John Reese, Bold Penguin’s new Controller, answers 3 questions (+1 bonus) about himself, the industry, and the evolution of insurtech jobs. First off, we would like to welcome John to the Glacier. We are thrilled he’s joined our team!
With the expense-driven cultures that run rampant in today’s insurance companies, it is becoming more and more important to find ways to do things at a lower cost and more efficiently. Companies must continually identify ways to use the technology wisely and enable them to more efficiently deploy the headcount. As technology evolves rapidly, it is important to maintain that competitive edge both as a company and as an individual employee by deploying a solid mix of technology and human capital.
The biggest thing I have seen is that technology is rapidly changing, while the main carriers in the insurance industry are still using dated systems. This creates a bit of a roadblock for implementing new technologies. It is to the advantage of people working in insurtech jobs to be able to deploy new technology in a way that does not require major changes to the insurance companies' tech stack.
I think knowledge is key. It is imperative to learn as much about the underlying insurance products as possible all the while learning how to perform accounting for those products. Insurance accounting can be complex, and it is key to have a solid understanding of what you are trying to account for.
One word is key to relationships, whether that be personal or business-based -- and that’s communication. Failure to communicate will always result in missing expectations, which will lead to conflict.
Birds of a feather flock together to help independent agents
Cybersecurity Awareness Month brings essential attention to the commercial insurance landscape. No business is immune to cyber attack risk. Small and medium-sized businesses (SMB) owners must be vigilant to protect themselves.
Businesses must be classified with the right NAICS code for insurance to get proper coverage.