Mike Potter, CompSource Mutual Insurance Company chief information officer, is completely reinventing what IT looks like for the company, which has been around since 1933.
“In early 2023, we’ll deploy what has been a multi-year, multi- pronged digital transformation strategy that will further enhance those capabilities and meet customer needs in ways we never have before,” Potter said. “More than 150 employees and contractors are contributing to this multi-year project, which will completely transform our organization’s capabilities and perception in the market.”
Potter said the mutual insurance industry has seen an unparalleled level of competition since about 2015, and, despite the challenges, CompSource has maintained market share at or near 30 percent in recent years and exceeded target revenue by $6 million last year. Potter is quick to attribute this success to the collective team, but he also said it is because of the innovative solutions IT has provided.
“We’ve implemented incremental IT enhancements throughout the past few years,” he said. “We’ve seen a consistent pattern of year-over-year growth and, despite numerous challenges, 2021 proved to be especially successful.”
How do you define innovation?
Innovation driven from the challenge of significantly growing a company is typically disruptive and includes the application of technology enablers. It requires asking the hard questions and isn’t afraid to turn business on its head and go beyond the point of just improving a process to reach a level of innovation otherwise unattainable. It also demands that we are constant students, surveying leading- edge technologies and developing technology roadmaps for our future.
What has been the most innovative project you’ve worked on in the last
Undoubtedly, leading the organization through a comprehensive digital transformation. This project has challenged me and the leaders I’m surrounded by, unlike anything else in my career. I’m at an inspiring place right now. Where I sit today is a bit like watching the confluence of rivers. I can see where we were. I can see where our digital transformation is headed, and just ahead, I see where those merge into a massive force. It’s thrilling and genuinely the opportunity that led me to this organization in the first place.
CIO Innovator of the Year Finalists:
- Jason Baffrey, OCAST public information officer
- Chris Shilling, Chickasaw Nation Department of Commerce chief technology officer