BUSINESS2019
LEGAL INTERNATIONAL WOMEN’S DAY Celebrate the trailblazers in law
INDUSTRY
TRAVEL
ECONOMIC SUBSTANCE Some takeaways from KPMG
BUSINESS LUNCH Best Spots in Bermuda
P. 8
P. 11
P. 20
February 2019 | RG BUSINESS
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CONTENTS
COVER STORY 8
INTERNATIONAL WOMEN’S DAY Trailblazers in Bermuda Law
BY JULIE MCLEAN
DEPARTMENTS 5
IN PROFILE
20 TRAVEL
Marquel Waldron
Where to eat
Taking business to the Xtreme
Bermuda’s best business lunch spots
BY RÁJAN SIMONS
BY ALEJANDRA OTTLEY
7 LEGAL
22 RECRUITMENT
In her shoes
Keep em’ coming
A day in the life of Georgia Marshall
How to successfully onboard a new hire
8 LEGAL International Women’s Day Trailblazers in Bermuda law
BY JULIE MCLEAN
11 INDUSTRY Adequately suitable or suitably adequate? Some takeaways on economic substance
BY JOHANNES EULEN
13 REAL ESTATE To Airbnb or not to Airbnb? Running the numbers
BY ALLISON SETTLE-SMITH
17 TECH Interview with a Digicel Solutions Specialist Meet Shawn Hassell
18 TOP TREADS
BY KRISTEN SCOTT NDIAYE
23 INSURANCE Age is not an obstacle Why you shouldn’t stop hiring mature employees
BY JOHN MANCHESTER
24 SMALL BUSINESS Thumb on the pulse Best HR Tech tools for 2019
BY ROBYN BARDGETT
25 ACCOUNTING Variance and governance Strengthening investor confidence
BY BILL MILLER AND KYLE VRIEZE
26 FINANCE Just another bill A case for life insurance
BY JESSICA MAIATO
Impressive, well-equipped joyride Nissan Qashqai 2019
BY IAN HIND
FEBRUARY 2019 RG BUSINESS
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BUSINESSSPOTLIGHT MAGSBDA
READ:
rgmags.com Content Manager Kristen Scott Ndiaye
Dare to Lead: Brave Work. Tough Conversations.
Publications & Product Development Manager Carlene Spencer-Darrell
AUTHOR: BRENÉ BROWN
Creative Director Nikeisha Burrows
From the creator of one of the world’s most popular on-line courses (of the same name), this book, written for teenagers, teaches the inner workings of neural processes in a digestible way that even adults should be interested in. This book gives a systematic approach to effective learning – advocating for re-wiring our brain from the way that we’ve been taught to learn, to a way that helps us to pick up any topic. Read a full review at rgmags.com/business.
Marketing Manager Christina Sgobba
CONTRIBUTORS Julie Mclean Johannes Eulen Allison Settle-Smith Ian Hind Alejandra Ottley John Manchester Robyn Bardgett Bill Miller Kyle Vneze Jessica Maiato ADVERTISING SALES & ADMINISTRATION sales@royalgazette.com
Advertising Solutions Specialist Shawn-Nae Cann Advertising Solutions Specialist Andre Bolotenko Advertising Account Executive Marguerita Carter Administrative Sales Support Margaret Mitchell ART & DESIGN Senior Digital Graphic Designer Terrina Nolan Senior Graphic Designer Christina White Senior Graphic Designer Byron Muhammad Graphic Designer Zaire Quenette-Lowe
PHOTOGRAPHY Acting Chief Photographer Akil Simmons Photo Journalist Blaire Simmons
Bermuda Triple Challenge MARCH 15-17 2019
RGMAGS.COM Digital Content Specialist Rájan Simons Senior Digital Graphic Designer Terrina Nolan Web Developer & Template Manager Joseph To
Bermuda Island Games is the first Bermudian mobile game development company, dedicated to designing games that celebrate Bermuda. Their goal is to promote the island in the most entertaining and educational way possible, through games that portray our culture. Read our story on the games industry in this issue and connect on social media for more details on to get behind this burgeoning industry.
BUSINESS Chief Executive Officer Jonathan Howes Chief Financial Officer Cameron Poland Commercial Director Michael Grier
SPECIAL FEATURES EDITORIAL
PUBLISHED BY The Bermuda Press [Holdings] Ltd.
Digital Content Specialist Rájan Simons
PRINTED BY Bermuda Press Ltd. RG Mags Bda is a series of Feature & Supplement products provided by The Royal Gazette.
Established 1828; Incorporating The Colonist and Daily News (Established 1866). Member of the Newspaper Association of America. The Royal Gazette Ltd, a subsidiary company of Bermuda Press (Holdings) Ltd. BPH incorporated in Bermuda, publishers and printers of The Royal Gazette. The Royal Gazette Ltd’s Electronic Edition is published daily at www. royalgazette.com
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CHALLENGE:
RG BUSINESS FEBRUARY 2019
PLAY:
Bermuda International Film Festival
MARCH 10-17 2019 The Bermuda International Film Festival (BIFF) is an annual spring event which highlights the best in world cinema. The festival features top films from the world’s leading filmmakers as well as introduces new, talent from around the world, and locally. Find your next conversation starter with some of the world’s best.
