Theinsuranceindustry,apivotalaspectoftheglobaleconomy,hasevolvedovercenturies, nowencompassingtraditionalandemergingcoverages.Technologicaladvancementslike AIandbigdatahavetransformedriskassessmentandclaimsprocessing,facilitating personalizedproducts.However,cyberthreatsandclimatechangeposechallenges.This paperexaminestheinsuranceindustry'shistory,trends,andfutureprospectswhile navigatingthedelicatebalancebetweeninnovationandriskmanagement.
Inrecentyears,theinsurancelandscapeexperiencedadigitalrevolutionwithAI,bigdata, andblockchainenhancingefficiencyandenablingpersonalizedproducts.Yet,insurersmust addressemergingriskslikecyberthreatsandclimatechangewhilemaintainingthe equilibriumbetweeninnovationandriskmanagement.Thispaperexplorestheindustry's past,present,andfuture,consideringthedynamicnatureofthesectorandthepivotalrole technologyplaysinshapingitstrajectory
Wearedelightedtopresentourlatestissue,“TheMostProminentLeadersintheInsurance Industry.”AstheinsurancesectorembracesdigitaltransformationwithAI,bigdata,and blockchain,thispaperexaminestheindustry'shistory,currenttrends,andfutureprospects whilenavigatingchallengeslikecyberthreatsandclimatechange.Spotlightingthe influentialleadersshapingthesector'strajectory,weexploretheirroleindrivinginnovation andmanagingriskstomeetevolvingcustomerdemands.
Gracingourcoverstory,wehaveWadeEyerly,CEOandFounderofDegreeInsuranceCo. Herevolutionizedairtravelwiththeall-you-can-flysubscriptionmodel,excellingasCEO oftwoairlinesandExecutiveChairmanofathird,whilemakingnotablecontributionsat WheelsUp.Hisgroundbreakingideasandleadershipdriveinnovationeveninhighly regulatedspaces.
We'realsofeaturingReemIkram,atechentrepreneur;KevinSteer,aninnovativearchitect; RaulDominguez,apioneeringscientist;andRichardLeftley,asocialadvocate.Their visionaryleadershipisdrivingprogressandmakingapositiveimpactintheirrespective fields.
Happyreading!
Tejas Tahmankar Project Editor
Cover Story
WadeEyerlyisan accomplished entrepreneurand innovator,renownedforhis trailblazingventuresinheavily regulatedindustries.AstheCEOand FounderofDegreeInsuranceCo., , Eyerlycontinuestomakeasignificant impactintherealmofinsurance.With animpressivebackgroundthatspans diversefields,hehasconsistently demonstratedhisabilitytonavigate complexchallengesandpioneer groundbreakingsolutions.
Eyerlyfirstgainedrecognitionforhis roleasthefounderandCEOofSurf Air,whereherevolutionizedtheairline industrywiththeintroductionofthe all-you-can-flysubscriptionmodel. Thisgroundbreakingconceptnotonly disruptedtraditionalairtravelbutalso showcasedEyerly'saptitudefordriving innovationevenwithinhighly regulatedspaces.Hewentontobe CEOoftwoairlines,Executive Chairmanofathirdandspenttimeas anexecutiveatWheelsUp.
Beforehisentrepreneurialjourneytook off,Eyerlyhonedhisskillsand expertiseinprominentpositions.He servedonthestaffofthen-Vice PresidentDickCheney,contributing hisinsightsasaneconomistatthe Pentagon.Eyerly'sdedicationtopublic serviceledhimtoserveasan intelligenceofficerfortheDefense IntelligenceAgency,wherehe completedatourofdutyinIraq.
Eyerly'sinvolvementinthepolitical landscapeisalsonoteworthy.He servedontheNationalFinance CommitteeforbothofMittRomney's presidentialcampaigns. Healso workedforUtah'sthen-GovernorJon Huntsmanwhilehewasstudyingat BrighamYoungUniversity(BYU).He servedasaPublicUtilities CommissionerinNewCanaan,CT,as
Data tells us what we know, and sometimes what we don’t “ ”
well. Eyerlyholdsdegreesfromthe UniversityofCentralMissouriand BYU.
DegreeInsuranceisatrailblazing insurancecompanythatis revolutionizingthewaystudentsand educationalinstitutionsapproach highereducation.Withitsinnovative anddata-drivenapproach,thecompany addressesthefinancialrisksassociated withpursuingacollegedegree, offeringauniqueproductthat guaranteesastudent'searningsinthe fiveyearsfollowinggraduation.By bridgingthegapbetweeneducation andfinancialsecurity,Degree Insuranceprovidespeaceofmindand helpsstudentsmakeinformed decisionsabouttheirfuture.Inaworld wherecollegedegreesareoftenthe largestuninsuredinvestments individualsmake,DegreeInsurance recognizestheimportanceof safeguardingthevalueofhigher education.Theyunderstandthat, despiteagrowingnarrativequestioning thenecessityofcollege,adegree remainsthemostconsistentpathoutof povertyinAmerica.
