On this episode of the Scouting For Growth podcast, Sabine VdL introduces the a series of podcasts featuring Steve Abel, Partner at Oliver Wyman, Brian McDermott, Chief Technology Officer at Victor Insurance and Esther Becker, Partner and Captive Actuarial Leader at Oliver Wyman.
The objectives of the following four episodes are to:
- create an all-rounded viewpoint of what is happening in insurance
- demonstrate how an insurance managing general agent has grown its business to over 3 billion dollars in Direct Written Premiums (DWP)
- and how the world of captive insurance is evolving when emerging risks are so present in our day-to-day lives.
KEY TAKEAWAYS
- Legacy system optimization is crucial for insurance companies to not only reduce costs but also to enhance the value of existing investments. By addressing historical oversights and implementing effective strategies, insurance companies and carriers worldwide can unlock comprehensive value from their legacy systems.
- Insurers out there… You've made substantial investments in your core systems, but it's possible that some of our decisions weren't aligned with the best long-term outcomes for your business or enterprise. Revisit past decisions critically to assess whether they still serve your company's current and future needs. Look for signs that you've been locked into proprietary solutions, which may hinder adaptability or interoperability in the long term. I have talked about those with many insurers, and this is certainly an area of concern today.
- Implement APIs that enable more flexible interaction with your core systems, and introduce modular upgrades that add new capabilities without a complete system overhaul. These targeted improvements can significantly increase value and extend the lifespan of your core systems, helping you stay competitive in a rapidly evolving insurance market.
- Finally, I wanted to dive into the world of captives, and self-insurance programs offer a strategic approach to managing emergent non-insurable risks. A captive’s ability to navigate complex technological challenges and optimize technology choices is crucial to reinforcing the relevance and efficiency of its operations.
BEST MOMENTS
‘To unlock the value from your core systems, adopt a three-pronged approach: Simplify. Innovate. Collaborate.’
‘When you invest in technology startups, scaleups and growth ventures… recognizing the common missteps is going to be essential to avoid them.’
‘In leveraging commoditized technology, your goal should be to build more relevant applications. Utilizing established technologies allows you to focus on innovation without reinventing the wheel.’
‘By proactively shaping your approach to these areas of advancement, you're preparing to meet the demands of 2030 and propel the insurance and insurtech sectors forward.’
ABOUT THE HOST
Sabine VanderLinden is a corporate strategist turned entrepreneur and the CEO of Alchemy Crew Ventures. She leads venture-client labs that help Fortune 500 companies adopt and scale cutting-edge technologies from global tech ventures. A builder of accelerators, investor, and co-editor of the bestseller The INSURTECH Book, Sabine is known for asking the uncomfortable questions—about AI governance, risk, and trust. On Scouting for Growth, she decodes how real growth happens—where capital, collaboration, and courage meet.
If this episode sparked your thinking, follow Sabine VanderLinden on LinkedIn, Twitter, and Instagram for more insights.
And if you’re interested in sponsoring the podcast, reach out to the team at hello@alchemycrew.ventures
