My 25-year journey in the insurance industry and innovation

Insurance and innovation – two words you don’t often hear in the same sentence. If someone had told me 25 years ago that I would still be working in the insurance industry today, I would probably have laughed – very loudly.

I could tell you that I’ve always had a passion for insurance or dreamed of becoming an industry expert. But the truth is that as a little girl I wanted to be an astronaut. Later, I was convinced that I would spend my life as a nuclear physicist working with uranium and atoms – or developing a new world formula.

Life – or rather, my parents – had other plans. So instead of flying to Mars or experimenting with quantum tunnels, I ended up in the insurance industry. And here we are. If you’re reading this, you’re probably in this industry too.

Over the years, I have dealt with policies, premiums and processes. I’ve worked in different countries, led teams, climbed the career ladder – and fallen down a few steps too.

After all, what is life if you don’t fail at least a few times?

A career in large companies

I have been working in the insurance industry for over 25 years – in the areas of life, health, property and accident insurance. I have developed products, built platforms, optimized processes and led business transformations. From small operating units to regional management and group centers, from operations to claims, there are some areas of the industry I haven’t explored.

I was loyal to big brands and spent more than 17 years at Allianz and another six at Swiss Re. Both are remarkable companies that offered me experiences I wouldn’t trade for anything.

My friends always laugh when I tell them that it makes my heart beat faster every time I see the Allianz logo. I guess I still have a bit of Allianz blue in my veins(Panettone 293, as I affectionately called it 😊).

Regardless of region, I’ve always believed in the power of innovation to transform the way we deal with insurance – from ground-breaking propositions to advanced claims handling, there’s always a sweet spot for innovation that delivers real impact.

A new place that I call home

From Europe to Asia and Australia, I traveled and managed projects all over the world until life brought me to Switzerland six years ago. It was a courageous step – as a single mother of a seven-year-old daughter, to take on a demanding C-level job. Not a move for the faint-hearted.

However, Switzerland made it easy for me. Friendly people, a safe environment where we could relax, and breathtaking landscapes. I fell in love with my new home. So much so that this self-proclaimed couch potato took to hiking and climbing.

Last year, on August 1 (Switzerland’s national holiday), I climbed the Dufourspitze – the highest peak in Switzerland. That’s not for the faint-hearted either, but that’s another story.

I’m still afraid of heights, crevasses and exposed ridges, but in business there are few things that can scare me. So how about a more dramatic change?

Too late to become an entrepreneur?

After a long career in the corporate world, I realized that I was missing something. I was still searching for meaning. And let’s just say patience is not one of my virtues. I wanted speed, innovation, upheaval, chaos. And I wanted it now – while this creative energy was still burning so brightly.

So I became an entrepreneur.

Our small boutique has become my daily dose of heart attacks and intellectual challenges. In a tiny but mighty team, we develop sophisticated insurance solutions for emerging risks.

I’ve worked in insurance and innovation before, but nothing compares to the thrill of entrepreneurship.

Yes, the work is exciting and fulfilling. I’ve always loved wearing several hats. But building everything from scratch? That’s a whole different ball game. In a company, there’s a whole infrastructure to support you – technology, suppliers, licenses. In entrepreneurship? You’re the one who sets up all the machinery.

I used to have a fixed salary, a bonus and share options. And now? You hope it doesn’t take so long for the start-up to take off! In a big company, projects move slowly because they are piled up in departments and endless meetings. In a start-up, it’s a daily rollercoaster ride: you wake up full of energy, hit a critical obstacle at 10am and find a solution by 10:45am. Life is great again!

Would I change anything? Hell no! I had no idea what a real adventure was until now.

As I always say: life begins at the end of your comfort zone.

Why I am here

Firstly, because I like writing. It’s how I explore ideas, challenge assumptions and connect with people. I’m not just here to share what I’ve learned, but also to learn from you.

Secondly, because I believe in the power of ideas to reshape our world. At the heart of my vision is the need for a people-centered economy – an economy that puts people and the planet before profit.

To achieve this, however, we need to question traditional leadership models. The command-and-control management style that emerged in the industrial age is no longer suitable for a fast-paced, networked world. Hierarchical structures need to evolve into modern, flexible operating models that can adapt to constant change.

What does all this have to do with insurance and innovation?

Insurance is a cornerstone of the new economy. They have the power to create safety nets, provide relief in times of disaster and build stronger, more resilient communities. Access to insurance can lift people out of poverty and provide stability and opportunity.

A study by the University of Cambridge in 2023 shows that inclusive insurance models are essential to reduce inequalities and promote sustainable development. Research by the World Bank and Milliman also shows how insurance supports the UN Sustainable Development Goals and drives progress towards financial inclusion and economic resilience.

Innovative insurance solutions allow us to create ecosystems that protect individuals, promote entrepreneurship and provide a sense of security in an uncertain world.

If you’re here, I hope you’ll join the discussion and explore the past, present and future of this fascinating industry (and beyond) with us.

Insurance is not about policies or platforms. It’s about people – it always has been and always will be.

Mirela Dimofte

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