Why CEOs are "never fully satisfied", according to CEO of insurer CFC

"My focus is on making sure we've got the very best medium- and long-term strategy," she says. “In fast-moving emerging risks like cyber and climate, the ability to innovate quickly and effectively is critical. It’s what keeps us ahead.”

In an industry where change is constant, the challenge is clear: lead or risk falling behind. That challenge is also CFC’s strength, says O’Shea.

That emphasis on innovating at pace brings its own tension, particularly when balancing long-term priorities with more immediate demands. O'Shea admits it is not always easy to remove herself from the day-to-day. "It's something I have personally struggled with," she says. "But I have a team focused on the near term, which allows me to concentrate on where we’re going next – and how we keep pushing boundaries.”

Lift yourself above the noise

O'Shea points to Al as an example of where she sees truly transformative potential for CFC “not to replace human expertise, but to enhance it”. In practice, that means using AI to take on routine process tasks such as data entry and the preparation of quote recommendations, freeing underwriters to focus on broker relationships and portfolio management.

"That’s just one use-case we’re exploring," she says. "AI represents a fundamental shift for our industry, but there is a lot of short-term noise. My role is to step back and look at the big picture—where this could take us and what investments we should make now.”

In line with her approach, O'Shea says her team is empowered to experiment with different applications of Al. "They're closest to the opportunities, and that bottom-up insight is critical. We’ve always embraced data and technology, and AI is the next frontier."

Harness the growth potential of disruption

While O'Shea assesses the potential of Al to disrupt her own business, she is also focused on the impact of technological change on her customers.

CFC has been a pioneer in the provision of cyber security cover for small businesses. O'Shea says a spate of high-profile attacks in the UK has focused business leaders' minds on both improving their cyber defences and putting in place cover against potential harm. That cover can also include indirect harm such as being a supplier to an affected company that loses business or cannot be paid as a result of a cyber-attack.

CFC’s trajectory has been shaped by its ability to anticipate and respond to emerging risks for small businesses, a segment underserved by traditional insurance. This approach has positioned CFC as a leader in specialty insurance, where the pace of change is rapid and the need for forward-thinking solutions is acute.

Cyber is just one example of the emerging risks CFC is constantly assessing to identify "protection gaps". Climate is another. CFC has recently launched a product enabling customers to protect their investments in carbon credits. Should, for example, a reforestation project be destroyed by floods or forest fires, or be derailed by political unrest, the customer who has invested in that project can be covered.

Place your chips wisely

The result of an agile approach to launching new products and services where opportunities are identified means CFC runs a diverse portfolio of 70 different products.

O'Shea says that means she has to prioritise where she places her bets for growth. In the insurance sector, shaped by dynamic risks and external factors, that can mean working out when it is best to dial down parts of the business while ramping up others.

Unsurprisingly for an insurance business, that means assessing how much risk to take on and identifying "the right kind of growth".

"I have a decent capacity for risk-taking. But with a decent amount of information and intelligence too," she says. "I triangulate data and listen to the different levels of risk appetite across the business, to make judgements. We're a high growth business, but it's sustainable, profitable growth. We are selective and disciplined in our choices."

But even disciplined growth requires relentless effort, a desire for more and a willingness to back yourself to succeed. Current investments for CFC include international expansion into Australia, Canada, mainland Europe and the US, on top of its investments in new products and services.

"Most CEOs are probably never fully satisfied," she says. "I can always see room for improvement and I’m a striver. If I think we're missing a good opportunity, I can’t settle. I’ll put in the work to make it possible."