Modern Insurance Magazine recently caught up with Daniel Thafvelin, Group CEO at Contemi Solutions, to talk all about industry predictions, challenges, and key career highlights!
Q. Hi Daniel! Tell us about your role at your firm. What do you do, and what do you find most interesting about it?
A. As the Group CEO, what I do can be quite varied. However, I currently have a focus on the sales and implementation of Seamless.Insure, as well as aligning our operation and product value chain for scale, efficiency, and quality.
What I find most interesting about my role is that we are on a transformation and a growth journey. Contemi has been around for many years, and we have tons of experience in the company. Three years ago we decided on a strategic shift, using all of that experience, coupled with heavy investment in our software, to create an offering that meets the need of the industry today and in the years to come. We want to create a positive impact, and that’s what I like the most about my role and our company!
Q. What are the challenges facing your business right now, and how are you working to overcome them?
A. I would say that the challenges we face are akin to that of many scale-ups. We knew these would come, so we started to prepare a while ago, with a new organisation structure, process improvement, and seeking guidance from experienced experts. However, there is no easy fix to ensure that we hire the right talent and scale operations. It requires focus and a lot of hard work.
Q. If you could go back to the start of your professional career, knowing what you now know, what piece of advice would you give to yourself?
A. Firstly, I would say that you’ll never have all of the information in advance of a decision. Obtain as much knowledge as possible on the different alternatives and make a decision that feels right. Doing nothing or waiting too long is often the worst option, and sometimes there are no good alternatives. However, you’ll usually end up with a better outcome if you select and act.
The other piece of advice I would give is one of purpose. I felt that I had purpose as I headed out of university, but partially lost it along the way because I felt it was seen as naïve in the corporate world. Disregard that feeling! Find a purpose behind what you’re doing, find your motivation and stand strong with it!
Q. What would be your prediction for the industry in 2024 and beyond?
A. Continuous improvement. I’ll leave specific insurance predictions to someone else, but I do think that we will continue to see large and small sidestep complex core IT systems by investing in Software as a Service (SaaS). I think we’ll also see an increased use of operational AI, not necessarily for the full underwriting process, but certainly in areas where it can provide support and efficiency. We’ll also see more accessibility of value-added services; more firms are adopting SaaS, with vendors focusing on open APIs and an ecosystem approach. The industry will continue to evolve and adapt to changes in the market, but we will also see an increase in the use of data and analytics, as well as targeted IT investments to reduce costs and meet the increased demand for innovative products and services.
Q. What drew you to work in this sector?
A. As a Political Economist with a focus on Business and Finance, I learned that financial security isn’t just good for individuals. It’s also good for our society when more people have access to it. I went into technology right from leaving University, and today I find my motivation in using technology to improve financial security.
Insurance is an important element towards financial security, since insurance steps in to cover those risks that are not under our control. Many people remain underinsured or not insured at all, and if you combine that with McKinsey’s findingthat the insurance industry is being outpaced on total productivity, you can find a clear purpose. The insurance sector is a good place to be if you also enjoy variety and complexity!
Q. Thus far, what has been your most significant or proudest achievement in your current or previous roles?
A. In one of my previous companies, I took a central role with an internal start-up and transformation process. Before I left the company, we achieved triple digit growth consecutive for 4 years from launch. That is something that we are in the process of recreating with Seamless.Insure. It’s not just about the growth numbers, either – some of my proudest moments come from seeing the value we create for clients, because that’s when you know the team has created something with longevity, something that will continue when you’re no longer a part of the story.
To find out more about Contemi, visit their website here.