The Building BITE

Please tune in to this episode of The Building BITE Podcast, as we hear from industry experts about key topics to help you be successful. The Building BITE hosts Chris Epps, LEED AP and Mike Diercksen, CRIS, welcome Hyder Naqvi, CEO at Injala, and Matthew Bogobowicz, Product Manager at Injala. We begin our episode discussing how both Hyder and Matthew both found their way into the insurance business, acquiring the necessary experience to ultimately launch a product such as Injala. Specifically for Hyder, combining a passion for technology with an early family introduction to the insurance industry allowed him to think critically about the challenges we face, and look to provide a solution through the Injala offerings. Hyder and Matthew walk us through these opportunities to expand how we manage our industry, leaving us with three important action items. 1. Have a Formal Risk Management Process In Place: While it can appear daunting, it is imperative to have a formal risk management process in place. Regardless of the size of your company, look to utilize the expertise of your strategic partners such as your broker and trusted vendor partners. Not everyone is going to be able to employ a full-time Risk Manager, but working alongside these partners who specialize in risk management will be vital to your success. 2. Be Driven by Outcomes: Creating a standard process has long been an effective method of generating measured and desirable outcomes. With that in mind, it is important not to lose sight of the “why” behind those processes. It can be easy to fall into a false sense of security within these internal systems, so think critically to make sure you are not just checking boxes as you go. Ask yourself, am I achieving the desired outcome through this process? If the answer is no, it is time to revisit your thinking on the topic. 3. Incorporate Technology: We all use technology to some extent; however, you should not allow yourself to become complacent. Technology is always pushing the boundaries of what is possible, and likewise, you should look to engage with your technology partners to continuously ask what else you can be doing. This dialogue will not only sharpen your ability to think critically of how to maximize your internal systems but can strengthen the partnership with your technology vendors. To learn more about how you can better prepare your firm for the opportunities ahead, listen to our full podcast episode with Hyder and Matthew on “Solving Network Organization, Advancing Beyond Excel Spreadsheets.”