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June 12, 2024

Driving Innovation: Agility and Data in the Modern Insurance Industry

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In a compelling interview with Tony from Cover Magazine, Dane Richards, CEO of JMR, explores the critical theme of business agility, which was a focal point at this years TechFest conference. Richards explains the essence of agility in today’s business world, particularly within the insurance sector. He explains that agility involves the ability to rapidly adapt to changing environments and make swift decisions based on comprehensive data insights. This adaptability is crucial in an industry traditionally characterized by fixed models but now seeing innovative approaches to underwriting and premium calculation.

Richards provides a nuanced perspective by wearing two hats: that of a tech company leader and a business strategist. He describes how JMR leverages its role as a solutions provider and data migration expert to foster agility. Richards emphasizes that effective agility relies on a deep understanding of data. Organizations must know their data landscape intimately, ensuring that the data collected is relevant, regulatory-compliant, and actionable for future decision-making.

The discussion also touches on the challenges large organizations face in managing and utilizing vast data sets. Richards highlights the importance of not being afraid to experiment and pivot quickly. He mentions A/B testing as a strategic method to trial new product offerings with small audience segments before a full-scale rollout. This approach minimizes risk while fostering innovation.

The interview concludes with Richards and Tony acknowledging the endless opportunities for innovation and the vital role of agility in seizing these opportunities.

The Fiduciary Institute of Southern Africa (FISA)

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