What do you have to grow to be a CEO in insurance coverage?

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

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

“Historically, in any trade and huge organizations, CEOs needed to have an operational and monetary background, accounting and science information – they wanted to have the ability to do every little 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 inside and exterior purchasers in thoughts, is a should in a aggressive atmosphere these days.”

Inside and exterior purchasers

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

“Main with empathy is proven to [engage] each staff and purchasers,” she informed Insurance coverage Enterprise. “As a result of if I’m speaking the speak, I should be strolling the stroll. Which means every interplay with a consumer of mine goes to be not simply via me however via the entire individuals within the group. I can see that our staff are comfortable, they’re content material and happy as a result of we imagine 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 keeping with O.C. Tanner’s 2024 World Tradition Report, when organizations educate and empower leaders to behave with empathy, the chances of worker achievement improve by 894%. What’s extra, when recognition is built-in into the tradition, the chances of engagement improve by 7x and the need to remain by 3x.

For Seferovic, dedication to individuals is manifested in care and dedication to schooling 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 trade’s want for educated and educated expertise,” she informed IB. “That is one thing that we assist our purchasers with – and that could be a signal of true partnership. I hear from quite a lot of corporations that there’s a information hole, a expertise and abilities hole – which there’s. That’s being impacted by quite a lot of exterior uncontrollable components – however I say, let’s give attention to what we are able to management.”

Method to insurance coverage coaching

The method to coaching at OIP and OIP Robotics is each rigorous and complete. Newcomers endure six months of basic insurance coverage coaching, complemented by necessary persevering with schooling classes amounting to 30 hours yearly all through their careers. Seferovic proudly famous the excessive tenure among the many firm’s employees, 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 purchasers.

This tradition of assist runs via the DNA of OIP – particularly concerning the implementation of recent applied sciences, the place Seferovic is enthusiastic about sustaining a human-centric method. Her group, whereas primarily offering back-office underwriting assist, dedicates a good portion of its efforts—20 to 30%—in 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 outdated, weren’t constructed to stay within the atmosphere of generative AI – so we have to be taught and adapt undoubtedly,” she mentioned. “I don’t suppose we could be making ‘10 years from as we speak’ 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 trade 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 totally different industries internationally,” she informed IB. “However similar to some other accolade, it’s what you make out of it. It may simply be a badge that you simply add to your resume or you’ll be able to truly 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 as we speak’s foreign money 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 in case you’re the neatest particular person within the room, you’re doing one thing flawed,” added Seferovic.