Using tech to transform the insurance industry

Anastasiia Khait is an experienced business analyst and product manager working in the insurance technology industry. Here she explains the challenges that the industry faces, compounded by fierce competition, and how data driven software and cloud based technology is spearheading the move away from legacy approaches. Anastasiia also explains her passion for helping others which manifests itself through her work as a mentor to those working in, or hoping to work in, the industry.

Can you tell us about your background and career so far?

I have two master’s degrees, but both of them are in economics. The first one I obtained back in Ukraine, at Odessa National University, focusing on international economic relationships. The second one is from the University of Grenoble in France, where I studied sports management and economic strategies. I’m a former professional gymnast and then spent 10 years in sports management and coaching. After deciding that I wanted a different challenge I pivoted into the tech world. I do not actually have a computer science education, but instead decided to educate myself and was lucky to gain an internship as a Java full stack developer. After several months the same company offered me a position as a business analyst because they identified several transferable skills and saw my potential in this area. I must admit that I hesitated a little because it was not my plan, but I decided to give it a try. I worked through the various stages of business analysis, eventually moving to become an associate product manager. I absolutely love this job. I’m able to solve difficult problems and I'm very thankful that my potential was recognised.

What are the main tech-related challenges for today's insurance industry?

I mostly operate with the UK, North American, Chinese and wider Asian markets, so I have a global overview, which perhaps gives me some additional perspectives. Insurance is a very conservative sector with many companies operating in the same way as they have done for many years. In recent times, insurance businesses have come to realise that technology is essential as processes become more complex and quantities of data become more vast. Automation is also key to a successful operation, and without investment in the digital transformation of their legacy systems, today’s businesses simply won't be successful in the market. In fact there are plenty of startups right now, offering small AI driven solutions — effectively ‘insurance in your pocket’ — where the end user can do whatever they want with their policy on their tablet or on their smartphone. This is alarming for the larger insurance companies who, as a result, are trying to build or buy digital systems to simplify and automate their offering for the end user, while also giving them greater control over their customer data. So, digital transformation and system migration towards modern data driven solutions is the biggest challenge right now, and the biggest move and culture shift.

And what do you believe to be the future of your profession?

We are living in the era of machine learning and AI technologies. A lot of my colleagues, when I talk with them during networking events, are afraid that AI or continual iterations of ChatGPT will mean that we, as humans in this line of work, won't be necessary anymore. I don't believe this. I think that people working in business analysis, product management, or indeed any related role, should learn how to use these tools in the same way that we all learned how to use the internet. Taking the time to understand how such technologies work, and how they can be applied to assist in tasks now and in the future, is the best approach. Keeping up to date with technology is so important, and actually in doing so you ensure your own relevance as a skilled practitioner well versed in modern tools and techniques, while also helping to secure the future of the industry.

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Tell us about your decision to become a mentor.

There was a point last year when I started to feel that I needed something else to focus on, and that it would be great to do something for other people and the industry. So I started seriously looking into becoming a mentor, and investigating the dedicated platforms that exist to bring people together. Right now I have five mentees from different countries and I’m going through product management and business analysis concepts with them. They all have very different backgrounds with one of them already being a product manager who wants to level up her knowledge a little bit. The others are either trying to secure their first jobs or transitioning from other tech roles into product management positions. I actually find it very beneficial to go back over concepts from earlier in my own career, because it serves to refresh my own memory too. I didn't have a mentor when I started my career, and it can be quite confusing when you are new to the industry or trying to gain vital experience. Offering my spare time to help and guide people feels hugely rewarding too. I also found that it was possible to donate fees to charity, so I decided to use any money that I make to go towards humanitarian work in Ukraine.

What advice do you have for others looking to follow a similar career path?

First of all, ask people about their careers. Yes, you can find descriptions on the internet, but it’s not the same as talking to someone about their career. Find someone to ask about the opportunities and challenges, and what they do and don’t like about their role. This is invaluable information from those already working in the industry. Next, collect together some job advertisements and analyse them to determine the required skills and experience, and to find out which courses or certifications are important. This information here can serve as a roadmap for your own development, to ensure that you become the perfect match for the roles that you’re interested in. Learn about the market, learn about the profession and see what you have to do to bridge your own skills gaps.

Secondly, you should be prepared for a challenge. If you are switching from one career to another, for example, it might be the case that you were in a senior position, and now you are not. It’s important not to forget that. While you might have transferable skills, you are effectively starting from scratch in your new position, and you need to go into it with an open mind. Listen to people who are more experienced in this particular world because at some point in time, when one year, two years, three years have passed, hopefully that will be you.

Lastly, for those looking to gain access to the industry without any previous experience working in the sector, consider undertaking an unpaid project, or assisting with a project on a voluntary basis. When you get to the stage where you have an interview, you can present your project as a way to demonstrate skills regardless of your lack of experience. Be prepared to work hard and always keep an open mind to new opportunities.