In my last post and debut podcast, I talked about why strong foundations matter for coming up with smart, workable solutions in business. But, there's a twist when we hit a problem that's completely new to us: just having that solid base isn't always enough.
This brings me to a story I love to share with my team and my training participants, about how Henry Ford had a lightbulb moment that changed cars forever. Did you know he got the idea to build cars faster and cheaper by watching how meatpacking plants worked? They had this assembly line where everyone did one job, moving the product along quickly. Ford thought, "Why not do this with cars?" And just like that, in 1913, he changed the game by setting up an assembly line at his car plant in Michigan.
Now, jumping from cars to my world of actuarial modeling in Prophet. Under the new demands and requirements like IFRS17 implementation, the old ways of doing things just weren't enough anymore. I needed models that could twist, turn, and adapt fast. Where did I look for inspiration? Believe it or not, WordPress, the website platform, especially the way it uses plug-ins to add new features easily.
Inspired by this system, I developed a similar mechanism for Prophet models. This innovation allows users to easily attach or detach selected riders to basic insurance plans through a table-driven approach, significantly increasing the models' flexibility. This approach not only streamlined the modeling process but also introduced a level of customization and efficiency previously unattainable.
Both these stories, mine and Ford's, show that sometimes, the best way to tackle new challenges is to look outside your usual toolbox. You never know where the next great idea will come from, making work not just smarter but also a lot more fun.
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