You Can Jump Into Any Industry in Insurance With Sharon Fox
Sep 8, 2023
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Sharon Fox, Risk Management and Insurance Leader with more than 14 years of experience, talks about her transition from mining to technology, the importance of diverse experiences in leadership, and the challenges of implementing blockchain in insurance. She also discusses the impact of industries like mining on local communities and the need for digitization in the insurance industry. Throughout the podcast, Sharon shares personal anecdotes and valuable advice for young professionals.
Sharon Fox highlights the importance of broadening one's skillset and the ability to pivot in different industries within the insurance field.
TrustLayer aims to address the limitations of Certificates of Insurance (COIs) by automating the paper-based workflow and verifying coverage in real-time, improving the overall customer experience.
Deep dives
TrustLayer: Revolutionizing Third Party Compliance
TrustLayer is a collaborative risk management platform that focuses on third party compliance, specifically insurance verification. By automating the paper-based workflow around Certificates of Insurance (COIs), TrustLayer ensures real-time proof of coverage. They work with top brokers to offer their technology as a value-added service to customers in various industries. TrustLayer's goal is to create a seamless digital experience for clients, eliminating the inefficiencies and inaccuracies of traditional COIs and improving the overall customer experience.
Sharon Fox's Entrepreneurial Journey
Sharon Fox, VP of Partnerships and Strategy at TrustLayer, shares her entrepreneurial journey and how she started her own risk management consulting business while working at Aon. She highlights the importance of seeking out opportunities and not being afraid to sell oneself or a product. Fox also emphasizes the value of broadening one's skillset and the ability to pivot in different industries within the insurance field.
The Limitations of Certificates of Insurance (COIs)
Certificates of Insurance (COIs) are often seen as point-in-time documents that do not necessarily reflect current coverage. TrustLayer aims to address the limitations of COIs by automating the paper-based workflow and verifying coverage in real-time. Their platform connects with agency and carrier systems to provide up-to-date proof of coverage, ensuring that subcontractors actually have the insurance they claim to have. TrustLayer's technology streamlines the compliance process, eliminates inefficiencies, and enhances the customer experience.
The Future of Insurance Technology
Sharon Fox envisions a future focused on digital transformation in the insurance industry. She emphasizes the need for continued adoption of InsurTech solutions to streamline processes and improve customer experiences. While acknowledging the challenges and slow adoption rate within the industry, Fox highlights the opportunities for entrepreneurs to make a significant impact by leveraging technology and addressing pain points in the insurance sector.
Sharon Fox is a Risk Management and Insurance Leader with more than 14 years of experience. Sharon got her foot in the door through Aon, a risk transfer solution for clients in the mining, power, and engineering sector before making her big jump into technology. In this episode, she describes why she made a conscious decision in getting her degree in insurance, as well as details her experiences as a woman in a very male-dominated field.
Key Takeaways: A little bit about Sharon and her work career. Why did Sharon decide to get a major in risk management? Sharon has experienced a wide range of industries through the lens of insurance. How did she go from the mining sector into technology? How difficult is it to ‘make it’ in the mining industry? Sharon believes no woman wants to be hired for a job just to fill in some ‘female quota’. Good leaders need to be able to listen to diverse experiences and really listen to employees when they’re talking about mistreatment or prejudice, especially when they are the minority. Sharon shares her thoughts about mines who have notoriously bad reputations for mistreatment of workers. Sharon hates job interviews, so she decided to bridge connections no matter where she was so that she would never need to be ‘interviewed’ if she wanted a new position. Sharon shares her experiences of what she learned as a principal consultant once she left Aon. What does Trust Layer focus on and what do they do? Insurance still believes blockchain gets a bad rep. It’s important to educate people on the many positive uses it can do. What’s next for Sharon and her work in insurance?
Mentioned in This Episode: Trustlayer.io Sharon on LinkedIn
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