Tag Archives: leadership

Integrating Strategy, Risk and Performance

While many (including me) talk about the need for integrating the setting and execution of strategy, the management of risk, decision-making and performance monitoring, reporting and management, there isn’t a great deal of useful guidance on how to do it well.

A recent article in CGMA Magazine, 8 Best Practices for Aligning Strategy, Planning and Risk, describes a methodology used by Mass Mutual that it calls the “Pinwheel.”

There are a number of points in the article that I like:

  • “Success in business is influenced by many factors: effective strategy and execution; deep understanding of the business environment, including its risks; the ability to innovate and adapt; and the ability to align strategy throughout the organization.”
  • “The CEO gathers senior corporate and business unit leaders off-site three times a year. As well as fostering transparency, teamwork and alignment, this ensures that the resulting information reaches the board of directors in time for its meetings….The result: The leadership team is more engaged in what the company’s businesses are doing, not just divisional priorities. This makes them more collaborative and informed leaders. This helps foster a more unified brand and culture across the organization.”
  • “A sound understanding of global business conditions and trends is fundamental to effective governance and planning.”
    Comment: Understanding the external context is critical if optimal objectives and strategies are to be set, with an adequate understanding of the risks inherent in each strategy and the relative merits of every option.
  • “Strategy and planning is a dynamic process, and disruptive innovation is essential for cultural change and strategic agility. Management and the board must continually consider new initiatives that may contribute to achieving the organization’s long-term vision and aspirations.”
  • Key risk indicators are established for strategies, plans, projects and so on.
  • “Evaluation and monitoring to manage risks and the overall impact on the organization is an ongoing process….Monitoring is a continuous, multi-layered process. In addition to quarterly monitoring of progress against the three-year operating plan and one-year budget, the company has initiated bottom-up ‘huddle boards’ that provide critical information across all levels of the organization.”
  • “Effective governance requires a tailored information strategy for the executive leadership team and the board of directors…. This should include: essential information needed to monitor and evaluate strategic execution of the organization; risks to the achievement of long-term objectives; and risks related to conforming to compliance and reporting requirements.”
  • “Integrating the ERM, FP&A and budget functions can help to manage risks effectively and to allocate limited capital more quickly and efficiently.”

I am not familiar with the company and its methodology, but based on the limited information in the article I think there are some areas for improvement:

1. Rather than selecting strategies and objectives and only then considering risk, the consideration of risk should be a critical element in the strategy-selection process.

2. The article talks about providing performance and risk information separately to the corporate development and risk functions. Surely, this should be integrated and used primarily by operating management to adjust course as needed.

3. I am always nervous when the CFO and his team set the budget and there is no mention of how operating management participates in the process. However, it is interesting that the risk function at Mass Mutual is involved.

What do you think? I welcome your comments.

6 Tips on Recruiting Analytical Talent

The well-trailed difficulties in recruiting data scientists or other analytical roles, followed by the equivalent challenge in retaining them long enough to recoup your investment, have been likened to “talent wars.”

There are hotspots around the UK, but it seems all areas to some extent share this experience. London is perhaps the most challenging place to retain your talent. In my own experience, it has been easier to recruit in South Wales and Bristol (the latter being particularly good for having a pool of analytical talent), while much harder in Bournemouth and Edinburgh, for example. Several factors can improve your odds, including how you advertise, whether or not you use an agency and especially how clearly you explain the role.

Here are six tips:

Role description

Providing clarity on the role and what you expect from candidates is harder than it sounds in this sector. So many terms that you might use (like “analysis,” “insight,” “intelligence,” “data,” “modeling,” “reports,” “presentation,” etc) are open to interpretation, and some very poorly skilled candidates use this language to describe what they can do. For this reason, I recommend avoiding technical jargon as much as possible (apart from specifying any exact software in which you require expertise). Seek to describe the role in terms of the outputs you require the person to be capable of delivering. For example, do you want a candidate who can produce analytical reports or someone who can influence marketing leaders and present information that is sufficiently persuasive to change strategy or guide design of a new campaign or product.

Advertising and Agencies

Advertising your role is another conundrum for the would-be hiring manager. Given the high fees charged by some recruitment agencies, for little visible effort, it’s not surprising to see the growth of companies investing in their own recruitment portals and greater use of LinkedIn by recruiting managers. The latter approach has the advantage, for well-connected professionals, of both tapping into their existing networks and approaching those who both understand the language they use and may be best placed to know analysts ready for a move. However, the novelty factor has now worn off, and with so many recruitment consultants also bombarding LinkedIn users it is harder and harder to get your message across.