DegreeInsuranceisthefirstcompany intheworldtocreateanactuarialtable thatunderstandstherisksandbenefits ofacollegeeducationandthenusesit tocreateaninsuranceproduct.This data-drivenpricingmodelletsthem accuratelypredictastudent'slikely earningsaftergraduationandthen, acrossagroupofcoveredstudents, guaranteethoseearningsfor5years givingstudentsandtheircollegesa valuableresourceforunderstandingthe valuebeingdeliveredandminimizing therisksundertaken.Furthermore, DegreeInsurancehelpstolevelthe playingfieldandaddress socioeconomicdisparitiesinhigher
The more wrong answers you find, the closer you are to the right one
education.Theircommitmenttohelpingstudents fromlow-incomebackgroundsandunderrepresented groupsensuresthateveryonehasanequal opportunitytosucceedinthejobmarket.
AstheCEOandco-founderofDegreeInsurance, WadeEyerlyholdsarangeofcriticalrolesand responsibilitieswithinthecompany.Hisprimary focusisonsettingthestrategicdirectionforthe organization,overseeingday-to-dayoperations,and cultivatingapositivecompanyculturethatfosters innovationandgrowth.Hisextensiveexperienceas anentrepreneurandconsultantacrossvarious industriesequipshimwiththeskillsandknowledge necessarytoleadDegreeInsurancetosuccess.
OneofEyerly'snotableachievementsishisfounding ofSurfAir,aSantaMonica-basedairlinethat disruptedtheindustrywithitspioneeringall-youcan-flysubscriptionmodel.HeledSurfAirfromits initialconceptthroughtheMuckerlabincubatorand securedfourfundingrounds,amassingover$20 millionindebtandequity.Duringhistenure,Surf Airachievedaremarkable91NetPromoterScore, reflectingahighlevelofcustomersatisfaction,and generated$7millioninannualrevenuewhile maintainingaleanmarketingbudgetof$52,000.
Eyerly'scareeralsoincludesdistinguishedrolesin thepublicsector,includingcontributingtothe DepartmentofDefenseandservingasaneconomist atthePentagon,wherehespecializedinEuropeand NATOaffairs.Hemadevaluablecontributionsasa SeniorBusinessConsultantfortheDepartmentof DefenseanddeployedtoIraqin2009and2010, leveraginghisexpertisetodevelopquantitative modelsthatpredictedconflictandenhancedsoldier safety.HisexceptionalworkinIraqearnedhim recognition,includingtheSecretaryofDefense's
medalfortheGlobalWaronTerror andtheCivilianJointService Commendation.
UnleashingInnovationthrough Collaboration
WadeEyerlyhasencounteredarange ofchallengesthroughouthisjourneyas aleader.Onesignificantchallengehe hasfacedisnavigatingheavily regulatedindustries.Fromtheairline sectortonationalsecurityandnow insurance,Eyerlyhasoperatedinfields withstrictrulesandregulations. Complyingwiththeseregulations whileintroducingdisruptivemodels andensuringoperationalefficiencycan beacomplextask.Hisabilityto navigatetheseintricateregulatory environmentsdemonstrateshis expertiseinunderstandingand adaptingtothechallengesofheavily regulatedindustries.
AnotherchallengeEyerlyhastackled isstrikingabalancebetweendatadrivendecision-makingand uncertainty Whileherecognizesthe importanceofleveragingdatafor informeddecisions,leadersoftenface situationswherecompleteorperfect informationisunavailable.Making decisionsunderuncertaintyand rapidlychangingcircumstances requiresleaderstohavetheconfidence toactbasedonthebestavailabledata. Hisemphasisonusingtheinformation athandandbeingcomfortablewith uncertaintyhighlightshisadaptability andresilienceasaleader.
WadeEyerly,withhisextensiveexperienceasaleaderin variousindustries,wouldoffervaluableadvicetoaspiring leaderslookingtomakeanameintheinsuranceindustry. Hewouldemphasizethefollowingprinciplestoguidethem ontheirpathtosuccess:
Firstandforemost,Eyerlywouldstresstheimportanceof stayingaheadofthegamewithinnovation.Intheinsurance industry,embracingchangeandexploringnewideasis crucialtoremainingcompetitive.Aspiringleadersshould beopentoadoptingcutting-edgetechnologies,innovative businessmodels,andforward-thinkingstrategiesthatcan helptheircompaniesgrowandbetterservetheirclients.By activelyseekingoutinnovationandbeingwillingtotake calculatedrisks,aspiringleaderscanpositionthemselves andtheircompaniesattheforefrontoftheindustry
Furthermore,Eyerlyemphasizesthesignificanceof prioritizingcompanyculture.Buildingapositivework environmentwhereemployeesfeelvalued,motivated,and empoweredtocontributetheirbestworkisessentialfor sustainedgrowth.Aspiringleadersshouldfocuson fosteringaculturethatencouragescollaboration,creativity, andcontinuouslearning.Byputtingthewell-beingand developmentoftheirteammembersattheforefront,leaders cancultivateahigh-performingworkforceandcreatea strongfoundationforsuccess.
