Technology from the fourth industrial revolution is
changing the insurance industry as a whole, opening up new channels for communication, information sharing, and insurance. Examples of this technology include cloud computing, telematics, the Internet of Things (IoT), mobile phones, blockchain technology, artificial intelligence/cognitive computing, and predictive modeling. In this sense, academics and industry professionals refer to insurTech as a subset of fintech that deals with the application of digital technology to the insurance industry.
Although the insurance sector has been among the leisureliest to adopt digital transformation, the process is now radically changing corporate culture, products and processes, customer relations, and relationships with the sector's various competitors.
The entire insurance value chain, from product development to pricing and underwriting, sales and distribution, policy and claims management, and asset and risk management, will be significantly altered by the advent of digitalization.
The development of connections between formerly isolated sectors and new rivals has also presented insurance market
participants with a new insurance 4.0 that will allow them to join a new ecosystem.
Every participant in the insurance industry is required to deal with and function in a macroeconomic environment where InsurTech start-ups, or young businesses that pursue technology-driven business models, are growing quickly. These new market entrants are now concentrating on activities that are unmistakably competitive with those of insurance companies and brokers rather than just simple software solutions.
While understanding the roots of the subject, the conclusions for such diversified provisions are through the latest edition of The 10 Best End-to-End Insurance Solutions Providers , forecasting the Industry leaders making an impact on socio-cultural communities and global businesses.
Have an enthralling read!
The way of business solutions
Editor-in-Chief Merry D'Souza
Managing Editor
Prashik Bombarde
Assisting Editor Shreyasi Shelke
Visualiser David King
Art & Design Head
Co-designer
Art & Design Assistant
Business Development Manager
Sonia Raizada
Paul Belin
Rohil Shinganapurkar
Shruti Tikotkar
Marketing Manager Joseph D'souza
Kelly, David Business Development Executives
Sales
Mark, Alice
Technical Head Jacob Smile
Assistant Technical Head
Prachi Mokashi
Technical Consultants Prashanth, Rajeshwari
Digital Marketing Manager Alina Sege
Assistant Digital Marketing Manager Renuka Kulkarni
SME-SMO Executive Gemson
Research Analyst Eric Smith
Circulation Manager Tanaji Fartade
sales@insightssuccess.com
February, 2023
Company Featuring Brief Company Featuring Brief Company
Featuring Brief
Agentero Inc agentero.com
Luis Pino CEO
Agentero helps independent insurance agents grow their business by providing them with access to modern carriers and a technology pla orm to iden fy the needs of their customers, quote and bind.
Pathway pathwayport.com
Alek Mirkovich
CEO
Pathway's founders have been on a mission to help brokerages automate and digi ze insurance so they can be er serve today's mobile policyholders.
AGENTSYNC INC
agentsync.io
Niranjan
AgentSync builds modern insurance infrastructure that connects carriers, agencies, MGAs, and producers.
Aggne Global Inc aggne.com
Asha Kalidindi
CEO and Co-founder
Aggne is focused on delivering excep onal value by developing and offering several proprietary solu ons for Insurtech organiza ons.
Sakowin sakowin.com
Gérard Ga CEO
Sakowin is a French company at the forefront of the transi on to sustainable hydrogen. Sakowin manufactures equipment to produce hydrogen and solid carbon from methane with zero CO2 emissions.
SchemeServe schemeserve.com
Adam Bishop CEO
SchemeServe pla orm boasts unique flexibility, alongside game-changing features and unstoppable innova on, the so ware can be shaped to suit any need.
SimpleSolve Inc simplesolve.com
Antony Xavier CEO
Simplesolve came into existence with a vision of crea ng an affordable yet feature-rich system for P&C Insurance.
VCA So ware LLC vcaso ware.com
John Varghese CEO
VCA So ware LLC is future-ready claims management pla orm that enables people to perform like rockstars, and equips companies with scalable, intui ve processes to fuel profitable growth.
Vertafore Inc vertafore.com
John Varghese CEO
Vertafore Inc exists to empower independent agents, carriers, and MGAs, to drive their success.
Westhill westhillglobal.com
Kevin T. Reilley CEO
Westhill helps insurance companies delight property owners in their “moment of truth” blending a proprietary digital experience with excep onal human touch.
'Niji' Sabharwal CEONo two carriers are identical, and each requires a personalized approach to meet their specific needs. Aggne excels in this arena simply because we are nimble, focused and determined to ensure that each carrier succeeds in their goals.
The Insurance industry has become an integral part of every home, company, and business sector. It is the safety net that has become a necessity for individuals to feel secure. Today, insurance is an essential part of people’s lives, the competition to acquire and service customers within the insurance market is also rising.
As the insurance industry is challenged by increasing competition, a changing regulatory landscape, and complex and unoptimized technology environments; the demand for customer-centric, customizable technology solutions is gaining momentum.
On a mission to provide such modern-age, highly customizable technology solutions to ensure the success of the insurance company is Aggne Global. Inc
With over a decade of success, Aggne stands ready to be an insurance carriers’ guide to driving their business forward by maximizing growth, product and service offerings, and customer satisfaction through technology.
The driving force behind Aggne’s innovation-driven success journey is its Co-founder and CEO , Asha Kalidindi .