I would certainly encourage use of your own company advertising (to tap into fans of your brand) and LinkedIn as a first step. However, despite all the charlatans in the industry, I have still seen real benefit from specialist agencies that genuinely know this market. Having recruited analysts for more than a decade now, I’ve found these informed specialist recruitment agencies few and far between and those I trust to be even rarer. However, among this rare breed, I am happy to recommend MBN recruitment. The firm always understood my brief and provided viable appropriate candidates as well as pragmatic advice on salary and approach to wooing the undecided.

Motivating and Retaining

As all insight leaders will be only too well aware, even though finding the right analytical talent in the first place is challenging, it can be even harder to keep them motivated, engaged and ultimately retain them long enough to see their potential realized and value added to the business. Every journey starts with a single step, as the Chinese proverb goes, and it is really important to start well. For anyone who has not yet read it, taking the approach recommended in “The First 90 Days” can be a recipe for any new hire (especially at a more senior level) to hit the ground running and make the right first impression.

On-Boarding Coaching

I’m also conscious that leaders of insight teams are even harder to find, so many organizations are needing to appoint, to the growing number of these roles, candidates with strong generic competencies but little or no experience of customer insight. Coaching at Work magazine recently published an article on on-boarding coaching and its growing popularity. Laughlin Consultancy can see a need for trained executive coaches with a background in customer insight leadership to help support this population to be as effective as possible through their first 90 days and so are providing that service.

Performance Management

Continuing motivation and engagement of analysts could be a blog post topic (if not a book) in its own right, but for now suffice to say that there is a natural tendency for this population to be more cynical. Marshall Goldsmith described most performance management systems as an occupational hazard at best, and there is a need to flex the company policy to better work for these skilled people. I was struck when reading “Punished by Rewards” as to the importance of not relying on bonuses or internal recognition systems to bribe them to work hard or give a high score in the next engagement survey – rather being genuinely interested in the work that they do and reclaiming the essential importance and nobility of that craft. For performance reviews, I would also recommend taking the approach recommended by Nancy Kline.

Competencies and Career Paths

One final recommendation, to achieve motivated and retained capable analysts, is to invest in a clear career path for them. People, especially analytical people, want to understand clearly how their skills match up to the ideals for each role and potential routes for their development if they can improve and “up-skill.” I have seen skilled analysts become very motivated by simply having clearly documented competencies for different technical roles and seniority within them. When you add to this clarity as to potential career routes through that matrix, it can lead to conversations and planning that result in those analysts staying for many years not just months.

I hope those tips are helpful to you. Please do share what has worked for you, too.

Who Is Your Chief Customer Officer?

In my role as market connector, I constantly meet people with all kinds of job titles, many of which did not exist even a few years ago. Some reflect a “cool” factor more than substance. Others signal strategic intent translated into an organizational decision. Recently, there’s been a burst of senior-level titles speaking to a new view of the customer. These include chief customer officer, chief customer experience officer and variants.

What are these roles about, and what value can they bring?

I’m not one to believe that titles by themselves matter much. In fact, I think the hierarchical behavior and entitlements that titles convey can be destructive to the collaborative environment needed to nurture enduring, customer-centric results.

But I also think it’s worth any executive’s time to contemplate the value of an empowered chief customer or experience officer and why other companies might be going down this path. Is it right for you? Is it real or is it window dressing? What can it potentially accomplish? Who should wear this hat to generate impact?

Why have a chief customer or experience officer?

Last month, I wrote about marketing myths and truths in an age of technology disruption and customer empowerment. Any leader should look at all of her resources – including people, dollars and infrastructure – and drive the changes required to attract and win the loyalty of target customers. For the vast majority of companies, the status quo is not the answer.

The chief customer or experience officer defines and steers the transformation by defining the execution plan aligning resources to deliver on the customer needs that matter. The plan should link customer priorities to a business’ financial objectives. He mobilizes employees, and his appointment can be a powerful signal from the CEO that the customer must be at the center of everything the company does.

Why won’t status quo work?