Maintainingaperfectwork-lifebalanceisacontinuous challengeformanyleaders,andWadeEyerlyisno exception.However,heactivelyprioritizeshisfamilyand adoptsstrategiestoensureahealthybalancebetweenwork andfamily.Despitehisdemandingprofessional responsibilities,hededicatesqualitytimetohiswifeand threeyoungboys.
Whetheritischeeringthemonatballfields,playinggames together,orsimplybeingpresentintheirlives,he prioritizesbuildinglastingmemoriesandnurturingtheir growth.Byparticipatinginhisboys'activities,Eyerly demonstrateshiscommitmenttobeinganinvolvedand supportivefather.WhenEyerlydoesfindafewmomentsof freetimeforhimself,hetendstoengageinactivitiesthat bringhimjoyandrelaxation.Readingisahobbythathe consistentlyindulgesin,allowinghimtounwindand expandhisknowledge.
Anyone can make good decisions with perfect information.
Doing so in the absence of perfect data is how you lead
Management- WadeEyerly,CEO&Founder
URL-www.degreeinsurance.co
Founded-
Description-DegreeInsuranceCo providespostgraduationincomeguarantees,aimingtode-risk educationalinvestmentandempowerstudentsin achievingtheAmericanDream Inpilotphase,itcould revolutionizeeducationfinance.
Management-JustinPierceBerutich,ManagingDirector
URL-www.euclidtransactional.com
Founded-2016
Description-M&ArisksarereducedbyEuclid Transactional,arenownedunderwriter Itcovers representations,warranties,tax,andcontingent obligationsasamanaginggeneralagency,backedup byatrainedteam.
Management-CareyAnneNadeau,Co-Founder
URL-www.loophealth.com
Founded-2018
Description-LoopInsuranceprovidesaccessibleand inexpensivehealthinsurance,aswellasexcellentcare throughinsuranceandemployeebenefits.Managing healthbecomessimplewithaneasy-to-usesmartphone app.
Management-JenniferFitzgerald,CEOandCo-Founder
URL-www.policygenius.com
Founded-
Description-Policygenius,anonlineinsurancemarketplace, makesitsimpletocompareratesfromleadinginsurersand purchasepoliciesthroughlicensedbrokers. 2014
Management-JanthanaKaenprakhamroy,CEO
URL-www.tapoly.com
Founded-2016
Description-TapolyUK,atranslationagencysituated intheUnitedKingdom,specializesintranslating technical,marketing,andbusinesspapersinto20+ languages Proofreading,editing,andlocalizationare additionalservices
Management-ReemIkram,CEO&Co-Founder
URL-www.thriftplan.sa
Founded-2019
Description-FullSteamisatopproviderofvertical softwaresolutionsandpaymenttechnologies.Allsizes ofenterprises,includingsmall,mid-market,andlarge businesses,employthecompany'sproducts.
Management-
SkyeTheodorou,CEOandCo-Founder
URL-www.upcover.com
Founded-2019
Description-Upcover,anAustralianonlineinsurance broker,providesquickcoverageforbusinessesand professionalswithavarietyofinsuranceproductsbacked byA-ratedinsurersandasimpleonlineapplication process
Management-RaulDominguez,COO
URL-www.veronicasinsurance.com
Founded-2007
Description-Veronica’sInsurance:Theorganization streamlinestheinsurancepurchasingprocedureby offeringservicesintherelevantlanguages Car,house, boat,health,motorbike,tenant,business,andlife insuranceareallavailablefromtheorganization
Financialprotectionisthemost essentialelementwhendealing withunprecedentedevents. Whetheryoutalkaboutyourproperty, vehicle,orhealth,there’salwaysariskof facingafinancialcrunch.Therefore, havinginsuranceisthemostbrilliant movetoreducethechanceoflosses.The insuranceindustryintheUShasrecorded steadygrowthforthelastdecade.In 2021,insurancepremiumsworth$1.36 trillionwerewritten.Thenumberfellin 2020duetothecovid19pandemic.The industryisdominatedbythreemain sectors:lifeinsurance,propertyand casualtyinsurance,andhealthinsurance. Let'sdigdeepandunderstandthemarket sizeofthesedominatinginsurance industrysectors.
ThepopulationoftheUSisconcerned aboutitshealth.Hence,theyhave preferredtohavehealthinsuranceasa prioritytokeeptheirmedicalbillslow. Healthandmedicalinsurancereachedthe $1.3trillion markin2022.Itrecorded 0.7%growthwhilebeingatthetopspot inthefinanceandinsuranceindustriesby marketsize.Thedemandforhealth insuranceisinfluenceddirectlyby employer-sponsoredgroupcoverageand indirectlybyindividualplanpurchasesas theworkforcegrows.Astheforce increases,sodoesthedemandfor personalhealthinsurance,sincealarger populationoftencorrespondstohigher disposableincomelevels.In2023,more peopleareanticipatedtowork,which mightgivethesectorachance.
