BISA Magazine - Quarter 4, 2017 - 10

FEATURE STORY

Top Challenges in the InsureTech Industry

87%

Talent

63%

Data storage,
privacy and
protection
regulations

53%

IT security

45%

Digital identity
authentication
regulations

43%

New business
model
regulations

Source: PwC Global FinTech Survey 2017, Insurance Sector Participants

moving around to different positions
within the company is intentional "so
[employees] don't get bored." Instead
of letting one person work in the same
department doing the same thing for
years on end, Insureon allows people
to express interest in different areas
and transition to new roles accordingly.
To do this, mentoring is critical. Devine
meets regularly with a group of 15
"future leaders." All are younger than
30 years of age, and many work in the
data analytics area. All report directly
to Devine, and he mentors them on
a number of matters, including what
it takes to become a successful CEO.
These are talented people with high
potential, he says, but they are not the
15 most senior people in the company.
Insureon is a flat organization, which
allows employees to experience differ-

10
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ent facets of the company on a regular
basis. If Devine were to bury his
young employees under four organization layers, they'd lose interest. Devine
himself doesn't even have an office.
For meetings, he uses a conference
room that has lots of glass for transparency, and he spends much of his
time walking the floors.
This last practice harks back to
Devine's years as a McKinsey &
Company consultant, where he was
a director by the end of his 12-year
stint. McKinsey didn't have much use
for four-walled office space either.
Leaders want to be out on the floor
with their team. At Insureon, only
three individuals have traditional office spaces: the firm's head of human
resources, head of operations and its
chief financial officer - all walled off
for obvious reasons.

The company's young employees are
advanced in the use of technology and
social media, of course, and Devine
says they are incredibly bright. But
Insureon's future leaders - the group
of young employees that Devine mentors - aren't really that different from
his peers when he graduated from
Michigan State University in 1985 and
went to work at Deloitte.
Yes, he's heard the criticism that millennials don't work hard, get bored easily
or are always moving from company to
company, but that's not Devine's experience. Insureon has five people still in
their 20s who head major company
groups. He finds his millennial employees to be more astute and worldly than
other generations.

In a Digital World,
Require Face Time
A younger employee base is not without
shortcomings, of course. Devine brings
up the "cell phone thing." He has to
keep reminding his younger colleagues
that it is also important to communicate
with people face-to-face. One of Insureon's younger leaders wore an Apple
Watch during meetings and looked at it
repeatedly, so Devine finally made her
take it off because it was so distracting.
The message: Concentrate on the meeting, not the watch.
"Face-to-face is really important," Devine
says. If you want to convince a client or
a future employee to select Insureon,
"then you can't do it through email."
Where does the firm find new employees? Insureon recruits on college campuses, as do other companies, but about
70 percent of new employees come to
the firm through referrals - employees
referring their friends, for instance.
Many companies know that referrals
are the best source of new candidates,
but Insureon is clearly doing something
right if employees want to refer their
friends and former colleagues for positions at the company.
The firm has a favorable attrition rate
of less than 2 percent. Only a handful


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Table of Contents for the Digital Edition of BISA Magazine - Quarter 4, 2017

Table of Contents
BISA Magazine - Quarter 4, 2017 - Cover1
BISA Magazine - Quarter 4, 2017 - Cover2
BISA Magazine - Quarter 4, 2017 - Table of Contents
BISA Magazine - Quarter 4, 2017 - 2
BISA Magazine - Quarter 4, 2017 - 3
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BISA Magazine - Quarter 4, 2017 - 32
BISA Magazine - Quarter 4, 2017 - Cover3
BISA Magazine - Quarter 4, 2017 - Cover4
https://www.nxtbook.com/nxtbooks/bisa/2017q4
https://www.nxtbook.com/nxtbooks/bisa/2017q3
https://www.nxtbook.com/nxtbooks/bisa/2017q2
https://www.nxtbook.com/nxtbooks/bisa/2017q1
https://www.nxtbook.com/nxtbooks/bisa/2016q4
https://www.nxtbook.com/nxtbooks/bisa/2016q3
https://www.nxtbook.com/nxtbooks/bisa/2016q2
https://www.nxtbook.com/nxtbooks/bisa/2016q1
https://www.nxtbook.com/nxtbooks/bisa/2015q4
https://www.nxtbook.com/nxtbooks/bisa/2015q3
https://www.nxtbook.com/nxtbooks/bisa/2015q2
https://www.nxtbook.com/nxtbooks/bisa/2015q1
https://www.nxtbook.com/nxtbooks/bisa/2014q4
https://www.nxtbook.com/nxtbooks/bisa/2014q3
https://www.nxtbook.com/nxtbooks/bisa/2014q2
https://www.nxtbook.com/nxtbooks/bisa/2014q1
https://www.nxtbookmedia.com