Hanover Insurance Group Executive Willard Lee on Innovation Through Co-Creation | Technovation 670
Willard Lee, Chief Information and Innovation Officer of The Hanover Insurance Group, discusses the topic of continuousΒ ...
Executive Vice President, Chief Information & Innovation Officer, Hanover Insurance
Search every verified Willard Lee interview, podcast appearance, and on-the-record quote β each transcript cross-checked by AI and human review to confirm speaker identity. Willard Lee, Executive Vice President and Chief Information & Innovation Officer at Hanover Insurance, discussed the company's technology strategy and innovation approach in a September 2022 interview on the Technovation podcast. Lee stated that Hanover has invested over $200 million to upgrade major platforms including policy administration, billing, and claims systems to create flexibility for future innovation. He described the modern CIO role as hybrid, requiring both technical expertise and the ability to act as a change agent. Lee noted that Hanover's innovation team works closely with business leaders to balance current operational needs with long-term development. Lee outlined several focus areas for the company, including using data analytics to reduce repetitive data entry for agents and improve underwriting accuracy. He said Hanover's approach to insurtech startups involves building deep, smaller partnerships to pilot solutions within the company's ecosystem. On employee retention, Lee highlighted efforts to maintain culture and career development in a hybrid work environment. He also described Hanover's strategy of developing "T-shaped" IT employees who combine deep technical skills with broad business understanding, noting that his own experience in multiple business roles provides financial acumen and empathy for different parts of the organization.
“We've spent over 200 million dollars on touching every large platform in our ecosystem from policy administration to billing to claim systems, putting upgrades and middleware in place to ensure flexibility and optionality for future innovation.”
“In today's world, the CIO role is hybrid: you must understand infrastructure and security but also be a change agent driving the company forward with enabling technologies.”
“Our innovation team is embedded within the solutioning side of the business, working closely with business leaders to balance optimizing today's problems and building for tomorrow.”
“We leverage data analytics to improve efficiency for our agents by reducing repetitive data entry and to refine underwriting by getting more granular and accurate risk pricing.”
“Our approach to insurtech startups is to build deep, smaller partnerships where we invest time and industry knowledge to help them refine the problems they solve and pilot solutions within our agency and carrier ecosystem.”
“A major trend is improving agency efficiency through single data entry that feeds multiple carriers, reducing redundant work and improving economics for agents.”
“On the employee side, retention is critical amid the great resignation; we focus on career development, culture, and inclusion to keep our technologists engaged and growing.”
“We build 'T-shaped' IT employees who have deep technical expertise but also broad integrated thinking, encouraging them to take on special projects and change roles to gain diverse experience without excessive risk.”
“Having experience in different business roles gives me financial acumen and empathy, allowing me to understand the pressures of various parts of the company and better manage IT and innovation.”
Willard Lee, Chief Information and Innovation Officer of The Hanover Insurance Group, discusses the topic of continuousΒ ...
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