Insurtech Insights: Margeaux Giles

Tuesday, June 13, 2023

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By Margeaux Giles, CEO, Irys Insurtech

There's always been an interesting dynamic between the insurance industry and tech innovation. Think of them as two climbers, each following their own paths up the mountain but always aware of the other's presence. But then, out of nowhere, a whirlwind named COVID-19 swept across the landscape, causing us to reconsider our routes and prompting us to forge a new path towards the peak of digital transformation.

Before the pandemic, envisioning an insurance professional working from their couch seemed as far-fetched as swapping our trusty legal pads for AI-powered tools. But when the virus barged in, we were shoved into the remote work reality quicker than you can say "home office". The transition? Well, let's just say it was less of a graceful waltz and more of a toddler's first steps. A tad chaotic,

slightly painful, and leaving an impression that technology is the boogeyman in the room. But, it's high time we see the situation for what it is: a wake-up call. Clinging to the status quo isn’t just out-of-date, it's downright risky. It's like refusing to trade your dial-up for high-speed internet; you're not just missing out on streaming the latest series but essential communication tools that make life and work way more efficient.

And while we're finding our footing in this new digital landscape, we're also dealing with a major cast change. The median age of an insurance professional according to the U.S. Bureau of Labor Statistics, was 44.7 years. Translation? A considerable chunk of our workforce is eyeing retirement, and it's time to roll out the red carpet for the incoming generation of workers. But to make them feel welcome, we need to speak their language - the language of technology.

A 2020 study by ManpowerGroup found that 73% of millennials are on the hunt for a healthy work-life balance. They’re not just seeking jobs, they're seeking experiences. To connect with this mindset, we need to shake off the dust from our old-school principles and embrace a more modern, balanced approach. At Irys Insurtech, that's our jam. Our mission? To create technology that champions people, not just profit margins. We're working on tools that streamline work rather than complicate it, making work-life balance more than just a LinkedIn headline.

Sure, we've met resistance. Change can ruffle feathers. But slow, well-supported change? That’s a different beast altogether. It’s like learning a new language; a bit daunting at first, but with time, patience, and a sprinkle of humor, those once foreign phrases start making sense.

So, here we are, standing at the crossroads of tradition and innovation. Embracing change in the insurance industry isn't about chasing trends. It’s about creating an environment that respects its people, values innovation, and isn't afraid to step into the unknown. Change is knocking on our door, my friend, and it’s about time we let it in. After all, in a world that’s rapidly evolving, the only risk in innovation is not taking one at all.

Tuesday, June 13, 2023