It doesn’t happen often—but when it does, it doesn’t just churn; it creates an impact on an entirely different level, one you can’t help but immerse yourself in. What an incredible experience it was talking to David Brown!
David Brown is a veteran of the Global Re/Insurance industry. Manomay is deeply honoured to present excerpts from Krishna Datla’s interview with him. As Krishna’s mentor and a guiding light for Manomay, David’s been the backbone of our journey.
When someone of his stature agrees to an interview, it’s natural to feel a mix of excitement and pressure to maximize the opportunity. In our 90-minute conversation, we covered a wide range of topics. While it’s challenging to encapsulate everything, we’ve curated the most impactful insights to share with you. We hope you enjoy the read as much as we have, while talking to David. You must have already realized the context is “Insurance Industry”
Krishna: Firstly, thank you for the time, David.
Starting with one of the pressing questions on our minds: How can companies build healthy and sustainable organizations in the insurance industry today? The world around us is changing in profound ways, leaving the industry with no choice but to evolve for the better and embrace change. To create a healthy ecosystem, how do you think companies can respond to change positively and evolve for the better? Too often, we’ve seen organizations focus on short-term, tangible outcomes while overlooking the intangibles that drive long-term success.
David: That’s a great starting point—I completely agree! One of the most effective ways (and perhaps the only way) to evolve for the better is to rethink the entire business from the customer’s perspective. Currently, we design products we think customers need and build service and delivery models we believe they expect. But this is often rooted in our perspective, not theirs.
What if we shifted our mindset from selling products and services to delivering experiences? What if our business models revolved around “the kind of engagement experiences customers truly want”?
The world is willing to pay for quality experiences—other industries have already proven this. There’s virtually no limit to what people will spend on the right experiences. While the insurance industry has yet to fully embrace this concept, the opportunity is immense. Of course, making this shift takes time.
For starters, if organizations haven’t already prioritized customer experience, they’re missing the opportunity to evolve. This change in mindset—from a product-centric to an experience-centric approach—could very well become the cornerstone for building healthier, more sustainable organizations.
Krishna: Like you rightly said, that’s a significant cultural shift—examining the entire business model from a customer perspective! It demands grit, persistence, and, most importantly, consistent effort. It takes time to see results. What do you think leadership should do to ensure this shift is embraced by everyone in the ecosystem, especially the internal teams?
David: A cultural shift must be driven from the top. Leadership’s main task is to answer the crucial question for everyone: “What’s in it for me?” and make it a reality. Time for them to go beyond just issuing directions and engage at the ground level, so everyone feels truly connected. It’s also essential to identify change champions within the organization.
While this topic is too broad to cover in full here, let me give a simple example. Although it may not sound transformational on the surface, consider this: if you’re planning to replace your accounting system, don’t focus solely on its benefits for accountants. View it more broadly to see how it can benefit customers, underwriters, claims teams, and others. Avoid handling it as an isolated, standalone project.
I think successful companies take the overarching goals of the organization, break them down, and ensure every employee understands their role in meeting some or all of these goals. I think that’s the way you should run the business – bringing in goal congruence. Align individual contributions with the goals, big or small, and, if possible, base their compensation measurement on those goals.
Krishna: Understood, David. A parallel example, Indra Nooyi’s leadership at PepsiCo exemplified how aligning a company with market mega-trends can drive success. She emphasized that while speaking about “Performance with Purpose” is easy, real success lies in helping teams understand market trends, their impact on the business, and building strategies to take the company to the next level.
For the insurance industry, to name a few, this means addressing trends like the trust gap, changing customer needs, AI, Digital/Data transformation, climate risk, parallel market influences etc. What is your advice for the market, especially incumbents, in the context, to take the companies to the next level?
David: Ah! A management philosophy question 😊. For leaders, it’s absolutely critical to understand, and let the teams align with the underlying impact of the mega trends for their business. Practical scenario analysis, with them included, plays crucial role in gaining acceptance of the teams. This way, you make them feel included in the way forward from the start, with the “Why” being addressed together. When the team feels truly part of the group, they’ll follow you, regardless of how the purpose or direction may evolve. Your team stays with you through changes, supporting your leadership and embracing the journey together.
Many people view companies as if they were just org charts—a circuit diagram of departments and expected outcomes. This overlooks that employees are human beings with emotions and ambitions. If you see the organization only as a diagram, you miss a lot.
Krishna: Absolutely. Moving on, innovation that leads to disruption is a major theme in the market today. What factors should companies consider to ensure their innovation efforts are successful?
David: We’ve already talked about rethinking the business from the customer’s perspective. Innovation should align with that goal, that purpose—don’t innovate just for the sake of it. When driven by this focus, innovation becomes a powerful way to break the mould. Enriching experiences, improvements in all those key dimensions—don’t they naturally follow when innovation is purposeful?
Krishna: You’re right; it’s primarily about the WHY and for WHOM.