IN PROFILE
Marquel Waldron Taking business to the Xtreme BY RÁJAN SIMONS RS: What was your vision behind Xtreme Sports and how did it come to fruition? MW: In 2014, I was on a train in England, looking out the window and I saw people playing Bubble Football. I had watched a few clips of it on social media, but seeing it first hand, I thought it would be something cool to bring to Bermuda. Once I started researching Bubble Football, I came across other similar games. From there I began brainstorming about how it could become a viable business opportunity in Bermuda. June 2015, I started Xtreme Sports,
with Bubble Football. The vision from the beginning was to bring new, exciting games and attractions for the Bermudian public to enjoy. RS: Xtreme Sports Games has become a must-attend annual event on the island — what goes into putting on such a successful event? There’s a lot of behind the scenes work; meeting with sponsors, coordinating teams, advertising and marketing, ordering supplies, working with vendors, working with location staff, and the list goes on. But to be honest, now that these rela-
tionships have been developed, it is a lot easier to plan. We wouldn’t be able to put on the event like this without the help of our team and all of the volunteers. They are the real MVPs. Lastly, it’s about executing and thinking on your feet on the day itself. As much as you plan, nothing ever goes according to plan 100%, so it’s about adapting. RS: You’ve recently announced that Xtreme Sports will have a permanent home, a fun zone coming this year— what can you tell us? MW: I’ve been advised by my marketing team not to reveal too much! But what I can say is that I’m incredibly excited and proud to have our own permanent location. It’s been a long road, as we’ve been at this for about two years, and we’re almost there, in terms of opening. The vision behind the location is to provide the Bermudian public of all ages with some much-needed fun and entertainment. The best thing to do is to follow our social media accounts so that you can get all of the announcements as they come out. RS: How has your experience been owning a business as a young entrepreneur in Bermuda? MW: Overall, I would say good, but it hasn’t always been smooth sailing. There have been plenty of ups and downs along the way, but they’ve all helped to shape the company and me. When you first start a business, one of the driving factors is making money, but that quickly dropped down the list of priorities. Seeing customers having fun, helping to create memories and being able to offer young Bermudians with job opportunities, are the sorts of things that
are most rewarding for me. RS: What advice can you give to those young people thinking about starting their own business? MW: Go for it! Obviously, do your research and due diligence beforehand, but if it seems feasible and you believe in your idea, don’t hesitate. People are often scared because they are stuck with thoughts like “What if it goes wrong?”, but on the other hand, what if it goes right? Don’t be afraid to ask for help. There are plenty of useful resources available such as other business owners and the Bermuda Economic Development Agency. Build those relationships and use them to your advantage. Lastly, you have to have tough skin. There will be naysayers, angry customers, etc., but you have to remember to learn from your mistakes and keep the end in view. Don’t be so quickly discouraged if something goes wrong, it’s all a part of the learning process. RS: What do you have coming up in the next few months? Plans for the future? Much of the focus will be on the Xtreme Sports Games, being held on April 13th, as well as the build-up and launch of the Fun Zone. I’m sure there will be some teething pains when the Fun Zone initially opens, but once we’re up and running, expect a lot more from us. The Fun Zone gives us way more flexibility with what we can do, so I’m sure the will be lots going on. Keep an eye out for that!
FEBRUARY 2019 RG BUSINESS
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LEGAL
In her shoes A day in the life of Georgia Marshall
Georgia Marshall is the Head of the Matrimonial Department at Marshall Diel & Myers law firm. Even after 32 years of practice, the thought of reading the judgement just handed down in a hard-fought case still gets her up in the morning. The day involves working closely with a bright team of attorneys, responding to clients’ needs, while mentoring young Bermudian attorneys. Even though time is always in short supply for her, she gives us her best notes and keys to daily success. 6:30 AM: My day starts with coffee, a quick email check, and a look at my diary followed by a peek at my Instagram account. It’s here that my mental to-do list is drawn up and I can move on to feed the dogs, make breakfast, shower, get dressed, put on makeup, and heels (black if I’m attending court). Then, off I go. 8:30 AM: expectations: By now, I would have arrived at the office, poured coffee #2, and reviewed any papers for
my 9:30 court appointments. I would meet with the client before finding myself in front of a Judge to present my case. If there are no court appointments listed on that day, I would use this time to organise my work, draft letters, pleadings, respond to client and opposing counsel emails. 8:30 AM reality: I arrive at the office with my mental to-do list ready for the day. I sit at my desk and before I can take the first sip, I pick up a call from
Mrs X, she needs to see me urgently, Mr X was physically violent to her last night, she needs immediate representation. Then Mr Y needs an appointment now because Mrs Y is about to remove their children from the island to live permanently in Brazil. Mr Z has removed all funds from the joint account and has cut off Mrs Z from access to the credit card. She needs to see me right away. At this point, the mental to-do list has to take a back seat... It’s time to go into overdrive. 11:00 AM: I sit down with the client, take instructions, draft emergency applications and supporting affidavits, call the court to get an urgent appointment, present the case. I obtain Order, arrange for service on the opposing party. Breathe. A couple of days in a row like this, not to mention some in court and the mental to-do list becomes the urgent must-dealwith list! 1:00 PM: Lunchtime! Or an hour to see another urgent client and tackle those mental to-dos. I do get the rare day to spend this hour savouring a delicious meal and the company of my husband at the Red Carpet. 2:00 PM: Collect papers and organise for afternoon court, which starts at 2:15. Most days after return from court, I meet with my team to discuss active cases, latest court decisions, and any other matter that has come up on a case. 6:00 PM: Try to leave the office for a yoga class at Lucky Elephant. Depending on what is on my desk that needs to be completed, hot yoga may have to wait until tomorrow. 7:30 PM: Leave the office. Definitely. 8:00 PM: I’m home to feed the dogs. My husband and I will
discuss the day’s events over dinner and call our children (in LA) to touch base. 9:30 PM: Catch up on the day’s news. 10:00 PM: Review papers for the next day. 11:30 PM: Get ready for bed and try to get to sleep. Often, this is harder than it sounds as my brain is on overdrive thinking about tomorrow’s hearing or that ever-present and always daunting mental to-do list. Repeat.
A Note from Georgia: Being an effective litigation attorney takes hard work and organisation. You must know all the facts of your case. This takes hours of pouring through bank statements and other financial documents. Also, in order to head up a department, you must be responsive to team members so that you can add your input when it is required. Everything cannot be done in one day. You have to work diligently, and apply your energies according to priority. I have learned that you have to save some time (which is in short supply) for yourself and for your family. I enjoy gardening and watching what I plant, grow – I’m in pursuit of growing the perfect tomato. I am a beekeeping novice and learn about perseverance from watching their hard work. I enjoy playing a vigorous game of squash with my husband with the hope to one day beat him and having a meal with good friends, engaging in stimulating conversation while sipping a good glass of wine.
