ROUNDTABLE: INSURTECH
HOW IMPORTANT IS THE ISSUE OF TALENT TO THE INSURTECH FIRMS ON BERMUDA?
“The digital nomad work permit was a success.”
Heather Kitson
Heather Kitson: We need to continue to attract talent to the Island by providing an efficient and smooth work permit process. The digital nomad work permit was a success and a good example of the government taking a more progressive, nimble approach.
We also need more home-grown talent and connect that talent to capital to grow businesses from Bermuda. Increased investment in school, mentoring and training is key and there are currently a few great initiatives underway.
Sandra DeSilva: There is strong presence of subject matter business and professional, but technology talent is very light. Having a technical university or ways to connect with some internationally would be helpful.
“Technology talent is very light.”
Sandra DeSilva
Adam Adamson: In the context of talent, Bermuda is a small place. If you want to really scale up is that going to be a problem? Especially given the type of staff you might need. On the insurance side, I think there’s unparalleled talent here. But we’re a 100 percent remote company—we do our meetings around a table just like this, except in the metaverse with our Oculus headsets. That’s how we do our staff meetings.
Kitson: Bermuda is strong in some professions. You can’t send a bowling ball down Front Street without hitting an actuary, accountant or a lawyer. But when we’re looking at software development talent, the cost and availability of that skillset here in Bermuda is a different story particularly in comparison with lower cost locations. We’re a village in the middle of the ocean and if we are to continue to play on an international scale, we also need to work globally.
“The customers here are remarkably engaged.”
Devon Sherman
Devon Sherman: Ignite Bermuda, an accelerator on the Island that enables and empowers Bermuda residents to create new businesses, is doing a phenomenal job galvanising local entrepreneurial talent. It has supported over 200 companies in the last few years.
Another thing to point out is that there are pros and cons to being a small, community-driven, relationship-driven island. While there are obvious cons in terms of B2C scale, on the pro side, the customers here are remarkably engaged.
At Cactus, for example, we work with several big insurers and the amount of dedication they’ve demonstrated as early customers and the feedback they’ve provided have been invaluable.
“What is important is that the company has the oversight.”
George Alayon
George Alayon: We do monitor the talent needed in business plans. A lot of them have the ability to hire locally; others outsource the whole thing. For us what is important is that the company has the oversight—not just the talent retention, but also making sure that there is oversight of outsourced services.
DeSilva: One real positive has been some of the scholarships that are provided. The Bermuda Foundation of Insurance Studies and Bermuda Scholarships help to support students. Re/insurers need to attract students back to Bermuda perhaps through mentorship and making students aware of the progressive insurtech companies forming in Bermuda through these type of charities.
“The tech stacks of insurers are outdated.”
Ari Chatterjee
Ari Chatterjee: The challenge is often whether to hire a student out of a top university. Few students like to work for insurance companies while they have job offers from the likes of Google or Microsoft.
It becomes hard for them to prove they are doing something different. The tech stacks of insurers are outdated, so as a student you can limit yourself if you come back here.
Kitson: I feel it’s incumbent upon us as insurance innovators to provide those opportunities for local talent.
Chatterjee: That’s definitely one of the things that will get better. There aren’t many of us in the ecosystem yet compared to the traditional insurance industry. But it’s going to improve over time. Talent requires an ecosystem in which they could explore future opportunities.
“The insurance industry here is so nimble.”
Josephine Noddings
Josephine Noddings: Being in a smaller marketplace rather than a bigger one means you get much more exposure to a wider range of opportunities. You might have more responsibility and a lot more exposure than if you’re working in a big tech company. That’s an opportunity that is very beneficial.
Equally, the skillset and the business knowledge that is grown out of Bermuda is cutting-edge in the area of insurance and reinsurance. The insurance industry here is so nimble. That creates a different level of value that we need to promote.
“Bermuda will see a strong industry in a decade’s time.”
James Ferris
James Ferris: In terms of growing talent, Bermuda needs to take a longer-term view. We need to give young people the right skillset and baseline experience, but then let this young talent go out into the world, to get that global experience that is needed in such an international industry.
You’ll then find Bermudians will bring that experience back home and take leadership positions in the industry. You can see similar happening in the legal and accounting professions. >>>
“We found success in having engineers closer to the business users.”
Sandra DeSilva
<<< I don’t think that’s a bad thing. It is hard to keep quality young talent here, but Bermudians will come back and Bermuda will see a strong industry in a decade’s time full of new Bermudian leaders.
DeSilva: Prior to starting Nova, I found re/insurers had to outsource technology development to other jurisdictions. We found success in having engineers closer to the business users.
Image courtesy of Shutterstock / Jackie Matthews
