3008: Digital Transformation at Mutual of Omaha: A Century-Old Legacy Meets Modern Tech

[00:00:03] [SPEAKER_00]: Welcome back to The Tech Talks Daily Podcast. A quick question to start today's episode for

[00:00:09] [SPEAKER_00]: everybody. How can a century-old insurance company continue to innovate and meet the demands

[00:00:16] [SPEAKER_00]: of today's digital savvy consumers? Well, in today's episode I'm joined by Nicky

[00:00:22] [SPEAKER_00]: Manby, Chief Strategy and Innovation Officer at Mutual of Omaha to explore this very

[00:00:29] [SPEAKER_00]: question. And with over a hundred-year history, Mutual of Omaha is not only staying relevant,

[00:00:36] [SPEAKER_00]: but it's also leading the way in digital transformation within the insurance industry.

[00:00:41] [SPEAKER_00]: So I've invited Nicky to share her insights on the company's approach to integrating new

[00:00:46] [SPEAKER_00]: technologies, exploring alternative insurance models while also enhancing customer experiences

[00:00:53] [SPEAKER_00]: and maintaining operational excellence. So if you're interested in learning more about how Mutual

[00:01:00] [SPEAKER_00]: of Omaha is balancing this rich heritage with the demands of a rapidly changing market, you are in

[00:01:06] [SPEAKER_00]: for a treat today. And I think there's something in this episode for everyone regardless of what

[00:01:11] [SPEAKER_00]: industry you're in. Before we get today's guest on, I want to talk about the fact that

[00:01:14] [SPEAKER_00]: defence contractors face immense pressure to comply with something called CMMC 2.0 security

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[00:01:48] [SPEAKER_00]: user training. They've done the heavy lifting with their FedRAMP authorisation, so you don't have to.

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[00:02:22] [SPEAKER_00]: for CMMC compliance. But now it's time to return to our regularly scheduled programming and welcome

[00:02:29] [SPEAKER_00]: today's guest onto the mic. So buckle up and hold on tight as I beam your ears all the way

[00:02:35] [SPEAKER_00]: stateside, where you can sit down with myself and Nicky, where we'll talk about all this

[00:02:39] [SPEAKER_00]: and much more. So a massive warm welcome to the show, Nicky. Can you tell everyone

[00:02:45] [SPEAKER_00]: listening a little about who you are and what you do? Thank you so much for having me.

[00:02:51] [SPEAKER_01]: This is Nicky Mambi here. I'm the Chief Strategy and Innovation Officer for Mutual Omaha. We're a

[00:02:57] [SPEAKER_01]: Fortune 300 company here in the United States covering a wide range of solutions across the

[00:03:04] [SPEAKER_01]: life, health and wealth sector. So glad to be here. Well, I mean, you said they're Fortune

[00:03:09] [SPEAKER_00]: 300 company. It's such a pleasure to have you on the podcast, but I think very often we

[00:03:15] [SPEAKER_00]: only celebrate the success at the top of that mountain rather than the journey to the top there.

[00:03:22] [SPEAKER_00]: So can you tell me more about the journey and the vision behind Mutual Omaha? Because I suspect

[00:03:27] [SPEAKER_00]: there is a big origin story there. I mean, a little research from myself revealed that the

[00:03:32] [SPEAKER_00]: company's evolved since its founding in 1909 to meet the changing needs of your customers.

[00:03:38] [SPEAKER_00]: And just to put that figure into perspective, I was reading a few days ago that

[00:03:42] [SPEAKER_00]: from the Fortune 500, 52% have disappeared since the year 2000 alone. So it is a phenomenal achievement

[00:03:51] [SPEAKER_00]: what you got here. But tell me a bit more about the story behind the company.