In the following story, we will be exploring the journey of Aggne, which is on a mission to empower insurance carriers with innovative technology.
The heart and core of Aggne is innovation. The company is continuously adopting new implementation strategies and new thinking to bridge the void between insurance carriers’ needs and the software that enables their business to be successful. Illustrating the factors that enable Aggne to excel in the market, Asha shares, “ No two carriers are identical, and each requires a personalized approach to meet their specific needs. Aggne excels in this arena simply because we are nimble, focused, and determined to ensure that each carrier succeeds in their goals. ”
“ Our investment to create proprietary tools sets us apart. We utilize the latest technology to significantly streamline the entire implementation process and overcome the pitfalls that typically grind the project to a halt every time there is a code review. ”
Asha mentions that, for far too long, the industry has advanced at an almost undeterminable pace. Because of the
extensive amount of time and exorbitant cost, small to medium-sized carriers find it impossible to make significant changes to their core technology, changes that would allow them to adapt to their markets quickly and excel in customer service.
Aggne’s approach is to help them bridge the gap from both the ends; a technology perspective and the products that they sell. The company’s expertise enables carriers to utilize technology rather than feel constrained by it. Asha adds, “ We fully engage with clients to find the right solution for their needs. We are not siloed into a single approach with expectations that a single core system will meet every need. ”
We questioned Asha, “What was the inspiration that drove you to establish Aggne?” to which she answered, “ I saw the inadequacies and inefficiencies of the traditional way conversions to new platforms and upgrades of existing platforms were being handled. I knew that if I could overcome the delays and interruptions, I could deliver conversions or upgrades in half the time, allowing carriers to get their products to the market faster .”
Our vision is lofty; we want to transform the way in which insurance carriers interact with technology. We want them to embrace the power of technology.
She adds, “I recognized an opportunity and saw the potential to build something great, that would benefit not only the carriers but a staff of idealists and experts, craving to show up for work every day, wanting to push the bounds of the ‘what if ?’. I wanted to empower people, around the world, to have a place where their voices could be heard, where they could innovate and find the satisfaction that they desperately deserved.”
Aggne started as a core systems integration partner for insurance carriers. It has grown to be a full-service solutions partner, offering advice and expertise in selecting core platform systems and building reliable and robust insurance products. To accomplish its goals, Aggne pivoted to become the creator of proprietary products, using the latest in machine learning and AI technologies for requirements gathering to regression testing to data conversion of a carrier’s existing books of business.
Discussing the vision statement of the Aggne, Asha states, “ Our vision is lofty; we want to transform the way in which insurance carriers interact with technology. We want them to embrace the power of technology. ”
In doing so, Asha says, carriers will be enabled to write business quicker and more accurately with data streams that give them the ability to make immediate underwriting decisions. Aggne’s team wants them empowered to manage their clients appropriately, all while making a profit.
The succinct version of Aggne’s Vision is – “ To redefine how companies incorporate technology by developing cutting-edge digital tools that reduce costs, minimize production delays, and eliminate errors .”
Aggne’s mission is the centerpoint of its vision. It’s how the company will achieve it, believes Asha. Furthermore, she says, “ Our mission is to work smarter, faster, and more collaboratively with insurance carriers to deliver digital platforms that reduce cost and improve performance. ”
“We measure every action, every activity, to expose ways to increase our own productivity because we believe that this is the greatest way to overcome the obstacles to the realization of our vision,” adds Asha.
Knowledge is key, and Aggne has employed the best in every aspect of the organization. The company’s expertise is not only from the technological perspective but also from the business perspective as well. Its experts have come from some of the leading firms in their respective areas of responsibility. They bring a wealth of experience that the company utilizes, not just for the integrations and implementations that it delivers, but for the development and enrichment of its entire team. “ We stand out as a cohesive team, enabling and mentoring each other for the success of the entire organization, ” explains Asha.
In Asha’s opinion, for decades, the insurance industry has relied on data from limited sources. She feels that things like time-consuming physical inspections of properties by an underwriter; data limited to single sources for vehicle crash test ratings, or even worse, data provided by the manufacturer are often biased for their own benefit.
She states that the industry today has current and now predictive data available for virtually every aspect of the
We stand out as a cohesive team, enabling and mentoring each other for the success of the entire organization.
insurance operation. Carriers are beginning to understand the true power of data and are beginning to rethink how they do business. Using telemetrics to measure the number of miles driven and the behavior of a driver behind the wheel, was unheard of just ten years ago but is now used for underwriting and ‘pay-per-mile’ premium calculation.
She points out that, “ Carriers, though slow to act, want to utilize new and alternative data. Aggne is building out the tools and structures necessary to bring this data into multiple applications and processes .”
“ We have devoted a team of innovators to exploring new and ‘cutting edge’ data streams and applications that will enable carriers to finally move quickly and confidently through these potential new frontiers, ” affirms Asha.
Asha Kalidindi is the driving force behind Aggne. As it’s Co-founder and CEO, Asha saw the need to empower people with technology. Star ng her career in the financial sector, Asha learned of the constraints that technology imposed and began to devise ways and enhancements to bring people and technology closer.
