How do you innovate in a market that thinks in decades not years? An Interview with Taylor Perkins, CTO, Slope Software

Hello and welcome to the latest episode of the Leadership in Insurance Podcast where this week we are lucky enough to be joined by Taylor Perkins, co-founder and CTO of Slope Software, who offer an actuarial modelling platform that helps insurance companies understand and quantify their risk so that they can make better decisions about their business.   We had a great conversation this week where we discussed a wide variety of topics such as:   How approaching the market with a developed product was a key factor in Slope Software's success    However this meant working evenings and weekends   What were the unique challenges for Slope Software?   Life insurance, 30 year contacts and the challenge of ‘thinking in decades’ Demonstrating the ROI of a platform   Taylor’s background in being outside of insurance and how this brings an innovative perspective   Innovation in the insurance industry  Innovation vs adoption   Increasing innovation on the p&c side   The life cycle of insurance contracts   How innovation mirrors life cycles   The inherent problems in innovation teams  The importance of organisation-wide buy-in for successful innovation   What were the biggest surprises when entering the insurance industry?   Is there an incentive for a profitable, traditional insurance business to change?   The danger of being too comfortable in a position and risk-averse   The ripple effects of a small mistake   The threat of not embracing new technologies   Small constant change as opposed to large upheaval   Do you think the tech-side of insurance needs to do something to attract new talent?  How fostering and cultivating innovation will attract talent   The importance of recruiting people who enjoy solving problems   “Business owner or entrepreneur?”  Does advanced modelling risk making the current skills of actuaries obsolete?  Will actuaries exist in 10 years?  The necessary time input to become an actuary, years (7-10 years!)  10000 years to become an expert, 20000 years to become an actuary   Technology replaces the junior level roles, not the advanced roles   How does this impact the journey and journey of becoming a fully certified actuary?  Does embracing technology impact job enjoyment?  Slope Software's new funding! Their plans to move upmarket and focusing on enterprise-level clients, build and grow the Slope Software team and expand internationally!   Thank you Taylor for your time, it was great to speak to you!       This Podcast was brought to you by FinPro, an executive recruitment business that works in the Insurance and Insurtech space      Our host in FinPro Director, Alex Bond      Please like and subscribe if you enjoyed this podcast Hosted on Acast. See acast.com/privacy for more information.