 Hello, everybody. I know it's the last one, so I want to tell you my story, our story in Colombia. And I don't know nothing about technology. All of you are the audience that are experts in technology. I try to be expert in business and to tell you our story of transformation, of change, and how I, as a CEO of an insurance company in Colombia, I am there to transform our company without getting crazy. It's not easy, believe me, because all of you have a lot of ideas. The world is changing very fast. But we, when we are sitting in a company that is established for more than 40 years, making almost the same business for years and years, you cannot make decisions very easy. If you have to stop on a dime or to accelerate very fast, those type of decisions are not easy. And when you recommend anything or recommendations introducing to our head and say, wow, each recommendation is not easy to follow. For that reason, when we start our transformation, we decide to listen the experts. And we decide, try to learn, try to unlearn what to do. And for sure, all those experts say, you are going to fail. You are going to fail. You are there to fail. But of course, it's not easy to fail. It's not easy to make decisions. And as too many companies, we don't have a lot of budget to fail. We don't have a lot of budget to innovate. So we decide to start this story with the experts. And if you listen the experts, all the experts are going to tell you some steps to follow in transformation. And if I am in this moment recommending any business people, how are the steps to follow any transformation? I can tell you that this is the summary of the first five steps that you have to follow. First, you have to invest in culture. You have to invest in your people and put in the mind the change, the word change, the word transforming. They open the minds of everybody. It's not easy. This is one of the worst things to do in a biggest company and a small company to change the way you do the things is the worst and most difficult thing to introduce any transformation or any innovation. So the first thing is investing culture. Second, you have to take time to make an assessment, to make a diagnosis of your process, of your technology, how many applications you have, what is your specific problem, what do you have in your hands. So if you take time to understand your company, you are going to be ready for the third step. The third step is to be focused, focusing what you really want. Do you want efficiencies? Do you want innovation? Do you want to be an exponential organization? Or do you want to accelerate your presence in your market? You need to understand what you want, what is your biggest problem and how to solve it. With your problem in your hands, you are ready for the next one. You have to select your partners. You have to select the tools that you are going to use for this transformation. At least you have to select the first tools that are different of your traditional legacy systems and that are going to change your company. And of course, your partners because as an insurance company or as a company, the scope is not to be a technology company. My scope is to sell insurance, so I need to find somebody that knows about technology but really much with our culture and help me with the next step, and the next step is the most difficult step, getting to execute. Sometimes a lot of analysis gives you a lot of ideas but you don't know when or how to start executing. And when you start executing, the only thing that you know is that you again and again have to invest in culture and make a new diagnosis again to define your scope, to find new partners and this is like a cycle that never ends. This is the recommendation of the experts but being honest, this is not what happened in our company. So I want to tell you our true story of how we transform or how we are transforming our company into the company for the future. Because when you have all those steps, you can say, I feel comfortable, I have my team ready, I have my culture and ready to transform. But as a CEO, and believe me, each CEO, even for a small or biggest company, when I see it, listening to you, saying about Netflix, Uber, Airbnb or artificial intelligence or whatever that you listen in all the market, in all these type of conference, inside you you feel first, you feel panic. And I want to tell you that is that panic is true. So you feel that you have to destroy your company trying to transform your company. So this is what happened inside your mind and inside the mind of all business people when you listen to this. If you are a conservative leader, it's not easy to make that decision to destroy your company, to start again. So this is our story. My name is Marta Lucia Pava and as you mentioned, I am a medical doctor. I am the president or the CEO of an insurance company that has been in Colombia for more than 43 years. I have 300-something employees. We have a portfolio of around $145 million and we offer multi-channel solutions, insurance solutions in different geographies inside Colombia. The path to all these 43 years to come here and saying to you that we are transforming the company, we are growing, we have different options is not an easy path. I don't know who can say that has an easy path but the path is full of obstacles, full of obstacles that give you the possibility to learn and the possibility to transform. Saying those obstacles in this moment is almost impossible but I want to summarize one of them. We used to belong to a multinational insurance company very recognized in the market, AIG. AIG, American International Group, have been in, have presence in more than 130 countries. Probably all of you know about AIG as an insurance company and AIG, as all multinational companies, they want to have a very good footprint and very good presence in all geographies and to put that presence in all geographies usually multinational companies says you have to repeat my model of my headquarters. Everybody has to have the same technology, the same culture, the same scope, the