A er entering the world of Insurance, Asha observed the inefficiencies of the Agency systems that were hindering, rather than helping agents sell policies. Agents felt disconnected from their Carriers, and the Carriers weren’t ge ng the produc on and repor ng that they expected. A passion was kindled that con nues to grow, to bring Agents and Carriers closer.
One of her earliest ventures was with a Caribbean carrier that had grown a back-office staff of two to three hundred, manually processing a backlog of policy applica ons, crea ng a huge delay in coverage and ul mately profits for the company. Asha, with an IT team of six and AMS360, created the technology to turn the company around. Placing the focus on the technology to accomplish the ra ng and the underwri ng brought the agents closer to the carrier because they began to see their business, and ul mately their commissions, in a reasonable meframe. It was this kind of experience that brought Asha to a real understanding of the business needs of insurance carriers.
Asha’s passion for the insurance industry was ignited. She began fixa ng on fresh ways to u lize technology to overcome the inefficiencies faced by so many carriers.
A er advancing through mul ple engagements where she worked with mul ple carriers and so ware providers, Asha’s focus turned to build her own implementa on company. A company where innova on, coupled with leading tech experts, would allow her to bridge the gap between core product implementa on and enabling carriers to build and manage their unique products swi ly and correctly. This was the catalyst for Aggne.
Ra ng: ★ ★ ★ ★ ★
Aggne values its employees and provides excellent perks and benefits to them. The suppor ve nature of the management and the team members makes Aggne a place where new ideas are welcomed and explored. For me, the best thing about Aggne is the opportunity to work on the latest technologies and enhance my personal skill sets. I am happy to be a part of an organiza on that is growing at a fast pace while not compromising on the quality of its services or on the treatment of its employees.
#valueemployess – AISHWARYA VIDIYALA, SDE
Ra ng: ★ ★ ★ ★ ★
Good business ethics, suppor ve management, trust and respect among employees – that’s what AGGNE is all about. I would say the working
environment is very conducive to the processing of transforma ve ideas.
The company focuses on a friendly and posi ve work culture along with a good HR policy. I wish my organiza on all success in its growth. Its really a blissful workplace!
#Posi veWorkCulture – RAJESH KUMAR PANDA, SOLUTION ARCHITECT
Ambi on Box Ra ngs (Based on employee ra ngs and reviews):
• Career Growth: 4.7 ★
• Company Culture: 4.7 ★
• Job Security: 4.7 ★
• Work Satisfaction: 4.6 ★
Ra ng :
Cumberland Mutual Insurance upgraded its Duck Creek Policy and Billing Systems from pla orm version 6.3 to 7.2. Our partner in this project, Aggne, helped make this a reality. Just like any large-scale projects, this one had its challenges. Aggne’s technical exper se, around-the-clock availability, understanding, and flexibility make this a great success.
Describing the challenges faced by the company during its initial days, Asha says, “ when Aggne was started, its team was forced to challenge the ‘status quo.’ No one wanted to believe that Aggne could deliver an integration of any kind, in the timeframe that the company proposed. Until we proved them wrong .”
In Asha’s assessment, the greatest challenges for Aggne’s team were in getting the decision makers to think outside of what they had always known, and unfortunately, this still remains a challenge.
Thank you,
Aggne! - TIM CRIST, ASSISTANT VICE PRESIDENT IT AT CUMBERLAND MUTUALRa ng :
Safepoint Insurance converted their legacy system to the Duck Creek Technologies suite of applica ons. Having the right partner, who has access to the latest technology and the right skill set to interact with it, is cri cal for success. Aggne has been our partner for all of our IT engagements and ini a ves, aligned with our business needs. Aggne’s Swi QA ensured our exis ng data, for our en re book of business remained intact. Implemen ng exhaus ve regression tes ng allowed us to complete our en re conversion in weeks vs. months. The automated and visibly streamlined process, at every step, helped Safepoint navigate the complex conversion process. –
GUS FERNANDEZ, CHIEF UNDERWRITING OFFICER AT SAFEPOINT INSURANCE“Too often, they want to fall back on a bad experience or a failed attempt in their past. Our challenge today is to overcome the emotional resistance to change and set proper expectations for the completion of their conversion or upgrade needs,” explains Asha.
Ÿ 150% workforce growth in the last 12 months
Ÿ 95% employee reten on rate
Ÿ Built an internal learning and development pla orm
Ÿ Aggne has been featured as a leading provider in Everest Group's Duck Creek Services
PEAK matrix Assessment 2022
Ÿ Presented a live session at Duck Creek Technologies premiere event, Forma on 2022, in Orlando, FL.
She adds, “ Having knowledge of what insurance is, how and why it was created, and the business process flows are all critical to success. ” She asks them to take a temporary position with a firm in their sales department. Learn the ‘why’ of every process, it’s the foundation for every ‘how’.
“ Build your logical thinking skills; pay attention to the details, all the details. Learn to listen; it’s the heart of good communication ,” adds Asha.
What’s Next?
She adds, “ We overcome challenges through the presentation of realities. We have the results to substantiate that we are able to keep our promises. ”
The opportunities for a career in the insurance sector are rising with the help of technology. Entrepreneurs are working to develop modern-day solutions that can quickly establish these new tech Carriers in the market as innovative providers of insurance products and services. These new start-ups need IT teams to build and maintain their platforms. It’s an opportunity for experienced developers and freshers alike to build a great career.
