OIP: Innovation under pressure spurs growth in E&S market
Shawnae Bentley and Martina Seferovic of OIP believe the company's strategic emphasis on knowledge and education over merely adopting technology has propelled its expansion in the competitive E&S market.
Speaking to The Insurer TV on the sidelines of the E&S Insurer Conference last month, vice president of strategic partnerships Bentley said: “We don't just lean on enhanced technology; we ensure it's a product of the core knowledge and education instilled in our employees.
“This people-first approach has facilitated the integration of technology in ways that genuinely meet client needs and industry demands,” she added.
Seferovic, CEO and president of OIP, highlighted the firm’s robust growth, underpinned by a collaborative model with clients.
"Outsourcing is now co-sourcing – a partnership to address the nuanced needs of the E&S market," she explained.
As OIP celebrates its 13th year, this approach has resulted in innovative product and service offerings, specifically tailored for the evolving market landscape.
Addressing the broader impact of technology on the industry, Bentley shared insights on the transformative role of tech in diversifying company capabilities.
"You need the right technology to manage your portfolio effectively and venture into new markets," she asserted. The emphasis is on the precision and quality of data to avoid costly errors down the line.
Both Bentley and Seferovic agreed that while technology, particularly AI, is making significant inroads, the industry must overcome its hesitance around new technologies by better understanding and integrating them effectively.
"The biggest mistake companies make is automating a broken process and expecting improvement," Bentley observed, stressing the importance of understanding underlying workflows before leveraging technology.
Reflecting on the content of the E&S event, Bentley and Seferovic said the dialogue underscored an industry in transition, grappling with global pressures like inflation and competitive intensity, yet buoyed by technological advancements and a renewed focus on strategic partnerships and innovation.
As the E&S insurance sector continues to navigate these challenges, Bentley and Seferovic are optimistic about harnessing technology not as a panacea but as a critical tool in crafting more responsive and sophisticated solutions for an industry at the cusp of transformation.