[00:03:56] [SPEAKER_01]: I will and I'll first say the statistic that you just mentioned about the

[00:04:01] [SPEAKER_01]: fatalities in the Fortune 500 is something we talk about internally in terms of some of the

[00:04:07] [SPEAKER_01]: reasons that innovation and continuing to innovate are so very important because it's the only way you

[00:04:13] [SPEAKER_01]: make it to becoming a 100 plus year old company, which we are. So you're right, 1909, we started

[00:04:20] [SPEAKER_01]: really as a health and accident insurance provider in Omaha, Nebraska about a smack dab

[00:04:26] [SPEAKER_01]: in the middle of the United States as you can get. And we've grown really to serve almost 24

[00:04:31] [SPEAKER_01]: million Americans with the wide range of products we have. I think the constant really over the 100

[00:04:38] [SPEAKER_01]: plus years has been a simple principle in terms of what we're about, which is helping people

[00:04:44] [SPEAKER_01]: in their time of need and helping them protect what they care about and achieve their financial

[00:04:51] [SPEAKER_01]: goals. And of course, what financial goals look like and what customers want to protect

[00:04:56] [SPEAKER_01]: has really changed over those 100 years, but our mission really hasn't. I'd say just a few other

[00:05:04] [SPEAKER_01]: elements for those who might not be familiar with us were really proud of having been one of the

[00:05:12] [SPEAKER_01]: first companies to make insurance affordable and really accessible to the middle class in America.

[00:05:19] [SPEAKER_01]: And we also distinguish ourselves by being a mutual company. As a mutual, we're owned by

[00:05:24] [SPEAKER_01]: policyholders. We are really focused on being good stewards of our customers' dollars

[00:05:31] [SPEAKER_01]: and have a diversity of products to serve their needs, but are always doing it truly with the

[00:05:37] [SPEAKER_01]: customer at the beginning, middle and end of the story as a mutual.

[00:05:42] [SPEAKER_00]: And in short, that really seems to be gaining momentum at the moment. It's a word I'm hearing

[00:05:47] [SPEAKER_00]: more and more. So you've seen a lot of this space evolve over the years. I'm curious,

[00:05:52] [SPEAKER_00]: how are digital customer communications particularly transforming the insurance industry,

[00:05:58] [SPEAKER_00]: and especially as life milestones shift and the definition of senior changes? 50 is the new 40,

[00:06:05] [SPEAKER_00]: 40 is the new 30. So that's what I say is I get older anyway, try and convince myself of that.

[00:06:11] [SPEAKER_00]: But what innovative approaches are you taking at Mutual of Omaha this year? Anything you can

[00:06:18] [SPEAKER_01]: share? Yeah, you know, the one thing I think that's really important is for us to, as I imagine,

[00:06:24] [SPEAKER_01]: all sectors are doing and all companies in sectors across the range of services is really

[00:06:30] [SPEAKER_01]: opening our aperture. It's not about serving the customer in the way customers in our

[00:06:37] [SPEAKER_01]: particular sector might have been used to engaging our communications. Really,

[00:06:45] [SPEAKER_01]: they're informed by the big tech companies out there. Our expectations of what it's like to

[00:06:51] [SPEAKER_01]: communicate in a community is shaped by Metta and by TikTok. Our expectations about shopping

[00:06:58] [SPEAKER_01]: and the convenience of returns that's being shaped by Amazon, there really isn't a brand out there

[00:07:04] [SPEAKER_01]: that isn't being influenced by how customers' expectations are being shaped. So that's

[00:07:11] [SPEAKER_01]: where the digital communication story really starts. I think there are some myths out there

[00:07:17] [SPEAKER_01]: about seniors in the first place that they're not particularly technically savvy. Now,

[00:07:23] [SPEAKER_01]: I know my mom still can't figure out all the buttons on the remote control, but she talks to

[00:07:29] [SPEAKER_01]: her Alexa devices that are in every room in the house. So there really is first and foremost

[00:07:34] [SPEAKER_01]: kind of a change in the tech savvy levels of seniors. But more importantly, as you mentioned,

[00:07:41] [SPEAKER_01]: the milestones are shifting. We are at a place where digital natives are going to be the largest

[00:07:47] [SPEAKER_01]: share of the population. I think that's a prediction to happen somewhere in the 2040 range,

[00:07:53] [SPEAKER_01]: but we're so well on our way and consumers in insurance, I think are adopting this