Everyindividualisconcernedaboutthe uncertaineventsthatdestabilizethe family.Hence,alargergroupofthe populationchosetohavelifeinsurance.It isalsoviewedasasecuresourceof savings,whichintroducesannuities. Together,lifeinsuranceandannuitiesheld
amarketvalueof$1.1trillionin2022. Itaccountedfor8.8%ofgrowth,taking thesecondspotinthefinanceand insuranceindustriesbymarketsize. Consideringthatlifeinsuranceand annuitiesarelargelyusedfor retirement,estateplanning,andtaxfavoredpurposes,theindustrytendsto catertoamoreaffluentandolder consumer.Asmorepeoplemoveinto higherincomebrackets,demand grows.
Unexpectedeventsareoccurringona largerscale.Hence,itisimportantto havepropertyandcasualtyinsurance, whetheryouarelivinginyourown houseorrentingone.Thisindustry evencoversautomobileownership. Themarketsizeoftheproperty, casualtyanddirectinsuranceindustry was$896.9billionin2022.The growthwasrecordedat4.1%, concedingthefifthspotinthefinance andinsuranceindustriesbymarket size.Sincenewautomobilesaremore expensivetoinsure,peoplearekeeping theircarsforalongerperioddueto improvedqualitystandardsandmore long-termfinancingchoices.The requirementforinsuranceisincreased byariseinthenumberofregistered automobiles;hence,thesepatternsare significantpredictorsofpolicypricing.
Theunprecedentedeventsaregetting morefrequent.Thus,theinsecurityof financiallossiscreatingawareness amongthelargerpartoftheuninsured population.Thepredictedgrowthrates arebasedonpreviousnumbers. However,thechangingeconomic scenariosaremakingittoughtolead withthesamenumbers.Tounderstand theexactsituationoftheindustry,there needstobeathoroughstudyofthe economicsituation,asitcontributesto theGDPonalargescale.
RAUL DOMINGUEZ CEO | VERONICA’S INSURANCE
“Do your job with passion, it may seem trite but the reality is that everything you do with genuine love will pay off.”
Thebusinessworldtodayiswitnessingariseinthe numberofthoughtleadersandentrepreneurs.These next-genleadersarerevolutionizingnumerous industriesbyintroducingthelatesttechnological innovations.RaulDominguezisonesuchleader who—withhisversatileskillsandmorethan15yearsof experienceintheTelevisionandmediaindustry—hasmade amarkforhimselfasoneoftheeminentleadersinthe region.
Raulstartedhiscareerasafreelancer,whereheusedto organize,promote,advertise,andretailticketsformusic concerts.Gradually,hedevelopedaprofessionasa TelevisionProducerandtechnologist.Hisworkgavehim exposuretotheEuropeanmarketplace,theUSHispanic, andtheLatinAmericanmediainthecentralUSregion. Raulhasextensiveexperienceineverythingrelatedtothe worldoftelevision,digitalmedia,andtechnology.Hewas theCEOofahandfulofcompaniesinthetelevisionand mediadomain.Presently,heisworkingastheChief OperatingOfficerof Veronica’s Insurance
Veronica’sInsurancewasestablishedin2008inNorco,CA, byfounderVeronicaGallardowithanaimtocombatthe challengesfacedbythecommunityintermsofgetting informedandgettingtheinsuranceandtosimplifybuying insurancebyprovidingservicesintherespectivelanguages. ThecompanyoffersCar,home,boat,health,motorcycle, tenant,commercial,andlifeinsurance.Ithascreateda reputationbyprovidingexceptionalcustomersupportand hasgainedthetrustofthe Spanish-speaking populationin theUS.Thecompanyprocessesinsuranceapplications faster,withoutcomplications,andatattractiveprices.
BeingtheCOOofVeronica’sInsurance,Raulhasbeen instrumentalinthecompany’sgrowthoverthelastcouple ofyears.Heisaddictedtofindingwaystoimprove.Heis constantlygrowing,lookingforsolutions,andinnovating.It isabigresponsibilitytoco-pilotahugecompanylike VeronicathathasawidepresenceacrosstheUnitedStates, however,Raulhasbeenuptothetaskandismorethan happytotakeonthechallengescominghisway
MirrorReview’steamrecentlyhadacaptivating conversationwithRaul,inwhichhesharedinsightsabout hisjourneywithVeronicaandthefactorsdrivingVeronica’s unrivaledgrowth.Herearesomeofthesnippetsfromthe conversation.
Coming from a Television and Media background, how did you manage to adapt to the insurance industry?
OneofthebiggestchallengeswhenIfirstcameto Veronica’swascomingfromdirectingtelevisionandradio networkstoaninsurancecompany.Itwassomething different,butIhavealwayslikedthechallenges.Iknew thatIcouldcontributesomethingtotallydifferentand innovative,andIdidso.Inthesetwoyears,wehave quadrupledourofficesinCalifornia.Moreover,Veronicais nowafranchiseavailableineverystateofthecountry.Ican honestlysaythatithasbeenanamazingjourney Thisisan incrediblecompanyandIamveryproudtobeapartofit.
do you aid your franchise partners?
