The Insurance Coffee House with Nick Hoadley – Details, episodes & analysis

On this episode we interview Jose Luis (Pepe) Velasquez and find out how he has used his experience working at blue chip companies like Heineken to drive a high-performance culture at Mapfre USA.

Connect with Pepe on LinkedInhttps://www.linkedin.com/in/jose-luis-velasquez-906560/on LinkedIn or find out more about Mapfre USA https://www.linkedin.com/company/mapfre/

The Insurance Coffee House Podcast is brought to you by Insurance Search.

We are a global Insurance Executive Search Consultancy, supporting Insurance and Insurtech businesses to attract and retain the very best insurance talent.

Find out more about showcasing your employer brand as a guest on the Insurance Coffee House Podcast or sign up to our News and Insights.

Copyright Insurance Search 2024 – All Rights Reserved.   

Or follow us on LinkedIn, Twitter or Instagram

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Zimbabwe born and South Africa educated, Warrick Beaver started his working life as an HR professional in the fashion retail industry.

“If you're talking about journeys to insurance, fashion and retail is probably as far away as you can imagine. I was taught that you were a retailer first and an HR professional second”, says Warrick.

“The lesson learned was, 'Understand where the value creation happens and be as close to it as possible. Understand your business.' That commercial curiosity has always stayed with me. It has stood me in good stead, kept me engaged and helped me find impact, meaning, and alignment throughout my career.”

On this episode of the Insurance Coffee House Podcast, Warrick delves in to his career journey and what he’s learned along his professional journey.

Through retail and recruitment industry, FMCG manufacturing and information services, Warrick shares his experiences of M&A, business divestures and balancing his commercial and HR hats.

He discusses his role of Chief People Officer and Fidelis Insurance Group’s novel operating model.

“The hypothesis was that businesses should lend themselves to their core competencies. If that core competency is underwriting, then it should focus on underwriting and ensuring a relentless pursuit of execution and excellence.

Conversely, the core competence in terms of capital management, balance sheet management, capital allocation, reserving, would also be best served if there was the same level of excellent focus and time and attention.

Decisions can then be made with the clearest of intention, and there's no potential contradiction or conflict in terms of what you do from a capital management or from an underwriting point of view, because the two businesses are managed separately. So that's the hypothesis. We are in a long-term relationship with The Fidelis Partnership. They are focusing on what they do best, and we are focusing on what we do best.”

With its growing presence in London, Dublin and Bermuda, Warrick discusses the culture at the business and whether bifurcation is a true USP to attracting top insurance talent.  

“Culture is dynamic. It's ever changing. You can never put a pin in it and say, “We're done, victory is declared!” It is a constant evolution.

We also see that in terms of our demographic, our employee base and what they’re looking for from an employer and the working experience.

We've been able to assemble, very capable, experienced professionals from within the insurance market who have worked for much larger, more established organization

This model represents something novel, unique and an opportunity for them to become part of something interesting. Of course there is a lot of uncertainty with a scale operation, but we have a deep heritage. We have some fantastic experience. We're a building brand, and it's enough to attract people who are well regarded.”

Warrick emphasises what he looks for in insurance leaders coming for interview.

“It's just as much a conversation on how that technical capability, experiences and skills are translated into value added. Don't spend your time talking about your accomplishments. We're going to take those as read.”

As closing advice, Warrick says, “Understand your business. Be as close to the value-add inflection point as possible because you will feel relevant, get immediate feedback, and will be constantly evolving with the needs of the organization.”

Connect with Warrick Beaver on LinkedIn or find out more about Fidelis Insurance Group

The Insurance Coffee House Podcast is brought to...

“Given the potential of AI, we should all be focused on ensuring it's part of our strategic roadmap. It is an excellent tool that is going to allow us to rethink, reimagine how we deliver products, services and experiences to our client base”, says Prashant.

“Is it machine learning? Is it deep learning? Is it unstructured data? Is it predictive models? What is it that you really want to achieve?

While it's powerful, it requires other catalysts to function. You can't start building a roof and then look at the foundation. 

Building the right data foundation, having a robust change management plan and then ensuring there are business use cases that are aligned with the outcome.”

