When she’s not on the ground with her teams around the world, Pravina Ladva relishes time at home in the UK – she’s a big fan of England’s south coast with its picturesque beaches and traditional seaside offerings.
History, culture, fresh air and spending quality time with family are high on her list of priorities – a fact belied by her current role, Group Chief Digital and Technology Officer – that sees her leading the digital transformation of one of the world’s most powerful re/insurance companies – Swiss Re.
Ladva is very much a people person – a good communicator, manager and clear-headed strategist. Cool, calm and collected are words that spring to mind during our conversation, rather than the more expected immersed technologist with ‘professor hair’, a fascination for data analytics and the latest AI algorithmic tools.
As a mother, she is also a passionate advocate for enabling more women to enter the insurance industry through flexible working conditions and a healthy company culture that enables them to balance career with family.
Insurtech Insights caught up with her to find out more.
Much of your career has been spent in finance – but how did your actual career journey start?
This is a question I get asked by many people. My degree is actually in history. I chose it because I enjoyed it, and my theory now is that it all makes sense. If you can understand why things are the way they are, because they’re normally a factor of history, it helps you decide what to do next. And that fascinated me about the subject.
So when I graduated, one thing I didn’t necessarily think about was the level of the job or the content of the job. What I knew I wanted to do was be able to work with diverse groups of people to be able to change things, whatever the thing was. But also to have a 360-degree view of something. At that point, there were many graduate programs available, from the big consultancies to banking, to retail.
I chose banking because the opportunities in the retail banking graduate programme allowed me to serve customers. So I was on the frontline, in the branch, doing cashiering, account savings, and opening. They also offered me the opportunity to learn more and take more qualifications. I became a financial advisor, selling life insurance, mortgages, and pensions. And I led a team.
After three years, I was running an entire function. I had my own branch, my own team, and I was responsible for everything from security to people, to compliance and governance, and to customer service. I spent probably the first eight years of my career in the branch network, and it gave me such a grounding of the 360-degree view of business that allowed me to specialise in things that interested me.
Later on, you worked for Barclays and transitioned from being a COO to a CIO. Was that a natural step?
Every company uses job titles interchangeably. And what you often find is you have a COO or a head of group operations, and sometimes technology reports into it. So the CIO or the CTO would report to the COO. We had many different models at Barclays because it’s huge. I was the CIO for three business units, reporting to the CEO of each unit. I enjoyed it because I had the might of all the technology teams behind me, but I was the interface of what the business needed and what my teams needed to deliver.
The expansion of the COO responsibility was doing that but also looking at it more holistically. How do we service customers? How do we meet regulations? Are we optimising with our clients? What is our NPS score? It felt like a natural extension because technology is a core ingredient to making some of those changes.
You had a very established career – having spent 15 years at Santander and then eight years at Barclays. Crossing over to the insurance industry was quite a dramatic move.
Going from retail banking into insurance, I’d never worked in reinsurance before. But in my early career, I had sold insurance, so I knew the mechanics of it and why it was important. Then I looked at the industry as a whole and saw all this technology that was coming in, things that we take for granted now, like the importance of data, cloud computing, innovation, joining forces with partners to build solutions and services for clients.
The retail banking environment was advanced, and I think the insurance industry was slower to adopt some of those things. So I saw an opportunity to work for an organisation that was progressive, had a real purpose around making the world more resilient, and was serious about using technology to make an impact. That’s why I made the shift. It was a place where I could do what I love doing, which was change management.
You’re not a career technologist – so how does that fit in with your transformational role?
Yeah, it might seem surprising for someone in my position. However, I’ve always believed that technology should serve a purpose rather than being the prime goal itself. I don’t necessarily fit the stereotype of someone deeply engrossed in technology. I’ve always assessed new innovations based on whether they can genuinely improve people’s lives. My role bridges the gap between deep technologists and business stakeholders, ensuring that technology aligns with business objectives and delivers tangible results.
And it’s very fast-paced – especially post-COVID. The pandemic acted as a catalyst for digital transformation, compelling organisations to adopt new technologies rapidly. Human behavior has also shifted towards greater digital adoption, which has further fueled the speed of innovation.
Insurtech startups play a vital role in transforming the insurance industry by addressing specific segments of the insurance value chain. Unlike traditional players, they focus on niche areas and bring fresh perspectives to the table. It’s essential for established companies like ours to collaborate with startups and explore new avenues for innovation.
