This week’s guest on The Voice of Insurance podcast, Mitch Blaser, CEO, Mosaic, brings a refreshing level of energy and enthusiasm, which is natural from someone who is running a start-up business, but who also has 40 years of accomplishments in the international insurance markets.
In this episode, Mitch speaks candidly about Mosaic’s vision and strategy and why his company is focused on creating a structure that would have a profitable impact on the business regardless of market cycles. He also outlines why Mosaic has chosen particular lines of business, the type of culture they are building, and why having a syndicate as the centre piece with hubs in Bermuda, London, the US, and Asia provides Mosaic with a powerful platform to meet the most complex risk for clients globally.
Mitch chats about technology’s role in his company and the importance of automating processes end-to-end, leading to enhancing efficiencies. He also advocates implementing modular technology that can easily be implemented and taken out.
As an insurance provider, we have seen that one of the key ways to implement a successful digital strategy is to make bite-sized chunks changes. It doesn´t mean doing the equivalent of a multiple organ surgery and ripping and replacing an entire IT infrastructure. The first step is to have a clear vision of where the business should be, the most pressing challenges, and exploring technology to support this vision.
Many Insurers still have monolithic and inflexible core systems that prevent them from rapidly responding to changing market forces and capitalising on new business opportunities. Innovation and progress do not necessarily need to come from radical and disruptive transitions. Systems can be updated in small blocks that do not interrupt the whole IT ecosystem. Incremental steps that improve processes are just as effective as a total rebuild and deliver the flexibility and agility to pivot when necessary.
As Mitch says in regards to the rapidly changing state of the world, Insurers need the people and technology support to make changes very quickly every day. Commenting on this point and providing what customers need for today, Mitch talks about Mosaic’s product offering and says, “this is not a rear-view mirror product set; it’s very dynamic.”
When asked about the culture Mosaic is building, Mitch is very clear that its philosophy centres on empowering employees to have a sense of ownership of what they do. Mitch comments that as the world is moving so fast, Mosaic’s aim is foster a culture where “everybody will feel like an entrepreneur”, and where people will want to make things happen.
We highly encourage you to listen to this wide-ranging and engaging conversation from an inspiring and positive insurance leader.
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