FEBRUARY 2019 RG BUSINESS
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LEGAL
International Women’s Day
Trailblazers in Bermuda Law BY JULIE MCLEAN 2019 marks the centenary in the UK of the 1919 Sex Disqualification (Removal) Act, which allowed women to enter the legal profession. Julie McLean, a director and board member of Conyers Dill & Pearman, takes a timely look back at the story of women in Bermuda’s legal sector and the progress to equality in her own firm.
The history of women lawyers in Bermuda begins with an exceptional pioneer – Lois Browne-Evans (later Dame Lois). In 1953, some 30 years after the first female lawyer in the UK, she was the first woman to be called to the Bermuda bar. As a young, black woman barrister in a profession dominated by white men, she was a trailblazer who in her long career went on to break down other professional barriers, including becoming the first female Attorney Gener-
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al in Bermuda in1998. Following in Lois Browne-Evans footsteps, though over a decade later, were Ann Cartwright DeCouto and Shirley Simmons. As the only three women practising law in Bermuda in the 1960s, they were close friends and known as the “Three Musketeers”. Other pioneers in the island’s legal profession include Dianna Kempe and Norma Wade-Miller. Dianna Kempe was admitted to the Bermuda
Bar in 1973 and went on to become Senior Partner of Appleby, Spurling & Kempe (now Appleby). She was the first female lawyer to become Queen’s Council (QC) in Bermuda in 2000 as well as the first woman to be elected President of the International Bar Association. In 2006 she was the third recipient of the Outstanding World Woman Lawyers of the Year Award. Norma Wade-Miller was the first female magistrate in Bermuda, the first female Judge of the High Court, Justice of the Supreme Court of Bermuda and Acting Chief Justice in Bermuda. Her service to the island’s legal community and judiciary was honoured with an OBE in 2016. While the percentage of women called to the bar in Bermuda averaged less than 10 per cent in the 1960s and 1970s, the feminist movement of those decades began to bear fruit, with that figure creeping up to roughly 20 per cent in the ‘80s and 40 per cent in the ‘90s. Since the turn of the millennium, on average more women than men have been called to Bar (around 55 per cent) reflecting the equality now present between men and women in terms of access to a legal education and entering the legal profession. However, the picture is less rosy when it comes to equality between the sexes in the higher ranks of the profession. In common with firms in the UK, the US and Canada, there still tends to be a gap between the numbers of men and women at the director/partnership level. This can be partly explained by the time it takes to progress to partnership – if fewer women were entering the profession in the ‘80s and ‘90s, fewer would be in partnership positions today. Nonetheless, there are other factors at play too, resulting in higher attrition of women than
men from the profession. Most notable is the greater challenge faced by women in balancing career and family, due to the continued expectation that mothers will play the primary role as care-giver. Millennials onwards tend to have a more open view of traditional roles, so as men take on more responsibility at home, balancing will become easier for women.
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There still tends to be a gap between the numbers of men and women at the director/ partnership level.
Recognising that there is still some way to go to ensure equal opportunity for progression to all levels, women in the profession have come together in Bermuda to assist each other. The Women’s Legal Network was founded in 2015 by Kimberley D. Caines-Best and Lovette Tannock. “We wanted to provide a space for women in law to support one another. Over the past few years we have organised a number of networking, educational and philanthropic events which have been very well attended and received,” said Kimberley Caines-Best. Young women entering the legal profession today not only benefit from having had barriers broken by those who went before, but today often have the advantage of mentorship and
support from female and male colleagues as they progress through their careers. This bodes well for a future where gender imbalance in the profession, at all levels, will eventually be a thing of the past.
Gender Diversity at Conyers
Julie McLean is a Director and Global Head of Aviation Finance at Conyers Dill & Pearman.
Known as the “Three Muskateers’
Dame Lois Brown Evans
Dianna Kempe
Ann Cartwright Decouto
Bermuda’s largest law firm, Conyers Dill & Pearman, has come a very long way in terms of gender equality, particularly in recent years. More than three-quarters of the firm’s Bermuda employees are women, and when it comes to global management roles and department heads, women are well represented – for example, the Chief Financial Officer, Global Head of Client Services, Head of Trust Services, Head of Corporate Services, Global Head of Human Resources and Chief Marketing Officer are all women. Lisa Marshall, who joined in 1988, was the firm’s first female lawyer, soon followed by Robin Mayor. Lisa went on to become the firm’s first female partner in 1991; Robin was also promoted to partner the following year. Conyers now has 22 female lawyers in Bermuda representing around 45 per cent of the total. At the director level, only 27 per cent are female, but this number is steadily rising and is higher than most onshore law firms. Lisa Spencer-Arscott, Global Head of Human Resources for Conyers, acknowledges the imbalance at the top, but points out that the numbers of men and women promoted to director in recent years have been equal. “When you look at the numbers of women associ-
ates in the firm (66 per cent), it is clear that in time we will see a much more equal representation of gender at the director level. It will just take a few more years,” she said. The firm has worked hard to attract female lawyers and at least half of applicants to the summer law program - a primary vehicle for sourcing new associate hires – are now women. Equally important is retaining that talent, by fostering a culture in which women feel valued and get the experience they need to succeed. A women’s networking group has been set up by some of the firm’s female leaders to champion the professional development and career advancement of women through such means as sponsorship by senior leaders, mentoring and peer networking. “The group will also draw on expertise and insights from our peer groups of influential male leaders to help support our objectives, step up beside women and drive the adoption of actions across the firm,” said Lisa Spencer-Arscott. Unconscious bias training was also delivered throughout the firm last year, with the aim of improving awareness of implicit biases – including gender and racial prejudices - that can hinder success and inclusion. FEBRUARY 2019 RG BUSINESS
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INDUSTRY
Adequately suitable or suitably adequate? Some takeaways on economic substance BY JOHANNES EULEN Bermuda’s business community saw Government’s recently pass legislation on economic substanceforced upon it by the European Union (EU), which has a seemingly visceral dislike of what it views as low, and no-tax jurisdictions. The potential impact of the legislation is material. It may well have to change if the EU’s response (expected late February) threaten “blacklisting” Bermuda – an outcome which would be devastating.
