This edition features a handful of Most Influential Leaders In Insurance leaders across several sectors that are at the forefront of leading us into a digital future
The 10 Most Influential Leaders In Insurance Industry 2023 (2).pdf
1. Know-How
How Ar ficial Intelligence
is Revolu onizing Financial
Services?
www.insightssuccess.com
VOL-06 | ISSUE-02 | 2023
Driving Growth and Innovations
Driving Growth and Innovations
within the Tax Insurance Space
within the Tax Insurance Space
Driving Growth and Innovations
within the Tax Insurance Space
Jus n Pierce Beru ch,
Head of Tax
Euclid Transac onal
Industry Aspects
Exploring the Rise of FinTech
Startups and Disrup ve
Technologies
5. he state of the insurance industry has come under
Tdeep scrutiny, particularly as the pandemic revealed
new risks and weaknesses against a backdrop of
market volatility. The future of the industry depends upon
modern insurance leaders who have the visionary traits to
disrupt and innovate within their organizations.
Sometimes leadership sneaks up on us. It starts out with our
volunteering on a committee or speaking up at a meeting.
Someone may nudge us at first, giving us encouragement.
Or perhaps we raise our voice out of frustration or in
defiance, challenging conventions, shattering the
established way of doing things.
The insurance industry has unique challenges and
opportunities. Navigating these well is the key to success in
the insurance world. Your team needs great leadership to
help them manage these challenges and opportunities. One
important aspect of being a good leader is to nurture your
team. As their leader, your team looks to you for guidance,
strength, motivation, and support.
You essentially take on the parent role for your team, and it
is your responsibility to make sure that your team is healthy
and happy. A good leader recognizes what makes each team
member great. By realizing each member's strengths,
leaders can better organize their team and projects based on
each person's ability.
Innovation is essential to the survival of your insurance
business. If your company doesn't innovate well, your
business will plateau. What's more, competitors who are
innovating will pass you by. Innovation starts at the team
level. The more you empower your team to innovate, the
more innovative you will become as a company.
Fortunately, innovation can be cultivated.
Keeping the company's overall mission in mind is an
essential skill of a good leader. Without this vision, teams
can quickly lose their direction and get off course. Seeing
the big picture and implementing it into projects helps your
team stay in alignment with company goals.
Embracing the journey of the leaders who are enabling
novelties in the modern insurance industry with a unique
approach while showcasing significant traits, Insights
Success features the "The 10 Most Influential Leaders in
Insurance Industry 2023," who are enabling betterments
in the niche.
Flip through the pages and comprehend the leadership traits
that are enabling new advancements in today's insurance
industry.
Have a Delightful Read!
7. Cov
Story
Know-How
How Artificial Intelligence is Revolutionizing
Financial Services?
Industry Aspects
Exploring the Rise of FinTech
Startups and Disruptive Technologies
A r t i c l e s
16
22
08
Driving Growth and Innovations
within the Tax Insurance Space
9. Brief
Company Name
Barak Eilam is the CEO of NICE, he leads the company’s
vision, strategy, growth, and innovation in more than 150
countries.
Featured Person
NICE
nice.com
Barak Eilam
CEO
Greg Wright is a high technology executive with blended
business/engineering background and has General Management
and sales/business/channel development leadership experience.
Naiku
naiku.net
Greg Wright
CEO
Justin Pierce Berutich, Head of Tax at Euclid Transactional,
brings a unique perspective to tax and insurance.
Euclid Transactional
euclidtransactional.com
Justin Pierce Berutich
Head of Tax
As President and CEO of Neapco, Ken is responsible for guiding a
dedicated and talented executive staff, supported by experienced
management teams and a committed workforce with operations
throughout North America, Europe and Asia.
Neapco Holdings
neapco.com
Ken Hopkins
President and CEO
As CEO of Novo Nordisk, Lars Jorgensen works with talented
colleagues to drive change to defeat diabetes and other serious chronic
diseases such as obesity and rare blood and endocrine disorders.
Novo Nordisk
novonordisk.com
Lars Jorgensen
President and CEO
With over 40 years in the entertainment industry, Lionel Lodge
has been involved with a diverse spectrum of the industry.