[00:08:00] [SPEAKER_01]: in terms of how they learn about products. It's not just through their broker,

[00:08:04] [SPEAKER_01]: but the wealth of information and frankly even video formats that are really compelling online

[00:08:10] [SPEAKER_01]: for consumers to navigate their own learning journey, how they actually buy products. That

[00:08:16] [SPEAKER_01]: digital journey has really changed again informed by the fact that most folks are used to being able

[00:08:22] [SPEAKER_01]: to open up an app to be able to engage in a transaction. So the insurance sector has needed

[00:08:29] [SPEAKER_01]: to adopt a lot of that self-service ability as well. And so I think those are primarily

[00:08:37] [SPEAKER_01]: the ways in which consumer communications have changed. We do have some constraints in insurance

[00:08:42] [SPEAKER_01]: that are probably a little different, health information, privacy associated with many of

[00:08:48] [SPEAKER_01]: the products that we deliver does put some pretty big barriers up in terms of how we

[00:08:54] [SPEAKER_01]: communicate with customers and we're always following their lead on how they want to

[00:08:59] [SPEAKER_01]: engage us, which is really an important tenant. And you mentioned expectations a few

[00:09:05] [SPEAKER_00]: moments ago and there's an old saying that the last best experience that any of us have anywhere

[00:09:10] [SPEAKER_00]: becomes a minimum expectation for the experience that we then want everywhere. You used a few great

[00:09:15] [SPEAKER_00]: examples about Amazon, et cetera there. But can you elaborate on the value and potential

[00:09:21] [SPEAKER_00]: of alternative insurance models and indeed delivery methods and how you're not only

[00:09:26] [SPEAKER_00]: adapting but maybe leading some of these changes as well?

[00:09:29] [SPEAKER_01]: Well, this is one of the areas that being the 100-year-old plus company

[00:09:34] [SPEAKER_01]: prevents some good foundation but also we've got to remember the need to change.

[00:09:43] [SPEAKER_01]: And so some of the alternative models that I think are most interesting really stem from,

[00:09:49] [SPEAKER_01]: I think, some of the rapid experience that consumers have with engaging in digital brands.

[00:09:57] [SPEAKER_01]: So, we're really starting to deeply examine what customer problems exist and how our insurance

[00:10:07] [SPEAKER_01]: products could really evolve to meet them a little better. And that's that digital experience that's

[00:10:13] [SPEAKER_01]: fast and very self-service that's an important overlay to this. So a couple of models that

[00:10:20] [SPEAKER_01]: I can share that I'm watching. The first is around micro-insurance. We think that consumers will continue

[00:10:30] [SPEAKER_01]: to demand coverage maybe in a short period, could be a few hours a day while you're driving your car,

[00:10:37] [SPEAKER_01]: could be a few days a month while maybe you're on a ski slope and you need some extra medical

[00:10:41] [SPEAKER_01]: coverage. But one alternative model that I think we'll see further expansion in is this

[00:10:47] [SPEAKER_01]: micro-insurance. So I don't have to buy something for the rest of time, but I'm buying something for a

[00:10:53] [SPEAKER_01]: very specific need that I've got that is short term in nature. Kind of connected to that micro-insurance

[00:11:02] [SPEAKER_01]: concept is the concept of on-demand insurance. I need protection in more of a bite size than I

[00:11:10] [SPEAKER_01]: need to be able to turn it on and off when I think there's something that I need a little

[00:11:15] [SPEAKER_01]: extra coverage around. Now consumers are turning things on and off all day to these days as it

[00:11:22] [SPEAKER_01]: relates to things like their payment cards, you can turn your credit card on and off.

