮𝗺𝗲𝗻𝘁𝗮𝗹𝗹𝘆 𝗮𝗹𝘁𝗲𝗿 𝘁𝗵𝗲 𝗲𝗰𝗼𝗻𝗼𝗺𝗶𝗰𝘀: - Computer vision, multi-modal systems that eliminate traditional inspection needs - 3D reconstruction from customer photos - Predictive models that enable proactive claim management - End-to-end digital experiences driven by agentic AI that generate compound data advantages 𝗦𝘁𝗿𝗮𝘁𝗲𝗴𝗶𝗰 𝗜𝗺𝗽𝗲𝗿𝗮𝘁𝗶𝘃𝗲 the carriers achieving 200%+ efficiency improvements aren't just automating—they're reimagining. 𝗦𝘂𝗰𝗰𝗲𝘀𝘀 𝗙𝗮𝗰𝘁𝗼𝗿𝘀: - 𝗗𝗮𝘁𝗮 𝗮𝘀 𝗖𝗼𝗺𝗽𝗲𝘁𝗶𝘁𝗶𝘃𝗲 𝗠𝗼𝗮𝘁: Proprietary datasets become more valuable over time - 𝗛𝘂𝗺𝗮𝗻-𝗔𝗜 𝗖𝗼𝗹𝗹𝗮𝗯𝗼𝗿𝗮𝘁𝗶𝗼𝗻: Technology amplifies expertise rather than replacing it - 𝗖𝗼𝗺𝗽𝗼𝘂𝗻𝗱 𝗟𝗲𝗮𝗿𝗻𝗶𝗻𝗴: Each improvement enables the next breakthrough - 𝗖𝘂𝘀𝘁𝗼𝗺𝗲𝗿-𝗖𝗲𝗻𝘁𝗿𝗶𝗰 𝗗𝗲𝘀𝗶𝗴𝗻: Better experiences drive data generation and business growth while your competitors optimize their current processes, the question becomes: are you using AI to get better at what you've always done, or are you reimagining what's possible entirely? 𝗧𝗵𝗲 𝘁𝗶𝗺𝗲 𝗳𝗼𝗿 𝗶𝗻𝗰𝗿𝗲𝗺𝗲𝗻𝘁𝗮𝗹 𝗔𝗜 𝗮𝗱𝗼𝗽𝘁𝗶𝗼𝗻 𝗶𝗻 𝗜𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲 𝗵𝗮𝘀 𝗽𝗮𝘀𝘀𝗲𝗱..... 𝗧𝗵𝗲 𝗳𝘂𝘁𝘂𝗿𝗲 𝗯𝗲𝗹𝗼𝗻𝗴𝘀 𝘁𝗼 𝘁𝗵𝗼𝘀𝗲 𝗯𝗼𝗹𝗱 𝗲𝗻𝗼𝘂𝗴𝗵 𝘁𝗼 𝘀𝗵𝗶𝗳𝘁 𝘁𝗵𝗲𝗶𝗿 𝗲𝗻𝘁𝗶𝗿𝗲 𝗼𝗽𝗲𝗿𝗮𝘁𝗶𝗻𝗴 𝗰𝘂𝗿𝘃𝗲..... #AIinInsurance #Insurance #ArtificialIntelligence #Innovation

The insurance industry is at a crossroads. It’s no longer just about selling policies anymore , it’s about delivering experiences. Today’s customers expect a better experience and are being trained by some of the best in the business , brands like Starbucks, Chick-Fil-A, and Amazon. Here’s the good news: established Agencies already have the advantage of trust, reputation, and brand strength. The opportunity now is to bring that brand promise to life with better experiences. What I’ve learned through the years : - Evolve, don’t revolutionize. A brand doesn’t need a full overhaul to stay relevant. Thoughtful, incremental changes allow your audience to adapt with you while reinforcing trust. -Refresh your visual identity strategically. Modernizing logos, colors, and typography can signal progress without abandoning the heritage that customers already know and love. ( we’ve seen this very recently with a very popular brand) - Leverage new technology wisely. AI-powered tools, updated websites, and digital service channels can enhance not replace the personal connection your brand is known for. -Blend tradition with innovation. The best brands harmonize the old and the new. Think of Ford introducing EVs while staying true to its identity of building dependable vehicles. Ultimately, the next generation of insurance will be defined by those who act now. Strong brands that embrace change, modernize their claims process, and keep the customer at the center will lead the way forward.

As a Managing Director with experience in both IT and Finance, I see the banking and insurance sectors facing two main challenges: First, customers demand seamless, personalized interactions. Second, internal complexity and legacy systems lengthen decision and delivery processes, go-to-market time, and transformation. In response, here are four imperatives I see as key to driving success in this rapidly evolving landscape: 1️⃣ Customer Experience at the Core: Organizations must prioritize customer-centric thinking at every level and design solutions that exceed expectations to elevate customer satisfaction. 2️⃣ Speed to Value: Rapidly delivering outcomes builds trust and momentum. Our methods help clients achieve results quickly, often within weeks. 3️⃣ Overcoming the Legacy Drag: Legacy systems are among the most dangerous barriers to agility and innovation. By modernizing outdated technologies, organizations can eliminate inefficiencies, unlock scalability, and achieve significant cost savings. These savings not only improve financial performance but also free resources to invest in innovation. 4️⃣ New Technology Partners as Advisors: Transactional relationships with vendors are no longer sufficient. Organizations need strategic advisors who bring expertise, co-create innovative solutions, and help design future-ready operating models. The right partner can play a pivotal role in aligning technology investments with business goals. Let’s continue the conversation! How do you see technology playing a strategic role in banking and insurance in today’s rapidly evolving market?