Asha advises such aspirants to strengthen their base knowledge as they join these ventures. She tells them to “Learn the business. Knowledge of programming in multiple languages is great, but of little value if you can’t build a product to meet the needs of a client.”
As stated in the company’s vision, Aggne desires to be at the very forefront of a transformation of how insurance companies utilize technology. In the coming times, Asha says, “ Aggne will continue to innovate, to build tools that can be licensed to other service providers. We will continue to grow and to seek out new opportunities to enhance the performance and reliability of the technology available to carriers. ”
She further says, “Aggne will continue to train and mentor Freshers, empowering young people to bring their perspective and their vitality to strengthen and excite us to take on new challenges and new opportunities. And Aggne will continue and enlarge our philanthropic endeavors to bring hope and light to our world.”
We are Aggne –Lighting the Way.
Learning something new every day is beneficial, and
the value of the continuous pursuit of knowledge cannot be overemphasised. Instead of doing the same thing repeatedly, being open to new experiences, and being introduced to new verticals of knowledge results in effective learning processes. Every individual has their best form of learning, which could be through visual, auditory, reading and writing, and kinesthetic. But there are people with exceptional abilities, to combine all the VARK models; who are sometimes called, Genius and others nickname them, Mad Scientist.
They have developed the capacity to pick something positive, insightful, and different from each day’s event, including incidents; in most cases, they end up coming up with inventions that change the world. Some of these inventions may not be accepted or appreciated in their initial days, but when they do, it tends to create a permanent impact on people’s lives.
But how far can we go in creating new knowledge paths, inventing new technologies, and igniting the evolution of creativity? While some people may get tired of trying to improve through innovations, for maybe the fear of societal rejection, limitations due to government-set rules, or even personal health challenges –Life Is Too Short; there is Chris Ward, a man who thinks that, indeed, anything is possible, as long as we are open to learning, admitting our apex abilities and being willing to go the extra mile to do better.
Chris Ward, a Senior Programmer at IBM has 40+ years of experience in the research industry. He is currently working on software development for the next generation of the IBM Cloud, which is the current growth business. His contributions have been as a development engineer in a research laboratory and as a research scientist in a development laboratory. Tasked with lengths of ventures to manage and bring great results, Chris derives strength from his past experiences and is determinedly heads-on to achieve success in all.
IBM has six patents with Chris Ward's name as an inventor on them. Though they are expired at this point, that shows his ability to invent new things.
There are many new inventions to learn about, develop and understand further having the name of Chris Ward. So, let’s get started:
Kindly brief us about you and your professional journey since the beginning of your career. Tell us about your academic and professional milestones; the major achievements, accolades, and recognition you have earned in your career so far.
I joined IBM in 1982 with an Engineering degree from Cambridge University as a development engineer, when IBM was developing and marketing hard disks. In 1985, I was assigned from the UK to San Jose, USA to help with a development topic and to learn more about the technology. I returned to the UK at the end of 1986. A few years after that IBM ceased developing hard disks in the UK and I moved to software development.
In 1996, or so two research scientists came to teach us about fingerprint matching and I was part of the team that developed a fingerprint matcher. This led to my association with IBM Research; in 2001, I went with my family to Yorktown Heights to develop an application that would exploit the BlueGene supercomputer that IBM developed. I returned from the USA to the UK in 2003 but have remained part of IBM Research since then. IBM won the contract to deliver a successor to BlueGene to the US Government but lost the contract to deliver the next successor to that machine, so I am now developing software for use in the next generation of the IBM Cloud, which is the current growth business.
I am now developing software for use in next generation of the IBM cloud, which is the current growth business.
In short, tell us about your Role as Senior Programmer at Red Hat, and the solutions/services/products of the company. Your achievements since you started working in this company?
I am working for IBM rather than for Red Hat, but we have a joint venture for the way SSDs are connected to cloud systems where IBM provides the research seed and Red Hat provides the larger engineering development effort.
This gives me the ability to post open-source software for public download on https://people.redhat.com/chward/, where IBM only allows certain types of open-source software in places like https://github.com/IBM/BlueMatter (that is my team’s contribution to software for the BlueGene supercomputer). Not all software that IBM writes is published as open source, but as non-open-source software saturates its market much is.
Chris Ward and His Father.
How will you describe yourself in one word or Quote?
A ‘Mad Scientist.’
Being a prominent leader in a leading company such as IBM as a Senior Programmer, what has been your significant contribution to the company’s growth, the department you worked in and how has your role in IBM helped your growth?
My contribution has been as a development engineer working in a research laboratory, and now working as a research scientist in a development laboratory. IBM has 6 patents with my name on them as an inventor, most so old that they have expired and anyone can use the inventions; but they all show that I can invent new things. IBM provides a fantastic set of resources, some 300000 people who are willing to follow a lead as the business is steadily reinvented.
What are the major challenges you faced in your careers; academic, and professional, and how has it helped you to become who you are today?
At university I worked hard, resulting in a first-class honors degree. Throughout my IBM career, I have found managers who supported what I wanted to do. The major challenges were probably the two international assignments which were quite an upheaval to my personal life, especially the second one which was an upheaval for my wife and three children as well.
