Turning risk to reward
02
Marsh Indonesia: finding opportunity in the challenging insurance space WRITTEN BY
OLIVIA MINNOCK PRODUCED BY
NATHAN HOLMES
03
w w w.ma rsh. com / id
MARSH INDONESIA
Following the $5.6bn global acquisition of JLT, Douglas Ure explains how Marsh Indonesia will maintain local commitment amidst digital disruption in the insurance space
M
arsh has a global strategy of growing our business, and in doing so we focus on and prioritize our clients and colleagues,” says
Douglas Ure, Chief Executive Officer & President Director of Marsh Indonesia. Having been with 04
Marsh for 12 years, Ure is now taking a new step and moving to Jakarta as part of Marsh Indonesia, and for him the most exciting part is the people. “The team we have in Indonesia is fantastic. We have a real client centric attitude,” he enthuses, expressing admiration for the “energy, drive and collaboration across the Indonesia team”. Having worked with Marsh London, Ure was responsible for one of the risk consulting practices that had him working with clients across the UK, Europe, Middle East and Africa. In 2014, Ure relocated to Singapore and has been getting to grips with the Asian market, and he looks forward to continuing his journey across a dynamic continent. “Asia is such a vast, rich culture with huge opportunities for growth. Some clients, organisations and countries are very advanced and sophisticated with
05
1983
Year founded
35,000
Number of employees (Group)
w w w.ma rsh. com / id
MARSH INDONESIA
regards to insurance and risk, others less so. In North Asia, for example, a lot of the Marsh client base is driven by large manufacturing and technologybased companies with sophisticated risk management needs.” As for Indonesia? “Marsh’s Indonesian business has been in operation for 35 years, and we have a mix of local and international companies that we are privileged to work with, all with bespoke needs and requirements. In my regional Asia role, I had the opportunity to work with some Indonesian clients and visit the country regularly.
06
However, for me living, working and being truly engrossed in the culture will be fantastic. I’m really looking forward to learning more about Indonesia and
“ Cyber is a kind of risk you can’t put your finger on – it doesn’t have any boundaries” — Douglas Ure, Chief Executive Officer & President Director of Marsh Indonesia
making a difference to our operation.”
INTEGRATING TWO INDUSTRY GIANTS Since we last spoke to Marsh Indonesia in 2018, the group (Marsh & McLennan Companies, Inc) has been involved in a significant global acquisition in the form of insurance and risk management, JLT (Jardine Lloyd Thompson). Having completed the last steps of the US$5.6bn deal, Marsh is now working to integrate the two
CLICK TO WATCH : ‘#RIMS2019: DRIVING THE DISCUSSION ON DIVERSITY AND INCLUSION’ 07 businesses together. It’s a significant
Throughout what is more of a culture
shift, which Marsh has pledged will
integration than a culture shift,
happen gradually. “A key part of the
Marsh will maintain careful, elegant
integration is that it’s really comple-
change management strategies.
mentary,” says Ure. “Speaking to the
“Managing that change and transition,
Southeast Asia landscape, we see
collaborating with new colleagues as
aspects of the Marsh and JLT cultures
they integrate has started really well.
really complement each other,” he
I am genuinely impressed at how both
adds, noting the companies share a
teams are coming together, sharing
client-centric approach and commit-
ideas and learning from each other.”
ment to collaboration.
Ure adds that while this will be a
“Obviously there are differences
gradual process, some things can
as well, so there’s going to be change
be done quickly and these achieve-
for both Marsh and JLT as the two
ments will be celebrated. “With a
companies come together,” Ure adds.
stronger collection of talent from both w w w.ma rsh. com / id
MARSH INDONESIA
08
organisations, we create a solid team,”
treated. A global development for the
he says, adding that the end result will
company, the JLT acquisition is one
be a “broader and more sophisticated
of many that will be enacted locally, in
service with an even greater value
true Marsh style. “We have local talent
proposition” to clients.
providing local solutions to our clients.
Following the integration, Ure stresses
That ultimately means they’re engaging
that Marsh will carry through its “Seven
the clients, talking the same language.
Client Principles and Global Code of
The local approach is obviously really
Conduct” as it does already in each of
important. Marsh operates across
its locales. This covers everything from
more than 130 vastly different countries,
ensuring documentation is compliant
which requires us to apply a local
to the way clients and colleagues are
strategy as well. We take our global
strategy, adopt and adapt it to what
to support our consumer segment,”
will work best in Indonesia. We are
says Ure. Marsh’s consumer segment
conscious of the consistency of our
involves working with large clients
service that must be delivered to
who have a number of customers
a client wherever they are in the world,”
or are part of the sharing economy,
Ure continues, outlining that training
and the business has worked
and development needs of staff often
extensively in Asia to provide technol-
vary by location.
ogy platforms that enable insurance solutions to be provided to consumers.