On the Insurance Coffee House Podcast this week, Prashant discusses:

• starting his career for a business outsourcing processing company over 20 years ago in India
• transitioning in to managing processes and people mostly in P&C specialty lines and understanding the insurance lifecycle, from acquisition to claims
• being part of the mission to make MSIG USA a data-driven insurer
• change management and its impact on people, infrastructure and day-to-day operations
• AI requiring other catalysts to function properly
• adding skills and embracing the AI implementation journey
• what he looks for in an insurance executive search partner
• being entrepreneurial and keeping a smile on your face
• and the one lesson his job has taught him, he wants everyone to learn

“Change is hard. We use different terminologies in an organization to express our goals, objectives and why we are doing it. But it all boils down to one thing and that is change.

Think about what you're doing as change and keep that in mind, because if you lead with that, it helps you understand how to increase adoption and how to make change stick.”

Connect with Prashant Hinge on LinkedIn or find out more about MSIG USA

The Insurance Coffee House Podcast is hosted by Nick Hoadley, CEO of Insurance Search.

We are a global Insurance Executive Search Consultancy, supporting Insurance and Insurtech businesses to attract and retain the very best insurance talent.

Find out more about showcasing your employer brand as a guest on the Insurance Coffee House Podcast or sign up to our News and Insights.

Copyright Insurance Search 2024 – All Rights Reserved. 

“Executives who’ve been in this business for 30-40 years and have a lot to offer, go for a role where they can really impact younger people coming into the business”, says John.

Sharing his journey from joining Chubb Underwriting direct from school, John maintains that one of his greatest advantages early on, was learning how to underwrite, before moving back to his Californian roots, where he joined Heffernan Insurance Brokers as employee no. 19 in 1991.  

John charts the organic growth of the business before moving in to M&A 6 years ago, with Heffernan having a current team of 540 and being one of the few independent retail brokers in the U.S. over $100m.

“My background has been bringing young people on, mentoring them in a very collaborative environment.  It's impossible to have organic growth as a company without a very strong collaborative culture.”

John discusses moving in to a leadership role at Heffernan, biggest career achievements, pushing peers out of their comfort zone and draws similarities between the early days at Heffernan and launching London-based Costero Brokers.  

“I'm in kind of a similar situation here but I'm further along and more mature in my career. But it's a challenge when you're pushing your peers out of their comfort zone and pushing them to trust you. Not that they don't, but you're kind of getting to the limits of that trust. It's challenging, but I also find it somewhat invigorating.”

John explains how he’s dealt with setbacks along the way, “It's really important that I'm surrounded by people that I trust and I care about. A lot of the setbacks I've had would have been impossible alone. I don't know how people do this stuff when they operate in a bit of a vacuum.”

Clarifying Heffernan’s approach to embracing tech and digital change, John talks through his outlook on the industry, challenges for executives and the opportunities for high-performing talent.

“We let people create the careers they want. I've always thought that my job is to keep really good people and facilitate their growth. It's not to manage them.”

John concludes by sharing his concerns about the impact remote-working is having on mentoring and developing the next generation and his advice for insurance professionals considering their next steps.

“It’s a good business. If you’re not enjoying it, find something else.”

Connect with John on LinkedIn, email jt@heffgroup.com or find out more about Heffernan Insurance Brokers.

The Insurance Coffee House Podcast is brought to you by Insurance Search.

We are a global Insurance Executive Search Consultancy, supporting Insurance and Insurtech businesses to attract and retain the very best insurance talent.

Find out more about showcasing your employer brand as a guest on the Insurance Coffee House Podcast or sign up to our News and Insights.

Or follow us on LinkedIn, 

“The platform has really grown up around the needs of the wholesale broker”, says Kingsley.

A highly experienced industry leader, Kingsley charts his 4 decade insurance career with brand names including Johnson & Higgins (acquired by Marsh) and Beazley Group and explains what attracted him to join cyber insurtech Sayata in 2020.

“The vision for building the company.  We have a combination of ultra-bright tech minds and seasoned insurance professionals is the best way I can describe it.”

With Sayata having raised $60m across 3 rounds of funding, Kingsley goes to on to explain the development of the multi-carrier comparative cyber platform in early 2020, a place where wholesale brokers can access multiple quotes from multiple markets. 