The international assignments led to promotions and were financially worthwhile; the first paid off the mortgage on the house I owned at the time, and the second paid much of the school fees for 2 of my children who went to private school.
How do you keep yourself motivated and inspired during the long hours of coding, and extra work hours in IBM and Red Hat?
I tend to burn out if I work extra hours, and IBM pays senior people only 10% of their base hourly salary for working overtime; so extra work hours are only for engineers in the first few years of their careers where they are paid 150% of salary for overtime. I am motivated by seeing the tasks I work on become the base for something that customer businesses can use.
As a leading figure in the computer programming world, what would be your message to students worldwide, aspiring programmers, and entrepreneurs in the technology sector?
Find a growth market and deliver products or services to it. High growth tends to mean high prices, and high prices mean stable employment and high wages.
What are your next steps, moves, or ventures in 2023 and the coming years?
I have been with IBM for 40 years, and it seems likely that I will be with IBM Research until I retire. The venture of interest for my part of Research at the moment is improving Kubernetes for deployment in the IBM Cloud; as we complete the research on that and it transitions to Red Hat for development, I will pick or be assigned another project from the list of business imperatives that IBM Research keeps so that I continue to do valuable work.
Please provide a few testimonials of your friends, colleagues, or clients who you have helped or worked with in the past and in the organizations where you have worked.
Ÿ Pick a few items from my patents, articles, and papers in my portfolio at http://tjcw.freeshell.org/.
Ÿ Also this http://tjcw.freeshell.org/Portfolio/Testemonials/1994090 8-DB-IS.pdf
As a side project, back in 2005, I figured out how to run Linux as a screensaver for Microsoft Windows. That was published as an article in IBM Developerworks the same week that IBM OS/2 was withdrawn from marketing; OS/2 had saturated its market and was sold off (with some parts, such as the journalling file system and the REXX interpreter, being published as open source.)
Microsoft recommended switching to Windows and IBM recommended switching to Linux, and it is still the same today. Currently, Microsoft Windows does not run on any brand of IBM server, whereas Linux can run on all of them; you would have to ask Microsoft if you want to know why this should be. IBM never published the screensavers themselves, and no one else took up the mantle to publish them.
Now that I am part of Red Hat I can publish them myself; I updated the screensavers in respect of developments between 2005 and 2021, there is a getting-started guide published by the Linux Foundation here
https://www.linux.com/featured/linux-as-a-screensaver-forwindows-the-gift-of-open-source-games-and-sboms-forthe-holidays/
and the screensavers are available from Red Hat at no charge here
https://people.redhat.com/chward/QemuSaverOpen/
Insurance businesses worldwide are reengineering their company models to ensure quick turnaround time while providing quality services, operational efficiency, and throughput. Insurance companies' top priorities include addressing regulatory issues, cutting costs, and developing customer-centric products and services. They are taking every possible step toward this goal, including deploying innovative technologies to enhance business processes and streamline legacy applications.
So many (if not thousands) of insurance software options are available today, making it difficult to determine which programs best fit your needs. The key is to find solutions that allow you to quickly expand the capabilities of your insurance core systems while not disrupting your current operations. Fortunately, there are numerous platforms available that allow for seamless integration with any carrier. Here are the top insurance software solutions for 2023 to help you sort through the seemingly endless possibilities.
Let us explore them and learn more about them:
Although the industry's tectonic shifts will be technological, addressing them is not the responsibility of the IT team. Instead, board members and customer-experience teams should devote time and resources to developing a thorough understanding of these AI-related technologies.
Exploring scenarios will be required to recognize and emphasize where and when disruption may occur and what this means for specific business lines. Insurers, for example, are unlikely to gain much insight from small-scale IoT pilot projects in discrete parts of the business. They must instead proceed with reason and an understanding of how their organization can participate in the IoT ecosystem at scale.
Data is rapidly becoming one of, if not the most valuable assets for any organization. The insurance industry is no exception in how carriers identify, quantify, place, and manage risk, depending on the amount and quality of data they collect throughout the life cycle of a policy. Most AI technologies perform best when fed a large amount of data from various sources. As a result, carriers must create a well-structured and actionable strategy for internal and external data. Internal data must be organized to facilitate and support the rapid development of new analytics insights and capabilities.
When dealing with external data, carriers must focus on securing data access that enriches and complements their internal data sets. The real challenge will be gaining entrance at a reasonable cost. As the external data ecosystem grows, it will likely remain highly fragmented, making it difficult to find high-quality data at an affordable price.
Overall, data strategy must include a variety of methods for obtaining and securing access to external data, as well as methods for combining this data with internal sources.
In augmented chess, average players with AI tend to outperform expert players with the same AI. The underlying cause of this counterintuitive outcome is determined by whether the person interacting with AI embraces, trusts, and comprehends the supporting technology. Carriers are made measured but sustained investments in people to ensure that advanced analytics is viewed as a must-have capability throughout the organization.
To generate value from future AI use cases, carriers must integrate skills, technology, and insights across the organization to deliver unique, holistic customer experiences. Most carriers must make a conscious cultural shift, relying on executive buy-in and leadership. An aggressive strategy for attracting, cultivating, and retaining a diverse workforce with critical skill sets will be required to keep up.