SyncLodge
synclodge.com
Lionel Lodge
Founder and CEO
Markus Ulrich founded Geniusthingks, the conglomerate,
encompassing a wide range of ideas and patents.
Genius Printer
geniusthingks.com
Markus Ulrich
CEO
Matthew Telesca opened MGN Logistics as a traditional
truckload brokerage and attracted more customers with a
broader supply chain need.
MGN Logistics
mgnlogistics.com
Matthew Telesca
Founder and CEO
Distinguished precious metals expert Peter August is the CEO of
Melbourne Mint and the Managing Director of Australian Bullion
Company (Australia’s oldest privately-owned bullion company).
Melbourne Mint
melbournemint.com.au
Peter August
CEO
Sbusiso Kumalo is a result oriented self-starter with a passion for
entrepreneurship, innovation and technology.
African Bank
africanbank.co.za
Sbusiso Kumalo
Group CMO
11. Cover Story
Euclid Transactional is well-prepared to navigate
such an economic down-cycle. We have a strong
focus on sectors that may be less affected by a
recession, and we have developed strong
relationships in the industry due to our
reputation for commerciality and efficiency, as
well as our stellar claims payment history.
12. nhancing client value through the promotion and
Eunderwriting of tax indemnity insurance solutions,
Justin Pierce Berutich, Head of Tax at Euclid
Transactional, brings a unique perspective to tax and
insurance.
Before joining the insurance industry, Justin gained
extensive experience as an attorney facilitating efficient
negotiations, planning, and structuring for Fortune 500
companies and high-growth businesses by providing tax
and business-centric advice to help clients achieve their
objectives and avoid costly disputes.
At Euclid Transactional, Justin leads the company’s tax
insurance practice, developing customized commercial
solutions to address diverse tax matters. His extensive
experience in M&A and transactional tax law enables him
to offer value-added solutions to clients.
Justin frequently speaks at professional conferences,
appears on tax-related podcasts, and has written numerous
articles on taxes and tax insurance. He has a J.D. with
honors from New York Law School, an LL.M. in taxation
from NYU School of Law, and a B.A. with honors in
chemistry from Florida Atlantic University.
A global leader in transactional insurance underwriting and
claims management, Euclid Transactional excels in these
areas. The company offers underwriting services for
representations and warranties, tax, contingent liability, and
other transactional insurance products. Operating on
transaction time, and while keeping in mind the business
interests of its partners, Euclid aims to offer customers,
attorneys, and brokers best-in-class service.
In an exclusive interview with Insights Success, Justin gives
our audience a peek into where the insurance industry is
headed and how he is orienting himself to keep pace with it.
Below are the highlights of the interview:
Briefly describe your professional journey up until now.
A dynamic range of positive and challenging experiences
has marked my professional journey. It officially began with
my graduation from New York Law School in 2008,
followed by the attainment of my LL.M. in taxation from
NYU School of Law in 2009. I then spent eight years
honing my skills in private law practice before venturing
into the transactional liability insurance industry, where I
have successfully established and led multiple tax insurance
practices. Throughout this journey, I have been constantly
challenged to grow, learn, and adapt to various
environments and roles within different industries, which
has proven to be an invaluable experience.
What challenges did you face along the way?
One of the most significant obstacles I encountered during
my professional journey was entering the legal field during
the Great Recession, widely regarded as one of the worst
economic crises of modern times. The contraction of
economic activity led to widespread layoffs, and
opportunities for new positions were scarce. Many
companies were forced to make concessions, including
salary and benefit reductions, to remain financially viable.
The tumultuous state of the financial industry resulted in the
withdrawal of my offer to join a prestigious international
law firm’s executive compensation practice group, leaving
me empty-handed in the toughest job market in recent
memory.
Through a fortuitous connection, I was offered a position at
a small law firm specializing in insurance defense work.
This role proved to be a valuable opportunity for hands-on
learning in the realm of litigation. Despite the limited
I have had the privilege of
being able to help drive the
increased adoption and
utilization of tax insurance
within the industry.
13. tenure, the experience allowed me to gain a level of direct
litigation experience that exceeded that of most first-year
associates at larger firms, including arguing before the
Third Circuit Court of Appeals.