David: Exactly. Take the trust and insurance gap, for example. In catastrophic events, only a small part—like 10%—might be covered, leaving most needs unmet. There’s an opportunity to innovate by addressing these gaps and exploring new markets. Then, there’s the explanation gap—customers often don’t understand why certain things aren’t covered. How can we help them understand? Can we innovate in how we package, service, and explain our products? Fixing these gaps could lead to major growth.
Our conversation started here, right?
It’s not that we don’t know this; the real question is—have we been focusing on it consistently?
Krishna: Yeah, absolutely. This is where technology and data can be incredibly valuable. But many companies fail to gather comprehensive data or ensure its quality. Ping An is a great example of a company that’s made it work. Yet, 90% + Companies still don’t prioritize data. How can we reverse this trend?
David: You’re right. Data is a significant asset, but companies often focus only on financial and transactional data. There’s a wealth of untapped information that needs to be digitized, offering huge potential if used wisely. Companies like Ping An and Progressive are among the few leading the way. A shift in mindset is critical. For those ready to transform, the world is waiting with open arms.
Krishna: Absolutely right! Digital transformation is a hot topic. We’ve seen that insurers often invest a lot of money, time, and effort but don’t always take a step back to figure out what the business really needs and what technology should do. There needs to be a two-way alignment—business and technology working together. But that doesn’t always happen. What do you think companies should do to improve their transformation efforts?
David: That’s a great point. The common idea of digital transformation is often off. Right now, we’re just digitizing old processes—selling annual policies online, collecting information, sending quotes, and processing payments. But that’s just taking the same things and putting them online. We’re not truly innovating. With smartphones in everyone’s hands, why not offer products differently? For example, instead of an annual policy, could customers buy car insurance per journey? Could we create an app for that? Customers’ needs change, so pricing should reflect that. The data is already available. If customers are open to sharing it, why can’t we make insurance more flexible and responsive?
Krishna: Turning to leadership principles, when I first started, you advised me that leadership principles form the core of an organization. One of the most important principles you shared was “focus on that 20% consistently.” Even small improvements can lead to big results. This advice has been transformative for us. What should young companies keep in mind to think and act big?
David: Yes, I remember. Glad; it’s been transformative for you. There’s one key piece of advice I always give to leaders. As the head of a young company, it’s easy to get caught up in immediate tasks. But your focus needs to be on the company’s future—things like the next product, service, growth, and overall strategy. These strategic priorities won’t just show up in your inbox; you need to make time for them. Delegate the day-to-day tasks. If you’re doing what everyone else is doing, who’s driving the company’s growth? This applies whether you’re a young entrepreneur or the CEO of a well-established company.
Krishna: You are our inspiration, David—in fact, much more than that. We’ve learned so much from you and continue to do so. Without your belief in me as an entrepreneur, and guidance, Manomay wouldn’t be where it is today. We’ve done what we needed to do, but there’s a significant difference in having you by our side. We’re curious, who fills that role for you?
David: I’ve been fortunate to have a few key people believe in me when I couldn’t see my own potential. Very early in my career, in my twenties, someone recognized my abilities and made me a partner. I’ll always be grateful for that—it was a game-changer. Later, the chairman of one of the companies I worked with appointed me as CEO, which really boosted my confidence. They saw something in me I hadn’t realized. This taught me that with the right support, people can achieve great things. That’s why I mentor—it’s how I approach my role on boards, helping others with the lessons and experiences I’ve gathered over the years.
Krishna: One of the points that stands out from all your responses is your continuous focus on building and nurturing a healthy team.
David: Absolutely. Creating a positive team environment is incredibly valuable. When team members enjoy their work and feel supported, strong team spirit naturally develops. Everyone works hard not just for themselves but for the team, because no one wants to let the team down. This creates a highly productive atmosphere. In one of my previous companies, our hiring process had six rounds of interviews. The first two assessed competence, while the remaining rounds focused on how well candidates would fit with the team. I’d always choose a second-best candidate who fits well with the team over the best candidate who might negatively impact them. This approach is something I’ve consistently applied in all the companies I’ve led.
Krishna: As we wrap up, what excites you most about the future of the industry and your role in it?
David: I’m truly excited about the future, especially with emerging technologies reshaping the industry. These innovations can lead to more personalized and efficient services, enhancing the customer experience. I’m also optimistic about the growing focus on sustainability and social responsibility in the industry, ensuring that we not only drive economic growth but also contribute positively to society.
As for my role, I’m eager to help guide and mentor leaders and boards, using my experience to build healthy, sustainable businesses. There’s so much potential for growth, and I’m excited to see how we can leverage these opportunities to make meaningful change.
Biz Tech Insights Team Manomay
Disclaimer: The views and findings expressed in this material are for informational and educational purposes only. It is not intended as a guideline, recommendation, or substitute for any form of Professional (Consulting or Technology) advice. Under no circumstance shall we bear legal responsibility for using or relying on any information mentioned in this article. Unless otherwise specified, the views, case studies, and findings expressed herein are our own. The content displayed here is the Intellectual Property of Manomay Innsurtech Pvt. Ltd. You may not reuse, republish or reprint any of the aforementioned content without our written consent.
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