[00:11:26] [SPEAKER_01]: These are some of the examples of how their experience in one industry will certainly translate

[00:11:32] [SPEAKER_01]: to another. I'd probably say the last new model worth mentioning perhaps will ultimately be the

[00:11:41] [SPEAKER_01]: most prolific is the concept of embedded insurance. This is where consumers are out there doing something

[00:11:49] [SPEAKER_01]: else and they can access an insurance product through the checkout flow. If the engagement with

[00:11:55] [SPEAKER_01]: the consumer is digital to begin with, we can tack on an opportunity to be able to access

[00:12:01] [SPEAKER_01]: insurance in the moment. So you might be buying that season pass for the ski lift and get your

[00:12:07] [SPEAKER_01]: extra medical coverage right at the same time you're buying that season pass. Someday you might be

[00:12:13] [SPEAKER_01]: ordering your car online and picking all your features and colors and buy your car insurance

[00:12:18] [SPEAKER_01]: at that same time. So as more and more products migrate to a digital platform in terms of how

[00:12:24] [SPEAKER_01]: the customer reaches them, the greater the opportunity for protection products

[00:12:29] [SPEAKER_01]: to be offered at that same point of purchase. So I think that's a model that will continue to see

[00:12:35] [SPEAKER_00]: expand. Yeah, I completely agree with you. And as we said at the very beginning of the podcast,

[00:12:41] [SPEAKER_00]: technology, especially inshore technology or inshore tech is making a significant impact

[00:12:47] [SPEAKER_00]: throughout the entire insurance industry. So I'm curious, there's someone right in the eye

[00:12:51] [SPEAKER_00]: of the storm here. What are some of the most transformative technologies that you're seeing

[00:12:56] [SPEAKER_00]: that are maybe shaping the future of insurance? Anything excite you? Anything you got your

[00:13:01] [SPEAKER_01]: eye on here? You know, one of the things worth mentioning is a really a little bit of pattern

[00:13:06] [SPEAKER_01]: that we see in inshore tech having followed the wave of FinTech. You know, when a lot of the FinTech

[00:13:16] [SPEAKER_01]: startups were really blossoming onto the scene, a lot of them had a little bit of a bravado about

[00:13:22] [SPEAKER_01]: how they would unseat the big banks and really take over how consumers thought about financial

[00:13:28] [SPEAKER_01]: services generally. And over time, some of that dissipated and instead, you know FinTech really

[00:13:34] [SPEAKER_01]: saw this opportunity to serve the banks rather than compete with them. And there are definitely some

[00:13:40] [SPEAKER_01]: neo-banks that have been successful but building brands are really expensive. And a lot of the

[00:13:47] [SPEAKER_01]: FinTech really explosion has been in serving banks. And we're seeing the same thing happening

[00:13:55] [SPEAKER_01]: now in inshore tech. So the greatest impact that inshore techs are having in insurance today is

[00:14:00] [SPEAKER_01]: they're not particularly customer facing, but really in B2B solutions. Core technologies as

[00:14:08] [SPEAKER_01]: insurance carriers have been successful in migrating to cloud and even multi-cloud models,

[00:14:14] [SPEAKER_01]: employed APIs to connect legacy systems to modern tech platforms. This gives carriers

[00:14:20] [SPEAKER_01]: the chance to now integrate with inshore techs that are offering optimized solutions really at

[00:14:26] [SPEAKER_01]: almost every category of insurers back in, policy administration, claims management,

[00:14:31] [SPEAKER_01]: our lead generation. These are core capabilities that large carriers need. Inshore techs are

[00:14:37] [SPEAKER_01]: bringing new software solutions that enable us to improve our operational efficiency and enhance

[00:14:43] [SPEAKER_01]: our customer experience, ultimately create new competitive advantage. So that's where I'm

[00:14:47] [SPEAKER_01]: really seeing the inshore tech value proposition today is really in the B2B space for carriers,

[00:14:55] [SPEAKER_01]: more so than what a consumer might see directly at the moment.

[00:15:00] [SPEAKER_00]: And I think it was Steve Jobs who said innovation distinguishes between the leader

[00:15:04] [SPEAKER_00]: and the follower. So in your role as chief strategy and innovation officer there,

[00:15:10] [SPEAKER_00]: is anything you can share around the kind of strategies that you're implementing,

[00:15:14] [SPEAKER_00]: how you're using tech to fuel growth for the specific customer segments that

[00:15:18] [SPEAKER_00]: mutual have overhauled? I appreciate you probably can't share too much, but is there anything you can?

