WIN Magazine - Spring 2012 - (Page 28)
FEATURE: On the Cutting Edge of Technology
A UNIQUE PERSPECTIVE
BY NAVAL KAPOOR PRESIDENT & CEO, I-ENGINEERING, INC.
ECHNOLOGY HAS BECOME the backbone of the majority of businesses over the years – especially the wholesale insurance industry. It has transformed the world of business from the Industrial Revolution to the computer age to the information age and has led it into the age of the Internet and social media. According to Forrester Research in “Informal Learning Garners Acceptance as a Legitimate Learning Approach,” Millennials and Generation X’ers are forcing new approaches to work and learning. By 2014, 76 million Millennials – people born between 1980 and 2000 – will make up 47 percent of the workforce. Another 46 million Gen X’ers – born between 1965 and 1979 – will be greatly lagging behind the generation of their children. Gen X’ers were the first people to experience technology and are the first computer-savvy generation. The way these generations work, and will work together, is the challenge to creating a profitable future. Gen X’ers are already in middle and senior management positions with more headed for the corner offices. Millennials will soon become the middle managers and move up the corporate ladder bringing with them the technology, work style and flexibility that is adept to their generation. I look back a scant 50 years ago and think about the limited technology that was available to us Gen X’ers to conduct business. We were dependent upon a land line, a fax machine, and, for larger companies, a mainframe computer. Personal computers were unknown to the small business community. Our way of doing business relied on a personal relationship, visiting clients at their place of business and by handwritten or typed letters. It was a period during which you developed strong relationships with clients and suppliers. 2 8 | v i e w t h i s i s s u e a t | www.aamgawin.org
An insight on the technology transformation
Then, the influx began. Over the subsequent halfcentury, technology grew at an exponential rate. Think about this: The arrival of the tabletop PC, followed by the laptop, followed by HDTV, smartphones, emails, GPS, Yahoo, Google, Wi-Fi, all types of Internet shopping, and on to the current boom – cloud computing. It is unfathomable that all of this and more was developed in such a short period of time. In studying the property & casualty insurance market, we met with carriers, managing general agents and wholesalers serving the market. It soon became evident that technological innovation was necessary to enhance business practices. In responding to the market’s demands, I-Engineering began to develop an extensive suite of technological solutions delivering cost reductions, efficiency models and speed-to-market solutions for many clients across the United States and United Kingdom.
Table of Contents for the Digital Edition of WIN Magazine - Spring 2012
Cover Story: The Catlin Arctic Survey: How an Insurer Decided to be in the Forefront of Environmental Research
The Year in Review: Natural Catastrophes in 2011
The Impact of Climate Change: An Interview with Ernst Rauch
Wholesale Agents & Insurers Embrace Tablets
Technology@Lloyd’s: Closing the Gap in 2012
A Unique Perspective: An Insight on the Technology Transformation
An Email Commentary: Liability Exposures and How to Prevent Them
Marketing on the Internet: New Opportunities for Wholesale Insurance Agents
Applying “Moneyball” Principles to General Agencies: How Much Value is Trapped Within the Back Office?
IN THE WIN-NER’S CIRCLE: A Discussion with Tom Kuzma
INDEX TO ADVERTISERS / ADVERTISERS.COM
WIN Magazine - Spring 2012