WithVeronica’sinsurance,youwillbeopeningabusiness underanestablishedname,sohalftheworkisalreadydone. Moreover,weownabigportfolioofclientsthatexpands everydaythroughouttheUnitedStates.Oneoftheunique advantagesthatweofferourfranchiseesistoinvest millionsofdollarsayearinadvertising,marketing, exclusiveevents,andworkingwithrenownedartists.We alsosponsortheLAFCTeam—thestrongestinCalifornia. Ourfranchiseesbenefitfromabsolutelyeverything.
What are the measures taken by Veronica’s Insurance to improve its customer experience?
WehaveoneofthebestscoresinreviewsonGoogleand Yelp,soIdobelievethatwearedoingthingswell. However,wearecontinuouslyworkingtoimproveour customerexperience. Wediversifythewaywe communicatewiththemtomaketheprocesseseasyand quick.Moreover,inclusionisparamounttous.Werecently addednewagentstotheteam—whoarenotonlybilingual butalsospeaksignlanguage.Wetakeprideinhavingone ofthebestcustomerservices,bots,virtualagents,andabig callcenteralwaysreadyforourcustomers.
What were the impacts of the COVID-19 pandemic on the company?
Thepandemicgaveusanopportunitytoprovethat Veronic’sInsuranceisarecession-proofbusiness.We openedourfirstthreeofficesinFlorida,webeatsalesgoals and2021alreadylookslikeagreatyearaswell.The success,however,wasnoteasy Wehadtotransforminto thenewnormal,protectouremployeesandcustomers, ensuringtheirwell-beingwasthefirstthingwedid.Thus, wewentdigitaltoserveandworkbetter Wefollowan
vextremecleaningregimeinour90+ officesandadheretothesafety standardssetbythestate.
What are your priorities for the upcoming years?
Incorporatingmoretechnologyto speedupourprocessesissomething thatisalwayswithinourpriorities.We alsoemphasizeimproving communicationwithourclients.As mentionedbefore,wehaverecently incorporatedagentswhoarebilingual andthisisonlythebeginning.Weaim tohaveanagentwhospeakssign languageineachoffice.
TheHispanicmarkethaswitnessed enormousgrowthinrecentyearsand theprojectionsfortheupcomingyears makeusconfidentthatweareinthe rightbusiness.Duetoongoingsupport andcontinuedgrowth,ourbusiness modelisnumberoneinthecountry rightnow.2021isbeingayearof enormousgrowth.Wehaveabout10 moreofficesscheduledtoopenin Floridaandweareeagertoexpandasa franchiseinotherstates.
WhybecomeaVeronica’sInsurance Franchise?
· Fast-growingmarket
· Recession-proofindustry
· +120MinWrittenPremium
· AccesstoTopCarrierswith 100%Commissions
· Stepbystepsupportwith expertsinallareas:legal, training,accounting, marketing,etc.
· OwncallcenterinEnglish, Spanish,andevensign language
· +1.5MonNationwideTV networksadsanddigital channelsadvertising
· Technologicalintegrated systemforcalls,leads,and onlinequotes
Theimportanceofhealthinsuranceis thatitprovidesyouandyourfamily withfinancialprotectionintheevent ofamedicalemergency.Itactsasaprotective barrierbetweenyouandtherisingexpenseof healthcare.Mostindividualsdon’trealizehow importantitistoinvestinituntiltheyare suddenlyillorinjured.Bythattime,theyare leftstrugglingtocomeupwithfundstopay formedicalexpenses.Hospitalbills,serious diseases,andotherexpendituresareall coveredbyhealthinsurance.Knowingthatyou canreceivemedicaltreatmentwithout worryingaboutthecostgivesyoupeaceof mind.Thesedays,generalhealthissuescan resultinsignificantfinancialoutlaysfor hospitalization,consultations,andaplethoraof tests,makinghealthinsuranceanecessary purchase.
Healthinsuranceservesasasafetynet,giving youaccesstohigh-qualitymedicaltreatment whileprotectingyoufromthedebilitating effectsofexcessivemedicalexpenses.You gainfinancialsecurityandpeaceofmindwhen youhavehealthinsurancebecauseyouknow thatyourinsurancewillhelppaythecostof anynecessarymedicalcare.Healthinsurance alsopromotespreventativecarebyfacilitating earlyidentificationandintervention,whichcan ultimatelysavelivesandmoney
Thereasonforhavinghealthinsuranceisthe risingnumberofdiseases.Heartdisease, cancer,stroke,respiratorydisease,injuries, diabetes,Alzheimer’sdisease,influenzaand pneumonia,kidneydisease,andsepticemiaare thetoptendiseases inAmericaimpactingthe pocketsoftheAmericanpublicandeconomy
Thecostofhealthcareisskyrocketing,leaving manyindividualsburdenedwithoverwhelming medicalexpenses.Theimportanceofhealth insurancebecomesevenmoreevidentinlight oftheseescalatingcosts.Unexpectedillnesses oraccidentscanresultinexorbitantbillsthat
cancrippleyourfinances.Medicalcostsareunpredictable, andwithoutthevitalprotectionofhealthinsurance,youare leftvulnerabletothesefinancialshocks.