Some keypoints: • KPMG’s excellent and comprehensive recent presentation (see RG dated 14th January 2019) emphasised: “we are not alone”. Those jurisdictions,
which some may see as Bermuda’s main potential competitors “offshore” (for example, Cayman Islands) are equally subject to the EU’s dictates. • Economic substance only affects 10 designated industries, including banking, insurance, fund management, shipping and IP. Many local businesses will not be directly affected. Of course, insurance, in particular, is a critical business segment. However, the Bermuda Monetary Authority (BMA) is a widely-respected regulator. This should mean that BMA-regulated businesses will be deemed already compliant, minimising the impact. • Implementation must becompleted by July 1, which means much “scrambling” to be done by Government, professional service firms, and businesses to be ready-hardly helped all the uncertaunty. There is no “grandfathering” mechanism. • The EU is likely to enforce a “level playing field” to prevent jurisdictional arbitrage. This should play to Bermuda’s strengths as it models itself on best practice. • Further, the EU expects there to be real “pain” for any business that is deemed non-compliant, starting with escalating fines and ultimately (via a court process in Bermuda) to striking-off. Therefore, while concern is reasonable in the current situation, fear and paralysis are not. Management of any potentially affected business should already be thinking hard
about how to address alternative scenarios; seeking advice from accountants, lawyers and corporate service providers, as appropriate. Wondering what Plan B may be, or whether there even is one, is not be a sensible approach. One area causing angst is the frequent use of the word “adequate” (“adequate physical presence”, “adequate full-time employees”, “adequate operating expenditure”); while those “adequate full-time employees” must be “suitably qualified”. No definitions or examples are provided of those terms of art . This is fine in the sense that they provide, in theory, for common sense and rational qualitative judgements. However, because they are open to interpretation, they are also open to abuse. It will be important for Government to provide guidance on how terms should be interpreted. Similarly, entities “in scope” must be “managed and directed in Bermuda”. Brass plates and PO boxes will not do. The EU will expect the Registrar of Companies (tasked with monitoring compliance) to conduct examinations that ensure that compliance is real . And just to prove the point, there will be criminal sanctions of those held responsible. Government realises that, while “economic substance” is a potential threat (particularly if, Bermuda is somehow “blacklisted”), it also offers opportunies to create high-paying jobs- including for Bermudians; and has announced initiatives to encourage this. To sum up, “economic substance” will become a fact; likely to become a global standard. One can fight it (and lose), or see it as an opportunity to create value and prosperity.
FEBRUARY 2019 RG BUSINESS
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REAL ESTATE
To Airbnb or not to Airbnb?
Running the numbers BY ALLISON SETTLE-SMITH
We all know someone who has become a successful entrepreneur thanks to modern accommodation booking websites such as Airbnb. As popularity for vacation rental properties continues to increase more homeowners are starting to ask themselves whether this a worthwhile income option. As a rental associate at Rego Sotheby’s International Realty, one of the most common conversations I have with homeowners is advising them of the pros and cons of entering the
market with a long-term rental versus a short-term/vacation rental. People often want to know which option will generate a higher revenue opportunity, what will work best for their
lifestyle, and whether renting their property or apartment on Airbnb is truly worth it. The answer to these questions is yes! Renting your home on the vacation rental market can be worth it if you have the time, resources and a property that can exceed the average vacation rental market statistics. What do the average market statistics look like in Bermuda? First, let’s take a look at the short-term/vacation rental market. The average daily rate is $160 BMD per night and the average number of nights that a property is booked is 72 nights per year. Therefore, the average annual revenue of vacation rental properties is $11,520. Of course, many exceptional properties in Bermuda will far exceed this number. Now let’s compare that with the long-term rental market. An average one-bedroom apartment rents for $1,200$1,500 per month. Therefore, the average annual revenue of one-bedroom properties on
the long-term rental market is $14,400-$18,000. It is important to consider that the operating costs of a vacation rental are higher than a long-term rental. For a longterm rental your operating costs are land tax, landscaping, appliance maintenance and general property maintenance. The operating costs of a vacation rental encompass all the costs of a long-term rental but have additional expenses such as utilities (electricity, internet, TV package, water), cleaning costs, maintaining supplies for guests (toilet paper, dish soap, salt, pepper etc.) and cost of replacing furniture or kitchenware due to normal wear and tear. So how can a property owner create a vacation rental business that will be more profitable than renting their property on the long-term market? Maintaining a 5-star rating on the website which you use to advertise your property is critical. You get a five-star rating by providing an exceptional FEBRUARY 2019 RG BUSINESS
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REAL ESTATE
experience for your guests. A quick response and being available to your guests 24/7 is crucial to achieving the profit you desire. The work involved in this could include things such as: answering all guests questions before their arrival, arranging airport transportation, facilitating grocery store deliveries, supplying basic toiletries and pantry items, check-in/out inspections and condition reports, professional standard cleaning and attending to property maintenance or internet issues without delay. There is also a requirement to report bookings to the Bermuda Tourism Authority and pay a 4.5% Vacation Rental Tax. Ensuring that a vacation rental is ‘guest-ready’ for each booking requires a financial investment, as well as a time investment. Do not underestimate the value of your time. Many successful vacation rental property (VPR) owners will tell you that operating a successful VRP is a full-time job. When you are deciding on a rental option for your property ask yourself if you have the time to properly commit. Are you prepared to work an on-call job on top of your full-time job? Or do you have the means to make VPR management your fulltime job? If you have a passion for tourism, a property that will be in high demand and the drive to work for yourself, then you can absolutely create a VRP that will beat the vacation rental market average statistics. If the time commitment is daunting, and you desire an easier revenue stream from your property then renting
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your property on the long-term market will most likely be better suited for your lifestyle, while still being profitable. Remember, there is also the option of hiring a property manager for a small fee to alleviate some of the responsibilities related to maintaining a vacation rental property. There is no denying that websites such as Airbnb have had a significant impact on the tourism industry, and it is only growing. Every property and every owner is different. Take the time to reflect on which option is best for your lifestyle, and of course, do not hesitate to contact the professionals for advice!
