How Risk Management and Technology Overlap with Sharon Fox, VP of Partnerships and Strategy at Trust Layer
Jun 7, 2023
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Sharon Fox, VP of Partnerships and Strategy at TrustLayer, discusses the overlap between risk management and technology. They explore changing attitudes towards technology, visibility into other departments for risk managers, and how a Coachella trip inspired a career in insurance.
Sharon Fox's unconventional journey from HR to insurance and technology highlights the potential for anyone to drive change in the industry.
Technology plays a crucial role in risk management by enabling comprehensive visibility into all elements of an organization's risk.
Deep dives
Background and Unique Career Path
Sharon Fox, the Vice President of Partnerships and Strategy at Trustlayer, shares her unconventional journey from starting her career in HR to becoming an insurance and technology expert. After attending Coachella, she decided to move to California and researched industries in high demand, eventually choosing insurance. She started working in the insurance broking space, which exposed her to unique industries and sparked her interest in entrepreneurship and technology. Despite her initial lack of tech experience, she embraced the opportunity to drive change in the legacy insurance industry.
Technological Backwardness in Insurance Industry
Sharon recounts her experience working at a top insurance brokerage in 2014, where they still relied on proprietary systems and paper-based processes. She highlights the lack of technology adoption, including a cumbersome system of record and manual paper filing. These outdated practices persisted despite the potential for technology to improve efficiency. She notes that although there have been innovations in the client-facing aspects of insurance, the back-office operations, particularly data capture and management, lag behind. The insurance industry still possesses vast amounts of untapped data.
The Changing Role of Risk Managers and the Importance of Curiosity
Sharon discusses the evolving role of risk managers in the insurance industry. She emphasizes the need for risk managers to have visibility into all elements of an organization's risk and the challenges this presents as companies grow and change. Technology plays a crucial role in enabling risk managers to have a comprehensive view of risks, and Sharon believes that embracing technological advancements such as data utilization and analytics can enhance risk management. She advises individuals to stay curious, constantly asking questions and learning about the insurance industry and beyond, as it can lead to unique opportunities and experiences.
In this episode, host Jason welcomes risk management, technology and insurance leader, Sharon Fox to Brick by Brick. Sharon is the Vice President of Partnerships and Strategy at TrustLayer. With over a decade of experience in technology and partnerships, Sharon has a deep understanding of how to build and manage successful relationships in risk management. Sharon has schooled Jason time and time again on how risk management and technology overlap!
Together, Jason and Sharon discuss changing attitudes to technology in risk management, why visibility into other departments is imperative for risk managers, and how a Coachella trip inspired a career in insurance.
To find out how TrustLayer manages risk so that people can build the physical world around us, head to TrustLayer.io.
Risk Management: Brick by Brick is handcrafted by our friends over at: fame.so
Previous guests include: Seth Hausman of Kraus-Anderson Insurance, Matthew Meyer of The Horton Group, Diana Rich of Foundation Building Materials, Christy McHenry of Suffolk Construction, Mark Rieder of NFP, and Cory Mangum of Primoris Services Corporation.