As an ultimate step in developing the new workforce, organizations will seek external resources and partners to supplement in-house capabilities, enabling carriers to secure the requisite support for business evolution and execution. The architecture of the future will also be very different from today. Carriers should begin making targeted investments to transition to a more forward-thinking technology stackable to accommodate a two-speed IT architecture.
The next era of successful frontline insurance workers will be in high demand. They would need to be a unique blend of technologically adaptable, creative, and instead a mix of semiautomated and machine-supported tasks that will constantly evolve.
To sum up,
Rapid technological advancements in the next decade will result in disruptive changes in the insurance industry. Carriers that use new technologies to develop innovative products, help cognitive learning insights from new data sources, improve efficiencies and lower costs, and meet consumer demands for individualization and dynamic adaptation will win AI-based insurance.
- Shreyasi Shelke
Leadership refers to the ability of an individual or group to influence, inspire and guide others toward a common goal. Cross-cultural leadership involves leading people from diverse cultural backgrounds and considering their unique values, beliefs, and behaviors. Effective cross-cultural leaders are able to understand and appreciate cultural differences, communicate effectively, and adapt their leadership style to different cultural contexts. By doing so, they can create a positive and inclusive work environment, foster teamwork and collaboration, and achieve better business outcomes.
Cultural competence requires knowledge of one’s own culture, an understanding of other cultures, and the ability to adapt one’s communication and behavior to different cultural norms. Leaders with intercultural competence can build bridges between cultures, raise diversity and inclusiveness, and create an environment where all employees feel valued and respected.
The globalization of business and the advancement of technology has made it possible for organizations to have employees and teams located all over the world. This has led to an increased need for intercultural competence, as Executives and leaders must navigate and effectively manage cross-cultural interactions and relationships. In today’s work environment, intercultural competence is essential for building strong, effective teams, promoting collaboration and cooperation, and driving business success. The pandemic has further emphasized the importance of intercultural competence, as remote work and virtual collaboration have become the norm.
Leaders who possess intercultural competence are better equipped to lead diverse teams, overcome cultural differences, and drive positive outcomes in a global business environment.
Yes, culture refers to the shared values, norms, beliefs, and behaviors of a particular group of people, which shape their experiences and perspectives. Culture is often learned from childhood and can be influenced by a variety of factors, including family, community, education, and media. As individuals interact with different cultures throughout their lives, they may internalize and incorporate elements of those cultures into their own. Thus, individuals can have multiple cultural identities, each shaped by their unique experiences and interactions with different cultures.
As a global executive coach, I partner with my clients to enhance their cross-cultural leadership for creating and managing successful cross-cultural teams. The leader of a cross-cultural team must be able to understand the cultural differences among team members, communicate effectively, and build trust and respect among team members.
Effective cross-cultural leaders have a strong sense to:
Promote cultural awareness and understanding: Encourage team members to learn about and understand each other’s cultures.
Encourage open communication: Ensure that team members feel comfortable sharing their opinions and ideas, regardless of their cultural background.
Adapt their leadership style: Lead in a way that is appropriate for the cultural context and encourages the full participation of all team members.
Foster teamwork: Create a positive, inclusive work environment that promotes collaboration and cooperation among team members.
Manage conflicts effectively: Handle conflicts that may arise between team members from different cultural backgrounds in a respectful and professional manner.
By following these practices, an effective crosscultural leader can lead a successful cross-cultural team, achieve common goals, and drive business success.
During the last three years, we have worked as an exceptive and team coach, working closely with leaders and teams to develop their vision, cohesion, and performance with a key success factor: Building up a strong and wide inclusive cultural context.
No two teams are alike, and cultural differences can greatly impact team dynamics and communication.
For Leaders, Executives who are expanding globally, it is important to:
Ÿ Do cultural research-Assessment: Understand the cultural norms, values, and communication styles of each team’s members.
Ÿ Adapt their leadership approach: Adjust your styles and strategies to meet the needs of each team.
Ÿ Encourage cultural understanding: Foster a sense of cultural awareness and understanding among team members.
Ÿ Be flexible: Be open to new approaches and be willing to adapt as needed to effectively lead each team.
Ÿ Maintain open communication: Encourage open, honest communication between team members and between the leader/Manager and the team.
Ÿ By being culturally sensitive and adaptable, you can effectively manage diverse teams, promote teamwork and collaboration, and drive positive outcomes for the team and the organization.
Jihane Labib CEO @CoachinglabAcademy Master Cer fied Team Coach, MCC & ACTC Global Board Director
As a global execu ve and team coach, Ms. Jihane Labib empowers corporate leaders and teams to enhance their collabora on, strategic impact, and performance, while nurturing their well-being and inspira on, since 2009.
Ms. Labib works in Europe, Africa and the Middle East and her clients list includes global and Middle Eastern companies - Interna onal banks, Hi-tech industries, FMCG and ‘big 4’ consultancies. She is fluent in Arabic, French and English.
ost-benefit analysis compares the estimated costs C and benefits of a project decision to determine if it makes business sense. In general, cost-benefit analysis entails totaling all costs associated with a project or decision and subtracting that total from the projected benefits.
There are significant economic benefits to conducting these analyses before making major organizational decisions. Studies allow you to extract critical information, such as your organization's value chain or the ROI of a project.
