Louisiana Comp Blog’s upcoming tech conference, Spotlight on Solutions, will bring together various stakeholders in the workers’ comp industry on June 15th in New Orleans to discuss how technology is changing comp and where we’re headed in the age of endless information.
Leading up to the conference, this Q&A series will allow attendees to learn more about our presenters and what they have to offer. Below, Colin Fitt, SVP of Corporate Development with Maiden Re, talks about how tech is changing the entire insurance industry.
More information and registration for Spotlight on Solutions is available here.
Comp Blog: What is your educational background?
Fitt: I graduated from the University of Kansas in 1983. I had family in the reinsurance business and started as a reinsurance broker in Chicago shortly after graduation with a firm called E.W. Blanch. Through my entire career I’ve run the gamut of different financial slices of our business. I’ve been with Maiden Re for about five years.
Comp Blog: What does your day-to-day look like in your position as SVP of Corporate Development?
Fitt: My job encompasses any number of things but it’s really about looking at our businesses, looking at the strategies and geographies and trying to find ways to improve our business. And also looking for new businesses to get into.
Comp Blog: How does this relate to your work with Plug and Play tech center?
Fitt: I work directly with Plug and Play. We were an anchor partner in the formation of the insurance part of it. What we do there is utilize the flow of incoming technology companies to accomplish a couple of things. One, we want to educate all of our client-facing staff on the technology that is applicable to their day-to-day interplay with our clients. Also, we want to find technology that is applicable to specific problems that our clients have or objectives that they are trying to reach. We also then work with our clients to review the technological options that can facilitate their business plan. Our business model is a little unique in that we are very client centric, we focus in on the small to mid-sized regional companies.
Now, that client set has a unique set of characteristics in that they are often somewhat resource-constrained and may not have the budget to investigate new technology. As reinsurers have traditionally provided financial leverage, we look at technological leverage in the same sort of way. We refer to that as the conduit of technology between Silicon Valley and Main Street America.
Comp Blog: What do you hope attendees at Spotlight on Solutions will get out of your presentation?
Fitt: The leveraging of both the financial and the tech aspects in reinsurance is central and core to my talk. We are living in the second most important technological revolution in my career and I think it’s imperative to stay on the ball.