“Our distribution is 100% wholesale brokers.  Wholesalers are most efficient in distribution of the small to midsize cyber product. They bring some value added consulting to the retail agent, helping them navigate through some of the issues around cyber.”

Kingsley outlines the benefits on offer to wholesale brokers and retail agents as well as the challenges to scaling the business in a changing market.

With 10 well-known carriers participating on the platform, over 100 Wholesale Brokerage firms appointed and 1200 active users, Kingsley highlights the recruitment opportunities across the Operations and Business Development teams, together with the cultural values that Sayata is developing as it grows apace.  

Discussing the value high-performing insurance talent brings to the business, Kingsley says, “The key is identifying people that are willing to learn something new. I use myself as an example, it’s identifying people that bring experience but are willing to look at things very differently.”  

On the topic of remote-working, Kingsley maintains, “With travel opening up, the team is going to spend more time on the road. I still believe there's no substitute for face to face meetings.”

In conclusion, Kingsley gives advice to those considering a move from an incumbent insurance business to the world of insurtech.

“I think the key is developing your primary major. Have a strong, technical grasp on an insurance product and build that out.”

Connect with Kingsley on LinkedIn or find out more about Sayata

The Insurance Coffee House Podcast is brought to you by Insurance Search.

We are a global Insurance Executive Search Consultancy, supporting Insurance and Insurtech businesses to attract and retain the very best insurance talent.

Find out more about showcasing your employer brand as a guest on the Insurance Coffee House Podcast or sign up to our News and Insights.

Or follow us on LinkedIn, Twitter or Instagram

Insurance Executive Search Consultants in USA, UK and Bermuda.

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“Covid was the first time I was home every single day. I had time to think about what I wanted to do and what made me happy”, says Justin.

Justin shares his career journey from Kemper Scholar to starting off his insurance career with General Electric, through the likes of KPMG, CNA Insurance, XL Catlin and AXA and what attracted him to joining the Vantage team in 2021.

“I thought what really would appeal to me is maybe a start-up, something a little different than a legacy carrier. Vantage came about and it was just at the perfect time.”

Talking through his transition in to senior leadership positions and the C-suite, Justin explains how it was his time at XL where doors opened and his confidence grew.    

“I was regularly working on operational planning and there was a desire with senior leadership, to expose other business units, other countries to that to that form of strategic planning.

It really gave me an opportunity to spread my wings and develop a reputation.  I found that doors started to open.”

Charting his biggest achievement as his time at Vantage to date, Justin explains how the last 18 months at Vantage is what he’s most proud of.

“It's all because of our team. We're building something unique and special. It’s set us off on a journey as a team, an even more important accomplishment versus something I could name as an individual.”

Justin shares his reaction to being overlooked and how Vantage is adopting technology and digital to exceed its clients’ expectations.  

"We've invested heavily in data analytics. All of our data is flowing into one spot and we're able to access it and use it.

When it comes to to working with customers and brokers that's really powerful because we're able to get to very accurate timely information.”  

Vantage is also building out their own IT systems, which is impacting talent attraction, allowing underwriters and those working in claims to contribute to how they're going to work in the future.

Justin shares his views on the challenges ahead for the business and sector and highlights the opportunities for high performers as well as the skills Vantage demands from aspiring leaders and their approach to talent attraction.

“There's a lot of competition for talent. We have to be out there all the time with our name in the marketplace. It's just super important that our people are out there, whether it be from a market or a talent perspective sharing who Vantage is and what we're all about.”

Justin concludes with advice to any executives considering a career move.

"Take some time and look around and figure out what you want to do. Really think about what makes you happy, what you want to do long term."

Connect with Justin on LinkedIn or find out more about Vantage Risk Companies.

The Insurance Coffee House Podcast is brought to you by Insurance Search.

We are a global Insurance Executive Search Consultancy, supporting Insurance and Insurtech businesses to attract and retain the very best insurance talent.

Find out more about showcasing your employer brand as a guest on the Insurance Coffee House Podcast or sign up to our News and...

“We believe in trust. We’re handling a very sensitive transaction”, says Omri.

Headquartered in New York City and with the Development and Product teams based in Tel Aviv, Jones automates the full life cycle of insurance operations from extraction and collection to approvals and resolution across any transaction in real estate.