[00:15:23] [SPEAKER_01]: You know, I think one of the areas that we're certainly seeing a lot of growth in today

[00:15:30] [SPEAKER_01]: in terms of a specific customer segments is in what we call our group benefits solutions.

[00:15:37] [SPEAKER_01]: So this is where we provide products really to employers who in turn offer them to employees.

[00:15:44] [SPEAKER_01]: And we've just experienced enormous amount of growth as employers themselves are

[00:15:50] [SPEAKER_01]: striving to be as competitive as possible, and that includes providing competitive

[00:15:55] [SPEAKER_01]: benefits packages. So one of the places that we're really innovating, and I think it's the

[00:16:01] [SPEAKER_01]: section of a core corporate strategy and an innovation model is thinking about how the nature

[00:16:07] [SPEAKER_01]: of employment is changing, especially in a post pandemic environment where

[00:16:13] [SPEAKER_01]: a lot of the workforce realized that there are different models for how they might be able to

[00:16:19] [SPEAKER_01]: generate their income. I think Google in fact has more contract workers today than they do

[00:16:25] [SPEAKER_01]: have full time employees. So you think about the cascading implication of that, where

[00:16:31] [SPEAKER_01]: individuals who are used to receiving a full set of benefits from their employer

[00:16:36] [SPEAKER_01]: are maybe now a little more on their own to figure out how to cobble together

[00:16:41] [SPEAKER_01]: the right set of protection solutions that they need or certainly unfortunately continuing to see

[00:16:47] [SPEAKER_01]: a shift in layoff of full time employees among big tech firms and these contract higher models

[00:16:53] [SPEAKER_01]: are increasing. So this is a little bit of a hot spot for us in terms of thinking about

[00:16:59] [SPEAKER_01]: how the future of the workforce might change and how our benefits to employees

[00:17:07] [SPEAKER_01]: might change if the employer plays maybe a different role in the lives of individuals

[00:17:12] [SPEAKER_01]: that it does today. So it's kind of an interesting area for us to innovate in.

[00:17:18] [SPEAKER_00]: And I think one of the biggest pressures for business leaders in any industry is trying to

[00:17:22] [SPEAKER_00]: figure out that very fine balance of ensuring operational excellence while also embracing

[00:17:28] [SPEAKER_00]: innovation and new technologies. Is there anything you can share around how you're doing that at

[00:17:34] [SPEAKER_00]: Mutual of Omaha in the insurance sector? You bet. And again, you're right that this is really

[00:17:40] [SPEAKER_01]: critical. I think a lot of the competitive advantage that carriers are leaning on today

[00:17:47] [SPEAKER_01]: is optimized cost structures. And so operational excellence is a critical way to create capacity

[00:17:56] [SPEAKER_01]: that can then be invested in growth. And so one of the ways that we do it,

[00:18:00] [SPEAKER_01]: first and foremost, is really trying to broaden our scope beyond just how can we save money.

[00:18:07] [SPEAKER_01]: That's part of it because if we can operate a little less expensively again,

[00:18:12] [SPEAKER_01]: then we can take those bound resources and employ them into new products and new growth.

[00:18:18] [SPEAKER_01]: But the other two pieces that we talk about alongside the cost optimization is the customer

[00:18:25] [SPEAKER_01]: experience and the associate experience. So for us, operational excellence is about

[00:18:31] [SPEAKER_01]: the journey that a customer is on and how can we improve that and be operationally

[00:18:36] [SPEAKER_01]: excellent in delivering it. And generally the changes that we make with that strategic intent

[00:18:42] [SPEAKER_01]: in mind tend to have a corresponding effect of cost dropping out of the system. And really,

[00:18:47] [SPEAKER_01]: the same thing is true for our associates. An area that we've done quite a bit of work in is

[00:18:53] [SPEAKER_01]: around our customer service or frontline associates. Mutual of Omaha feels it's very

[00:18:58] [SPEAKER_01]: important for us to have those associates in-house. We don't outsource to a call center

[00:19:04] [SPEAKER_01]: under a different name. The experience that the associate has and how well equipped they are

