Pravina Ladva: The Economics of Digitalization

Sabine VdL talks to Pravina Ladva, Group Chief Digital and Technology Officer at Swiss Re. Pravina’s career reads like a playbook for digital transformation and has answers that could redefine the way we look at insurance economics. This conversation is not just timely, it’s urgently needed in a world where data is the new oil and AI is the new electricity. Pravina tells us about why Swiss Re is taking the lead with its groundbreaking Sigma Research Report from the Swiss Re Institute, what are we – as an industry – standing to gain or lose, uncovering the blueprints for the future of insurance, digital risk, and how technology could either be the ladder or the snake in this high-stakes game of digital transformation. KEY TAKEAWAYS          Today you can’t turn a corner without talking about AI, tech and data. This means there’s a huge amount of opportunity that’s been untapped. There are a whole load of new business models that we haven’t even dreamed of yet.  Digitisation is taking the analogue world and putting it into a digital system so that it can be transmitted around the world both in terms of data and conversation in a digital context as opposed to a paper context. Digitalisation is how you take that information and apply it to your business processes. Many organisations deal with some kind of legacy technology, you need to be aware of you digital environment and work within that as well as what are the opportunities to change it and where some of it is OK, because not all legacy is bad.  BEST MOMENTS ‘If you type digitisation and digitalisation the come up together on autocorrect, it shows we really have a mixed view on what they both are and mean.’‘Every one of my peers that I speak to are all facing the same challenge: There is a war for talent because we all want the same kind of people to come and do similar kinds of things.’‘No organisation on its own can achieve what it wants to achieve, you need to be very open minded about who you’re partnering with, whether that’s InsurTechs, large global service providers, whoever it is in the end-to-end ecosystem to really bring the value in the right way.’‘It’s not about your core technology, it’s about what you do with it and how you operate it that makes a difference.’ ABOUT THE GUEST Pravina Ladva started her career at Abbey National/Santander, gaining experience in the financial technology sector, with responsibility for various areas from strategy to delivery and financial results. She joined Barclaycard in 2008 and held various roles including COO Digital Marketplace and CIO Barclaycard Business Solutions. During this time, she led B2B and B2B2C technology and change teams, as well as the build and launch of a digital marketplace platform in the UK. Pravina Ladva joined Swiss Re in 2017 as Chief Technology and Operations Officer for iptiQ, Swiss Re's digital white-label provider of property & casualty and life & health insurance, and in July 2020 assumed the role of Swiss Re Group Digital Transformation Officer. Pravina Ladva was appointed Group Chief Digital & Technology Officer and member of the Group Executive Committee as of 1January 2022. LinkedIn https://www.swissre.com/ ABOUT THE HOST Sabine is a corporate strategist turned entrepreneur. She is the CEO and Managing Partner of Alchemy Crew, a venture lab that accelerates the curation, validation, & commercialization of new tech business models. Sabine is renowned within the insurance sector for building some of the most renowned tech startup accelerators around the world working with over 30 corporate insurers & accelerating over 100 startup ventures. Sabine is the co-editor of the bestseller The INSURTECH Book, a top 50 Women in Tech, a FinTech and InsurTech Influencer, an investor & multi-award winner.  Twitter: SabineVdLLinkedIn: Sabine VanderLindenInstagram: sabinevdLofficialFacebook: SabineVdLOfficialTikTok: sabinevdlofficialEmail: [email protected]: www.sabinevdl.com