Cost-benefit analysis is a type of data-driven decisionmaking commonly used in business at established firms and startups. The fundamental principles and framework can be applied to almost any decision-making process, whether business-related or not.
Let's know more about cost-benefit and its advantages:
Cost Benefit Analysis
Companies and businesses frequently use a cost-benefit analysis to determine and evaluate the costs and profits a project may generate. The study assists businesses in determining a project's financial and other feasibility, such as opportunity costs.
There are numerous reasons to conduct a cost-benefit analysis. The technique is based on data-driven decisionmaking; any recommended outcome is based on quantifiable information explicitly gathered for a single problem.
A cost-benefit analysis necessitates extensive research into all types of costs. This entails taking into account unforeseeable costs and comprehending expense types and characteristics. This level of analysis only strengthens the findings as more research is conducted on the project's state of the outcome, providing better support for strategic planning endeavors.
Once the company realizes the high costs of a project or decision, it can compare those costs to the project's benefits. The benefits of a project are frequently similar to the charges. They can include direct benefits, such as increased profit, and intangible benefits, such as increased customer or employee satisfaction. After weighing the benefits and costs, the business can decide whether the benefits outweigh the costs and whether the project or decision will benefit the company.
The benefits the company may forego if the project or project decision is carried out are considered in the opportunity costs. Once the company has identified its high costs and benefits, it will be better able to weigh the decision's pros and cons. However, occasionally it fails to make the judgment crystal clear.
Cost-benefit analysis frequently focuses on facts and data to assist companies and businesses in making more informed decisions that are free of personal biases or preferences. Examining the actual expenses that the business will incur and whether those expenses will result in beneficial results can assist companies in determining whether the choice is good for them. It can also provide fact-based evidence to project managers to support their new project ideas and effectively present them to company executives.
Analyzing the total cost of a project can help businesses identify any hidden fees or expenses they were previously unaware of. These costs can include opportunity costs, such as the potential loss of profit from choosing one project over another, and intangible fees, such as the temporary loss of customer satisfaction caused by devoting more resources to the project. However, the cost-benefit analysis can help businesses uncover hidden benefits like increased employee satisfaction, productivity, and work quality.
Though some decisions based on cost-benefit analysis require careful consideration, the process frequently simplifies many choices for companies and businesses because they can see the correlation between expenses and project results. If you know that a project will cost more than it will benefit, you can quickly determine whether it is worth your company's time and resources. Alternatively, if the benefits outweigh the costs, you can more effectively determine how those benefits will affect your company in the long run.
Provides competitive advantage
Cost-benefit analysis can help businesses gain a competitive advantage by quickly generating innovative ideas and determining how to remain relevant in the current market. Continuously developing new ideas and conducting costbenefit analyses on them can assist businesses in remaining competitive and creating products and services that are more appealing to potential customers. Using cost-benefit analysis can also help them avoid projects that may present them with various challenges or issues, resulting in a loss of profit or competitiveness.
In summary,
When examining the cost-benefit analysis of insurance software solutions, it is essential to consider the costs associated with implementation, the potential efficiency gains, improved customer experience, risk management capabilities, and the possible ROI. By carefully evaluating these factors, organizations can decide whether investing in insurance software solutions is worthwhile.
- Shreyasi Shelke
Gérard Gatt CEO Sakowin
We stay realistic by accounting for production costs and by acknowledging the short, medium, and long-term strategy to reach decarbonization goals at a large scale while considering the infrastructure already at our disposal.
With the ever-increasing population resulted in
more usage of natural resources. Our Earth is depleting its natural resources, and it has been providing us ever since the existence of humans on earth. It has been experiencing a major crisis, and the need to develop our natural resources has come forth.
The thought of transforming energy into renewable resources does sound like an enchanting theory. The concept struck Gerard Gatt, CEO of Sakowin Green Energy. It stands at the forefront of Sustainable Hydrogen.
Initially, it began with making H2 with water electrolysis and later preceded producing sustainable hydrogen. The sustainable hydrogen produced is not only cost competitive but also energetically efficient. All credits go to the use of biomethane or natural gas as the feedstock.
This pioneering technology is accompanied by numerous grants that are CO2 emissions and the ability to H2 on-site and fostering towards the demand. Sakowin produces equipment to produce hydrogen and solid carbon with zero CO2 emissions from gas.
Let’s dive into the revolutionary journey of Sakowin and learn more about it:
While beginning to talk about the inception of the Sakowin. Gerard states it began with electrolysis! His old colleague, whom he met in the United States and who invested in hydrogen, contacted him to kickstart an electrolysis technology using water molecule resonance.
Back then, this technology offered remarkable results. As is common in industrial innovation, his company ran into some obstacles during the industrialization of the process and had to pause the development of this first company. This is how he started focusing on another aspect of the
energy transition that other contacts had made me discover: the role of gas.
As a substitute for coal and oil, natural gas has proven to be effective and has been qualified as a type of green energy by the European Union. While the most modern coal-fired power plants emit around 800 grams of CO per kWh, gas- 2 fired power plants’ emissions range between 350 and 400 grams.
If one had to choose between these types of fossil fuels, gas is a cleaner alternative transitioning to greener energy. Gas, therefore, offers an effective solution to produce hydrogen while making use of existing infrastructure if the method of treatment is modified and decomposition is favored over combustion.