[00:19:11] [SPEAKER_01]: to serve our customers is a really important part of operational excellence. And we're really looking

[00:19:18] [SPEAKER_01]: at the emerging technology opportunities that Generative AI creates to be a core tenant of

[00:19:27] [SPEAKER_01]: operational excellence value creation in the future. We could probably have a whole chat on

[00:19:34] [SPEAKER_01]: Generative AI and insurance alone because the opportunities are enormous. And I think we're

[00:19:40] [SPEAKER_01]: all trying to figure out the right pace of adoption so that we don't have too much new cost

[00:19:46] [SPEAKER_01]: first when the effort and the intent at the end is to achieve some operational excellence

[00:19:53] [SPEAKER_00]: objectives. Well, I think we've both done amazing to last 22 minutes on the tech podcast

[00:19:59] [SPEAKER_00]: without mentioning AI or TMI. So you are correct. I think it is a topic for another

[00:20:07] [SPEAKER_00]: episode and I'd love to work with you on that. But right now, I mean, you're in a

[00:20:11] [SPEAKER_00]: fantastic position right in the heart of the industry drawing this period of superfast

[00:20:16] [SPEAKER_00]: technological change. So I'm curious from what you're seeing, what are the biggest

[00:20:21] [SPEAKER_00]: challenges and equally opportunities that you're seeing in the insurance industry today,

[00:20:25] [SPEAKER_00]: particularly concerning those technological advancements and matching them with those raising

[00:20:30] [SPEAKER_01]: rising customer expectations? Well, you know, the one that I'll raise is not

[00:20:36] [SPEAKER_01]: unique to Mutual Wormaha. I think it's true where the entire sector, again, being decades

[00:20:43] [SPEAKER_01]: old means you have a lot of legacy technology systems. And the challenge of integrating

[00:20:49] [SPEAKER_01]: the old tech with the new tech is sizable. It makes it very difficult to keep pace with

[00:21:00] [SPEAKER_01]: change and just how rapidly we're seeing new opportunities evolve with new technology skills

[00:21:06] [SPEAKER_01]: when in order to deliver with a new technology at scale, we've got to integrate it with a legacy

[00:21:13] [SPEAKER_01]: system. So that's a big challenge. The second I'd indicate is really kind of close to my heart

[00:21:20] [SPEAKER_01]: around innovation. You know, when you test in an insurance environment,

[00:21:28] [SPEAKER_01]: you're really making a commitment to a customer. You're selling them a life insurance policy

[00:21:34] [SPEAKER_01]: they're expecting for you to be around for the duration of their life. Many of the economic

[00:21:40] [SPEAKER_01]: models that support insurance have very long payback periods. It could be, you know, five,

[00:21:47] [SPEAKER_01]: seven years for a business that's delivering a solution before they might break even on that

[00:21:52] [SPEAKER_01]: product and have the opportunity to invest further. So that's a real challenge for innovation.

[00:21:59] [SPEAKER_01]: Unlike many other sectors who can test and learn and download a new app to you. And if

[00:22:05] [SPEAKER_01]: it disappears in a month, you know, no harm, no foul. Mutual Lomaha is not going to disappear

[00:22:11] [SPEAKER_01]: on anyone. So it does change the profile of how we test, which potentially slows the innovation

[00:22:18] [SPEAKER_01]: cycle. On the other hand, there's some great opportunity that accrues. We're at thrusted brands.

[00:22:27] [SPEAKER_01]: Engaging with Mutual Lomaha comes with an expectation that we've rigorously tested

[00:22:33] [SPEAKER_01]: new technology that we might use to support our solutions. And that extends to a pretty

[00:22:39] [SPEAKER_01]: wide distribution network. We've got brokers and agents and advisors that are all out there

[00:22:45] [SPEAKER_01]: working to bring our solutions front and center for customers. And that's a holy

[00:22:51] [SPEAKER_01]: horizon of new technology opportunity. So I think that some of what we'll see in the

[00:22:57] [SPEAKER_01]: future across our sector is how technology helps connect the dots between the players in the

[00:23:05] [SPEAKER_01]: sector that otherwise might not have been as connected. And the consumers will be the

[00:23:09] [SPEAKER_01]: beneficiaries because the communication between these stakeholders will be higher,

[00:23:16] [SPEAKER_00]: greater and much more seamless. And if we look ahead, we've got one on on 2025 already.