Traditional company structures were not built around the customer. Companies were organized for efficiency, control and predictability. The problem is that these priorities by themselves end up constraining the agility fundamental to delivering a productive, positive customer experience – one that motivates trial, purchase, recommendation and other behaviors reflecting loyalty to a brand.

The chief customer or experience officer provides leadership to help the company embrace agility as key to a customer experience that is managed to deliver business results – top and bottom line. At the same time, she must partner with peers to ensure the company does not lose sight of the basics of efficiency and control, especially to meet regulatory mandates that are “lights on” needs in the insurance sector.

What’s going on in your organization?

Start by asking yourself a few questions:

  • When decisions are being made, are employees at all levels and functions contemplating the impact on the customer? Do employees shape their actions around delivering value to the customer? Does anyone ask, “What’s the impact on the customer?” And, do other participants in the conversation care?
  • Does your organization act as though the right experience will deliver business results, or do people express the belief that doing what the customer wants is a tradeoff to financial results? If the latter is the case, you are likely receiving a strong signal that your journey to a great customer experience may require a sharp pivot.
  • Do you measure customer satisfaction across the entire experience? Does your methodology gather only customer service feedback for the subset of customers who are reaching out, or do you look at channel results holistically?
  • Are you using a methodology that connects customer satisfaction to the end-to-end experience of doing business with you all the way through to how satisfaction levels directly affect financials? A “yes” to this last question means you are closer to best-in-class practices.

What’s right for my organization?

If you want to steer your organization toward being truly customer-focused – if you believe this is a must-do in today’s economy – a chief customer or experience officer provides one approach that can be a mobilizing force for change.

As with any business goal, the buck has to stop with an individual, and that individual has to be someone below the CEO for day-to-day actions toward results. The title matters less than the accountability, leadership profile and empowerment of whoever is given this mission.

Be aware that merely appointing someone to a role accomplishes little. Driving customer metrics requires the same kind of ownership as any result you are trying to achieve. But such an appointment does not absolve the CEO or the rest of the C-suite from taking accountability for the transformation to customer-centricity. The rest of the executive team must align with the chief customer or experience officer’s plans and engage to drive action among the people they lead.

What does it take to set the role up for success?

This role is not for the faint-hearted. Frankly, the technical skill background can be just about anything. The make-or-break will be the leadership profile: an influencer, a collaborator, a team-builder and someone who is a dot-connector, a naturally customer-obsessed person who is curious enough to always ask, “What would our customers want/say/think/do?” And an astute observer who recognizes that great experiences come from deep understanding of people’s behavior – how they complete tasks and go about solving life’s daily problems.

Then there are the must-dos for any role to be taken seriously and set up for success – real resources to get the job done, shared expectations of time-to-impact and metrics that link your customer strategy to bottom-line impact along with the IT capability to get at the metrics with accuracy on a routine basis.

What’s the downside?

The chief customer or experience officer is a change agent. As in any change agent role, there are above-average risks to carrying out the mission with success. As in any transformation role there will be conflict. Make the conflict a stimulus for constructive steps forward, and see it as a way to achieve big breakthroughs, but be ready for conflict to happen. Strong leaders know how to convert conflict into opportunity.

The bottom line

Even exploring the value and impact of a chief customer or experience officer means you recognize the need to boost your organization’s customer focus.

Remember, being customer-focused doesn’t mean giving customers anything they want. It’s about:

  • Zeroing in on the audience you want to serve
  • Being able to identify audience members so you can establish and build authentic relationships
  • Inspiring them to see your brand and offerings as relevant to their lives
  • Achieving win/win outcomes for these individuals as well as for your business.

What business does not want to make this happen?

So, what are you waiting for?

Major Regulatory Change in Asia-Pacific

The global insurance industry is undergoing significant regulatory change, with regulators in the more developed markets endeavoring to synchronize their efforts. Similar occurrences can be observed in the Asia-Pacific region, where a number of countries are reviewing and undergoing changes in their approach to insurance regulation and holistic risk management. Most notably, a number of regulators are either introducing risk-based capital (RBC) or revisiting their existing RBC frameworks. The maturing regulatory approaches in Asia-Pacific will be a significant factor in managing systematic risk and enhancing policyholder protection.

