Arun Kumar Shankar : Championing Transformation By Leveraging Technology, Customer Feedback, & Market Dynamics
Arun Kumar Shankar
Chief Product Officer
From his early days in the insurance sector to his current role at Wilbur Solutions, his journey is marked by simplicity, data-driven decisions and transformative initiatives. CEO Insights is excited to delve into Arun’s wise inputs. Let’s read on.
What drives you today as a new-age leader, and what motivates you in your daily routine?
As a Chief Product Officer, one of the most rewarding aspects of my daily routine is engaging directly with customers. Every day involves conversations with customers to understand their pain points and goals.
A significant part of our mission is to optimize operational costs for our clients. For example, tasks that previously required hiring additional staff - costing around $50,000 to $100,000 can now be automated, resulting in substantial savings. This kind of efficiency not only reduces costs but also streamlines their operations.
In the insurance sector, particularly with claims, our aim should always be to support policyholders during times of distress. Whether it’s repairing property or vehicles after an accident or with dealing with health insurance. Our goal is to help them return to their normal routines as quickly as possible. This customer-focused approach in claims management is a significant motivator for me. When we introduce new features and improvements, the positive feedback from customers is incredibly rewarding. Some clients
have been with us for over six to eight years, proving the value of our products. Staying close to our customers, addressing their issues, and providing solutions to their problems and designing new features is what keeps me motivated every day.
What are the best practices you pass on to your team from your experience? And how do you guide them to take feedback from customers and improve further?
One of the key practices I emphasize to my team is the importance of engaging with customers. It's crucial to talk to those using our products, gather their feedback, and understand what is working well and what isn't. This direct feedback is invaluable for identifying areas that need improvement. I always ask my team to future proof the product with scalable functionality and easy to customize without development effort. Continuous improvement is also essential to refine the product based on customer feedback and emerging needs.
High standards and quality are non-negotiable. Every feature must go through a rigorous process from ideation to delivery. For example, out of 100 ideas only about 10 make it to the final product, ensuring only the best features are implemented. By maintaining these practices we create products that truly meet our users’ needs and stand the test of time.
What is your view on product-driven customer acquisition in today's dynamic market?
A product should not only attract customers but also retain them, ensuring a steady revenue stream for the business. The key to achieving this lies in adopting a customer-centric approach. Every product is ultimately built for the customers, so understanding their needs and preferences is fundamental.
To build a successful product, it's vital to dive deep into the features that will be most useful. Automation, configur-ability, ease of use, and continuous engagement with customers are critical components. From the moment a product is launched, maintaining regular communi-cation with customers and gathering their feedback is vital. This interaction helps in improving the product and meeting the evolving needs of the users, thereby driving customer retention.
What are the best practices you pass on to your team from your experience? And how do you guide them to take feedback from customers and improve further?
One of the key practices I emphasize to my team is the importance of engaging with customers. It's crucial to talk to those using our products, gather their feedback, and understand what is working well and what isn't. This direct feedback is invaluable for identifying areas that need improvement. I always ask my team to future proof the product with scalable functionality and easy to customize without development effort. Continuous improvement is also essential to refine the product based on customer feedback and emerging needs.
In the insurance industry, embracing innovation goes beyond leveraging technology; it's about reimagining the cus-tomer experience to build trust & resilience in an ever-evolving world
High standards and quality are non-negotiable. Every feature must go through a rigorous process from ideation to delivery. For example, out of 100 ideas only about 10 make it to the final product, ensuring only the best features are implemented. By maintaining these practices we create products that truly meet our users’ needs and stand the test of time.
What is your view on product-driven customer acquisition in today's dynamic market?
A product should not only attract customers but also retain them, ensuring a steady revenue stream for the business. The key to achieving this lies in adopting a customer-centric approach. Every product is ultimately built for the customers, so understanding their needs and preferences is fundamental.