[00:23:22] [SPEAKER_00]: Is there anything you're able to share about some of your key priorities and goals for

[00:23:27] [SPEAKER_00]: continuously driving innovation, staying ahead in this rapidly evolving insurance space? And

[00:23:33] [SPEAKER_00]: how do you envision the future of the company and the industry as a whole?

[00:23:37] [SPEAKER_00]: Are you feeling pretty confident? Is there anything that excites you or keeps you up at night?

[00:23:43] [SPEAKER_01]: Well, the thing that is exciting is, you know, at Mutual Lomaha, we many years ago

[00:23:48] [SPEAKER_01]: adopted an agile technology operating model. And that's easier said than done in a company

[00:23:57] [SPEAKER_01]: with the legacy models that we've got. So I'm really optimistic about the ability for us to

[00:24:07] [SPEAKER_01]: integrate with a lot of the new developments that frankly might happen outside our walls.

[00:24:14] [SPEAKER_01]: I think the future of Mutual Lomaha and companies like ours operating in insurance

[00:24:20] [SPEAKER_01]: will mean that we don't have to do everything ourselves. Partnering with others who are best

[00:24:25] [SPEAKER_01]: in class and being able to move on to the best in class of tomorrow if our original partners

[00:24:32] [SPEAKER_01]: don't remain in that pole position, this is going to open up a lot of doors. So I'm really

[00:24:38] [SPEAKER_01]: excited about the future horizon of partnerships, especially in the technology arena.

[00:24:45] [SPEAKER_01]: The other thing that I think is really interesting and inspiring for the industry as a whole is how

[00:24:52] [SPEAKER_01]: we will be able to change the scope of these solutions that are oriented around protection

[00:25:00] [SPEAKER_01]: and financial security into so many dimensions like financial wellness. We see huge correlation

[00:25:07] [SPEAKER_01]: between financial wellness and physical wellness. That's really interesting to think about how solutions

[00:25:14] [SPEAKER_01]: might come together to deliver on both. So I think the frame of what a consumer thinks of when they

[00:25:20] [SPEAKER_01]: think of insurance is probably going to get a lot broader. And that's really interesting to think

[00:25:26] [SPEAKER_01]: about how we're just at the end of the day focusing on what a consumer needs and not being

[00:25:31] [SPEAKER_01]: super bounded by the type or flavor of products that we've delivered in the past.

[00:25:36] [SPEAKER_01]: And financial wellness and its intersection with physical wellness is I think a space that's

[00:25:42] [SPEAKER_01]: physical, and I should also say mental wellness. These are spaces where I think we'll see a lot

[00:25:47] [SPEAKER_01]: of convergence and a lot of new opportunities and new solutions for consumers.

[00:25:54] [SPEAKER_00]: And we've talked a lot about how mutual of Omaha is evolving and improving with the pace of

[00:25:59] [SPEAKER_00]: technological change. But as individuals there's a real pressure on all of us to be in a state

[00:26:04] [SPEAKER_00]: of continuous learning now. So I've got to ask on a personal level, where or how do you self-educate

[00:26:10] [SPEAKER_00]: anything you can share on how you deal with this pace of change?

[00:26:14] [SPEAKER_01]: You know, I love this question because most days I think I'm drinking from a fire hose. So

[00:26:19] [SPEAKER_01]: well situated in that state of continuous learning as you described. I think one

[00:26:26] [SPEAKER_01]: tea has been appreciating that the model really changes as I've gotten older.

[00:26:31] [SPEAKER_01]: Where I in the past might have focused on education as my primary method of learning.

[00:26:39] [SPEAKER_01]: Over the years you sort of move into a model of exposure being a way that you learn just

[00:26:48] [SPEAKER_01]: how that evolves into experiences, which is probably where I anchor the most today.

