Jiří Střelický

To someone outside the industry, insurance might not seem particularly exciting. Yet you serve as CEO of ČSOB Insurance. What do you enjoy most about your role?

Without a doubt, what I enjoy most is working with people and having the opportunity to challenge established ways of doing things and drive the company forward technologically.

It is worth saying that, for those of us working in the field, insurance is genuinely fascinating. Many interesting things are happening in the industry, and from a business perspective there are very few sectors where mathematics can be applied so broadly. At the same time, I fully understand that for most people insurance is simply a necessity – something difficult to do without, but not necessarily something they find engaging.

What gives our work meaning is the fact that we help people during difficult moments in their lives and protect what matters to them.

In previous interviews, you have spoken about innovation and digitalisation in insurance. How is the industry changing today?

Three major factors are currently reshaping the insurance industry.

The first is, of course, internal digitalisation: automation, robotic process optimisation, and increasingly artificial intelligence. These developments allow insurers to make their processes faster and more accurate, which customers experience both when purchasing insurance and when filing claims.

The second factor is something people may not immediately recognise. Traditionally, insurers have covered physical assets – homes, businesses, manufacturing facilities, and production lines. In the past, the main risks associated with these assets were mechanical failures or fires, and key preventive measures focused on things such as fire protection systems.

Today, however, production lines are often fully automated and controlled by software, sometimes incorporating AI technologies. In such cases, the greatest risk may no longer be a mechanical malfunction but rather a software error, a cyberattack, or a failure within an AI-driven system.

As a result, the most significant exposure may lie not with the company operating the equipment but with the manufacturer of the machinery or the software provider. This shift is changing not only the economics of many industries but also the very nature of what insurers actually insure – that is, the risks they underwrite.

And what is the third major factor?

The third factor is environmental change and the growing impact of climate-related risks. Flood zones, for example, are evolving, and insurers are seeing the risks they assume change before their eyes.

And this is where mathematics comes into play once again. Insurance and reinsurance companies model the probabilities of fires, assess tectonic activity related to potential earthquakes, analyse tornado risks, and study many other phenomena.

What we encounter most frequently, however, are so-called “once-in-a-thousand-years” floods and the ways rivers overflow their banks. These risks are influenced both by human interaction with the environment and by broader climate change, which affects all of us in the Czech Republic, whether we choose to acknowledge it or not.

One indication of this is that the Czech Republic has experienced what are described as thousand-year floods three times over the past twenty-five years.

Technical fields have a strong future

You studied Algebra and Discrete Mathematics at the Faculty of Science. How important is mathematics in the insurance industry today?

The entire insurance industry is built on mathematics – particularly statistics and econometric modelling. In my view, it does not really matter whether you studied pure mathematics, actuarial science, or mathematics combined with another discipline. I am convinced that a background in mathematics opens doors almost everywhere.

More broadly, technical and scientific expertise – whether in mathematics, information technology, physics, or engineering – is highly sought after by many major employers today.

When you say mathematical skills are in such high demand today, was that not the case in the past?

Twenty years ago, opportunities for people with a purely mathematical background certainly existed, but demand was much lower. Companies generally did not recognise the added value that graduates in mathematics, physics, and other technical disciplines could bring. Many business decisions were made with less emphasis on analytical evidence.

Today, I believe the situation is completely different. Data analysis informs the vast majority of decisions within organisations, and people with these skills often have exceptional career opportunities.

I can see this from my own position as CEO. We are constantly looking for people with strong technical foundations – individuals who understand IT, mathematics, statistics, data, and increasingly artificial intelligence.

At the same time, technical expertise alone is not enough. These people also need strong soft skills: the ability to communicate effectively and work well within teams.

I realise that individuals with highly technical backgrounds are often more introverted than average, and heavily people-oriented environments may not always suit them naturally. However, those who can combine their analytical strengths with collaboration and a systematic approach have truly remarkable career prospects.

What advice would you give to today’s students?

It may sound like a cliché, but I believe students should keep their eyes open and avoid focusing exclusively on their chosen field of study. They should pay attention to the broader context and develop a well-rounded perspective.

One thing is to earn a degree and become proficient in a particular discipline. What is valued even more, however, is the ability to understand how problems fit into a larger picture and to solve them effectively.

That requires strong communication skills, the ability to structure problems clearly, explain complex ideas, and work collaboratively to find solutions.

