I first joined Standard Bank back in 1995 and has, over the years, risen through a number of various senior and executive roles that have enabled me to gain deeper insights and appreciation of the challenges faced by our business.
1. For how long have you been the Chief Executive Officer of Standard Insurance Limited?
I joined Standard Insurance Limited as Chief Executive in March 2023.
2. How have your previous roles prepared you for your current role …. Any challenges, highlights or learnings?
I first joined Standard Bank in 1995 and have since then held several executive positions including CFO for Wealth; Director for the Bancassurance business; Director of Commercial Insurance; Chief Operating Officer of Personal and Corporate Wealth; and Chief Operating Officer for Investments and Asset Management.
These roles instilled a strong foundation in strategic thinking, operational excellence, and stakeholder management. Standard Insurance Limited started operating a couple of months before I joined the bank and all my previous roles have afforded me the opportunity to be exposed and involved in the business for many years before taking on the Chief Executive role.
3. Having been in leadership positions in the financial sector for almost three decades, what would you point out as an effective leader’s top qualities?
Effective leaders must possess strong communication skills, adaptability, decisiveness and must win mindset. The ability to foster collaboration and empowering of teams is crucial for cultivating a positive culture. Especially right now – the industry demands for creative collaboration between industry peers and even with other industries.
4. What would you say are Standard Insurance Limited’s top priority areas for the next three years?
Top priorities for Standard Insurance Limited include transforming client experience, executing with excellence and delivering sustainable growth and value to clients and stakeholders.
5. As one of the leading financial sector brands, how do you attract and retain talent?
We emphasise the organisational culture, professional development, and continuous learning. Other strategies include flexible work arrangements and opportunities for advancement. Standard Bank’s purpose is to enable people to become the best version of themselves, to help drive Africa’s growth.
We believe that our people are our brand, and their solutions, advice and service-orientation are largely what drives the loyalty of our clients. As a result, as a leadership, we take the people agenda very seriously. We do our best to create an environment where all our people have opportunities to engage in meaningful work, that allows them to grow, develop and very importantly, to remain “future fit”.
6. How do you see technology playing a much more significant role in how insurance/reinsurance products are developed and distributed in the next few years?
Technology will play a transformative role in the development and distribution of insurance products. We continue to expand the use of data analytics and expand our investment in future ready technology to automate and streamline our processes, enable a product design that allows improved personalisation and to enhance customer engagement.
I think we can also all agree that AI is no longer a distant future but an imminent reality shaping our present. While the uses of AI are still being debated and formed, the widespread consensus is that AI will have a profound impact across all sectors, including the insurance industry.
The benefits of AI extend far beyond improving operational efficiencies and reducing cost. AI can assist to identify false claims more effectively, assist with mitigating risk by ensuring compliance to the regulatory landscape and can augment human tasks by eliminating the need for menial tasks to be executed. This will enable employees to have more meaningful customer interactions, driving exceptional levels of service to clients.
7. What would you point out as key areas of concern for the insurance/reinsurance sector in the next three to five years?
At the top of the list is the impact of climate change on risk assessment, impact of severe losses of ability to secure affordable and sustainable reinsurance cover, and the need for greater innovation to meet changing customer expectations.
A report by Relief Web revealed that South Africa is highly vulnerable to shocks, including droughts, floods, wildfires, and social violence stating that between 1952 and 2019, South Africa experienced US$9 billion in economic losses due to disasters, with an acceleration in losses due to the increasing frequency and severity of shocks.
These figures highlight the severity and volatility of the region’s shocks and natural disasters as well as its lack of financial protection against them. The increase connectedness of climate change, infrastructure concerns, socio-economic challenges, and the continent’s inability to continue or recover following extreme incidents pose a big threat to sector and economy.
8. If you could go back and give your 18-year-old self one piece of advice, what would it be?
Embrace lifelong learning, embrace growth opportunity, and build a diverse network.
9. What is the one book you would recommend to your audience, and why?
I recommend “Outliers: The Story of Success” by Malcolm Gladwell. The book explores the factors that contribute to high levels of success. Gladwell argues that success is not just about individual talent or hard work; it is also influenced by context, culture, and timing.
He presents several key concepts, such as the “10,000-Hour Rule,” which suggests that achieving mastery in any field requires approximately 10,000 hours of practice. Understanding the background and circumstances of successful individuals can provide valuable insights into how we can foster success in ourselves and others. Throughout my career, I identified successful individuals as role models.
