Nine leadership questions for Walter Marte, Managing Executive, Nedbank Insurance
Walter Marte is the Managing Executive of Nedbank Insurance. He joined the Nedbank Group in 2005 and has filled various senior and executive roles including CFO and COO of the Nedbank Wealth cluster. Walter holds a Bachelor of Business Science degree in Finance and is a qualified Chartered Accountant.
1. For how long have you been the Managing Executive at Nedbank Insurance?
I was formally appointed in March 2018 after care-taking the role from June 2017. So, one could say I’ve been in the role for just over 7 years.
2. How have your previous roles prepared you for this current leadership role …. Any challenges, highlights or learnings?
I have been very fortunate to have worked in many diverse roles over more than 20 years, all of which have been incredibly valuable in preparing me for this role. The roles taught me about people, culture, stakeholder management, operational expertise, strategic thinking and the importance of adaptability.
My greatest learning is that people are the core of the business. By investing in people and building a sustainable culture is what sets the foundation for a successful business.
3. What would you say are the top qualities to be an effective leader in the insurance industry?
Effective leaders must demonstrate strong communication skills, be human-centred and be visionary in their thinking. Effective leaders also need to nurture an environment that encourages innovation and attracts, develops and retains good people. The ability to inspire and enabling people to perform beyond what they believed is a special quality that one cannot underestimate.
The insurance industry is both rewarding, as you create certainty in the lives of your clients, and challenging, shown by the catastrophic weather claim events and the pandemic. To be an effective leader in this volatile industry, one needs to remain client-centric by bringing the ‘client’ into every consideration as well as being adaptable and resilient in the face of change.
4. What would you say are Nedbank Insurance’s top priority areas for the next three years?
The top priorities for Nedbank Insurance are to invest in our people and culture, create market leading client experiences across our portfolio of life, non-life and advice businesses, and lastly, to ensure we leverage our competitive advantage of being part of the greater Nedbank Group.
5. As one of the leading financial institutions offering both banking and insurance products, how do you attract and retain talent?
Nedbank is not only a well-respected and trusted brand by our clients but also by our staff as a great place to work. We have an incredible employee value proposition for new joiners, especially young people, as they can get exposure to a broad range of the insurance and banking industry.
Not many companies have one business that offers life insurance, non-life insurance and complex advice solutions, as well as access to a banking client base, under one roof. This exposure enables people to grow quickly with diverse experience.
We invest heavily in culture, talent development and creating an effective workforce. Our culture is a key differentiator that helps us attract and retain talent. I would describe it as inclusive, diverse, safe, caring, supportive, fun and client centric. We want our staff to feel inspired, appreciated and connected.
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?
I believe technology is and will continue to play a significant role in the financial services industry. More recently technology has made it easier and more convenient for clients to acquire and service their insurance needs. We have already experienced this at Nedbank Insurance, where many clients are able to access simple insurance solutions by simply a click of a button.
The use of data with technology capability will improve ways of insuring, help understand existing risks and needs of our clients as well as streamline underwriting processes. This is an exciting time for clients and businesses as insurance solutions, processes and systems evolve and mature to continuously enhance the client experience and operational efficiencies.
7. What would you point out as key areas of concern for the insurance/reinsurance sector – from an African and global perspective – in the next three to five years?
The key areas of concern for me would be the impact of climate change, the ability to secure affordable and sustainable reinsurance cover, and the lack of appropriate skills to support the ever changing and competitive environment we work in.
8. If you could go back and give your 18-year-old self one piece of advice, what would it be?
Work hard, keep learning, don’t give up, and be brave!
I always liked this quote by the writer Alan Alexander Milne who is best known for his books about Winnie the Pooh, “Promise me you’ll always remember: You’re braver than you believe, and stronger than you seem, and smarter than you think.”
9. What is the one book you would recommend to your audience, and why?
One of the most recent books I read was “Unbreakable: Building and Leading Resilient Teams” by Bradley Kirkman and Adam Stoverink. I found it very useful and relevant to what we are currently experiencing in business. The book is almost like a guide for managers and leaders on how to create and maintain resilient teams in today’s unstable business environment. The book highlights four key resources essential for building resilient teams. These are team confidence, teamwork roadmaps, the capacity to improvise and psychological safety.