“We've built Jones to give one network where you can find all the vendors, subcontractors and tenants who are leasing space and simply look up their insurance profile and get instant verification.”

With close to 8,000 buildings and hundreds of thousands of stakeholders using the system across the U.S, Omri talks through the benefits on offer to clients and the flexibility of integrating with existing core property management or construction management systems.  As well as time savings, he describes how Jones is helping users increase compliance rates and decrease liability.

Omri, who started his career journey in the Israeli military, discusses the challenges encountered in scaling the business including the slower rate of tech adoption in commercial real estate, economic downturns and the impact on the sales cycle.

With a group of talented tenacious people, diverse in their perspectives and backgrounds, Omri defines the importance trust, generosity and ownership play in forming Jones’ culture and values. He goes on to emphasise the importance of physical, spiritual and emotional wellbeing.  

“Life is not Jones. Jones is part of your life. Take care of yourself and bring that to the company rather than bring the company to your life.”

Omri highlights the significance of insurance knowledge for the business as it continues its rapid expansion. “Insurance knowledge drives the algorithms that drives the product.”

He concludes by advising fellow founders to have someone alongside them, a great co-founder relationship.      

“It’s like what motivates you to complete the Navy Seals experience, it's actually the person next to you who's doing the course with you and being there to be supportive of them and then gaining their support in return.”

Reach out to Omri at omri@getjones.com, connect on LinkedIn or find out more about Jones

The Insurance Coffee House Podcast is brought to you by Insurance Search.

We are a global Insurance Executive Search Consultancy, supporting Insurance and Insurtech businesses to attract and retain the very best insurance talent.

Find out more about showcasing your employer brand as a guest on the Insurance Coffee House Podcast or sign up to our News and Insights.

Or follow us on LinkedIn, Twitter or Instagram

Insurance Executive Search Consultants in USA, UK and Bermuda.

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“No insurer in the U.S. has any digital infrastructure for the native Spanish-speaking population”, says Nestor, “despite the U.S. being the second largest Spanish-speaking country in the world after Mexico.”

Born and raised in New Jersey, the son of Uruguayan immigrants shares his journey of stumbling in to insurance after helping his aunt with monthly budgeting.

“I had no idea how hard it was for some immigrants and working class people in the U.S. to access auto insurance”, explains Nestor, as he highlights the challenges of credit score, education, employment and postcode as well as the dearth of digital infrastructure.

With minimum liability limits, Sigo Seguros launched its own auto insurance product in August 2021 with a focus on providing affordable, accessible insurance.

“We’re working towards starting to remove some of that bias that a lot of the legacy products have.”  

Nestor talks loss ratios, customer-centricity and the benefits on offer to policyholders.

“Ultimately, there's the opportunity here to provide a fully digital experience for a market that's a little different.

When we talk about our target customer, we're fully bilingual and end customers can onboard digitally, pay, receive proof of insurance in their native language.”

Nestor goes on to highlight the impact of technology, future growth plans, the biggest challenges to scaling and the evolving culture.   

“We're willing to talk about the tough topics. Culture changes, culture shifts, it evolves.  I think it's driven by the team and who you hire.”

Nestor shares his thoughts on business sustainability, remote-working and the value insurance knowledge brings to the Sigo team as well as moving from growth to managing a book and harnessing potential demand.

“Many states have billions of dollars of premiums of auto insurance, when you look at the immigrant and working class population  The demand for the products is there. We're looking how to build and reach the massive market not only in Texas but beyond.”

Nestor concludes by encouraging entrepreneurs to learn from other founders and underlining the importance of clear communication and story-telling.

"Grow as a communicator and storyteller. Find the right talent, motivate the team and learn from other founders. It’s unlocked a lot for me.”

Reach out to Nestor on LinkedIn, email nestor@sigoseguros.com or find out more about Sigo Seguros

The Insurance Coffee House Podcast is brought to you by Insurance Search.

We are a global Insurance Executive Search Consultancy, supporting Insurance and Insurtech businesses to attract and retain the very best insurance talent.

Find out more about showcasing your employer brand as a guest on the Insurance Coffee House Podcast or sign up to our News and Insights.

Or follow us on LinkedIn, Twitter or 

“Don’t underestimate the need for people to support your digital business”, says Bill as he shares his journey from not-for-profit and workers comp to affinity distribution and tech-enabled businesses.

