ILC Industry Leader Interview: Alexander Torlini, Head of Finance and Compliance, ICAB
30th August 2022Tweet
Which areas of business do you think offer the greatest opportunities right now, and how are you capitalising on them?
I wouldn’t limit the opportunities to just one area, technology is evolving every day and used correctly, applied accurately the opportunities are almost limitless. From satisfying customers with improved claim journeys and varying communication channels to decreasing overheads, relieving burdens on staff, as well as tackling climate change, and improving our industries carbon footprint through greater analytics and prediction models to shorten claim journeys are just some of the opportunities already accessible in the market.
ICAB has made some steps in introducing new technologies and has set up a TF (task force) made up of senior managers right down to front line staff with the aim to look at where technology can be of benefit in all aspects of what we do. The aim is to improve our already great service without losing the all-essential human touch, and increase our data capture capabilities to allow for better prediction models to name but a few.
How have you added resilience and adaptability to your business over the past few years?
ICAB has long been a promotor of empowering staff and giving individuals the autonomy to make decisions, although be it in a controlled way, this has allowed the company to organically evolve into a very adaptable entity. Coupled with this is the leadership structure which is set up to allow fast decisions on critical business changes, this enables the company to adapt extremely quickly no matter what may present itself in the wider environment.
How has your business philosophy evolved since you began in the industry?
To be honest our philosophy has remained the same in that we aim to provide customers the best service, be transparent and reduce costs to our Insurer partners, I guess the only real change is that we now look to ensure that in all we do we are also limiting our impact to the environment and in particular to climate change.
What is the greatest myth about the insurance industry, and what is the fact?
Insurers don’t care about their customers, truth, Insurers hold customers in high regard and often go above and beyond to meet their individual needs.
Consumer attitudes are changing – how is the insurance industry evolving to meet their demands?
The industry is fully embracing technology, whether it be in reducing carbon emissions or improving communications and accessibility for its customers.
The days of the old legacy systems are rightly coming to an end as insurers are beginning to see the benefits of new and future technologies. As the younger generations reach consumer age their needs will be very different, from wanting instant access to information, data and communications as well as selecting companies based on their environmental impacts.Tweet