We had the pleasure of sitting down with Geri Powell to discuss the recent launch of the Colorado FAIR Plan. During the discussion, Geri shared insightful advice for those who are planning a major tech implementation.
Geri, you’ve had an incredible career in large established insurers including CEO of FBAlliance Insurance and before that Executive Director of Business and Strategic Development at Georgia Farm Bureau. Tell me, what was it like taking the leap into a completely new startup initiative with the Colorado FAIR Plan?
Startups require Executives to wear a lot of hats, be highly involved in day-to-day operations from product development all the way to hands-on execution. As a result, it requires a lot of energy. Fortunately, our Executive Director, Kelly Campbell and I are high-energy individuals!
What is one of the most significant differences you experience daily at the Colorado FAIR Plan from previous roles?
The leap from a private insurer to a FAIR Plan wherein basic setup and product offerings are guided by statute versus marketing decisions, is the most significant difference, as there are differing paths of decision making. In the private market, you make decisions based on marketing, growth, and profitability goals. In a market of last resort, there are no growth goals. We are there to serve a gap in the private sector and a component of that is being good stewards of the funds we are entrusted with. As such, we strive to make decisions that drive efficiency and ease of use so that the consumer and their agent aren’t faced with additional discomfort of navigating a complex system and processes.
What learnings have you brought from prior experiences to your decision-making process at Colorado FAIR Plan?
Be intimately involved in the day-to-day decisioning of implementing technology, from requirements all the way to follow up with end users, to ensure that the process is flowing as intended. If you expect a rapid launch, be ready to make timely decisions. Also, understanding that first impressions are everything. Be vigilant in creating requirements that think through how all decisions will play out for the end user (both your agents and consumers). Communicate, communicate, communicate – internally, externally – and constantly.
You’ve just come through a rapid launch of the Colorado FAIR Plan. What are some of the learnings you’d pass on to others taking on either a new platform or starting up for the first time?
Make sure you have knowledgeable professionals in the project management field, from Project Managers, Business Analysts to Quality Assurance, in place before you begin the process. While it might seem like a big expense on the front end to employ tenured professionals, you will end up spending more in expenses on the back end with a delayed implementation, time and money spent on defects, change requests, etc. which can result in failed adoption with end users. (Back to that first impression.) Also – communication is key here too. Keep all stakeholders informed in a timely manner – and continually. Many launches involve iterations or phases. I’ve found that if you communicate expectations clearly to all users/stakeholders, much discomfort is avoided.
Driving innovation is at the heart of your philosophy as a professional. How do you determine what trends and ideas might have longevity vs. what might just be “noise”?
I think about the full circle of how that innovation will serve. Is it just a shiny new object or will it really add value? For example, with consideration of an electronic payment option that offers multiple methods of paying claims (Venmo, ApplePay); ask will these multiple methods be viable for the majority of our claims? Since we are a property insurer, there may be frequent cases wherein a mortgagee and/or contractor may need to be included in claims payment – will all of the electronic methods serve that need?
What is next innovation you have in mind for the FAIR Plan?
Kelly Campbell, the Colorado FAIR Plan’s Executive Director, has a really open and innovative mindset, and as such, has developed this from start up employing the latest technology across all functions – product, actuarial rate making, systems components, claims and distribution so we will just have to keep an eye on the Insurtech market and see! We also trust that Cogitate, as our systems provider, will continue to be proactive in bringing innovative solutions into our ecosystem.
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