What do it’s good to grow to be a CEO in insurance coverage?

What’s the most sought-after trait within the C-suite proper now? A novel mix of social abilities, adaptability and big-picture considering.

That’s in response to Martina Seferovic (pictured), CEO/president of Outsource Insurance coverage Professionals. Talking to Insurance coverage Enterprise, Seferovic mentioned that main with empathy and understanding shouldn’t be solely a ‘good to have’ trait in a frontrunner, it’s a strategic should.

“Historically, in any business and huge organizations, CEOs needed to have an operational and monetary background, accounting and science data – they wanted to have the ability to do every thing on their very own,” she mentioned. “Now, probably the most desired trait is social abilities. A fastidiously crafted and passionately delivered technique with each inner and exterior shoppers in thoughts, is a should in a aggressive atmosphere these days.”

Inside and exterior shoppers

This concept of inner and exterior shoppers is one thing Seferovic is an enormous believer in. Pleasing exterior shoppers is clearly a core purpose for development – however that may’t be achieved in case your individuals aren’t pleased.

“Main with empathy is proven to [engage] each staff and shoppers,” she informed Insurance coverage Enterprise. “As a result of if I’m speaking the discuss, I should be strolling the stroll. Which means each interplay with a consumer of mine goes to be not simply by me however by all the individuals within the group. I can see that our staff are pleased, they’re content material and happy as a result of we consider in them – we reward them for his or her efficiency and provides them time, mentorship, and voice.”

This concept of main with empathy shouldn’t be a brand new one, however it’s rising in recognition post-pandemic. In response to O.C. Tanner’s 2024 International Tradition Report, when organizations educate and empower leaders to behave with empathy, the percentages of worker success improve by 894%. What’s extra, when recognition is built-in into the tradition, the percentages of engagement improve by 7x and the will to remain by 3x.

For Seferovic, dedication to individuals is manifested in care and dedication to training and coaching. With OIP having been in enterprise for 12 years now, Seferovic believes she addresses a problem that’s continued to plague her sector for over a decade.

“What was the driving issue when our firm was based, nonetheless stays – it’s the insurance coverage business’s want for educated and educated expertise,” she informed IB. “That is one thing that we assist our shoppers with – and that may be a signal of true partnership. I hear from loads of firms that there’s a data hole, a expertise and abilities hole – which there’s. That’s being impacted by loads of exterior uncontrollable elements – however I say, let’s give attention to what we are able to management.”

Method to insurance coverage coaching

The strategy to coaching at OIP and OIP Robotics is each rigorous and complete. Newcomers bear six months of normal insurance coverage coaching, complemented by obligatory persevering with training classes amounting to 30 hours yearly all through their careers. Seferovic proudly famous the excessive tenure among the many firm’s workers, a testomony to the effectiveness of their funding in coaching and the promotion of staff from inside, in addition to technological development and effectivity each internally and to shoppers.

This tradition of help runs by the DNA of OIP – particularly concerning the implementation of latest applied sciences, the place Seferovic is keen about sustaining a human-centric strategy. Her group, whereas primarily offering back-office underwriting help, dedicates a good portion of its efforts—20 to 30%—in the direction of insurance-specific technological options crafted by tech consultants who perceive the nuances of insurance coverage.

“Many of the organizations on the market, except they’re solely two or three years previous, weren’t constructed to dwell within the atmosphere of generative AI – so we have to study and adapt positively,” she mentioned. “I don’t suppose we could be making ‘10 years from at this time’ methods, however we have to have our eyes and ears open to the tendencies – as a result of it’s fascinating how the insurance coverage business is being progressive.”

The facility of innovation is one thing that Seferovic has seen time and time once more when working on the Forbes Enterprise Council – one thing she sees as an actual privilege.

“Being a member of the discussion board of Forbes Enterprise Council is an honor for me as a result of it’s a platform that connects leaders from completely different industries internationally,” she informed IB. “However identical to another accolade, it’s what you make out of it. It may simply be a badge that you simply add to your resume or you possibly can really develop your community and join with different leaders to be in that steady studying loop – which is what I attempt to do.”

The notion of networking as at this time’s forex struck a chord with Seferovic, underscoring the significance of the connections and relationships constructed inside skilled circles. There’s been one thing of a shift in how worth is perceived and created within the enterprise world, the place the wealth of 1’s community considerably impacts one’s success.

“As a result of for those who’re the neatest particular person within the room, you’re doing one thing unsuitable,” added Seferovic.