same purpose and for us small countries is not easy to follow the same technology that AIG has in New York, the headquarters of AIG is in New York. So the challenge for a multinational company is really understand the necessity or the needs in the market in each geography because the needs in emerging markets or the needs in Latin America are very different, very different if you see the needs that you found in London or in Japan or in Asia Pacific or in any other place. So for multinational, that is a challenge and the most time any CEO for multinational companies is explaining her queries, no, in this geography I don't do it this way, in this market the needs are different, please let me follow with this idea and the bureaucracy to make decisions is not easy to follow because in those multinational companies the structure is like silos, the silo of product, the silo of finance, the silo of operations and each silo is from her queries even if the her queries is in Munich and London, in Zurich or in New York to our country, to Bogota, Colombia. So operations have decisions made in New York that impacts our operations in Colombia but to speak operations in Colombia with finance in Colombia you have to move up to New York and then make decisions. So it is very difficult to manage a company where silos exceeds. So work as a team, innovating this moment is almost impossible. If you know innovation is not only technology, innovation is when you put a very good talent with a very good problem and together the talent and the problem becomes with ideas to solve the solution. But if you don't have autonomy to solve anything or to make any decision what do you do with the very good talent or what do you do with the very big problem? So that was our moment. This is the moment that almost all multinational suffer trying to make some innovation internally in each geography. So we didn't have common goals. The goals of the silo of operation was a different goal of the silo of finance and as a company only people seated in Colombia we didn't have the same goal and with that phase we learned that we were followers. We were ready to have the rules and being honest only following the rules our headquarters was happy. It doesn't matter if the result of the company doesn't matter if the company was losing money or was creating a lot of money because we were just following rules and we learned that very good leaders don't create followers they create more leaders and my recommendation is that if you have in your company any people that is just following rules you have a problem because anybody wants to follow rules every time. Follow rules is not innovation. Follow rules are the things that they are artificial intelligence and all of these new technologies can do and with those technologies people and human beings can be more humans and we are pretty convinced that humans with the space of create and motivate and inspire others can be very human beings. So the picture three years ago in our company was like this in this moment I have 300 employees in that moment I used to have more than 500 employees now we are more profitable we are more efficient and we can repeat the model of New York includes to repeat a lot of head counts that we didn't want following rules. We used to have in terms of technology more than 140 applications and believe it or not with those applications we just have one interconnectivity so those applications used to act as asylos so I used to have not only my employees or our employees as asylos but also the applications and the data and the decision didn't speak each other to have any solution and the cherry of the pie of course is that with that model we were losing money with each dollar that we won we spent one dollar and a half and we spent without any reasonable purpose because the purpose was the purpose of operations the purpose of finance or the purpose of product but not the purpose of a very good result in Colombia. So we learned to live in an environment of ambiguity leading a company with ambiguity was a challenge but it's the way we have to learn to live not only because this type of of solution is because ambiguity is the world where we live the world is changing a lot there is a lot of challenges and if you cannot control everything in your company even that you have to live with ambiguity so we decide in the moment that we have to work with people with culture if you have your people motivated you are not going to lose talent but at the same time what happened is that we decide in Colombia people used to be happy we used to be very optimistic very positive and we try to see the glass full the half glass full are not empty and we were trying to do that it wasn't easy but we were trying to do that but in that moment AIG decided to have their scope in more mature economies and they decided to solve a lot of their countries a lot of their presence worldwide they solved around 22 countries and in Latin America they solved 5 countries and they solved those 5 countries and for us trying to be very optimistic we were looking for good news very good news became very fast became very fast because in the past the scenario couldn't be worse we were losing money we were siloed wasn't easy to have a profitable company and couldn't be worse so anything can happen and we decide that anything is going to be a good news but this was a very good news the company that bought our operation was Fairfax Fairfax is a Canadian financial company financial holding company that invests in too many things they invest in Blackberry they invest in Toys R Us like an opportunistic investment they invest in meals they invest in too many things they also invest in insurance and reinsurance company they never sell those reinsurance and insurance company so we started becoming part of the Fairfax family they sell and they buy everything but they don't sell a never never insurance and reinsurance company and the first good news nobody is going to sell us again the second good news was the meaning of Fairfax Fairfax is the summary