Subsequently, I transitioned to a regional and then a
national firm, where I spent most of my legal career.
Throughout each step of my journey, I learned the
importance of hard work, adaptability, and flexibility. The
ever-evolving nature of the world requires the ability to
adjust to new situations, think critically, and leverage a
robust network of professional relationships.
What significant impact have you brought to the
insurance industry?
While tax insurance has been around for decades, its
penetration has been somewhat limited. I have been
instrumental in driving the increased adoption and
utilization of tax insurance within the industry. Through my
dedicated efforts to educate taxpayers, advisors, and
industry professionals on the benefits and efficiencies of tax
insurance, I have helped to raise awareness and
understanding of the product driving increased market
penetration.
Additionally, I have worked to expand the offerings within
the tax insurance industry by underwriting, what is believed
to be, the market’s first tax risk under active audit by a tax
authority, introducing a new avenue for taxpayers to benefit
from the product.
Tell us about Euclid Transactional and its foundation
pillar.
Euclid Transactional is a managing general agency
specializing in underwriting transactional insurance,
including representations and warranties, tax, and
contingent liability. With over 350 years of collective
experience supporting M&A deals, we have facilitated
transferring hundreds of billions of dollars of transactional
risk by underwriting thousands of insurance policies.
At Euclid Transactional, the core principle that guides our
actions is our commitment to being “best in class.” This
idea permeates every aspect of our business operation.
Externally, we strive to be an outstanding partner to our
clients, always focused on delivering their needs in the most
efficient manner possible. Internally, Euclid fosters a culture
of inclusivity, open communication, and curiosity among
our team members to tap into our collective strengths.
It is crucial to remain
grounded in principle and
true to one’s values in all
business dealings.
14. Additionally, we are constantly learning. Euclid is
dedicated to continuously improving our processes,
expanding our offerings, and addressing any issues that may
arise. The leadership at Euclid Transactional maintains an
open line of communication with all stakeholders, both
internally and externally, to ensure we are always striving to
be the best.
How does Euclid Transactional promote workforce
flexibility, and what is your role in it?
Workforce flexibility trusts employees to be productive
regardless of where or when they work. The other Euclid
Transactional leaders and I recognize the importance of
workforce flexibility and have implemented a culture of
trust, inclusivity, and open communication. Our
comprehensive benefits package, including unlimited PTO,
physical health reimbursement, and out-of-pocket mental
health reimbursement, supports our employees’ well-being.
We utilize technology and hold efficient, timely meetings to
keep everyone informed and connected to the bigger
picture.
We also foster an open dialog among all colleagues,
including leadership. To promote face-to-face interactions,
we have designed the office as a destination space and
routinely host internal and external events to bring our team
together and to connect with our clients. Our approach to
workforce flexibility and employee engagement contributes
to a well-balanced and productive workforce.
What is your take on technology’s importance, and how
are you leveraging it?
At Euclid Transactional, we recognize the increasing
significance of technology in the current hybrid and remote
work environment. We leverage technology to provide a
seamless work experience, regardless of location. We are
dedicated to continuously evaluating, testing, and deploying
new technologies that improve information accessibility,
increase productivity, and maintain team connectivity. In
the event of technological difficulties, we promptly triage
and address the issue to minimize disruptions.
What will be the next significant change in the insurance
industry, and how are you preparing for it?
While I do not have a crystal ball, it appears that we are
heading toward an economic recession. In such a scenario,
M&A activity is likely to decrease as companies and private
equity become more cautious and financing becomes more
difficult to obtain. This, in turn, may lead to a decrease in
15. the demand for transactional liability insurance.
However, Euclid Transactional is well-prepared to navigate
such a down-cycle. We have a strong focus on sectors that
may be less affected by the recession, and we have
developed strong relationships in the industry due to our
reputation for commerciality, efficiency, and claims
payment history. With the largest dedicated claims team in
the industry and a proven track record for fair and efficient
claims payouts, we are confident that we can continue to be
successful even in a challenging market.
What are your goals in the upcoming future?