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Maintaining a 5-star rating on the website which you use to advertise your property is critical. You get a five-star rating by providing an exceptional experience for your guests.
TECH
Interview with a Digicel Solutions Specialist Meet Shawn Hassell
Ever wonder how you can benefit from a Digicel Solutions Specialist? We sat down with Shawn Hassell at Digicel to get insight into the industry, his world of work and fibre to business. What is your background? I started off as a fresh wide eyed 5yr old at Bermuda Institute. I went from K-12th Grade there. B.I instilled great confidence, the ability to deal with any situation and confidence. I attended Bermuda College for
a year, and then New England Institute of Technology, where I obtained my Bachelor’s Degree in Computer Networking. What is a Digital Solution Specialist? We work with customers to understand their vision and
their technical requirements and then every step of the way, to ensure we deliver a solution that either increases their technical efficiency and profitability. What is the best part of your job? I get to test the latest hardware before it becomes available, not to mention, going out to meet with customers, and changing a business for the better. What type of businesses do you work with, typically? The greatest part of my job is interacting with all business types, from large to small and Government. What is the most intriguing development in your industry so far? For me it’s the roll out of our fibre to the business, as this enables customers to do so much more and introduce services they never thought possible before. What does a relationship with you look like? For me and Digicel, we develop partnerships with customers and help them understand how technology can be a vital enabler to their business. How can businesses benefit from a relationship with you? We introduce technology to the business that they may not be aware of and how this technology can benefit their business. My role is not about introducing the customer to new technology, but more how that technology can help their business grow. What sets you apart from other solutions specialists? The key trait for any solutions specialist is being able to listen. For me, I don’t go to a customer with a product/solution in mind. I work with the customer and collectively we come up with a solution. What is “innovation” to you? For me, it’s about change, as
there cannot be any innovation without looking for improvement or a better way of doing something. While technology can create innovation, ultimately, it’s the individual or organisation seeking a change for the better that drives imagination and thus, innovation. What are your goals/objectives for the company? I would like to see Digicel continue to be the leader in technology and create a culture of change. We are one of very few networks globally to have fibre delivered all the way into the home, and this enables Bermuda to enjoy the very best that technology can offer. What would you like to see for Bermuda in your industry in the future? I firmly believe that with the fibre to the business product that Digicel has launched, Bermuda is uniquely placed to be at the forefront of innovation and change. For me, I believe that this will lead to inward investment, and more and more companies and industries wishing to set up and do business in Bermuda.
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I work with the customer and collectively we come up with a solution.
FEBRUARY 2019 RG BUSINESS
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TOP TREADS
Nissan Qashqai 2019
Impressive, well-equipped joyride Nissan Qashqai 2019 BY IAN HIND The Qashqai is categorised as a compact crossover SUV and was launched by Nissan in 2006. Back then, this category was virtually unknown; only the Kia Sportage and the Hyundai Tuscon were around. Remember when we only had “saloon” and “estate“ models available? My MINI Countryman hadn’t even been thought of. Now, it’s one of the most popular car types, dominating sales in many markets. AnThe first models did not arrive in Bermuda until around 2007/8. The second generation was released in February 2014 (UK) and, after a hiatus, finally arrived in September of
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2018, although it is advertised by Auto Solutions as the 2019 model. Although there is a move by the motoring public to smaller vehicles, its popularity is confirmed, as most deliveries
are sold before arrival. This is an impressive looking piece of kit with an even more impressive list of standard features, more of which later. With typical compact SUV looks, it has a high waistline, raised ground clearance (all the better to negotiate the City of Hamilton’s raised pedestrian crossings and speed bumps) and a pronounced arching roof line. This generation has a more distinctive look, with sharper lines, fewer curves and the full-on frontal Nissan image including “eyebrow” light clusters. It is a joy to drive, albeit I didn’t get to drive for very long, very far or very fast! The engine is super quiet as there is a lot more soundproofing, super smooth because of the CVT transmission and super comfortable. The driver’s seat is one of the best I have experienced. (My sciatic nerve quietly applauded…). The steering wheel is adjustable in two axes, as is the seat, so I was able to establish the perfect driving position. This is no minor issue.
When you are 72 inches long (or more), pushing the seat back far enough on some vehicles is not always possible and steering with your knees is not recommended. The cabin is well equipped, well designed and well laid out. It struck me some time ago that, with the proliferation of electronic and digital systems and hardware now available to vehicle makers, cabins were becoming crowded with dials, knobs, buttons and touchscreens as automotive designers tried to provide everything to everyone. We have now reached the point where analogue is out (unless you have, for example, a retro style speedo), digital is in, and simplification is the rule. The Qashqai dashboard and instrument cluster is an example of the latter. Interior space wise, the driver and front passenger are well sorted, though this is not the case for rear occupants. It’s a bit tight back there unless you are a child or shorter/slimmer adult. To be fair, the Nissan
The A-Class. Ready for a new generation. The A-Class.
.
Qashqai is a big favourite with families, so this is not always such an important factor for them. The boot/trunk has a capacity of about 430 litres which is very reasonable, and a wide opening makes it easy for loading and unloading. In other jurisdictions, there are five engine options available, namely, 1.6L and 2.0L gas (petrol) and 1.5L 1.6L and 2.0L diesel. Here in Bermuda, we are only offered the 2.0L gas. Fair enough I hear you say, but I’d have thought that in our small island with the 20mph
speed limit and (t)wee roads, the 1.6L gas option would have been perfectly suitable (and cheaper). Producing around 104Kw (148bhp) the engine has more than enough oomph, and I can attest that, when pushed, it produces a brisk drive and rapid response to the right foot command. Having mentioned ‘Standard Features’ earlier, let me say that the dealer, Auto Solutions on St. John’s Rd, provides a spec sheet which is so comprehensive that you should check it out for
yourself. Nevertheless, I’ll list highlight a few – Parking Sensors + Intelligent Around View Mirrors, Panoramic (i.e. glass) roof, full size spare wheel, daytime running lights, 19” alloys, electronic parking brake (you have to relearn hillstarts), first aid kit (woo! these should be mandatory in every commercial vehicle), the full audio thing (you know what I mean), and forty-six other features! (OMG cup holders!) It also comes in a choice of eleven colours. It is H Class for TCD pur-
poses (license fee is $1678.08) and will set you back $47,995 with 24 months/40.000km warranty. But, as always, there is nothing like trying it out for yourself so contact Auto Solutions on St. John’s Rd at 295 5000 and arrange a test drive. the pudding is in the driving. Everyone has different tastes, preferences, budgets and needs, so I strongly recommend calling and booking a test drive.
