Female InsureTech Leaders

In one industry after another, women leaders are shattering glass ceilings.

Recently, I had the pleasure of hosting the eighth virtual meeting of the Novarica Women’s Network. We were joined by a panel of four incredible female InsureTech leaders: Bobbie Shrivastav, Chief Product Officer and Co-Founder of Benekiva; Carey Nadeau, CEO and Founder of Ometry; Natasha Alexeeva, CEO and Founder of Friendly; and Renu Ann Joseph, CEO and Founder of Luminant Analytics.

I’ve highlighted some key takeaways from our conversation below.

Insurers looking to remain competitive in a fast-changing digital world should consider working with InsureTech innovation partners.

Traditionally, insurers have been slow to adopt new technologies. They expect proof before taking the first step with a new digital initiative. Early adopters that take advantage of cutting-edge tools and InsureTech partnerships tend to see significant competitive advantages over their peers.

InsureTech startups that launch with established insurers as their strategic partners can build better products, scale faster, and take advantage of real-time customer feedback. These partnerships benefit both parties: insurers are more equipped to meet their younger customers’ fast-evolving digital demands; InsureTech providers can produce tailored solutions to meet insurer needs.

The possession of broad professional networks and access to mentorship can help you better navigate professional challenges.

Building a supportive network with people working within and outside your chosen industry is incredibly helpful. One panelist shared how, as a young entrepreneur, she reached out to her network with questions ranging from navigating insurance regulations to raising capital for investment rounds. Another shared the value of having someone point out elements of her offering they believe “won’t work.” By getting an outsider’s point of view—albeit negative—she avoided potential issues that she otherwise would have walked into blindly.

Building more professional relationships leads to access to different perspectives, which helps you diversify and expand your thinking. You can better overcome obstacles and navigate challenges with a broad perspective—ultimately, you can reach your career goals.

Confidence doesn’t come easily to everyone, but it’s critical to display it in the workplace, and you can develop it over time.

One of our panelists shared that, while she doesn’t consider herself a confident person, she feels most confident talking about subjects she has deep expertise in. Subject matter expertise is certainly valuable, but trusting your abilities and knowledge may be more important to feeling self-confident.

Another panelist noted that, as a statistician, she’s certain that uncertainty exists. She is, therefore, equally confident that anything is possible if she puts her mind to it. She takes comfort in this knowledge and uses this to push her way through tough moments when her self-confidence wavers.

The next Novarica Women’s Network Virtual Meeting will take place on December 16, 2020, at 11 AM ET on the topic of “Your 2021 Personal Development Plan.” Speakers include Novarica’s Vice President of Research and Consulting Nancy Casbarro. More information is available at https://novarica.com/womensnetwork/.