The Innovators Leading Insurance’s Digital Transformation

Michele Grosso, Chief Executive Officer

It’s something that everyone knows. Innovating in the insurance industry is complicated. It’s probably one of the most innovation-averse industries.

Many structural issues (such as legacy systems, regulation and the lifespan of the products they sell) are deeply rooted in those who work there and whose first response to any transformation plan is, “Nope, it can’t be done.”

But some dare. Despite these deeply held beliefs, they take the leap and implement important changes in their companies that are then translated into value propositions that impact their clients’ lives.

Who are the ones that lead the way?

It’s been nine years since I founded Democrance. As a co-founder and CEO, I’ve met with thousands (yes, 1000s) of insurance executives. I’ve gotten to know sales leaders very well and found that there are some common traits of executives who are leading (successfully) the digital transformation in their companies:

They think differently, are more open-minded, and are willing to find inspiration outside of insurance. They also genuinely get excited about new technology and what it can enable. They are innately early adopters. They love technology, use it in their daily lives, have used it in their previous jobs and come with a different mindset. They push and push and push until they manage to generate the necessary transformations. They are fearless in challenging the status quo or how things have traditionally been done.

They draw ideas from all kinds of places like e-commerce, tech firms, etc. They read, they get informed, and they investigate. They don’t rest easy if they are told it can’t be done. They keep persisting until they succeed.

They have a personality that leads them to constantly look to change things, to do them better. It’s like they’re always asking, “How could we make this better?” instead of just accepting the way it’s always been (something very ingrained in the insurance mindset).

And they try to get their teams thinking that way, too – shaping a culture where people look beyond the standard insurance toolkit. The “no’s” don’t stop them; on the contrary, they challenge them.

I look at the executives around me and see a change, especially in heads of Product Distribution, Digital, Sales Leaders, CTOs and open-minded CEOs (particularly in small insurance companies).

A new culture is being encouraged. A culture that doesn’t just rely on how things “have always been done.” And it probably also has to do with the new generations, all of whom are digital natives and cannot imagine a world in which technology is not a fundamental player.