As part of #InsurTechRisingLive and our #WomeninFinTech series, we spoke with Samantha Smithson-Briggs, UK and Ireland General Insurance Transformation Director at Aviva, about the future of insurtech and her experience in what still seems to be a predominantly male industry.
How did you start your career?
Having finished my A-Levels, and applying for a degree in psychology I realised I really didn’t know what I wanted to do with my career life. I spoke to a careers consultant and came to the conclusion that I didn’t actually want to be a psychologist and so made the decision to not take up my university place, but instead spend some time working in the city to find out what working life was all about. I went to see a few recruitment agencies and started the A-Level role interviews. I was fortunate enough to be offered 2 roles; 1 with the Department of Trade and Industry as an admin assistant, and 1 with a Japanese bank as a junior internal auditor. Again seeking counsel on which role to take, I opted for the internal audit role in the bank on the premise that it would give me access to seeing the mechanics of a number of departments within the bank. I thus started my career in Financial Services.
What sparked your interest in fintech?
When I left the Japanese bank, I moved to a role with an American Bank in the Risk and Finance area having qualified as an accountant during that time. A big part of that role was running the systems that calculated the regulatory capital. There were regular upgrades to the system that required scoping, testing and implementation. It was clear when I got involved that I had a flare for the system side of the role and quickly took charge of the IT elements of the department.
What was your lightbulb moment?
In the early days of the system upgrades, looking around at everyone scratching their heads on how to make sense of what changes were coming in and how to test adequately.
I looked at the documentation and just got it. I remember going to my boss at the time to ask if I had missed something as I didn’t understand why it was deemed to be so difficult. I remember him smiling at me and saying, ‘you clearly have a flair for this type of work’. This partly shaped where I took my career next, choosing to leave mainstream finance in a BaU role and moving into the change world, using my line experience to build change programmes with a technology requirement.
Where do you think the future of insurtech is going?
The main 2 areas that I believe will dominate is Data and AI/Machine Learning.
Insurers have access to vast amounts of data, be that what is available on the web, to the data that can be collected from customers through wearables, connected home, car tech, drones; it is all there for insurers to analyse and innovate products to meet the customer needs. AI and Machine Learning will allow the data to be interpreted in a way that will build propositions that best suit the customer lifestyles. We are already seeing the emergence of this innovation with ‘pay as you go’ insurance, incentive based plans that reduce the price for safe driving, and the gamification of this to compete with friends and family on who is the safest. Investment in this field I believe is the race to the top.
Why is the #Womeninfintech movement important?
Diversity and Inclusion is important for all areas, but promoting women in STEM subjects is particularly important.
Diversity promotes diversity in thought leadership and different perspectives that allows greater innovation for customers.
Women naturally collaborate, which is an important part of any company or function fostering a sense of team.
What piece of advice would you give women starting out their career in fintech?
Be yourself. Authenticity in the workplace is a foundation. Just because you work in a male dominate environment does not mean that you need to be one of the boys, be true to yourself as a woman and the skills that you bring.