The A-Class. Ready for aA-Class new generation. The New - Coming Soon. PRESTIGE AUTOS LTD., 2 Woodlands Road, Pembroke HM 07 Tel: 296-3535 l e-mail: prestigebda@gmail.com l www.prestigeautos.bm
FEBRUARY 2019 RG BUSINESS
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TRAVEL
Marcus’s at Fairmont Hamilton Princess
Where to eat? Bermuda’s best business lunch spots BY ALEJANDRA OTTLEY
Picking a restaurant to have a successful work lunch goes beyond just the food. How convenient is the parking? How are the ambience and noise levels? How much privacy can you get? Are you going for a formal or casual setting? Your favourite Sunday spot might have great food, but it could be too chaotic for a meeting to take place, which is why it is important to consider all factors before deciding. Whether you’re looking for privacy, classy, quick, a special treat, or looking to woo, here are some of the best spots to have a lunch meeting in Bermuda:
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Marcus’ Privacy as Top Priority Located inside the Hamilton Princess Hotel, Marcus offers an impressive setting, a great view, zero-stress parking and, a concise menu. During lunch hours and on most weekdays, you will most likely encounter hotel guests and fellow business folk, so for the most part, your lunch won’t be interrupted by noise and chaos around you. The reasons why Marcus takes the cake, are all found in their private dining room that seats up to 32 people comfortably. Original pieces by Andy Warhol, Liu Ye and Nelson Mandela line the walls and encourage employees to “think big” and “out of the box.” If privacy and forward thinking are your top priorities, Marcus’ might be the ideal setting. Address: 76 Pitts Bay Rd, Hamilton Phone: 441 298-2028
Salty Lime Classy and Laid-back One-on-ones If you’re looking for a laid-back environment, Salty Lime is one of Bermuda’s best-kept secrets. Located inside Masterworks, this small cafe offers a taste of authentic Mexican flavours, along with juices and daily specials. Just outside of town, it’s great for those who don’t want to deal with the buzz and stress-related parking; perhaps want to get to know a new employee or give feedback. Private dining is offered upon request if you’re looking for more privacy. The artsy atmosphere helps to set a classy tone for lunch, brings out the creativity in employees and lends well to a long coffee at the end.
Address: 169 South Road, Devonshire Phone: 441 299-4001
“
Picking a restaurant to have a successful work lunch goes beyond just the food. Devil’s Isle on Burnaby Street
Devil’s Isle Quick, Convenient and Delicious Located in the heart of Hamilton, Devil’s Isle’s main advantage is by far convenience. Ideal for those last-minute meetings or colleague connections that don’t require a lot of planning. The menu focuses on fresh, and healthy food, perfect for those who are vegan, gluten-free or might have any dietary restric-
Port O’ Call Looking to Woo
Blu Bar and Grill Treat Your Team
feel special? Blu Bar and Grill is located close enough to town (in Warwick) and offers a more formal setting and scenic views of the Great Sound. They are usually closed for lunch, but are happy to open for large groups with a reservation. Treat the team here, but don’t expect them to get much work done afterward. The menu is bold American with generous Italian and Asian influences, including everything from pasta, pizza, to sushi, salads, and steak, so there is something for everybody.
Looking to avoid the lunchtime rush and parking stress in town, or just make your team
Address: 15 Belmont Drive, Warwick Phone: 441 232-2323
Address: 87 Front Street, Hamilton Phone: 441 295-5373
tions. The small size makes for a noisier atmosphere, the lunch rush, especially, can get a bit noisy, and again, due to size, it is not ideal for large groups. This is a great spot if you’re looking to have a meeting that is quick, convenient, and straight-to-the-point. Address: 19 Burnaby Street, Hamilton Phone: 441 292-3284
Located on Front Street, Port O’ Call is the place you go when you want to woo that extraordinary talent or bring on a new client. With a casual and private atmosphere, great service, and fine dining, there’s nothing left to be said. They also offer private dining for parties up to 16, with a customised menu and an assigned chef, if you really want to impress. A private setting right in the middle of town.
Port O’ Call on Front Street
FEBRUARY 2019 RG BUSINESS
21
RECRUITMENT
Keep em’ coming
How to successfully onboard a new hire BY KRISTEN SCOTT NDIAYE
Have you heard your employees say the phrase “I’ve been set up to fail”? Many business owners don’t realise that they can inadvertently subvert their new hires and radically lower their employee’s odds of success, by not making the onboarding process a priority. A good strategy in this area starts even before the hiring process begins and stretches to, at least, 90 days post-hiring. Here are five easy tips to set your new staff members up to win.
1
Draft an Onboarding Plan Before you even begin the hiring process, set aside 30-45 minutes to draft an onboarding and orientation plan. What will their first day/week/month look like? Who will they meet and what topics will they discuss? How will you clearly introduce the products and services, the internal processes and company systems or hierarchies? This is for your eyes only, so it does not need to be formal, but will help you stay on track.
2
Use the Onboarding Plan to Your Advantage Now that it’s down on paper, use it as an opportunity to enhance the interviewing and selection process. An onboarding plan will, not only make you look more organised, but give you more of a concrete sense of who need to
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hire. Talk about the onboarding and orientation process with your finalists for the position. Soliciting their input will subtly convey to your candidate pool that you’ve got your act together and are a well-run company, and hence a great place to work.