of fair and friendly acquisition so when we listen fair and friendly we say wow this is irrational we want that we like that fair and friendly way to do the things so let's see what happened what happened there happened a lot of things but the owner of Fairfax is Prem Watsa Prem Watsa is a person that lives in Toronto is from India he interview me and I want to tell you this because this is very very important for business guys because when they interview me and I present that company losing money I was trying to say hey Prem we know our business, we know how to do it and we want to be profitable and at the end of that conversation he says okay Marta I can see the opportunities tell me any question that you have from me and I say okay I have one question Prem what is the driver of your decision and this magical word and that answer changed my mind and inspired me to continue doing things because he says it's just about people and when we said it's just about people I say wow somebody believe in me believe in us believe in the opportunities that we have and he says I can see your face and I notice that you don't believe in me and I say no of course I believe in you but it's not easy to listen a leader that believes in a small country that are losing money and he says why and I repeat myself here in New York, here in Munich I don't know more about your country than you so I'm hiring talent but the decisions are going to make in your country with your ownership so you are going to be the owner of your destiny and when any leader is the owner of the destiny is going to make very good decisions and I say wow if we can build our own destiny we have a lot of opportunities in our hands because we have experience, we have talent and now we are going to have autonomy and without autonomy innovation and creation of anything is impossible but without autonomy we can do anything what we can do with our small budget but we can do so in that way we start seeing a lot of opportunities the first opportunity is the model they believe in a decentralized model that is the opposite of all multinational companies that try to have the same model worldwide but they say no you don't have to follow my brand you don't have to follow my rules and they say what is your rules and they say I don't have rules I have guiding principles I have values, integrity honesty, having fun at work result oriented no egos no confrontational style and please give me profit and that's it it sounds easy but what's the change in my mind and in the mind of all my leaders there is no rules wow, what can I do without rules I have to reinvent my company I have to reinvent the business that I know how to do and see how I can accelerate this transformation because everybody wants to transform you have to take permission of the bureaucracy change from Bogota to Miami, Miami to New York explaining everybody any decision it wasn't easy so the first opportunity was the decentralized model the second opportunity was the talent in Colombia we have been recognized to be very good on the writings and the writers and the writers are the people that put the price of any risk to sell insurance so we know how to do our business and we are passionate we were investing in culture we were investing in managing the change, understanding the change communicating the change leading with ambiguity so we felt that we were ready for the change and the other opportunity was systems for years and years and years we used to have the same system and we can only ask any transformation for the same system web services for the same system interconnectivity with the same system and that system was ready to explode it doesn't work but we cannot hire anything different so we see the opportunity to transform our system or our IT technology so for us that was another opportunity and the final opportunity is when we sit together and we define one word, only one word that make us different we already have fair facts fair and friendly happy, we are happy with being very unfriendly but in insurance what is the difference that challenge you to be different and it's not easy to follow and we define the word agile so in that moment we said in our brand we want to offer to everybody agile solutions and in insurance without investing in technology doing the same thing for years and years being agile is a challenge it's a challenge and requires a lot of help of all of you guys that know about technology so we decide this and with all of these words we say we are ready we are ready but big companies can change the talent can change the tools, can change everything but cannot change the big purpose that we have or the big purpose that makes you wake up in the morning inspiring to do something if you are a big company or if you are a small company you have to have a reason to wake up each morning to work because not always work is not always work is fun work is hard but if you have a big purpose you can follow that purpose and you can put all your team together to follow that purpose and as insurance company we sit together with our leaders ready for the change to define what is the purpose of an insurance company an insurance company is boring sometimes a wording of a policy of your auto or your damage of your home is not easy, is not fun to read so the inspirational is not the wording the inspirational purpose was to to ensure that you can continue dreaming you can continue dreaming because we are going to protect your dreams and your projects and in a country Colombia is not a mature economy it's a very beautiful country with happy people but it's still trying to grow have an economy that is is getting profitable and profitable step by step but we want that all Colombians continue dreaming because we are going to protect their dreams in a catastrophe or in a bad moment or momentum or in an accident and we can allow them continue dreaming so with that purpose and trying to build agile and friendly we felt that we were ready our transformation but the challenge was wasn't easy because the challenge was