ConsiderthestoryofSarah,whofacedastaggering $50,000billforemergencysurgery—aburdenshecould nothavemanagedalone.Thisisnotanisolatedincident; theaveragecostofcancertreatmentintheUSisaround $150,000,whichisfourtimesmorethanothermedical treatments.Furthermore,chronicconditionslikediabetes canhaveasignificantfinancialimpact.Accordingto calculationsbytheAmericanDiabetesAssociation, individualscanexpecttospend$16,752 peryearontheir medicalexpenses,with$9,601dedicatedtodiabetes treatmentannually.Thesenumbershighlightthevital importanceofhealthinsuranceasashieldagainstthese exorbitanthealthcarecosts.
Itisimportanttorecognizetheserioushazardsassociated withgoingwithoutinsurance.Peoplewithouthealth insurancefrequentlyhavefewalternativeswhentryingto getmedicalcare.Lackofcoveragemayresultin insufficientordelayedcare,endangeringtheirhealthand well-being.Additionally,thosewholackinsuranceare subjecttotheentireburdenofmedicalcosts,puttingthem atriskofoverwhelmingdebtandunstablefinances.
It’scrucialtoconsiderallavailablealternativeswhen choosinghealthinsurancecoverage.Governmentprograms, privateinsurance,andemployer-sponsoredpoliciesareall options.Costs(premiums,deductibles,andco-pays), networkcoverage,andtheadvantagesanddisadvantagesof eachplanareafewthingstotakeintoaccount.Youmay makeaneducatedchoicebyinvestigatingthesepossibilities andtakingintoaccountyourownrequirements.
Healthinsuranceisnotaluxury;rather,itservesasacrucial barrierbetweenyouandtheskyrocketingpricesofmedical expenses.Theimportanceofhealthinsurancecannotbe overstated,asitprovidesnotonlyaccesstohigh-quality healthcareservicesbutalsoessentialfinancialsecurity.By prioritizinghealthinsurancecoveragenow,youproactively shieldyourselffromthedevastatingimpactofunexpected medicalemergencieswhilesafeguardingyourfinancial future.Keepinmindthatprotectingyourhealthalsoentails protectingyourfinancialwell-beingfromthecrippling effectsofmedicalbills.
Thelatesttechnologiessuchas ArtificialIntelligencehave takentheworldbyastorm withitsnumerousapplications. Presently,usingthesetechnologieshas becomeessentialforalmostevery industryvertical.MicroInsurance Company(MIC)suchcompanythatis leveragingthelatesttechnologiesto deliverbest-in-classproducts.“With the emergence of Artificial Intelligence, we can now take advantage of this technology to dramatically improve the value for customers through communication and interaction to acquire, retain, and serve customers with our insurance products,”saidRichardLeftley,the EVPInternationalatMicro InsuranceCompany.MICwas formedrecentlyfollowingthemerger ofseveralcompaniesincluding MicroEnsure,whichRichardfounded.
MICprimarilyoperatesinemerging marketssuchassub-SaharanAfrica andSoutheastAsia.Inthesemarkets, theconsumersfacethehighestlevels
ofriskandhavetheleastaccessto insurance.Thecompanycreates innovativesolutionstomeetthis untappeddemandandexpand insuranceprotectiononan unprecedentedscale.Moreover,Being aFin-Techbusinessintheinsurance marketoverthepast15years,MIChas overseenthetransitionfromfeature phonestosmartphonesandtheuseof mobilemoneyfromairtimeasa currencytomobilewalletsandIn-App payments.Thecompanyhasutilized alltheseadvancementstodistribute insuranceproductstomassmarkets throughcommunicationprovidersand partners.
EsteemedPartnersandInvestors
MICworkscloselywithselectedthird partiessuchastelecomcompanies, banks,andmicrofinanceinstitutions (MFIs)tomakesurethatasmany customersaspossiblehaveaccesstoits insuranceproducts.Itworkswith telecompartnersnamely—Airtel, Telenor,Grameenphone,TNM, Easypaisa,etc.toensurethebest communicationandawiderreach.
we focus on delivering a complete integrated service covering product and process design, as well as operational delivery, allowing our partners to focus on their core business
Moreover,itpartnerswithinsurance companiessuchasAXA,ShriramLife Insurance,EnterpriseGroup,Sanlam, Cornerstone,JubileeInsurance,UT LifeInsurance,OldMutual,etc.
Alongsidethis,thecompanyhastieupswithseveralbankingpartnerssuch asBarclays,OpportunityInternational, Finca,Advans,andKhushhali MicrofinanceBank.Withthese renownedpartners,MICstrivesto provideunrivaledservicestothe customers.“The capacity and skill that our strategic investors bring to MIC are critical in helping us to reach millions of low and middle-income families across the globe,”asserts Richard.
Beinghereatthestartof microinsurancemovement,Richard hasbeeninstrumentalingrowingMIC
fromservingafewthousandpeople withinemergingmarkets,toover55 millionpeopleacross16countriesin AfricaandAsia.Hestartedhisjourney inmicroinsurancein2002with OpportunityInternational,aleading microfinanceprovider,wherehe workedasareinsurancebroker.