3
Plan a Personalised Welcome The first hour on a new job is considered the “golden hour.” It’s important that a new hire doesn’t waste it filling out HR paperwork, waiting for their phone, email and intranet access to be ready. Instead, imagine your new hire walking through the door to their new supervisor and a team huddle, where they are introduced to their colleagues, the team to their role and a new tradition of a gift – a leather business card case, with branded business cards inside.
All in 15 minutes, team morale, productivity and respect skyrocket.
4
Prepare a Clear Orientation and Break Training Modules To help you flesh out your initial training and orientation process, start with the job description itself. Use it as a checklist and lay out a timeline of how you’ll orient your new hire on each of the key responsibilities. Don’t try to do a three-hour marathon session, break your orientation down into 30- 60- 90-minute blocks, with breaks between to meet more of your staff, to get a tour of the office, and to get a rough start doing some meaningful but straightforward work for the company.
5
Check in Regularly and Get Feedback Over the first 90 days, schedule check-ups in your calendar ¬– this can be a formal meeting, a coffee, or even just a drop in. Getting feedback from your new team member on how he or she thinks the orientation process could be improved for future team members, will help to refine it. How would they make it more impactful? Faster? Easier? More
engaging? Over time, you can actually document key talking points for each check-in, and it will be second nature. By taking the time to properly onboard a new hire, not only will you improve process, morale and productivity, you will also establish, from the first interaction, that you value employee input and expect them to speak their mind.
“
Many business owners don’t realise that they can inadvertently subvert their new hires and radically lower their employee’s odds of success.
INSURANCE
As Bermuda’s population ages Here’s why you shouldn’t stop hiring mature employees BY JOHN MANCHESTER Until probably the 1990s and the advent of the Digital Age, most business and public organisations had hierarchies based upon seniority and experience. Whether that was a good thing or not, the world has changed significantly. While the US is headed by a fading gerontocrat (as are too many other countries), Bermuda has a Premier who was no more than a toddler when this writer started gainful employment In fashionabale business circles and social media, there is something of a cult of youth; with “ageism” starting at 50 or so. This is even more ironic given increased longevity and better levels of health. After all, is 60 not the new 40? One should certainly not have to apologise for being of a “certain age”. Let me explain why age should not be an obstacle, even in a changing world, and why, no matter how young the C-suite may be, discouraging or ignoring the contributions of older members of your workforce (or government bureaucracy) is rather foolish. Of course, wisdom is not necessarily correlated with age. The old can be remarkably obtuse, narrow-minded, ignorant and set in their ways- but so can anyone. What matters is that, with
age, the accumulation of knowledge and experience (when coupled with a lifelong commitment to learning and adaptation, provides perspective, and the ability to recognise patterns and risks that may not be obvious to those a generation younger. This can be immensely valuable because it helps mitigate the chances that lack of experience or an over-reliance on theory will lead to failure. Many factors that influence success in business, government and life do not change. Learning from existing knowledge and wisdom significantly reduces both friction costs and time- all of which can provide an edge, even in a start-up, for all the fetishisation of “agility”. Applied intelligence such as pattern-recognition depends upon being able to understand and perceive
in the first place that there is a pattern. In some areas, computational AI already performs human intelligence, but that tends to be within very narrow and clearly-defined bounds. Human beings (particularly those who have lived a longer life) are able to discern patterns, trends or risks where there are no defined boundaries, because they have seen them before. And while age may slow down abilities in some areas, it can speed up the rate of pattern-recognition. Similarly, those who have decades-long careers have almost certainly managed to acquire the ability to apply emotional intelligence, leadership and mentoring skills, strategic thinking, and gained an understanding of how to build and maintain relationships. So, as Bermuda’s population ages and immigration policies remain in political flux, local businesses and other organisations should not forget that they already have a valuable resource; which, if properly identified and managed can (when coupled with the momentum of youth) give them an edge in a competitive world.
SMALL BUSINESS
Thumb on the pulse Best HR tech tools for 2019 BY ROBYN BARDGETT Technology is helping businesses to become more streamlined and never more so than within human resources. HR has been transformed into a much more strategic part of business and technology is making the job even more dynamic. From performance management to productivity tools, there is an app or website out there to help
HR professionals to manage employees and make businesses run more efficiently. Saba Saba is a talent management suite that helps create a work experience that’s more engaging, inspiring and empowering by providing performance reviews, 360-degree feedback,
succession planning and compensation management, and learning management. Companies ranging from finance to retail & hospitality use Saba to maximise HR productivity. www.saba.com
through psychometric tests that help you better understand how your employees work. The profiles demonstrate personality strengths of the individual and Workstyle suggests ways to improve communication and how to improve the effectiveness of the team. www.workstyle.io
Deputy Deputy replaces the manual spreadsheets, paperwork, calls and emails. The apps make it simple to create schedules, track employee hours and export to payroll. With Deputy, managers know when everyone can work, who is on shift and who is late and can improve timesheets. Features also include collaboration, tasking, onsite time clock and performance management. www.deputy.com
Cezanne Cezanne is a global HR software suite using the latest Cloud technologies that help businesses run more smoothly and save time. Functions such as personnel files, directories, and organisational charts are covered within the Cezanne software. Data is secure and easily accessible making it simpler to connect, manage and engage employees. www.cezannehr.com
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ACCOUNTING
Variance and governance Strengthening investor confidence BY BILL MILLER AND KYLE VRIEZE
The ultimate financial impact of the natural catastrophe events of 2017, most notably Hurricane Irma, is proving to be very difficult to estimate; both for the major modeling firms in the immediate aftermath of the events, as well as for the insurers adjusting claims in the weeks and months following. The accumulated industry loss report for Irma through Property Claim Services, or PCS, initially dropped from the first to the second report, and then steadily rose in each successive report. There were a number of complicating factors related to Irma. Claims adjusters were already busy with Hurricane Harvey losses when Irma struck. The insurance claims environment in Florida was complex before Irma, and the storms’ impact has brought that complexity more sharply into focus; much to the consternation of insurers, reinsurers, insurance-linked securities (ILS) managers, and investors anagementfund and Staff of and Staff of who have seen the value of the capital they’ve committed to the risk dwindle with each upward revision in the losses.
