SalesTechStar Interview with Dana Bjornson, Chief Financial Officer, Mylo

Digital transformation is redefining online shopping experiences while also changing business processes at its core, Dana Bjornson, Chief Financial Officer, Mylo talks about this while also commenting on a few latest trends in insurance and insurtech in this chat:

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Dana, we’d love to hear more about your journey and new role at Mylo? What are you most looking forward to, some plans to share with us? 

I have been working in the broader financial services industry most of my career, and I’m very excited to join a company that is innovating in an industry that is ripe for change.  Technology has changed most financial services industries, and insurance is one of the really big markets that is just recently seeing significant implementation of technology that is changing the way consumers purchase and interact with their insurance brokers and insurance companies.  This will be a fun journey with the Mylo team.

Over these years in the financial market; you’ve observed the role of tech and the role of the CFO change over time, can you share a few top thoughts on these biggest transformations?

More CFOs are leveraging their roles to drive substantive change for their companies, especially through a strategic focus on data, technology and automation to improve the overall performance and efficiency of a business. In recent years, many CFOs have more of a cross-functional role, which is driving transformations and playing a more proactive role in influencing change in the company. 

I’ve noticed a greater focus on driving long-term performance versus short-term performance. The finance functions have to focus on KPIs and metrics that talk about the long-term value creation for the business.

Read More: SalesTechStar Interview With Bart Van Eijck, Associate At ValueSelling

How according to you should today’s B2B CFO be more adept at innovating team output with the right technologies? 

There’s a huge opportunity for CFOs to help lead the charge on transformation and ensure they’re not just leading traditional finance activities but also being change agents and leading transformations across the business. In order to truly be a change agent in an Insurtech agency, a CFO has to be adept at understanding the value of data, where it comes from and the sophisticated technology that is empowering a digital business.

We’d love to dive into your thoughts now on the changing insurtech market, the 2020/2021 Covid-19 pandemic has also led to a transformation in insurance demands and changes to customer needs: a few thoughts on the future of insurtech and how you feel newer technologies will reshape the market?

The Covid-19 pandemic has only accelerated a number of trends that were already transforming the insurance industry.  First of all, today’s customers expect insurance agencies to understand their unique needs and find them the best possible value – not only lowering the cost but also looking out for their long-term financial wellness. They’re not satisfied with just receiving quotes – they want expert coverage recommendations and ideal carrier matches tailored to them. Insurtechs will meet this need in a scalable way by creating built-to-scale digital platforms that rapidly evolve and investing in machine learning/AI that drives inefficiencies out of the process.

Can you talk about some of the most interesting fintechs/ insurtechs from the global marketplace that have been changing the game in this field the last few years?

Many game-changing companies – new and established –are investing heavily in digital transformation of their industries. At Mylo, I have the opportunity to work with exciting players that include:

• Lincoln Financial

This industry-leading financial advisory company helps more than 17 million customers protect their long-term financial assets. They’re aggressively investing in fintech, including multiple partnerships with disruptive companies.

• LegalZoom

The original legal services disruptor offers instant digital access to expert guidance on every legal need from starting businesses to estate planning – which has driven costs out of the process and protected the investments and assets of millions of customers.

• Fidelity Investments

One of the largest independent financial assets managers in the world launched a Payroll and 401(K) Plan service platform which controls company costs and eases the administrative burden for clients. They fund a fintech incubator that is dreaming up additional innovations.

• Bold Penguin 

This technology innovator is helping insurance agents become more efficient through the world’s largest commercial exchange – which expertly matches companies with ideal brokers – and a leading edge intelligent quoting interface.

• Insperity 

This full-service HR innovator provides disruptive HR technology that automates benefits, payroll administration, compliance and more to save businesses time and money.

As business and individual user needs change given the current economic (and pandemic) related woes: what are some of the things you’d advise providers / users to keep in mind when adopting new fintech or insurtech platforms?

Insurance can be intimidating, so customers are looking for a guided advisory experience. And even before so many people began working remotely, they wanted the convenience of having that experience at the time and place of their choosing – either in a completely automated way online or over the phone with a specialist. 

On top of that, they increasingly choose to shop for insurance while they’re transacting other needs with companies they already trust, whether they’re refinancing a home loan, consulting a financial advisor or making a will. They like participating in an ecosystem of related services that allows them to keep their eyes on the big picture as they make decisions. 

For this reason, providers moving into insurtech will win by offering digital platforms that can be easily embedded in the customer experiences of a wide variety of industries.

A few thoughts on the state of fintech in 2021 and beyond?

Today’s customers have a natural expectation that companies will evolve as fast their needs do. 

Agencies can no longer afford to rely on outdated legacy systems or take technological half steps. In addition to building adaptable tech platforms, insurtechs need to be on the lookout for new insurance risks and emerging markets as the world changes. They need to invest in AI and machine learning to create precise customer segmentation models and match them with specialized knowledge. And just as important, they need to be focused on creating a simple, seamless and frictionless customer experience.  All of this will change the rules of the road for insurance.

Before we wrap up, a few biggest learnings and tips you’d like to share with fintech innovators and leaders?

Getting a handle on your company’s data and how it can be used for decision making on investments, which markets to pursue, and how to approach the market place is paramount for success.  Also, keeping everyone on the team up to speed on progress on initiatives that are working as well as those that need some adjustment is a cornerstone of making a business a success.  We are all living in a very fast paced world, so it’s important to be nimble and be able to change quickly to take advantage of opportunities.