Profile
New insurance boss navigating change Jimmy Higgins is Suncorp’s new chief executive. Covernote asked how he’s feeling about the sector now, and into the future. What do you see as the biggest challenges for NZ insurers over the next 12 months? Financial market fluidity. 2020 has seen immense change and new demands for insurers. Covid-19 has caused a great deal of disruption in the global markets that we rely on for return on capital and reinsurance, and we need to manage the possibility of that volatility leading to increased costs or new restrictions on our products imposed by international reinsurers. Locally there’s been disruption, including to supply chains and access to international employees which increase the cost and challenges for businesses and I know brokers and advisers are working hard to support their customers with those challenges. As an industry it’s important that we continue to maintain customer trust, and that we keep looking ahead to what will create value for the industry and our ecosystem in the long term. The recently announced natural disaster response model is a good example of where, despite the adversities of Covid-19, we have managed as an industry to progress a significant milestone that will deliver better outcomes for our customers. What will be the challenges for Suncorp? The challenge for us over the coming year will be to 12
December 2020
maintain momentum and agility in the face of uncertainty, and to keep our people engaged in a flexi-working environment. The global impact of Covid-19 and the local lockdowns have created increased uncertainty and financial pressure for Vero’s customers and the brokers and advisers we work with. We have a lot of work underway to continue to improve and build on our services and products for the benefit of brokers and customers, and we need to keep making progress on this while maintaining our financial strength and managing any business continuity issues created by Covid-19. But there are opportunities to take what we have learned from Covid-19’s global impact. We need to be agile and continually look for new or different ways to improve the way we develop products, respond to claims, connect with our customers the way they want, and provide best-in-class customer experiences. What are your immediate goals in your new role at Suncorp – are there any changes you’d like to see implemented within the next year? One of my big focus areas as CEO is to continue to make us easier to do business with. Brokers have experienced a shift in customer behavior, with increasing demand for digital connectivity and responsiveness, so their needs continue to evolve. We are continuously Continued next page