Asia-Pacific is different

While the proposed RBC framework in Asia-Pacific may have similarities with the European Solvency II standard, there is wide disparity in the level of sophistication and application. Many of the changes are being driven by local market nuances, such as characteristics of the insurance products being sold and maturity of the insurers who operate in the various jurisdictions.

For example, Australia has recently implemented its second-generation solvency regime. Singapore and Thailand are consulting with the industry on second- generation RBC frameworks, while others such as China and its Hong Kong SAR are considering moving in that direction. These moves are particularly encouraging in providing a regulatory framework that will allow for a degree of consistency, especially for those insurers that have multiple offices across the region.

In addition to the changes in reserving and solvency calculations, a number of regions are also strengthening their risk management efforts (e.g., China with C-ROSS). This exemplifies how regulators are paying more attention to embedding risk management activities in the business. They look to ensure that senior management has sufficient oversight to allow them to consider and discharge their fiduciary responsibilities. It is important that organizations have an operational infrastructure and that the risk profile is within business risk appetite levels.

What does this mean for insurers?

Advances in regulation in the Asia-Pacific region
are far-reaching. The implications are expected to improve the way businesses will operate to create long-term sustainability. These implications, in our view, will affect product offerings, investment strategy, capital utilization, risk transfer opportunities and infrastructure.

In particular, we foresee several implications:

• Robust regulatory framework will provide comfort to the overall financial soundness of the insurance industry. However, the cost of regulatory compliance is expected to increase significantly.

• Changing regulations will provide more room for innovation and incentives to enhance or change organizational metrics. Better-managed companies will potentially benefit from lower capital requirements, making their products more attractive.

• Companies traditionally focusing on new business value will have to rethink the continuing profitability of past years and will need to understand options available for in-force value management. This will be particularly crucial given that existing forms of new business may be capital-intensive.

• A better understanding of the business risk profile will be needed. This will necessitate implementing sophisticated techniques in modeling/optimizing risk- adjusted returns and outlining a more systematic process for risk appetite.

• Investment will be required to enhance the modeling and reporting systems to meet regulatory timelines.

• Convergence of regulations toward RBC will also mean that there is less disparity between local and foreign players. This will make Asia-Pacific insurance markets potentially more attractive for foreign investments. Moreover, customers may eventually benefit from new ideas and solutions from both foreign and domestic insurers. This will create a healthy competitive market place for policyholders.

Challenges and opportunities

Based on experience in more developed insurance markets, changes in regulations produce both challenges and opportunities for insurers. In the short term, it is anticipated that there will be more investment demands on insurance companies. Insurers have the prerogative to make the best use of these investments to define long-term opportunities.

In Europe, for example, some insurers have used Solvency II as a means to further enhance their risk management systems, capital allocation mechanisms and reporting infrastructure, and redefine their key performance Indicators. This, in turn, has convinced shareholders and analysts that investments because of regulatory changes should not be for mere compliance, but rather as a means of enhancing competitive advantage. We believe that insurers in Asia-Pacific should draw upon the experiences and challenges in more developed markets to establish an approach for Asia-Pacific markets that considers regulation, economic nuances and the purchasing behavior of policyholders.

Looking ahead

There will be many changes within the industry over the next few years, and companies will need to consider the operational implications for their businesses. Based on our conversations and experience in the region, we see an increasing number of insurers making adjustments to their future business plans and investment needs. Some of these modifications are tactical, such as enhancing their existing processes, while others have the potential to have a wholesale effect on entity rationalization and strategic initiatives, such as capital optimization.

We are very engaged with the regulators, industry bodies and insurance companies in the emerging discussions and are helping insurers to consider these regulatory changes with a strategic mindset.

China

The China Insurance Regulatory Commission (CIRC) has adopted a factor-based solvency system similar to Europe’s Solvency I regime. It is composed of internal risk management, solvency reporting, financial analysis and supervision, regulatory intervention and bankruptcy remediation. This solvency regulation system was built from 2003 to 2007.

Over the past 30 years, the Chinese insurance market has become one of the fastest-growing in the world, and its complexity and risk have increased accordingly. The existing static solvency system no longer properly reflects asset and liability risks facing insurance companies. Therefore, it has limitations in providing good guidance for insurers to improve risk management quality and capabilities.

Globally, there is a trend toward more risk-oriented regulation and governance, such as Europe’s Solvency II, the US NAIC’s solvency modernization initiative and Singapore’s RBC 2.