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The Value of Independence The evolution of the impact of the 2017 events has caused some investors to become concerned. Significant late adjustments to storm liabilities can undermine investor confidence, which is so critical for ILS fund managers and reinsurers to maintain.
“
Significant late adjustments to storm liabilities can undermine investor confidence, which is so critical for ILS fund managers and reinsurers to maintain.
This is why reinsurers and ILS fund managers can benefit from an independent partner in the liability estimation process. Property cat reinsurers typically commission independent actuarial reserve reviews. One of the key values they realize through this service is the independent third-party view and the industry expertise they can access through their partner firm. Some ILS funds engage independent experts for that same reason. ILS fund managers can maintain and strengthen investor confidence by making an investment in a more robust event loss-estimation process using an independent partner. Audit firms, also, may find greater comfort in having a third-party expert provide a second independent view of these loss estimates. Over time, fund managers can differentiate themselves by their increasing speed and accuracy in the estimation process.
as a strategic opportunity, funds must respond to the changing regulatory landscape to maintain investor confidence. The industry must manage an overlap of fund regulation with insurance regulation, which requires a unique combination of fund expertise with reinsurance expertise. Regulators may implement enhanced reporting requirements, responding to both lessons learned and market growth over the past few years. Attracting more capital will see ILS managers focus on effectively deploying it on behalf of their investors. As this asset class matures, with difficult-to-value events, investors will likely demand more independence in the valuation process. Time will certainly tell. Bill Miller is a Managing Director and leads the Actuarial and Financial Risk team, and Kyle Vrieze is a Director and P&C Actuary at KPMG in Bermuda.
Ultimately, Investors Will Decide Along with investing in the event loss-estimation process FEBRUARY 2019 RG BUSINESS
25
FINANCE
Just another bill
A case for life insurance BY JESSICA MAIATO What is Life Insurance? How would it benefit my family and me? Do I really need another bill right now? Life Insurance is an uncomfortable topic because it usually involves thinking about an unpleasant worst-case scenario, living through the death of an extremely close loved one; therefore, many people just avoid the subject altogether. When I search the meaning of “Life Insurance”, it says “Insurance that pays out a sum of money either on the death of the insured person or after a set period.” What does that really mean to a family that is working pay check to pay check in Bermuda? You have no idea when you will need insurance, which is why it is essential to plan ahead. The day you die your income stops, however, your family will still have to pay rent or a mortgage, groceries, cell phone, cable, and electricity bills, etc. The younger you are when you purchase your policy, the less expensive your premiums will be. The applicant’s age is a main factor in determining the cost of life insurance. As you age, it becomes more likely and more imminent that an insurance company will need to pay beneficiaries, resulting in higher premiums for those that purchase a policy in later years. To mitigate that risk, insurance companies
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RG BUSINESS FEBRUARY 2019
will charge higher premiums for older first-time applicants. If you are a 20-something, you are more likely to be single and childless, but that doesn’t mean you will stay that way. You may decide to settle down, and at that point, the appeal of life insurance may become clearer. The downside, however, is that by waiting to buy, you will be facing higher premiums. As a general rule life insurance for young adults is less expensive. What do I buy? In terms of options, life insurance for young adults generally falls into two categories: Term and Permanent Life Insurance. Term Insurance is inexpensive and is used for temporary needs. It has a lower initial cost, but the premium will increase when it’s time for renewal. This kind of policy pays a death benefit to your beneficiaries if you pass away before the term expires. The greatest benefit of a Term policy is that you have the option to convert it to a Permanent Policy after a specific of length time. A Permanent Policy is very common. It offers a death benefit along with guaranteed cash values. If you pick this type of life insurance policy, you
“
Life Insurance is an uncomfortable topic because it usually involves thinking about an unpleasant worst-case scenario.
Which simply means, God forbid, should something happen to me within the next 20 years, my family will receive $1.3 million dollars, which could cover expenses including my funeral expenses, remaining balance on our mortgage, my son’s school and college fees, replace my salary for a few years and still have something to start a new life without me. This is especially important for parents of young children or adults who would find it difficult to sustain their standard of living if they no longer had access to the income provided by their partner. Why should I plan ahead?
are agreeing to pay a certain amount in premiums on a regular basis for a specific death benefit. The savings element will grow based on dividends the company pays to you. How can I afford Life Insurance? Let me give you a practical solution, take me, for example: for the price of daily breakfast, I can cover my entire family with Life Insurance. Like many of us I like to have coffee at one of our local coffee shops each morning, so think of it this way: For a Vanilla Latte and a toasted bagel, I could easily spend $11.00 a day. Now multiply the price of that coffee and bagel by five for the days of the work week and then by four weeks in a month, and just for that Vanilla Latte and toasted bagel I have spent $220.00 per month on something that can be toasted at home and brewed at work for free (thanks to our generous employers!). Therefore, at the age of 30, with that $55.00 per week, a Term Life Insurance policy for 20 years for coverage of $1.3 million can be offered.
Today, we see technology ruling families, and their pockets as every kid wants the latest iPhone and not really thinking about what that thousand dollars for the iPhone X can cover if an unexpected death was to happen. A Life Insurance Policy can be designed to cover the cost of your funeral or cremation expenses when you die. Funerals can cost upwards of several thousand dollars. This failure to plan ahead and prepare for such an eventuality can sometimes lead to financial hardship on families or loved ones. We don’t know when we’ll pass away. It could be today, tomorrow or 50 years from now, but it is one of the few certainties we face, it will happen eventually. Life is uncertain, and life insurance can be an essential element of a sound financial plan. Buy what you can afford, and buy it as early as possible, but only after receiving proper and professional advice. Jessica Maiato is a Life Insurance Sales Agent at Freisenbruch-Meyer.
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