To build a successful product, it's vital to dive deep into the features that will be most useful. Automation, configur-ability, ease of use, and continuous engagement with customers are critical components. From the moment a product is launched, maintaining regular communi-cation with customers and gathering their feedback is vital. This interaction helps in improving the product and meeting the evolving needs of the users, thereby driving customer retention.
Could you share your leadership approach and the methodologies you follow to guide your team effectively?
One of the essential aspects of leadership is having a clear vision for the product. Understanding who our customers are and how we are building our products for them is crucial. This clarity in vision makes it easier to execute our plans effectively.
Cross-functional collaboration is another key element. For example, in my role building insurance policy and claims systems, it's vital to ensure that the product integrates seamlessly with other systems and processes within a company. It's not a standalone effort; it requires cooperation across various departments to ensure everyone benefits from the product and can easily access the necessary data to make informed decisions.
A strong team that shares the same vision and can think critically is indispensable. Grooming such a team is crucial for long-term success. It's not just about building a product but about nurturing the next generation of leaders within the team. Encouraging the team to be agile, try new things and not fear failure is important. Even if you fail multiple times, the experience gained is invaluable. Success often comes from these lessons learned through trial and error.
What is the future roadmap you envision for your organization over the next five years?
The future holds exciting opportunities in the insurance industry towards greater impact through leveraging advanced technologies through AI. Our primary focus will be on integrating AI to enhance our technology and make them more efficient for our customers. AI presents vast opportunities to improve efficiency and customer satisfaction. By leveraging this we aim to provide better services and make our products more user-friendly.
Arun Kumar Shankar, Chief Product Officer, Wilbur Solutions
Starting his career in India, Arun transitioned from underwriting and sales to insurance technology product design and development. Arun played a pivotal role in implementing insurance systems in multiple geographies, enhancing business processes, laying the groundwork for his current role as Chief Product Officer, significantly impacting markets in North America, Europe, South Africa, and Australia. This international exposure has equipped him with a broad perspective and a nuanced understanding of global insurance trends and regulatory landscapes. His global experience enables him to craft innovative products that meet the unique needs of various markets while maintaining a high standard of compliance and efficiency.
One of the essential aspects of leadership is having a clear vision for the product. Understanding who our customers are and how we are building our products for them is crucial. This clarity in vision makes it easier to execute our plans effectively.
Cross-functional collaboration is another key element. For example, in my role building insurance policy and claims systems, it's vital to ensure that the product integrates seamlessly with other systems and processes within a company. It's not a standalone effort; it requires cooperation across various departments to ensure everyone benefits from the product and can easily access the necessary data to make informed decisions.
A strong team that shares the same vision and can think critically is indispensable. Grooming such a team is crucial for long-term success. It's not just about building a product but about nurturing the next generation of leaders within the team. Encouraging the team to be agile, try new things and not fear failure is important. Even if you fail multiple times, the experience gained is invaluable. Success often comes from these lessons learned through trial and error.
What is the future roadmap you envision for your organization over the next five years?
The future holds exciting opportunities in the insurance industry towards greater impact through leveraging advanced technologies through AI. Our primary focus will be on integrating AI to enhance our technology and make them more efficient for our customers. AI presents vast opportunities to improve efficiency and customer satisfaction. By leveraging this we aim to provide better services and make our products more user-friendly.
Arun Kumar Shankar, Chief Product Officer, Wilbur Solutions
Starting his career in India, Arun transitioned from underwriting and sales to insurance technology product design and development. Arun played a pivotal role in implementing insurance systems in multiple geographies, enhancing business processes, laying the groundwork for his current role as Chief Product Officer, significantly impacting markets in North America, Europe, South Africa, and Australia. This international exposure has equipped him with a broad perspective and a nuanced understanding of global insurance trends and regulatory landscapes. His global experience enables him to craft innovative products that meet the unique needs of various markets while maintaining a high standard of compliance and efficiency.