My goals for the upcoming future at Euclid Transactional
are to drive growth and innovation within the tax insurance
space while also striving to become a more efficient and
effective leader. To achieve growth, I intend to continue
raising awareness and educating taxpayers and advisors on
the various benefits of tax insurance through speaking
engagements, publications, and networking. In terms of
innovation, I aim to increase the adoption of tax insurance
as a risk mitigation tool for transfer pricing uncertainty.
Although we have had limited success in this area so far, we
are well-positioned to make this a reality and have already
begun making the necessary inroads.
As a leader, it is important to strive for continuous
improvement. To that end, I will work to effectively
communicate my vision to my team and clients and to be
more adaptable to changing circumstances. Additionally, I
will make a concerted effort to empower my team by
providing them with the necessary autonomy to make
meaningful decisions and take ownership of their work. My
growth as a leader will help Euclid Transactional continue
on its path toward excellence.
What advice would you like to give the next generation
of aspiring business leaders?
One of the most critical pieces of advice I would impart to
an aspiring business leader is the importance of ethical and
authentic decision-making. It is crucial to remain grounded
in principle and true to one’s values in all business dealings.
Additionally, it is essential to understand the individuals
behind the titles of “client” or “employee.” By taking the
time to understand their perspectives, motivations, and
needs, you will be better equipped to foster strong, personal
connections.
Furthermore, it is imperative to possess not only technical
expertise in your field but also to be dedicated to personal
and professional development. This includes learning from
experienced leaders, mentoring those less skilled, seeking
out new opportunities, and actively listening to the insights
of others. You will be well-positioned to navigate the
competitive and ever-evolving business world by
continuously developing and honing these skills.
At Euclid Transactional, the
core principle that guides
our actions is our
commitment to being “best
in class.” This idea
permeates every aspect of
our business operation.
18. How
Arti cial Intelligence
is Revolutionizing
F ancial Services?
rtificial Intelligence (AI) has emerged as a
Atransformative force in various industries, and the
financial services sector is no exception. The
integration of AI technologies in financial services is
revolutionizing the way institutions operate, make
decisions, and interact with customers. From enhanced risk
management and fraud detection to personalized customer
experiences and algorithmic trading, AI is reshaping the
landscape of finance. This article explores the keyways in
which AI is driving innovation and transformation in the
financial services industry.
Enhanced Customer Experiences
AI enables financial institutions to provide personalized and
seamless customer experiences. Chatbots and virtual
assistants powered by natural language processing (NLP)
allow customers to interact with banks and other financial
entities 24/7, addressing queries, processing transactions,
and providing financial advice. These AI-driven interfaces
not only improve customer satisfaction but also free up
human agents to focus on more complex tasks.
Additionally, AI-driven algorithms analyze customer data to
identify patterns and preferences, enabling the
customization of financial products and services. This
personalized approach enhances customer engagement and
loyalty, as institutions can offer tailored solutions that meet
individual needs.
Risk Management and Fraud Detection
AI is transforming risk management by analyzing vast
amounts of data in real-time to identify potential risks and
anomalies. Machine learning algorithms can predict market
trends and assess credit risks more accurately, enabling
institutions to make informed decisions. Moreover, AI-
powered systems can quickly detect unusual activities and
patterns, thereby enhancing fraud detection and prevention
mechanisms.
Algorithmic Trading
Algorithmic trading, also known as algo-trading, is another
area where AI is making a significant impact. AI algorithms
analyze market data to execute trades at optimal prices and
times, reducing human errors and increasing trading
efficiency. These algorithms can also adapt to changing
market conditions and continuously learn from their
actions, leading to improved trading strategies.
Credit Scoring and Underwriting
Traditional credit scoring models often rely on limited data
points, potentially excluding individuals with thin credit
histories. AI-driven credit scoring models analyze a wider
range of data, including social media activity, online
behavior, and non-traditional financial indicators. This
enables more accurate assessments of creditworthiness,
promoting financial inclusion and expanding access to
credit for underserved populations.
Regulatory Compliance
The financial industry is heavily regulated, and compliance
with ever-evolving regulations is crucial. AI-powered
systems can help automate compliance processes by
monitoring transactions, detecting suspicious activities, and
ensuring adherence to regulatory requirements. These
systems enable institutions to minimize the risk of non-
compliance and avoid hefty penalties.