KEEPING ABREAST OF DIGITAL DISRUPTION
increasingly prevalent in the region,
Aside from its recent $5.6bn acquisition,
Marsh Indonesia is not ignoring this
Marsh continues to look at investment
key driver of growth. “Technology
opportunities closer to home. “We’ve
is critical to running any successful
invested quite heavily in technology
and efficient business,” says Ure, who
With tech-led organisations
E XE CU T I VE PRO FI LE
Douglas Ure Douglas Ure is the Chief Executive Officer & President Director of Marsh Indonesia with over 20 years of experience working in insurance and risk management. He began his career in in the manufacturing sector where he was responsible for corporate risk management and insurance before moving into the consulting industry. Ure joined Marsh in 2007 and has been involved in various roles covering consulting, analytics and claims across UK, Europe, and Asia. Ure moved to Asia in 2014 to be based in Singapore before moving to Jakarta, Indonesia in 2019.
w w w.ma rsh. com / id
09
MARSH INDONESIA
Looking for benefits beyond standard? Sompo provides the best solutions and services Sompo Insurance Indonesia experienced for more than 40 years, has become one of the leading non-life insurance company in Indonesia. We always find the best solutions and services for you, your family, and your business. Supported by: Over
18 511 2400
marketing offices in Indonesia
More than Over
partner workshop in major cities in Indonesia
hospital networks worldwide
Explore More
Sompo Insurance Indonesia is registered and supervised by the Financial Services Authority (OJK).
11 feels data analytics is increasingly vital for Marsh to make better, more informed decisions both internally and for its clients. “We need to collect data, which could be on losses or claims, or data about insurance premiums and how those costs might be increasing or reducing. It could be beginning to benchmark our clients across a particular industry to give an indication of market prices or buying trends. Having systems that pick that information up and allow colleagues to navigate it and share it with clients around their risk profile is vital.”
“ The team we have in Indonesia is fantastic. We have a real client centric attitude for a greater value proposition to our clients” — Douglas Ure, Chief Executive Officer & President Director of Marsh Indonesia
w w w.ma rsh. com / id
MARSH INDONESIA
To keep up with the blistering pace of advancement in data and digital more widely, collaboration is key and Ure says that rather than being seen as a threat, tech startups should be welcomed with open arms. “We’ve already made a number of partnerships with insurtech companies,” he says, adding that Marsh blends this with internal development too. “We’re investing a lot internally in developing our platforms and support systems. We’ve recruited and built up a team that’s providing technology12
based solutions across the company. One example is the growing cyber exposure our clients are facing and how we can support our clients to manage this exposure more effectively. For example, we can profile clients and industries and types of cyber events that could happen, and the likely financial impact to their business. Interestingly, it’s not just from the perspective of internal development that the fourth industrial revolution is opening up new opportunities for Marsh. It’s also worth remembering that new technology means new risk – and this is a growing business segment for Marsh.”
MOVING WITH THE TIMES Going forward, Ure and his team will continue to see every challenge as a new opportunity, especially the integration of JLT. “Continuing business as usual, serving our clients and delivering what our clients expect while that change is happening, will be critical,” Ure comments. Marsh will also continue to invest locally and support clients as they grow. “Going back to the core principles of Marsh, challenging ourselves to develop talent is again an opportunity,” he adds. Indeed, retaining top talent will be key, driven by Marsh’s commitment to change management and the development of a positive culture. “We like to communicate directly with our teams, sharing information about new initiatives, for example. We also like to give people opportunities for their own training and development. Sometimes that can be professional training and other times it can be opportunities for our colleagues to give something back to the community through rewarding volunteering initiatives.” In terms of investment and growth, Ure comes back to the exciting prospect of a new region. “In Indonesia, w w w.ma rsh. com / id
13
MARSH INDONESIA
14
we want to take some of the investment we’ve made and deploy it here locally. That’s a work in progress for us: with more than 260mn people live in this country so it’s a huge consumer base.” Indeed, Indonesia itself is heavily investing in its own development with ongoing infrastructure projects, which all adds opportunity from Ure’s perspective. In addition, as the country continues to attract investment from further afield, Marsh will be there with those companies every step of the way.
“ We have local talent with global network and global expertise providing local solutions to our clients” — Douglas Ure, Chief Executive Officer & President Director of Marsh Indonesia
15
“We also recruit people into the
the world, we can give them the
Indonesian local market that have to
confidence and comfort of receiving
service Japanese and Chinese clients
an established, consistent standard
that are investing into Indonesia. We
and high quality people in New York,
employ Japanese and Chinese locals
Paris, Jakarta or wherever they are
alongside an Indonesian workforce to
in the world.”
work directly with those clients that are investing here,” Ure explains. “That’s where Marsh really stands out and is committed to the consistent service delivery in providing a higher quality of service. Although, organisations might be headquartered somewhere else in w w w.ma rsh. com / id
Marsh Indonesia PT Marsh Indonesia, Sentral Senayan II, 15th Floor JI. Asia Africa no.8 Jakarta Indonesia T +62 21 579 78100 www.marsh.com/id