EPISODE · May 1, 2024 · 19 MIN
Oliver Wyman Series: Unlocking Value by Leveraging Commoditised Tech
from Scouting for Growth · host Sabine VdL
On this episode of the Scouting For Growth podcast, Sabine VdL introduces the a series of podcasts featuring Steve Abel, Partner at Oliver Wyman, Brian McDermott, Chief Technology Officer at Victor Insurance and Esther Becker, Partner and Captive Actuarial Leader at Oliver Wyman. The objectives of the following four episodes are to: create an all-rounded viewpoint of what is happening in insurance demonstrate how an insurance managing general agent has grown its business to over 3 billion dollars in Direct Written Premiums (DWP) and how the world of captive insurance is evolving when emerging risks are so present in our day-to-day lives. KEY TAKEAWAYS Legacy system optimization is crucial for insurance companies to not only reduce costs but also to enhance the value of existing investments. By addressing historical oversights and implementing effective strategies, insurance companies and carriers worldwide can unlock comprehensive value from their legacy systems. Insurers out there… You've made substantial investments in your core systems, but it's possible that some of our decisions weren't aligned with the best long-term outcomes for your business or enterprise. Revisit past decisions critically to assess whether they still serve your company's current and future needs. Look for signs that you've been locked into proprietary solutions, which may hinder adaptability or interoperability in the long term. I have talked about those with many insurers, and this is certainly an area of concern today. Implement APIs that enable more flexible interaction with your core systems, and introduce modular upgrades that add new capabilities without a complete system overhaul. These targeted improvements can significantly increase value and extend the lifespan of your core systems, helping you stay competitive in a rapidly evolving insurance market. Finally, I wanted to dive into the world of captives, and self-insurance programs offer a strategic approach to managing emergent non-insurable risks. A captive’s ability to navigate complex technological challenges and optimize technology choices is crucial to reinforcing the relevance and efficiency of its operations. BEST MOMENTS ‘To unlock the value from your core systems, adopt a three-pronged approach: Simplify. Innovate. Collaborate.’ ‘When you invest in technology startups, scaleups and growth ventures… recognizing the common missteps is going to be essential to avoid them.’ ‘In leveraging commoditized technology, your goal should be to build more relevant applications. Utilizing established technologies allows you to focus on innovation without reinventing the wheel.’ ‘By proactively shaping your approach to these areas of advancement, you're preparing to meet the demands of 2030 and propel the insurance and insurtech sectors forward.’ ABOUT THE HOST Sabine VanderLinden is a corporate strategist turned entrepreneur and the CEO of Alchemy Crew Ventures. She leads venture-client labs that help Fortune 500 companies adopt and scale cutting-edge technologies from global tech ventures. A builder of accelerators, investor, and co-editor of the bestseller The INSURTECH Book, Sabine is known for asking the uncomfortable questions—about AI governance, risk, and trust. On Scouting for Growth, she decodes how real growth happens—where capital, collaboration, and courage meet. If this episode sparked your thinking, follow Sabine VanderLinden on LinkedIn, Twitter, and Instagram for more insights. And if you’re interested in sponsoring the podcast, reach out to the team at [email protected]
What this episode covers
Insurance is changing faster than most organisations are structurally prepared for. In this special Scouting for Growth mini-series, Sabine VanderLinden brings together Steve Abel (Partner, Oliver Wyman), Brian McDermott (Chief Technology Officer, Victor Insurance), and Esther Becker (Partner and Captive Actuarial Leader, Oliver Wyman) to offer a 360-degree view of how insurance is being rebuilt from the inside out. Across four connected episodes, this series moves beyond surface-level innovation narratives to tackle the hard realities incumbents, MGAs, and risk leaders face today: legacy technology debt, speed-to-value, scaling distribution, and managing emerging risks that no longer fit traditional insurance models. The objective is simple—but ambitious. First, to create an honest, end-to-end perspective on what is really happening across the insurance value chain—technology, operations, capital, and risk. Second, to demonstrate how Victor Insurance, a Managing General Agent operating at global scale, has grown its business to over $3bn in Direct Written Premiums by making deliberate, disciplined choices around technology, partnerships, and operating models. And third, to explore how captive insurance and self-insurance programmes are evolving as organisations confront non-traditional, non-insurable, and technology-driven risks that are now part of everyday business reality. A central theme running through the series is value extraction from what already exists. Insurers and carriers have invested heavily in core systems over decades. Yet many remain locked into proprietary architectures that limit flexibility, slow innovation, and increase long-term cost. The question is no longer whether to modernise—but how to unlock value without ripping everything out. The discussions dive into: Optimising and extending legacy systems rather than replacing them blindly Using APIs and modular upgrades to increase adaptability and interoperability Leveraging commoditised technology to focus innovation where it actually differentiates Understanding when past technology decisions no longer serve future strategy The series also looks forward. As emerging risks accelerate—cyber, technology dependency, operational resilience, climate, and systemic exposure—captives are becoming strategic tools, not just financial structures. Their ability to navigate complex technology choices and data-driven decision-making is now central to their relevance and effectiveness. For enterprise leaders, this series provides: A pragmatic roadmap for modernisation without disruption Lessons from a scaled MGA operating at speed and volume Insight into how captives are adapting to 2030-level risk realities For founders, scaleups, and InsurTech partners, it offers a clearer view of: How incumbents actually make technology and investment decisions Where real collaboration opportunities exist—and where they don’t 🎧 This four-part series is essential listening for anyone shaping the future of insurance, risk, and capital in an increasingly complex world. Because the next era of insurance won’t be built by replacing everything. It will be built by those who know how to simplify, innovate, and collaborate—at scale.
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Oliver Wyman Series: Unlocking Value by Leveraging Commoditised Tech
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