Developing a new solvency system for mainland China would not only meet local market needs but could also provide pragmatic and invaluable experience for other emerging markets, as well as the international insurance community.

Australia

Australia has two primary supervisory authorities, the Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC). Both bodies have authority over the entire retail financial sector, comprising deposit-taking institutions, life and non-life insurance companies, friendly societies and superannuation schemes. APRA is responsible for the licensing and prudential regulation of financial institutions, while ASIC deals with consumer protection issues.

The most significant recent enhancement to the regulatory regime is the capital adequacy framework and draft conglomerate supervision. This is supplemented by a corporate governance regime.

Hong Kong

The insurance industry in the Hong Kong SAR has witnessed considerable growth in the past decade. As of Oct. 14, 2014, there were 155 authorized insurers in Hong Kong, including
44 long-term insurers, 92 general business or non-life insurance companies and 19 composite insurers (i.e., life and non-life insurers).

In Hong Kong, the Office of the Commissioner of Insurance (OCI) is the Insurance Authority (IA) under the Insurance Companies Ordinance (ICO) and oversees the financial conditions and operations of authorized insurers. The OCI is part of the Financial Services and the Treasury Bureau of the Hong Kong Government.

India

The Indian life insurance industry has witnessed a phenomenal change in the last 14 years since it was opened to private players. It experienced strong growth (a CAGR of 30%) for almost a decade, until a wave of regulatory changes capped charges for unit-linked products. This compelled insurers to shift focus from unit-linked investments to traditional protection products, significantly slowing industry growth. With reduced shareholder margins on unit-linked plans, sales of traditional products have increased and now constitute at least half of new life insurance business, whereas unit-linked plans are facing negative growth.

General insurers have seen growth of 16% CAGR over the past decade. This is attributed to the evolving regulatory environment, new private companies entering the market, changing demographics, greater disposable income and business development in the corporate sector. In fact, growth was significantly higher in the financial year 2012–13 — up 24%, primarily as a result of policies sold and rate adjustments.

Against the backdrop of a relatively underpenetrated market, there is a significant potential for sustainable long-term growth. Currently, there are 24 life insurance and 28 general insurance companies in the market. A few mergers and acquisitions are in the pipeline.

The industry today is in a state of flux. Surrounded by political uncertainty, slower economic growth, regulatory changes and increased competition, insurance companies are looking to increase profitability, manage expenses and improve persistency.

Indonesia

Indonesia is one of Southeast Asia’s largest economies and presents a huge untapped market for the insurance industry. An expanding middle class and the young demographics of the population is creating a vast platform for savings and investment products, and as life insurance continues to show exponential growth, the microinsurance market is gaining traction with low- income consumers.

Against this backdrop, the Indonesian insurance industry is being shaped by changing regulations and stricter capital requirements that are aimed at introducing greater transparency and stability. In this transformed regulatory landscape, there are more new entrants to the market and greater opportunities for mergers, acquisitions and joint partnerships.

Malaysia 

Malaysia has a well-developed, stable economy that continues to attract insurers. The GDP is growing at nearly 6%, and unemployment and inflation are relatively low. Demographics and strong economic growth have helped to develop a strong market for takaful insurance and bancassurance. In recent years, the country has undertaken wide-ranging reforms aimed at improving regulatory efficiency and opening the door to greater competition in financial services.

The Malaysian insurance industry, like others in the Asia-Pacific region, is struggling with depressed investment returns, higher volatility in capital markets and increased pressure on the cost of capital. Against this business landscape, the industry appears to welcome regulatory changes. However, there are also concerns that some of these changes are diverting attention from key issues, such as improving portfolio returns and new business.

Singapore

The Monetary Authority of Singapore is finalizing the risk calibration and features of the RBC framework, with implementation expected from Jan. 1, 2017.

The RBC framework for insurers was first introduced in Singapore in 2004. It adopts a risk-focused approach to assessing capital adequacy and seeks to reflect most of the relevant risks that insurers face. The minimum capital prescribed under the framework serves as a buffer to absorb losses. The framework also facilitates an early intervention by the Monetary Authority of Singapore (MAS), if necessary.

While the RBC framework has served the Singapore insurance industry well, MAS has embarked on a review of the framework (coined “RBC 2 review”) in light of evolving market practices and global regulatory developments. The first industry consultation was conducted in June 2012, in which the MAS proposed a number of changes and an RBC 2 roadmap for implementation.

