What does it take to become a CEO in insurance? | Insurance business America
One feature stands out above all others…
Insurance News
By Emily Douglas
What is the most sought-after trait in the C-suite right now? A unique blend of social skills, adaptability and holistic thinking.
This is what Martina Seferovic (pictured), CEO/President of Outsource Insurance Professionals says. Speaking to Insurance Business, Seferovic said that leading with empathy and understanding is not only a “nice to have” trait in a leader, but also a strategic must.
“Traditionally, CEOs in every industry and in large organizations have had to have an operational and financial background, as well as accounting and scientific knowledge – they had to be able to do everything themselves,” she said. “The most desired trait is social skills. A carefully crafted and passionately implemented strategy with both internal and external customers in mind is a must in today’s highly competitive environment.”
Internal and external customers
This idea of internal and external customers is something Seferovic firmly believes in. Keeping external customers happy is obviously a key goal for growth – but that can’t be achieved if your employees aren’t happy.
“Leading with empathy is demonstrated [engage] Both employees and customers,” she told Insurance Business. “Because when I talk, I have to follow up with actions. This means that every single interaction with one of my customers is not just about me, but about everyone in the organization. I can see that our employees are happy, content and satisfied because we believe in them – we reward them for their performance and give them time, mentorship and voice.”
This idea of leading with empathy is not new, but it is growing in popularity following the pandemic. According to OC Tanner’s 2024 Global Culture Report, when companies train and empower their leaders to act with empathy, the likelihood of employee satisfaction increases by 894%. Additionally, when recognition is built into the culture, the likelihood of engagement increases sevenfold and the desire to stay increases threefold.
For Seferovic, commitment to people manifests itself in caring and commitment to education and training. With OIP now in business for 12 years, Seferovic believes it is tackling a challenge that has continued to plague its sector for over a decade.
“The driving factor in starting our company is still the insurance industry’s need for knowledgeable and educated talent,” she told IB. “We support our customers in doing this – and that is a sign of true partnership.” I hear from many companies that there is a knowledge gap, a talent and skills gap – and there is. This is influenced by many external uncontrollable factors – but I say: let’s focus on what we can control.”
Approach to insurance education
The training approach at OIP and OIP Robotics is both rigorous and comprehensive. Newcomers complete six months of general insurance training, supplemented by mandatory continuing education events amounting to 30 hours per year throughout their career. Seferovic proudly noted the high tenure of the company’s employees, a testament to the effectiveness of its investments in training and developing employees from within, as well as technological advancement and efficiency both internally and to customers.
This culture of support runs through OIP’s DNA – particularly when it comes to implementing new technologies, where Seferovic is passionate about maintaining a human-centered approach. While your organization primarily provides back-office underwriting support, it dedicates a significant portion of its efforts (20 to 30%) to insurance-specific technology solutions developed by technology experts who understand the nuances of insurance.
“Most organizations out there, unless they are only two or three years old, were not built to live in the generative AI environment – so we absolutely need to learn and adapt,” she said. “I don’t think we can develop strategies that will expire in 10 years, but we need to keep our eyes and ears open to the trends – because it’s fascinating how innovative the insurance industry is.”
The power of innovation is something Seferovic has experienced time and time again during her work at the Forbes Business Council – something she considers a real privilege.
“Being a member of the Forbes Business Council Forum is an honor for me because it is a platform that connects leaders from different industries internationally,” she told IB. “But like any other award, it’s what you do with it that matters. It can simply be a badge that you add to your resume, or you can actually expand your network and network with other leaders to participate in that continuous learning loop – which is what I try to do.”
The idea that networking is today’s currency resonated with Seferovic and highlights the importance of the connections and relationships built within professional circles. In the business world, where the wealth of one’s network has a significant impact on one’s success, the way value is perceived and created has changed.
“Because if you’re the smartest person in the room, you’re doing something wrong,” Seferovic added.
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2024-06-04 14:41:16
www.insurancebusinessmag.com