Bill discusses co-founding Gradguard that works with 450 colleges across the US to provide embedded insurance at the point of enrolment, enabling students to protect their investment in education.

Co-Founding Boston-based Bindable in 2016, Bill gives an overview of how the business started and current growth plans.

Bill explains how the business has evolved from its early focus on auto insurance in Massachusetts to providing insurance as a service, enabling carriers, brokers or brands to expand through alternative channels, launch new products or enter the insurance market.

“We like to think of the business as a B2B2C distribution platform.  If a brand wants to get into the insurance business, whether it's a bank or a retail brand, whoever it is, we can support them doing it themselves or we can do it for them.”

Bill highlights how products have evolved from auto and home to digital products like travel insurance, pet insurance, home warranty insurance and legal plans as well as the benefits Bindable offers carriers, brokers and brands. 

“Our value proposition is straightforward. Would you like to access preferred channels and get to those customers in a moment that's important to them in?”

On top of engagement, there’s the data, they learn about their customers and their buying habits as well as the reduction in customer acquisition costs.

Bill discusses challenges to scaling the business and the culture & values of the team, emphasising the importance of ‘being nice.’  “It is our primary core value. Be nice to customers, be nice to partners, be nice to competitors, be nice to each other. It goes a long way.”

He shares Bindable’s approach to hybrid-working. “Like everyone else, we're trying to figure out the right cadence. People need flexibility. I also think it's important to have collaboration to be in the office and spend time together.”

In conclusion Bill stresses how important those with insurance expertise are to the business and advises anyone looking to join a growing business to do their research.

“Know that you're going to work hard, but find people that you feel have the same values as you, because you're getting into the trenches.”   

Connect with Bill on LinkedIn, email bsuneson@bindable.com or find out more about Bindable

The Insurance Coffee House Podcast is brought to you by Insurance Search.

We are a global Insurance Executive Search Consultancy, supporting Insurance and Insurtech businesses to attract and retain the very best insurance talent.

Find out more about showcasing your employer brand as a guest on the Insurance Coffee House Podcast or sign up to our News and Insights.

Or follow us on LinkedIn, 

“We’re looking at skillset rather than location. Skillset and culture matters much more”, says Damien as he shares how Zelros is maintaining its culture and values alongside ambitious growth plans.

With offices in Paris, Montreal and New York, Damien - who is spearheading the company’s move in to the North American market - describes his journey from engineer to entrepreneur and the rationale behind co-founding Zelros with his two business partners.  

“We are a recommendation engine specialised for the insurance industry, leveraging data and AI”, says Damien as he details how Zelros is preparing for their Series B next year, following their initial $16m fundraise.  Responding to new and emerging risks, Zelros provides benefits for policyholders as well as brokers and carriers.

“For policyholders, we provide comprehensive and personalised advice on how they’re covered. For brokers and carriers, we drive more growth and increase loyalty,” maintains Damien, describing how the business is making relevant recommendations to 250 million policyholders across Europe (60% P&C, 30% Life and 10% Health).

Damien shares the challenges to going international, operating across different markets and timezones as well as how the business is aiming to grow by 30-50 people upon closing its Series B. He talks about how the culture - ambition, humbleness and trust - has been defined over time and the challenge of maintaining those values as they grow their presence in Montreal.

Highlighting the value insurance product knowledge and understanding new markets brings to the team, Damien explains how Zelros is looking for people who love insurance and technology.  

“Your mindset should be rollercoaster proof. You’re never prepared enough for the ups and downs”, concludes Damien as he shares his advice for fellow founders and emphasises how experienced strategic advisors and marketing positioning & messaging will fuel success and educate the market.

Contact Damien via damien@zelros.com, connect on LinkedIn or find out more about Zelros

The Insurance Coffee House Podcast is brought to you by Insurance Search.

We are a global Insurance Executive Search Consultancy, supporting Insurance and Insurtech businesses to attract and retain the very best insurance talent.

Find out more about showcasing your employer brand as a guest on the Insurance Coffee House Podcast or sign up to our News and Insights.

Or follow us on LinkedIn, Twitter or Instagram

Insurance Executive Search Consultants in USA, UK and Bermuda.

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