when you have an airplane and you cannot land it and your team have to be ready to rebuild that plane and see what happens when you rebuild one plane our challenge was to change all the plane and the clients cannot understand that we were changing the clients have to understand that we are going to be more agile so we are changing people inside, we are changing technology we are changing the brand inside and you have to ensure that your team is ready for that and your team is prepared to have the confidence that the pilot is doing something good and the people that is painting the airplane is doing something good that is a different way to work and if you ask all of you you can say it's not easy to move big companies into a change because nobody have the confidence that the other one is making good decisions but in our moment when AIG decides to sell us the transformation wasn't an option it was a mandatory so we decide to start our transformation because yes or yes we cannot still with the same brand and with the same people and with the same process and application etc so we start investing and as I mentioned in the beginning of my conference we start investing in culture first in culture, second in people always people in culture have to change how to invest in culture top down you have to change the mindset of your leaders so we hire coaches for each one of our leaders you cannot be a good leader if you cannot work inside yourself to be the best version of yourself so we decide to invest in our leaders to open the mind and to manage the change and we hire a lot of conference sharing together how to communicate the change how to lead in the change how to suffer the change and understand the change how to retain people and at the end after the change management we start working as a team how to break silos how to have confidence between each other how to understand people that is very emotional with a person that is very analytic how to understand how to drive a company and at the end we also give all of our leaders the confidence to lead because when you are the owner of your destiny you have to make decisions and the fault is not the fault of the headquarters you are not following rules you are making decisions and it is not easy make decisions is not easy so when you have everything together moving to execute and make decisions is not as easy as the paper can say let's make decisions and of course yes or yes any change includes efficiencies we need to make efficiencies in people it's not easy to make efficiencies in people but you have to select a team that is going to share with you the future you have to make efficiencies in technology you can not waste money in technology we don't have money to waste in too many software applications all of you offer a lot of things without licenses attaching with our model of our business it means a lot of million dollars and we also have to make efficiencies and process re-understand the processes re-understand how we manage our business because at the end what really matters for any owner of the company is profitability a company without profitability is not a company that has a very good future so putting together transform a company having profitability investing in culture is a challenge it's fun but it's a challenge and in that moment we say ok this is the best momentum we have very good talent we have a very good problem we are ready to innovate and let's see what happens because in all of those steps we were looking like inside our company in that moment we didn't have space or time to see what happened outside of our company what is happening in the world so we decided to to be ready to see what is happening outside after that with our big purpose of ensure the dreams of everybody we noticed first internally that there was a lot of discussions comfortable and friendly discussion but there was discussion because you have women and men and millennials and baby boomers and you have a lot of different people that it's not easy to make decisions how to move forward but at the end we learn and probably you listen Steve Jobs speaking about this that when you put all the stones together in a can with different opinions and you have put in this movement in the can at the end we polish each other to be better because we don't want just a stone writing we want all the company all clients trying to be better so with that all of these words became very fast to our head and we say as I mentioned yes we are ready let's see what happened outside now we have incorporated some words in our mind teamwork culture, clients, change okay ready the pocket full of these words we are ready and we felt in this way only for a while because when we look outside what is happening outside all of these words became like a noise that give us like crazy you are losing time you don't know what is artificial intelligence you don't know nothing about data mining or robots or all the things that you know you are experts in that but we see what can I do with those words I don't know what to do in the morning we are ready for change but how can I manage those type of words and we felt and if you ask any CEO they felt like we are losing the train if you are not in that train you are losing the future because company of this century are ready to lose money in the next century you have to transform and when you start transforming you see that you are always feeling that you are going to lose the train and when you felt that you are going to lose the train again you go for experts and see help me I don't want to lose the train I know about insurance, you know about IT so I need experts so we decide to go shopping and when you go shopping it's not easy to go shopping when you don't know nothing about IT when you don't know nothing about partners because all of you partners give us a lot a lot of noise in our heads you are doing bad you are going to lose money if you don't buy my system if you don't buy my consultant expertise of so many million dollars and you start listening and listening and listening