“The most positive part for me is that it was nice to bring people with such different backgrounds and different ways of working together to achieve what we are committed to,” Janofski said. “We’re seeing a faster pace than we’ve ever seen before, so we see some evidence that this works.”
Beazley Digital is a relatively small part of the Beazley Group, with about 90 employees in a division that started in January 2022 as part of a technological / innovation reorganization. It combines insurance, claims, technology and operational experts into a single cross-functional team. The company describes Beazley Digital as a “next-generation digital experience” for its global brokers, who want to place and manage small and medium-sized risks more personally, affordably and faster than normal.
The Beazley Group, in contrast, employs about 1,700 people in total, with specialist insurance companies in Europe, Asia and the United States. He also runs six Lloyd’s unions.
However, Beazley Digital’s operations are highly influential within the wider company, as technological advances and processes are tracked and potentially absorbed into the Beazley Group’s larger operations over time, Janofski said.
“We operate as a startup in the larger Beazley, so we have some freedom to experiment with suppliers and try new technologies and shape the path of our technologies,” she explained. “We also serve as a center of excellence for the rest of Beazley on API technology and will share what we build with the wider group.”
According to Janofsky, Beazley Digital came to life as a result of its investment in digital commerce in various parts of the business.
“We realized that in order to achieve efficiency, scale and greater profitability, we will have to put these assets together and invest in them properly, as opposed to the more heterogeneous way we have invested in them,” Janofski said. “We have decided to bring all the shares that are currently traded on digital platforms or wallets [we believe] will lend themselves well to digitalisation and we have moved this whole business together ”from January 1, 2022.
Janofsky reports to Ian Fantozzi, CEO of Beazley Digital, and James Wright serves as head of technology in the department. Janofsky, a veteran of the commercial insurance industry with more than 20 years of risk taking and special lines, oversees the global takeover strategy and leads teams in North America, Europe and the United Kingdom. She also leads Beazley Digital through its cross-functional team strategy, where technology sharing between teams comes into play.
“We take on technology and operations, all sharing the same P&L (profits and losses) and making investment decisions together,” she said.
In contrast, the rest of Beazley has separate divisions, each headed by an insurance team, with technology and operations located outside these units within the Beazley Group itself.
Janofsky has daily meetings with the chief technology officer, chief operating officer, CEO of Beazley Digital and the business manager to talk about the challenges facing the division and make quick decisions to address if necessary.
“As we invest in our technology package, we want to make sure we present ourselves properly to our trading partners, so we’ve organized the rest of the division around our sales channels.” [including] an American brokerage platform, a platform for brokers in the United Kingdom and the rest of the world, and API’s global work market centers, ”said Janofski.
There will also be email and voice elements in these systems because the company acknowledges that both will “continue to be a majority of the way we trade with our brokerage partners as the technology landscape evolves,” she added.
Technologist as needed
Janofsky said her work with Beazley Digital requires her to be familiar with the company’s digital investments, such as its API work and the data contracts the company negotiates around its global presentation and product APIs. She is also familiar with the vendors the company uses to build its technology package (including some insurance companies), as well as the companies Beazley Digital is reviewing for future partnerships. In addition, Janofsky tracks the company’s data / analytics efforts.
As head of the takeover, Janofsky said it was crucial today to see technology as part of the job. Part of that reason, she said, is that Beazley Digital trades in the SME space and needs to control installation costs. Wider than that, however, is the need to use multiple technologies to compete in today’s market. This means that being a technologist is no longer just for the chief technical contractor.
“The change is both the acceleration of digital market acceptance and the subsequent changes that the pandemic has brought to e-marketing,” Janofski said. “Everyone is striving to reduce overheads amid rising costs, people are investing in more and more technology, and we need to be able to meet them where they want to trade.”
As technology is a key part of Janofsky’s work, she worked closely with Wright as they shaped the focus and technological direction of Beazley Digital.
“One of the things we realized very early in our conversations is that insurers and technologists do not speak the same language, and if we want to succeed in that, we will have to invent a mutual language,” Janofski said. “We were building this.”