This is how he discovered plasma technology, which allows them to decompose methane into hydrogen and solid carbon with no CO emissions. After meeting with several 2 specialists, he created Sakowin.
Gerard had over thirty years of experience in business development, with major successes in diverse sectors. He has worked in the digital sector as product manager of Citrix in the USA during my first five years, where he launched Citrix’s blockbuster product line Metaframe. Then, Gerard had the opportunity to develop and implement the Citrix international strategy as Senior Marketing Director, where he contributed to the revenue increase of the company outside the USA, from $1M to $150M in four years.
Gerard mentions working in essential oils as CEO of Albert Vieille, purchased in 2019 by Givaudan– taking part in tripling the company’s revenue in five years. Since 2017, he has been fully committed to the clean energy industry and the production of decarbonated hydrogen, wanting to invest
his experience in business development into technology that is useful for the energy transition.
At Sakowin, they have developed methane plasmolysis technology that allows us to produce decarbonated hydrogen and solid carbon.
It’s a technological brick that can be integrated into the existing industrial chains of production at the end of gas lines. It allows them to produce hydrogen onsite and avoid two major obstacles to a competitive and sustainable hydrogen industry.
First, the issue of transporting and stocking hydrogen when its production is decentralized disappears no need to liquify hydrogen to transport it, which is a very energy-consuming process.
High-pressure compression makes the operation more complex and does not resolve the issues linked to stock. The technologies being developed to solve these issues are promising but are not mature enough yet.
The solution allows clients to capitalize on existing gas infrastructure and limit the cost of hydrogen use, both in terms of installing units of production and in terms of transport.
Solid carbon, also generated by the solution, can also be used in construction and agriculture, with a positive impact on the environment. Our technology, when using biomethane, even allows users to be negative in terms of CO production. 2
Principles of Sakowin
“Commitment and excellence.”
The firm has eight scientists who all have their expertise. At Sakowin, they are conscious of the importance of contributing effectively to the energy transition with an approach that is both realistic and ambitious.
Gerard states, “We stay realistic by accounting for production costs and by acknowledging the short, medium, and long-term strategy to reach decarbonization goals at a large scale while taking into account the infrastructure already at our disposal.”
In parallel, their decarbonization objectives are ambitious, intending to limit the effects of climate change.
“Vision is key”
The energy transition requires much more than just technology, and only a broad understanding of what is at stake here can help a team to envision success and make sense of daily work, even when times are hard.
The European Union currently consumes 786.432 Mtoe in petroleum, gas, and coal. The RePowerEU initiative predicts the use of 14 Mt of renewable hydrogen by 2030, of which 9.6 Mt would be produced within the European Union. Those 9.6 Mt represent 11 Mtoe, which is slightly more than 1 % of the current consumption of fossil fuels in Europe!
And yet, with the electrolysis technology currently being promoted on the continent, this 1% would represent a considerable cost.
The production of 1 kg of green hydrogen by electrolysis requires 59 kWh of renewable energy. In 2021, renewable energy capacity in Europe was 15,5Gtoe.
Therefore, the firm needs to devote more than all our capacity of renewables to reach our goal! In the short term, we urgently need to deploy more efficient solutions to produce hydrogen where we need it most: in the industry first.
Source: BP Statistical Review of World Energy 2022 (https://www.connaissancedesenergies.org/bp-statisticalreview-world-energy-2022-les-chiffres-cles-de-lenergiedans-le-monde-220629): Primary energy: Consumption by fuel (p. 9) et Electricity generation by fuel (p. 50)
+ 1 kg H2 = 33 kWh et convertisseur https://www.onlineconversion.com/energy.htm
While addressing the challenges, Gerard mentions “Emergency, Capacity, Cost.”
Emergency because climate change has become a highly pressing issue, as we can now see almost every day.
Capacity, because the challenge is as big as the problem, and we need to act at a scale never seen before.
Lastly, cost, because hydrogen is a market, and competitiveness is key in global competition.
That’s why Gerard strongly believes in their methane plasmalysis as it is much more energy efficient and, therefore, cost-effective than electrolysis.
Gerard states, “First, know your topic: read about it and talk to people who are knowledgeable about it.”
He would not have been able to create Sakowin without numerous conversations with people from different fields and with the same awareness of issues and difficulties linked to the energy transition, exclaimed Gerard.
Furthermore, he adds, “Second: know why you’re doing it. Being aware of the role I can play in the energy transition is what drives me every day!”
Sakowin is aiming for an industrial pilot by 2024 and commercialization by 2025 . They would be building a 6kW prototype in 2022, which is also an active period of research for partnerships with industrial actors committed to the decarbonization of their activities and interested in new uses for solid carbon. Numerous industries are involved: material manufacturing, construction, agriculture, automotive, etc.
Sakowin currently has partnerships with Ponticelli, SaintGobain, the ADF group, and AES Dana. Bpifrance (a public investment bank in France), awarded Sakowin its Deeptech label in March of 2022 and allocated to Sakowin €2.5M financing.
The firm also benefits from the support of the European Innovation Council (EIC Accelerator), with a €6.5M financing (€2.5M grant and €4M in equity.)