June 2023 | 16 | www.insightssuccess.com
20. Portfolio Management and Investment Advice
AI is transforming the way investment decisions are made.
Robo-advisors use AI algorithms to analyze clients'
financial goals, risk tolerance, and market trends to
recommend suitable investment portfolios. This approach
provides cost-effective and objective investment advice,
making wealth management services more accessible to a
wider range of clients.
Predictive Analytics
AI's predictive capabilities are instrumental in financial
services for making informed decisions. By analyzing
historical data and market trends, AI algorithms can predict
future market movements, interest rate changes, and
economic shifts. Financial institutions can leverage these
insights to optimize investment strategies and manage risks
effectively.
Fraud Prevention and Cybersecurity
AI plays a critical role in strengthening cybersecurity
measures within the financial sector. Machine learning
algorithms can identify unusual network activities and
potential security breaches, providing early warnings to
prevent cyberattacks. Additionally, AI can analyze historical
fraud data to develop predictive models, helping institutions
anticipate and mitigate future threats.
Insurance Underwriting and Claims Processing
In the insurance industry, AI is transforming underwriting
processes by analyzing diverse data sources to assess risks
accurately. This allows insurers to offer more tailored and
competitive policies. AI also streamlines claims processing
through automated document analysis and fraud detection,
expediting the settlement process for policyholders.
Sentiment Analysis and Market Sentiment
AI-powered sentiment analysis tools analyze social media,
news articles, and other online content to gauge market
sentiment and public opinion. Financial institutions can use
this information to make informed investment decisions and
anticipate market movements based on public sentiment.
Real-time Data Analysis
AI enables financial institutions to process vast amounts of
real-time data, such as market prices, news, and economic
indicators, at speeds humans cannot achieve. This capability
is crucial for making split-second trading decisions,
managing risks, and optimizing investment strategies.
Quantitative Analysis and Financial Modeling
AI-driven algorithms excel at complex quantitative analysis
and financial modeling. They can assess historical data,
market trends, and economic indicators to create
sophisticated models that aid in pricing derivatives, valuing
assets, and optimizing investment portfolios.
Customer Insights and Marketing
AI-driven analytics provide valuable insights into customer
behavior and preferences. Financial institutions can use this
information to design targeted marketing campaigns, tailor
product offerings, and improve customer engagement,
ultimately leading to increased customer retention and
loyalty.
Blockchain and Cryptocurrency
While not exclusively an AI application, AI can enhance the
analysis and management of blockchain and cryptocurrency
transactions. AI algorithms can monitor blockchain
networks for anomalies, detect fraudulent activities, and
optimize cryptocurrency trading strategies.
June 2023 | 18 | www.insightssuccess.com
21.
22.
23.
24. Exploring the Rise of
F Tech Startups
and D ruptive Technologies
he financial services industry has experienced a
Tseismic shift in recent years, driven by the rapid
emergence of Financial Technology (FinTech)
startups and their disruptive technologies. These innovative
companies are reshaping the landscape of traditional
banking, investment, payment, and lending processes,
challenging established norms and transforming the way
individuals and businesses manage their finances. This
article delves into the rise of FinTech startups and their
game-changing technologies, examining the factors
contributing to their growth and the impact they have on the
financial sector.
The Evolution of FinTech
The term "FinTech" refers to the fusion of finance and
technology, encompassing a broad range of companies that
leverage technology to create efficient, accessible, and user-
friendly financial solutions. While the concept of FinTech is
not entirely new, its prominence has surged in the digital
age, thanks to advancements in cloud computing, mobile
technology, data analytics, and artificial intelligence.
One of the key driving forces behind the rise of FinTech
startups is the dissatisfaction with traditional financial
institutions and their often cumbersome and outdated
processes. Consumers and businesses alike have
increasingly turned to FinTech solutions to address pain
points such as slow transaction processing, high fees,
limited access to credit, and complex investment options.
Disruptive Technologies Shaping FinTech
Several disruptive technologies have catalyzed the growth
of FinTech startups, enabling them to offer innovative
solutions that challenge traditional financial paradigms.