Whileworkingthere,hepioneeredthe introductionofinsuranceproducts withintheOpportunityNetworkwhich ledtotheestablishmentofMIC. Besidesthis,Richardhasalsoserved onthesteeringcommitteeoftheILO 'MicroInsuranceInnovationFund’–a $35millionfundprovidedbytheGates Foundation. Heisalsoaformer memberoftheMicroInsurance NetworkBoardandaservingnon-exec boardmemberoftheMicro-Bit Foundation.Heisleveragingallthis experienceintakingthecompany forwardparticularlyintrickysituations suchastheCOVID-19pandemic.
Thedisruptionsduetothepandemic havebroughtseveralchallengesas wellasopportunitiesfortheinsurance industry.Ononehand,duetothe restrictionssuchtooperatefreelyanda reductioninbusinessdemand,the livelihoodsofmanyofMIC’s customerswereimpacted.Meanwhile, theneedforinsuranceproductsto coverhealth,hospitalcosts,andin somecasesfataloutcomeshave increasedthedemandforaffordable insurancetolow-incomecustomers thatMICserves.
MIC’sproducts,however,werealready inclusiveforthepandemiccoverwhich wasadvantageoustoitsclients. Additionally,inthewakeofthe pandemic,thecompanydeveloped specificCOVID-19insuranceproducts tocovercostsincurredforhospital admittanceandalsoincasesof casualty,payoutstofamiliestosoften theeconomichardshipsthatcan emerge.ParticularlyinunderdevelopedcountriessuchasGhana, MICisprovidingfreeinsurancefor smallbusinessestohaveprotection overthecommercialassetsastheyget backtooperatingagain.“We are also offering free insurance through a mobile company to all of their customers for health and life insurance, which will be a great comfort while COVID-19 remains in our communities,”addedRichard.
Inthesedifficulttimes,thecultureofa companyplaysanimportantroleinits growth.MICoperateswithacultureof empowermentandownership,makingeach employeeresponsiblefortheirroleatall levelsinbusiness,knowingtheymakea valuedcontributiontothecustomersthatare inneedoffinancialprotection.Theteam workstogetherthroughchallengestoensure everyemployeeisapartofthesuccessofthe business.
Furthermore,asMICisaglobalorganization thatspanscontinentsandtimezones, ensuringappropriatecommunicationwithin theorganizationbecomesessential.Forthat, thecompanyusescollaborationtoolssuchas Slacktoincreasethesenseofcommunity, communication,andcollaboration.These toolsareparticularlyeffectivewithinthe currenthome-workingenvironmentsfor chatsandcalls.Thecompanyalsoutilizesits ownNoQuibblzapptospeedupclaimsbut alsousesmessagingappslikeWhatsApp withcustomergroupstoprovidedigitaltools forcommunicationanddocumentprovision forinsuranceclaims.
MICstrivestoleverageitscultureand effectivecommunicationforprovidingtopnotchservicesinthenearfuture.Talking abouttheplansforthefuture,Richardsaid, “We were the first to transition from being a broker to a digital insurance provider and this is critical for the future, to be able to create, sell, and service our own products globally.”
Co-Founder & CEO
Intoday’sdynamicbusiness environment,smallandmediumsizedenterprises(SMEs)are facingadauntingchallengeintheform ofsocialsecurity.Fromtheperspective ofemployees,thisresultsinahard-toswallowdeductionfromtheirsalaries. However,itisnotjustaboutthe financialaspect;employees,regardless oftheirbackground,wantstabilityand security,aswellasaccesstoadiverse rangeofinvestmentoptionstobuild theirwealth.
Meanwhile,companiesarestruggling withtheinternalretentionof employees,losingthemduetosmall increasesinsalaries.Itisclearthatthis isnotjustacommercialchallenge,but alsoasocialonethatbusinessesneed toaddress.AccordingtoanewBoston ConsultingGroup(BCG)study, approximately70%ofUAEemployees areconsideringchangingjobs,with compensation,retirement,and insurancebenefitsbeingthe“topdeal breakers.”
Similarproblemsinothermarketshave beenaddressedwithDefined contributionPlanssuchasthe401kin theUS.Thesechallenges,however,are globalinscope,anditistheroleof exemplaryleaderstochangenotonly themarketbutalsothoughtprocesses.
AnexampleofthisisReemIkram (Co-Founder, CEOand of ThriftPlan).Withhervisionand foresight,sheisredefiningsocial securitybyofferinganinteractive investmentplatformforboth employersandemployeesinthe MENAregion.
Reemhasanimpressivejourneythat beganinherchildhoodinGermany, whereshediscoveredthethrillof creatingherownenterprisebyselling stones.Asachild,shewasfascinated bythefinancialaspectofrunninga business,andthisearlyexperienceleft alastingimpressiononher.