When we recruit new colleagues at the insurance company, we look not only at how they think and solve problems, but also at how they cooperate with others and whether they fit into a team. Those qualities go hand in hand.

I have always enjoyed team sports, especially volleyball. It demonstrates very clearly that having several outstanding players does not guarantee success if the team lacks cohesion.

Business works in much the same way. Team performance is built upon individual capabilities, but it is effective collaboration that ultimately determines success.

Would you recommend that young people study mathematics and other technical disciplines today?

Many people now recognise the importance of technical fields. I would not hesitate to recommend that anyone who is uncertain about their future direction consider pursuing a degree with a strong technical foundation.

Mathematics, biophysics, biochemistry – virtually any discipline that includes a substantial technical component. In my opinion, these fields have an enormous future ahead of them.

From mathematics to insurance

When you began your doctoral studies, did you imagine that you would eventually end up working in insurance?

At the time, I did not particularly want to work in insurance. Looking back, that is quite an amusing paradox.

It is important to remember that the insurance industry was not nearly as attractive twenty or twenty-five years ago as it is today. For many people, insurance was associated with the stereotypical image of a salesperson knocking on strangers’ doors.

Today, however, I can honestly say that I have never regretted my decision. I ultimately discovered the appeal of insurance by experiencing the industry from within.

What fascinates me is the combination of commercial thinking, sophisticated technologies, software development, process improvement, and – returning once again to our recurring theme – mathematics.

I see the complexity of the field, the technological challenges it presents, and the speed at which it continues to evolve. For those reasons, I would recommend this profession today without hesitation.

How does someone move from discrete mathematics to leading ČSOB Insurance?

Chance certainly played a role.

After completing my degree in discrete mathematics, I pursued a PhD at CERGE-EI, specialising in economic theory. During my studies, I also spent time abroad at the University of California, Berkeley, and later at the University of Bonn.

Afterwards, I joined the consulting firm McKinsey & Company, where I first became more deeply involved with the insurance sector. From there, my career led through Generali PPF Holding and management positions within Generali in both Poland and the Czech Republic before eventually bringing me to ČSOB Insurance, where I have now served in this role for eight years.

The early stages of my career progressed quite rapidly, and there was certainly no shortage of fortunate coincidences and good decisions along the way.

What does a typical working day look like for you as CEO?

I spend the majority of my time meeting with people and shaping the strategic direction of the company together with my colleagues.

Naturally, there is also a constant flow of emails, analyses, reports, and other materials that require attention.

That said, I have loved mathematics all my life, and I still have a tendency to delve into models and methodologies simply out of personal interest. I enjoy understanding how things work in detail, even when that level of knowledge is not strictly necessary for my job.

Of course, my responsibilities also include working closely with business partners and collaborating organisations.

Looking back, why did you decide to study discrete mathematics in the first place?

Once again, it was partly a matter of chance.

I had always enjoyed mathematics, but at that stage I did not have a clear idea of what I wanted to do professionally. I think many young people feel the same way. Mathematics simply interested me.

During my studies, I found discrete mathematics more appealing than statistics or mathematical analysis. It involved areas such as coding theory, cryptography, and algorithms, which I found particularly fascinating. Although, during my doctoral studies, I eventually focused much more on econometrics and statistics.

Jiří Střelický

He serves as Chief Executive Officer of ČSOB Insurance. He sees insurance as a dynamic and forward-looking industry that combines commercial expertise with modern technologies and offers significant opportunities for innovation through artificial intelligence and, naturally, mathematics.

He finds purpose in his work because he witnesses firsthand how insurance can genuinely help people in difficult situations.

Career and professional path

Jiří Střelický graduated from the Faculty of Science at Masaryk University with a degree in Algebra and Discrete Mathematics.

He subsequently earned both his M.A. and Ph.D. in Economic Theory from CERGE-EI in Prague.

During his studies, he also undertook research stays at the University of California, Berkeley, and the University of Bonn, where he focused on economic research.

He began his professional career at the consulting firm McKinsey & Company. He later held a number of senior management positions within the Generali Group in both the Czech Republic and Poland.

In 2016, he became a member of the Board of Directors of ČSOB Insurance, and since 2018 he has served as the company’s Chief Executive Officer.

Photo: Jiří Střelický archive