Specialty Spotlight - Richard Smith, Chief Product Officer, EMEA

In the dynamic landscape of insurance technology, Verisk Specialty Business Solutions stands as a beacon of innovation and customer-centric solutions. At the heart of this approach is Richard Smith, Chief Product Officer for EMEA.

From Underwriting to Tech Leadership

Richard's path into insurance technology was far from conventional. He spent a decade as a global real estate commercial property underwriter, working in the London market. This experience exposed him to a variety of products and competitors, providing him with a unique perspective on the industry.

His transition into technology came when he spent two years helping with the implementation of a large policy administration system. This experience marked the beginning of his journey into the tech side of insurance, setting the stage for his future role at Verisk Specialty Business Solutions.

Richard has been with Verisk for seven years, a journey that has seen him take on various roles and responsibilities. He started out as the product owner of Sequel Impact, a deterministic exposure management tool.

Under his leadership, the team grew from seven to 22 people, and the product became a market leader. "It was a small team, that began to rapidly grow as well as taking on over 70 clients," he recalls. "It ended up becoming the market-leading product."

In his current role as Chief Product Officer, EMEA, Richard has been instrumental in restructuring the organisation to focus on a client-first culture.

"What I've done over the last nine months is a bit of a restructure of our organisation to be focused on understanding the problems our clients are facing and how we can address them directly," he explains. This shift in focus is indicative of Richard's commitment to putting the needs of the client at the forefront of everything Verisk Specialty Business Solutions does.

A Vision for the Future of Verisk Specialty Business Solutions

As we move further into 2023, Richard has ambitious plans for Verisk Specialty Business Solutions. He is currently working on defining the next set of targets and roadmaps for all the products. This strategic planning is aimed at ensuring that Verisk Specialty Business Solutions continues to deliver cutting-edge solutions that meet the evolving needs of their clients.

The company has divided itself into three distinct solution groups: Underwriting Solutions, Broking Solutions, and Analytical Solutions. Each group is focused on solving the business problems of their respective clients. This approach ensures that each solution is tailored to the specific needs of the client, resulting in more effective and efficient solutions.

This also means working closely with acquisition businesses within Verisk Specialty Business Solutions, including Whitespace and, more recently, Morning Data. “Both have been very successful companies in their own right and bring complimentary solutions and skills to Verisk,” he stated.

When asked about the role of AI and data in the future, Richard reveals that the company is currently exploring the use of large language models.

"We're trying to be a bit more controlled," he says. "We have to be sensible because we've got lots of data within Verisk. We need to make sure we protect that, working carefully in a walled garden.”

Throughout his career, Richard has always believed in open communication and market engagement and is committed to ensuring that Verisk does not fall into the trap of becoming disconnected from its clients' needs.

"We're all about market engagement," he says. "We are heavily involved in Blueprint Two as an example. We've got people focused on CDR, on EBOT & ECOT messaging, and we want to make sure we don't carry on one of the old tropes of IT vendors sticking their head in the sand, doing some really fun IT stuff, then looking up and wondering what's happened."

For those looking to start a career in insurance technology, Richard's advice is simple:

"Customer-first mentality all the way."

He believes that you do not have to be an ex-practitioner to understand what the client wants; you just have to listen. This advice reflects Richard's own approach to his work and is a testament to his belief in the importance of understanding and meeting the needs of the client.

Richard's journey from underwriting to tech, and his vision for the future of Verisk, offers a fascinating insight into the world of insurance technology.

His customer-first approach and focus on innovation are sure to continue driving the company's success in the years to come.