and it's not easy to go shopping in terms of IT and when we try to go shopping in terms of IT in terms of partners that really share our inspirational momentum that share and understand our panic our immature baby steps in terms of IT but understand our inspirations we really want to be a customer centric operation and I want to tell you about our two main partners that are sharing with us how we are going to transform our company the first partner is very interesting partner is in the middle of the mountains of Colombia this partner was inspired in art and that partner Systema C Computadores was born with the intention to put art in all communities and all geographies for free and they start developing artificial intelligence logarithms to have data injection and convert the data into useful data and repeat that data to offer data for free for anybody books, paints and too many things and with that they understand that they can replicate the same model to digitalize any company and the second project that they made was trying to make the most boring process that is paying taxes so they try to put to make the paying taxes process in a very good process and now they have a house in Bucaramanga it's a small city in Colombia a house where you can pay taxes you just take three or seven minutes paying taxes because they develop the interconnectivity the efficiencies the data ingestion they made too many things to make easy paying taxes but in that house you can see art coffee and water you can look for books and everything is free the only thing that you have to do is paying taxes and enjoy the art and with that partner we learn that if paying taxes could be easy and agile selling insurance quoting insurance solving or paying claims insurance can be agile so they inspire us to start storing intelligence for processes and interconnectivity and make that one data introducing any data or anything inside of our company in the same moment you can do with this any agile any agile process so we start creating our eDesk sorry any entrances to our company is going to be in the same path digitalize that data and convert that data in useful data and start making interconnectivities so with system as a computer we select the first part of our transformation and then we select the second partner and with this partner a magical world came to our minds they help us to understand that if we want to be a customer centric operation it is impossible if you are not a data centric company with more than 100 applications and the data included in those more than 100 applications it is impossible to make decisions it is impossible because you have duplicated the data, duplicated the process and they help us understand that we have to move the data into a unique database and then with that data in the same place cleaning the data understanding the data the data can start thinking we can start introducing artificial intelligence learning machine and in that moment all those words that make noise in our head are taking more and more and more reason in our business and we say yes we can transform a company we can be ready for the next century we can transform into a more agile predictive company because for insurance company the data is everything the data to calculate any risk to calculate an earthquake to calculate a fire or all the risk that we are facing is about data so with these two partners we said we are going to change our relationships and our new architecture and this is our new architecture I'm not going to follow fast with this architecture but we change all the way we hire software we hire technology we hire any consultant and we say with just these two partners we are going to jump into the water and create our new future without listening a lot of things and we understood another learning a lot of analysis make paralysis and in some way and in some moment you have to jump into the water and interrupt the analysis interrupt comparisons, interrupt your fare and jump into the water and enjoy the path of what is going to happen in the future with that we start creating our CLE project CLE in Africa is the name of an elephant and elephants in Africa have to reinvent themselves because the tusks are very very expensive and everybody was hunted elephants and killing elephants to use the tusks and they reinvent themselves and they start burning without tusks and we understand that we have to reinvent ourselves internally because we want to survive and as an elephant project there is a lot of data it's a very very difficult project but it's the only way to survive and CLE includes the layers of our partners S from Stratio Y from Systemacy Computadores L our legacy system because that is another good news NECO really wants to change the core system each time we think to change the core system is a big headache and change the core system while you have a plane that you have to change is a headache so we are going to continue with our legacy system but all the transformation is going to be outside our legacy system because the data is going to move outside of our legacy system and I from Innovation because Innovation is our inspiration to continue moving forward and also with Stratio we understood that we have to change our methodology and we start making and it wasn't easy but we create this room inspired in our CLE project introducing our company into agile methodologies to make decisions faster to make decisions involving all part of the business not only technology because technology is a facility the business knows about business and technology can help business to solve problems so with these agile methodologies all decisions are made with a team a diverse team that includes not only our screw master or our product owners our legal people our marketing people and we are making or we are building the company that we dream agile fair and friendly so now we feel that we are becoming from a process-centric company into a more customer-centric company and saying that we want to be a customer-centric understand our clients give the solutions