These technologies include:
Blockchain and Cryptocurrencies: The advent of blockchain
technology and cryptocurrencies like Bitcoin has
revolutionized the way transactions are conducted.
Blockchain's decentralized and transparent nature has led to
the development of secure, peer-to-peer payment systems,
cross-border remittances, and even decentralized finance
(DeFi) platforms that operate without intermediaries.
Artificial Intelligence and Machine Learning: AI and
machine learning have empowered FinTech startups to
analyze vast amounts of data, personalize financial
recommendations, and enhance risk assessment for lending
and investment decisions. Chatbots and virtual assistants
have also improved customer interactions and automated
customer support.
Mobile Payments and Digital Wallets: The proliferation of
smartphones has paved the way for mobile payment
solutions and digital wallets. FinTech startups have created
seamless and secure mobile apps that allow users to make
payments, manage accounts, and access financial services
on the go.
Robo-Advisors: These automated investment platforms use
algorithms to provide personalized investment advice and
manage portfolios for users. Robo-advisors have
democratized investment management, making it more
affordable and accessible to a wider audience.
Peer-to-Peer Lending: FinTech platforms facilitate direct
lending between individuals or businesses, bypassing
traditional banks. This model has expanded access to credit
for underserved populations and streamlined the lending
process.
June 2023 | 22 | www.insightssuccess.com
26. The Impact on the Financial Sector
The rise of FinTech startups has had a profound impact on
the financial sector, prompting incumbents to adapt or risk
becoming obsolete. Traditional banks are now embracing
digital transformation to enhance their customer
experiences, reduce operational costs, and remain
competitive.
FinTech startups have also played a crucial role in
promoting financial inclusion by providing services to
underserved populations, particularly in regions with
limited access to traditional banking infrastructure. Peer-to-
peer lending and microfinance platforms, for instance, have
empowered individuals and small businesses to access
much-needed capital.
However, the disruptive nature of FinTech has brought
about regulatory challenges and concerns over data privacy
and security. Regulators worldwide are grappling with how
to strike a balance between fostering innovation and
ensuring consumer protection.
Emergence of FinTech Ecosystems
The growth of FinTech startups has given rise to vibrant
ecosystems in major financial hubs around the world. Cities
such as Silicon Valley, New York, London, Singapore, and
Hong Kong have become hubs of FinTech innovation,
attracting entrepreneurs, investors, and talent from diverse
backgrounds. These ecosystems foster collaboration,
knowledge-sharing, and the development of new
technologies that have the potential to reshape the financial
landscape.
Changing Consumer Behavior
FinTech startups have capitalized on changing consumer
behavior, particularly among younger generations who are
more digitally savvy and demand seamless and user-
friendly financial experiences. Mobile apps, digital wallets,
and other FinTech solutions have become integral to daily
life, enabling users to manage their finances, make
payments, invest, and even access insurance with a few taps
on their smartphones. This shift in behavior has forced
traditional financial institutions to adapt and offer similar
digital experiences to remain relevant.
Challenges and Opportunities for Traditional Financial
Institutions
The rise of FinTech has presented both challenges and
opportunities for traditional financial institutions. While
established banks and financial firms initially viewed
FinTech startups as disruptors, many have recognized the
potential for collaboration. Partnerships and acquisitions
between traditional institutions and FinTech startups have
become common, allowing incumbents to leverage
innovative technologies and tap into new customer
segments.
However, this collaboration also raises questions about the
balance between innovation and risk. Traditional
institutions must carefully navigate regulatory frameworks,
data security concerns, and potential disruptions to their
existing business models.
Regulatory Landscape
The rapid pace of innovation in the FinTech space has
prompted regulators to adapt and create new frameworks to
ensure consumer protection, financial stability, and fair
competition. Striking the right balance between fostering
innovation and maintaining regulatory oversight has been a
complex challenge.
Regulatory sandboxes, which provide a controlled
environment for FinTech startups to test their products and
services, have gained popularity in many jurisdictions.
These sandboxes allow startups to experiment with new
technologies while regulators closely monitor and guide
their activities.
June 2023 | 24 | www.insightssuccess.com