Symetra's Mindi Work thinks like a customer: Women in Insurance Leadership 2022
Mindi Work is senior vice president and chief of strategy at Symetra, where this year she’s been focused on the company’s technology and operations transformational efforts. She’s been with the firm for 16 years after beginning her career at Ernst & Young.
Work’s first project leading Symetra’s strategy office was the launch of the company’s first digital product, SwiftTerm term life insurance, a real-time distributed system launched in spring 2021.
Mindi Work, Symmetra
This marked the first time “we really had focused on creating an end-to-end digital business that was developed using customer-centered design techniques,” she says. Work likes to emphasize a leadership principle of “Think like a customer. Always.” On a corporate level, Symetra follows a customer empowerment strategy – Symetra Empowers – built to make term life insurance easier to understand and promote financial freedom to more people.
“‘Symetra Empowers’ is the North Star when we’re making decisions. It’s really how we grow the company and do it in a customer-centered way,” says Work. “The strategy and transformation office is focused on working across the leadership team to set strategies, determine priorities, determine measures of success, and communicate that out. We believe that culture and strategy are mutually reinforcing, and if they’re not, they’ll be simultaneously defeating. We don’t just focus on the business strategies, but also on our culture and on people.”
Symetra developed SwiftTerm with an approach that included a lot of customer input, Work recalls. The company spent time studying its target customer and current industry practices, working with partners to test design and feature concepts for those potential policyholders. By the end, the company had interacted directly with 40 target customers, who answered more than 600 questions, provided over 200 video diaries, reviewed upwards of 50 prototype screens and provided hours of live interviews.
“This won’t be a surprise, but these consumers wanted speed of decisioning and speed in getting a policy in-force, and they don’t want to sacrifice price,” Work says.
That led to the group developing SwiftTerm deciding that the interface had to complete a policy process in 25 minutes or less. In the end, they got to a process of 18 minutes or less, she said, “including an agent starting off the process to get the case parameters identified. Then it kicks over to the consumer to complete a digital application. We used product user-centered design and technology differently to deliver it.”
While Symetra’s term life insurance had been around for decades, “we just changed the experience and how we brought it to market,” Work adds. Currently, she is collaborating with chief operations officer Chantel Balkovetz on Symetra’s technology realignment and transformation, affecting the roles and responsibilities of about 300 staff members.
Work and her husband have three children, ages 13, 11 and 7. She says that at Symetra, she never had to choose between family and career. “I have felt like I could be successful at both. I felt like the flexibility and support was there that allowed me to continue to pursue my career while raising young kids.”