for the clients tailor made or for our geography tailor made is not easy and for that reason to be more customer-centric we understand that yes or yes we need to be more data-centric and we need to suffer all the data cycle to clean the data to use the data to put algorithms in our data and start making interconnectivity with external sources and to be more agile this is a future this is how we want to do it we are just in this path a year ago we are learning a lot and each time we sit with our partners or inside we still polish each one to be better because making a decision is not easy the first time we start we sit with the strategy we understand them and we say this is going to fail but at the end it's not going to fail because we are building together a dream we are not matching of what the strategy wants they are not matching of what we want we are building together a dream so we have to dare to become a better person when we polish each other with different type of ideas so in summary we really accomplish of these five steps without understanding that we have to do it but we have to recommend an ECO what are the steps to start a transformational moment in your organization you have to follow always all these steps and reinvent and reinvent again and again those steps and any time you have to jump into the water without knowing the future in the past we learned that we have to control almost 80% of our problems in this new world you have to control just 20 and deliver with ambiguity and that 80% is going to change again and again and you have to allow your leaders your millennials your team to innovate, to create to start doing something the only thing that you have to do in your company is to have one purpose one purpose that give you the possibility to dream and to wake up in the morning making the things better so at the end we build this plane and this is a much beautiful plane and we are going to reinvent the plane any time we have to reinvent the plane so to finalize this conference I can tell you that we are ready for the next steps but now we have a cocktail of too many good things we are not yet blue AIG used to be blue now we are pink but the combination of the experience of the blue with the agility of the pink is a very good combination we have the right size we are just 300 employees $145 million is a very good size to transform the company it's a good size to transform top down the leaders have to change and then you can have more information in all your people because if the leaders didn't match with the transformation it's not easy to move a company with good rhythm you have to make the diagnosis we make a big diagnosis but you have to make the diagnosis and to understand your process again and again and even for us the change was mandatory I can tell you everybody the change is mandatory for everybody and you need to move out of the status quo and ready to transform and transform your companies and the world and I was here sharing this experience I am pretty convinced that sharing is one step to make this world much better and I want this world much better I want to see growth economies introducing into this artificial intelligence and I want to tell you that we are trying to build a very successful story and we are happy with our partners and thank you for being here okay it's me it was my fault we have some questions any of you have questions? I have many can I start first? yes why are you here? I'm here because and don't say me because someone invited me because all of the people that is speaking here are being invited that's not the answer I'm here because I suffer this story personally I'm not telling a story that somebody told me I suffer this story I know that it's not easy but I want to share this because if everybody listen this maybe can change something in your mind maybe about culture maybe about people maybe about the data lake maybe something but my inspiration is that something change something good thank you so much because I love that second question you have been in different companies and you were absorbed by one and to another one the decision in the company came because there is a big company or a small company or it depends on the value in the company what makes the in a company to have faster decision or slowest decision the value or the size of the company the philosophy the philosophy of the company all companies all people wants to innovate but to really make a decision of innovate depends of the philosophy of the leaders because if leaders allow to innovate and create the environment to innovate and create the environment to put some budget and to fail and there to fail again and again is the philosophy last question is there I would like to know how many time do you repeat since the beginning you could explain a little bit to us how many time you dedicate for the business as usual and for the transformation how you manage these two words really good question for sure my business as usual and this moment means transformation but it is a good question because my team is always asking the same Marta if I put transformation team who is going to do the business as usual and it is a very good question we have one team making transformation another team making business as usual so it is a challenge it is a challenge that you have to balance but I think the transformation must be done for people that make business as usual you have to introduce some other talent but yes or yes the owners of the transformation have to be the owners of the business that is great you have a goal to go and you go for the transformation and people in your team say and they should be in the same train I love it any other question should be the last one of today three, two, one zero big applause for Marta thank you so much for coming here it has been an honor and I have a present for you because in your presentation it is really important to become the version of ourselves and I love that because it is in my book and I am going to give you a book one of my book as a present thank you Marta