South Korea

The regulatory authority for the Korean financial services industry, the Financial Supervisory Service (FSS), introduced RBC in April 2009. In replacing the Solvency I requirement, the RBC scheme aims to strengthen the soundness and stability of the overall insurance industry.

In the rapidly changing insurance market, FSS has to review the RBC regime continuously to ensure that it serves the intended purpose. This effort included some changes in 2012, such as subdividing capital classes and categorizing risk factors in accordance to the types of risks transferred to insurance companies. Moreover, FSS enhanced the RBC calculation methodology by adding reverse margin risk as part of interest rate risk in 2013 and by raising the confidence level of risk factors for insurance risk early in 2014.

In light of the recent enhancements, some insurance companies’ solvency margin ratio has fallen below the FSS’s recommended ratio of 150%. As a result, these insurers have had to raise capital through alternative options such as issuing subordinated bonds.

Thailand

The Office of Insurance Commission (OIC) implemented a risk- based capital (RBC) framework and gross premium valuation (GPV) regime in Thailand in September 2011.

The OIC rolled out two phases of parallel tests before the actual implementation of the RBC framework to gauge the impact on insurers and to gather industry response. The solvency requirement was also increased from 125% at the initial implementation to 140%. This became effective Jan. 1, 2013, to give insurers more time to respond to the changes.

In 2011, the Thai regulator granted temporary RBC exemptions and relaxed some of the restrictions. This was an effort to help local general insurers overcome financial difficulty caused by flood losses that occurred that year, as the floods coincided with implementation of the RBC framework.

The OIC rolled out two phases of parallel tests before the actual implementation of the RBC framework to gauge the impact on insurers and to gather industry response.

100 Ideas That Changed Insurance

Recently, I bought a copy of Time magazine’s publication, TIME 100 Ideas That Changed the World: History’s Greatest Breakthroughs, Inventions and Theories, in an airport book store while on a business trip.

It was certainly a compact and interesting read, highlighting amazing innovations that we now accept as the norm of human existence on Planet Earth, from the discovery of germs to the foundation of a seven-day week to the building of the World Wide Web. I was amazed as I read through it and was reminded of how human existence since the beginning of recorded history has been truly shaped through ideas turned into game changing innovation results.

The purpose of this blog is not to get philosophical about our evolution as humans but, rather, to relate it to the world we live in every day: insurance. So of course, after I paged through the Time book, my wheels started spinning around the 100 ideas that have changed insurance – and I started to reflect on how we as an industry got to where we are today.

The history of innovation in insurance has largely been shaped by advances made in technology external to the industry. As markets, businesses and consumers start to access better ways of doing business, insurance companies adjust to meet those demands. The same can be said for many other industries. But insurance is unique because its very core concept is to protect our customers’ assets from loss and mitigate risks. So, inherently, the insurance industry will always adapt in some form to technology changes to assist the customer. That is what we do every day – we adapt – though some days we don’t necessarily remind ourselves of the core mission.

I started to ask myself, if we had to make a list, what would be the 100 ideas that changed insurance? I think it would be too hard to classify, in terms of the entire evolution of our ecosystem, because the last 100 years have changed so much. So let’s just focus on the last 40 years from a technology perspective: mainframes … client servers … personal computers … development of core systems and automated business processes … data processing to information systems … typewriters to the fax machine, copiers, printers, scanners and even email … our world on the World Wide Web … mobile phones … web applications … smart phones … big data … telematics and even some of the emerging technologies like Internet of Things, wearable devices, artificial intelligence, semantic technologies and even drones and aerial imagery. The list of maturing and emerging technologies does just go on and on. It might be hard to pare it down to just 100 ideas, even by looking at just technology.

The point is, when we talk of ideation and innovation, sometimes we forget to reflect on where we have been. Forty years ago, if someone described writing a blog for you that you could read on your mobile device, you may have seriously questioned their sanity. Today, it is commonplace.

As we move rapidly through 2015 – look at plans; take the time to reflect on successes; take the time to reflect on where we truly have been. Sometimes these reflections are the seeds of new ideas, new ways of doing business and new ways to gain an edge. Just think, for every great solution out there, there is a better one possible. Innovation should be inspiring our work, and I am excited to see where it leads us.