Meet Louis DiModugno: A pioneer in the insurance industry, Louis boasts over two decades of expertise in data and analytics. This month, InsurTech Hartford aims to highlight Louis's remarkable trajectory, transitioning from a distinguished career in the United States Air Force to his current identity as "The Bowtie DataGuy." Throughout his professional journey, Louis has played a pivotal role in formulating data strategies, promoting innovative problem-solving, and steering the InsurTech sector towards a future characterized by dynamism and a data-centric approach. 

In the forthcoming interview, Louis shares insights into his philosophy of striking a balance between structure and flexibility, recounts experiences in crafting inventive solutions for intricate challenges, and outlines his visionary perspective on the future of the insurance industry.

1. Tell me about yourself for people unfamiliar with you and your work.

I’ve been consulting or performing as a Chief Data and Analytics professional for the past 20 years.  Twelve years ago I hung up my military uniform (retired USAF Colonel) and adopted the bowtie as my new uniform (The Bowtie DataGuy).  Along with staying on top of the latest in data and analytics technology I support organizations as a Fractional CDO to establish data strategies and execution roadmaps.  My work in this area stretches from data ETL and data fabric through data governance, master data management, virtualization, visualization and generative AI.

2. How do you balance the need for structure and process with the freedom and flexibility required for creative thinking?

Structured frameworks are very helpful in establishing a data strategy but every organization is different and so having the ability to be flexible in designing technology solutions as well as the implementation timing to support strategy objectives is imperative to creating tactical value and foundational technology elements.

3. Can you share an example of a time when you had to devise a creative solution to a complex problem?

Utilizing flexible tools in your solution stack allows for pivoting to take advantage of opportunities when they arise. By incorporating elements like virtualization, this allows for experimentation and proof of concepts to be corroborated before committing to the data architecture. I’ve had the opportunity a couple of times to use virtualization to bring together data sources and prove the data element inclusion in increasing the lift significantly of models.

4. What industry trends are you following? How do you see these shaping the future of insurance?

Digital transformation continues to be a highly invested area for insurance carriers and Large Language Models (LLM) are the latest areas for exploration.  What’s great is I believe they compliment each other.  LLMs are data hungry and always looking for proprietary elements that can hone their output and digital transformation efforts allow for the additional collection of new and proprietary data in native digital formats. By optimizing the data collection and using LLMs in customer interactions there will be a movement towards complete self-service of comparing, purchasing, servicing and claims interactions.

5. What are your current career goals? How has InsurTech Hartford contributed to this journey?

I am most passionate about continuing to learn about technology capabilities and how they will help to improve insurance processes. I work in a number of board and advisory positions that assist companies in the industry and capabilities necessary for next generation insurance buyers.

Insurtech Hartford has brought together innovative thinkers and new vendors/capabilities which are looking for partners to explore value propositions.  With the advent of a new generation of insurance leaders, the connection that Insurtech Hartford instills in the community has been paramount.  As “digital natives” become decision makers their expectations need to be managed as insurance processes continue to change and the leadership to make this change happen is being fostered with Insurtech Hartford.

6. Where do you see yourself in 2 years?

Having been focused on data and analytics for the past 20 years I see myself focusing more into the technology and IT areas.  These areas are vital to the management of data and exploitation of the accurate, secure and controlled information to be available for crucial decision making.  I also see change management as a crucial component for all aspects of migrating to a future state.  My experience in managing change and comprehensive communication will be put to the test for organizations that are looking for ways to ensure their investments are implemented appropriately and delivering on their projected ROI.

7. What advice would you give to individuals or teams looking to enhance their creative thinking and problem-solving abilities?

The number one thing I would say is to “challenge each other”. Don’t be happy with the status quo. All capabilities can be improved whether it's focused on efficiency (delivering with less resources) or effectiveness (creating a better customer experience).  Improvement comes from the change and optimization of process, technology or even the people.   Simple reads like “A Whack on the Side of the Head” by Roger von Oech or “Better Thinking, Better Results” by Bob Emiliani can really energize an organization if you share the learnings.

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Wrapping up our enlightening discussion with Louis DiModugno, it becomes clear that his steadfast dedication to data-centric strategies, combined with a profound grasp of balancing structure and flexibility, underscores the crucial role of forward-thinking individuals in shaping the future of insurance. 

Looking ahead, it is evident that Louis's fervor for technology and his unwavering commitment to refining insurance processes will persist, driving substantial transformation in the industry. With the ongoing digital revolution and the convergence of Large Language Models (LLMs), the insurance landscape stands on the cusp of a revolution. The prospect of self-service customer interactions, encompassing comparison, purchasing, servicing, and claims, is no longer a distant aspiration but an imminent reality. 

Louis's wealth of experiences and insights serves as a wellspring of inspiration for individuals and teams seeking to elevate their creative problem-solving capabilities. By challenging conventional norms and embracing change, organizations can unlock their full potential in the ever-evolving realm of InsurTech.

Stay up to date with Louis and connect with The Bowtie DataGuy on LinkedIn.