[00:26:55] [SPEAKER_01]: Making sure I'm in places where I can experience the thoughts, ideas and concepts of others.

[00:27:02] [SPEAKER_01]: Putting yourself in circles where there's a great diversity of thought is really the primary way

[00:27:08] [SPEAKER_01]: in which I learn. You know you go to a conference these days it's less about what's on stage.

[00:27:13] [SPEAKER_01]: It's more about the individuals that you interact with in the hallway because you get

[00:27:17] [SPEAKER_01]: to experience their points of view and I try to soak it in as much as I can. So I now count you

[00:27:25] [SPEAKER_01]: among those who I have the chance to visit with and I think that blend of education,

[00:27:33] [SPEAKER_01]: exposure and experiences is something I try to make sure I've got some balance and overtime.

[00:27:39] [SPEAKER_00]: Beautiful answer. So thank you so much. We've covered so much in a 30 minute conversation

[00:27:44] [SPEAKER_00]: today and I hope everyone listening has learned a few things along the way too. But for anyone that

[00:27:49] [SPEAKER_00]: wants to find out more information about what we discussed or connect with you or your team,

[00:27:56] [SPEAKER_01]: where would you like to point everyone listening? You can find me on LinkedIn

[00:28:02] [SPEAKER_01]: both directly and of course Mutual Vomitas presence there and MutualVomahad.com

[00:28:07] [SPEAKER_01]: really is a point of entry to almost anything you would need. So I look forward to hearing

[00:28:13] [SPEAKER_01]: from those of you who are out there in the audience today.

[00:28:18] [SPEAKER_00]: Fantastic. Well I'll have links to everything to make that nice and easily so people can carry on

[00:28:22] [SPEAKER_00]: that conversation and as I said we talked about so much that just the role of digital customer

[00:28:27] [SPEAKER_00]: communications especially as life milestones shift and the definition of what a senior is

[00:28:33] [SPEAKER_00]: it's a huge thing on its own but also the value of alternative insurance models and delivery.

[00:28:39] [SPEAKER_00]: Something we're seeing more and more and especially in short tech which is again another

[00:28:44] [SPEAKER_00]: episode on its own. So I'd love to get you back on maybe later in the year or early next year.

[00:28:49] [SPEAKER_00]: Let's talk about the AI thing and the impact that that's having but

[00:28:51] [SPEAKER_00]: more than anything just thank you for sharing your time with me today.

[00:28:55] [SPEAKER_01]: Thank you so much. I really will look forward to another discussion and thanks again for your

[00:29:00] [SPEAKER_00]: time. Wow what a cracking conversation there. It leaves me pondering what does it take for

[00:29:06] [SPEAKER_00]: an established company to remain agile in a fast evolving industry. And for me the conversation

[00:29:13] [SPEAKER_00]: we're making today has shown that Mutual of Omaha is successfully navigating this challenge through

[00:29:19] [SPEAKER_00]: digital innovation and strategic foresight and by embracing things like new insurance models and

[00:29:25] [SPEAKER_00]: leveraging cutting-edge technology they're setting a powerful example for others in

[00:29:30] [SPEAKER_00]: the industry to follow. But over to you how will you ensure your organization stays ahead

[00:29:36] [SPEAKER_00]: in this ever-changing environment? You've heard from myself, you've heard from Nicky and loved

[00:29:41] [SPEAKER_00]: hear your thoughts on this and as always easiest guy in the world to find LinkedIn,

[00:29:46] [SPEAKER_00]: Twitter, Instagram just at Neil C Hughes. If you want to email me techblogriereatoutlook.com

[00:29:52] [SPEAKER_00]: so I'm expecting to see emails or DMs that say hey Neil I'm a long time listener first time

[00:29:58] [SPEAKER_00]: caller. Whatever it is please let me know if it's a question you want to share some thoughts.

[00:30:03] [SPEAKER_00]: I'd love to have a conversation with you too but that's it for today so thank you for listening

[00:30:08] [SPEAKER_00]: as always and until next time don't be a stranger.