Speaking of change, what’s your perspective on the industry from a female leadership standpoint? Do you see more women taking up leadership positions in the insurance and tech sectors?
The landscape is evolving, but there’s still a long way to go. While I’ve observed more women participating in industry events and panels, we’re far from achieving gender parity, especially in leadership roles within the intersection of insurance and technology.
As the global lead on diversity, equity and inclusion initiatives at Swiss Re, I’m committed to promoting diversity and ensuring that our workforce reflects the society we serve. There’s still much work to be done to create an inclusive environment where everyone has equal opportunities to succeed.
What are the things that require more work in order to attract more women into the space?
I wish there was one single answer, but I don’t think there is. It has to be a multifaceted approach. In the tech space, many girls pursue STEM subjects in school or university but tend to opt for medical careers over technology or engineering. Understanding the reasons behind this is crucial. Another obstacle is the lack of representation in organisations during interviews.
We ensure diverse interviewing panels so candidates can see themselves reflected in the workforce. Additionally, returning to work after a break poses challenges for women. We offer flexible working options and advertise roles at 80% capacity, not 100%.
In Zurich, we have a facility called Kids House [pictured] to support working parents. Creating such enabling environments is essential for overcoming barriers faced by women. As they progress to middle management, we focus on fostering confidence through coaching, mentoring, and leadership programs. In the UK, we’ve also hired individuals from organisations like Code First Girls. It’s a comprehensive effort that requires ongoing commitment.
In terms of new innovations on the horizon for Swiss Re, what’s happening in 2024?
You’d be disappointed if I didn’t mention generative AI. We’re leveraging it in two ways. Firstly, to enhance employee productivity, allowing them to focus on more creative tasks. Our engineering community is working with GitHub co-pilot, resulting in up to 20% productivity gains. Secondly, we’re exploring how generative AI can address challenges in handling unstructured data in our industry.
This approach aligns with our focus on using large language models (LLMs) to solve industry problems. While AI has faced skepticism in the past, its practical applications are becoming more evident. Schools are encouraging students to use AI for homework assistance, reflecting its increasing integration into daily life. However, human oversight remains crucial as AI technology matures.
How does this transition work for legacy companies?
That’s the tough question. For example, if your data isn’t organised and accessible for these LLMs or if you’re not on the cloud, there are prerequisites you must meet to use them.
We’re fortunate to be transitioning to the cloud and have our data structured appropriately, but not everyone is in the same position. There are foundational requirements to make this feasible.
Are legacy companies getting quicker now in embracing these changes? From Swiss Re’s perspective and observing other market players, do you see a shift?
Definitely. When I joined Swiss Re nearly seven years ago, I didn’t see the impact of technology, data, and digital in insurance. However, in the past seven years, I’ve witnessed a significant shift in the industry. Many companies are now quicker to adopt innovations like LLMs and generative AI.
The importance of data in our industry is widely recognized, and there’s a greater focus on fixing foundational issues. Innovations from different insurtechs have emerged within the last few years, indicating a faster pace of change in the industry.
What inspires you in Insurtech today?
The immense variety of Insurtech globally excites me. Their ability to partner with organisations is remarkable. For example, Swiss Re recently acquired Fathom, a Bristol-based firm specialising in water risk intelligence, powered by tech-driven flood and climate risk data, maps, and models. Fathom’s offering complements Swiss Re’s capabilities in the field of data modelling and risk knowledge to address the protection gap for natural catastrophes, such as floods. There are numerous synergy opportunities like this in the insurtech space.
However, it’s crucial to be measured and ensure that partnerships are aligned and mutually beneficial.
Finding a balance is challenging but necessary. The rise of innovation programmes like Lloyd’s Lab and venture firms has significantly contributed to this shift. These platforms connect and highlight what’s happening in the industry, fostering collaboration and innovation.
Interview by Joanna England
Joanna England is an award-winning journalist and the Editor-in-Chief for Insurtech Insights. She has worked for 25 years in both the consumer and business space, and also spent 15 years in the Middle East, on national newspapers as well as leading events and lifestyle publications. Prior to Insurtech Insights, Joanna was the Editor-in-Chief for Fintech Magazine and Insurtech Digital. She was also listed by MPVR as one of the Top 30 journalist in Fintech and Insurtech in 2023.
