5 mins with: Milan Veskovic, former global chief sales officer and managing director, Wefox (Part 3)

“It’s always the reality that forces people to change, to achieve their goals or they will go under.”

As someone who has worked with legacy insurers and an insurtech, Milan Veskovic has seen the insurance sector develop from different sides of the spectrum. In the final instalment of our three-part expert interview series, the former global chief sales officer and managing director of Berlin-based Wefox sits down with PolicyDock to discuss the impetus behind the change that is already happening within the industry.

Which part of cloud technology would you show someone? For instance, evidence of improved productivity?

You know, it's very simple: When the customer’s needs change and they find an alternative which fits better to their needs, they will take the rational decision by going to the provider who provides the best possible solution. When more customers move to the better solution, other providers will then be forced to adjust to this reality by taking the necessary steps. In the end, profitability will force those who do not want to change at that pace to change faster. 

McKinsey noted in one of its reports that businesses such as the super app developers are also offering insurance products on the side. These companies will expect their business partners to move just as fast as they do when it comes to developing and iterating products.  How would a move to the cloud empower people in the insurance industry? 

If you are a visionary, you fight by giving it all you’ve got to achieve the vision; if you are a businessman, you will fight for your profit. If I am required by my customers and by my partners to move faster, then I will do so because this is required for me to achieve my goal. I will adjust to it.  In my opinion, it’s always the reality that forces people to change to achieve their goals or they will go under. People are aware of this. 

Do you think existing staff will have to be retrained to keep up with this technological change?

Yes, I think so. At the same time, I think that all the tools provided are so user friendly that the training will be super simple. That’s the hard skill. In terms of the soft skill, I think people will need to adjust the way they think. 

Overall, I would say that everything is heading in the direction of understanding, analysing, and making conclusions based on data - it's the century of data. The zeitgeist of our time, the spirit, is data. So yes, people will have to learn to understand, collect, understand, manage their conclusions based on data at a rate that is much faster than they have ever done in the past. The world is changing, and the sooner you adjust to the reality, the more successful you will be.

Missed the first two parts of our interview with Milan? Click here for part one and here for part two.

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