Afterstudyingentrepreneurship,Reem workedininnovationandtookher family’sbusinessfromthefirsttothe thirdgeneration.Shefacedthe dauntingchallengeofbringingthe companyintothedigitalageand transforminganimport/exportbusiness intoe-commerce.Herexperiencein managingfinancesprovedtobe invaluableduringthistransformational journey
UponmovingtoSaudiArabia,Reem encounteredasignificantchallenge duringhertimeworkinginPrivate EquityinSaudiArabia–the complicatedpensionsystemforexpats andthestrugglesofayounggeneration thatisnotpreparedforfinancial hurdlesinthefuture.Assomeonewho
wasusedtohavingadeductionfrom hersalary,Reemfoundithardtoadapt tothenewsystem,andthisrealization promptedhertoaddressamore widespreadproblem.Thisrealization sparkedtheideaforThriftPlan,a revolutionaryplatformthatoffersan interactiveinvestmentplanforboth employersandemployees.
Foundedin2019,atAlYasmeen, Riyadh,ThriftPlan’sgoalistohelp individualsachievefinancialsecurity inaregionwheresocialsecurityisa challengingissue.WithVision2030 addressingtheneedforsaving solutions,Thriftplanisactively highlightingoneofthelargestsources ofsaving,theWorkplaceSaving Plan,whichhascrossedamarket valueofmorethanUSD$7trillionin theUnitedStates.
Moreover,itisthethoughtprocessof companiesandindividualsthatis changing.Oneofthecorestrugglesin encouragingindividualstosavehas beenthecountry’sleveloffinancial
literacy,whichhasproventobea difficultobstacleinamarketwitha largeyoungpopulation.However,by automatingandencouragingdigital learningwhileinvesting,Reemandher teamarechangingthefutureofa generation. “The secret to evoking change is to have believers; my team was the first to believe. They are the ambassadors of saving,” saysReem.
AtThriftPlan,theteamhelps companiescreatedefinedcontribution plansthatincreaseinternalemployee retention.Unlikecompetitors,the company’sapproachinvolvesallowing adirectcontributionfromthe employee’ssalarytothesavingsplan, matchedbytheemployerbasedon theirretentiongoals.Thisencourages employeestoinvestintheirfuture whilebuildingloyaltytotheir employer.
ThriftPlanalsoempowersemployees bygivingthemtheautonomytodecide ontheirinvestmentportfolio,ensuring thatonlytheirdiscretionaryfundsare managedbythem.Additionally, ThriftPlanofferscomprehensive workshops,educationalcontent,and advisoryservicestohelpcreatethe mostsuitabledefinedcontributionplan foreachcompany’suniquehierarchy, objectives,andculture.
Reemisadynamicleaderwho shoulderstheultimateresponsibility foreverythingatherorganization. Withherleadershipstyleofleadingby example,sheensuresthatnotaskis beneathher,regardlessoftheskillset required.Asaleader,sheisrenowned forherabilitytomakethingspossible. Sheapproacheseveryproblemwitha contingencyplan. “Every problem
should have a plan B, a plan C, and if needed all the way to Z,” statesReem.
Asanentrepreneur,Reemunderstands thechallengesofkeepingherselfand herteammotivated.However,she considerstheimpactshehasonthe communityandstakeholderstobethe mostrewardingandrefreshingaspect ofherprofession.Sheisafirmbeliever thatbusinessesmustlookbeyond profitabilityandaddresssocialissues aswell.
Reemremembersatimewhenpeople toldherthatwhatshewasdoingwas impossible.However,sherefusedtolet thenaysayersdiscourageherand insteadpersevered,makingthe impossiblepossible.
Underherleadership,thecompanyhas achievednumerousnotableawardsand achievements.Inrecentyears, ThriftPlanwasawardedtheprestigious titleofthemostinnovativecorporate savingsolutioninKSA.Thecompany hasalsoreceivedmultipleawardsfor itsexceptionaleducationincentive.It participatedinFintechSaudiandwon thefirstprizeduringDemoDay.
“Opportunities come, but they are a gift; as leaders, we need to be able to recognize them and capture them to succeed,” assertsReem.Sheopines thatbeingproactiveisnotonly importantbutalsoanobligationfor leaderstoseekoutnovelwaysto evolve.Itisnotonlyforthebenefitof stockholders,butalsoforthe organization’semployees,the ecosystemthatdependsonit,andthe individualswhohavenoalternative.
Beyondhercabin,Reemindulgesina fewhobbiesthatbringhertruepeace. Shefindssolaceintrainingandriding horses,whichbringsanunparalleled senseoftrustandrejuvenationbetween theanimalandtherider.Forher,itisa refreshingfeelingthathelpsher unwindfromthedemandsofherbusy schedule.Inadditiontohorseriding, Reemalsoenjoysjoggingandreading whichhelpsherreleasestressandcalm hermind.
Reemsharesinvaluableadvicefor aspiringbusinessleaderswhowantto excelintheirfield.Heradviceis simpleyetprofound–“Believe in yourself.”Evenwhenothersdoubt yourabilitiesortellyouthatyourideas areunrealisticorimpractical,she advisesthatyoushouldnotgiveup. Instead,usetheirskepticismasa motivatortoworkevenharderand provethemwrong.
Opportunities come, but they are a gift; as leaders, we need to be able to recognize them and capture them to succeed. “
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