The Most Influential Women in Insurance Industry - 2023 December2023

www.insightssuccess.com

VOL-12 | ISSUE-05 | 2023

The Most

Influential

W in the Insurance

Industry 2023

Shaping the Future: Visionary Leadership of

Jenny Bax

in the General Insurance Industry

A ributes of Progress!

Traits of Women Leaders that are Transforming the Insurance Industry

Industry-Insights Exploring the Dynamics of Insurance Niche

Jenny Bax

Chief Execu ve Officer

Underwri ng Agencies Council Ltd

www.insightssuccess.com

Editor’s Note

T

he state of the insurance industry has come under deep scrutiny, particularly as the recent COVID-19 pandemic revealed new risks and weaknesses against a backdrop of market volatility. The future of the industry depends upon modern insurance leaders who have the visionary traits to disrupt and innovate within their organizations.

The insurance industry has unique challenges and opportunities. Navigating these well is the key to success in the insurance world. Your team needs great leadership to help them manage these challenges and opportunities. One important aspect of being a good leader is to nurture your team. As their leader, your team looks to you for guidance, strength, motivation, and support.

Seeing the big picture and implementing it into projects helps your team stay in alignment with company goals.

Embracing the journey of the leaders who are enabling novelties in the modern insurance industry with a unique approach while showcasing significant traits, Insights Success features the “The Most Influential Women in Insurance Industry- 2023,” who are enabling betterments in the niche.

Flip through the pages and comprehend the leadership traits that are enabling new advancements in today’s insurance industry.

Have a Delightful Read!

You essentially take on the parent role for your team, and it is your responsibility to make sure that your team is healthy and happy. A good leader recognizes what makes each team member great. By realizing each member’s strengths, leaders can better organize their team and projects based on each person’s ability.

Innovation is essential to the survival of your insurance business. If your company doesn’t innovate well, your business will plateau. What’s more, competitors who are innovating will pass you by. Innovation starts at the team level. The more you empower your team to innovate, the more innovative you will become as a company.

Fortunately, innovation can be cultivated.

Keeping the company’s overall mission in mind is an essential skill of a good leader. Without this vision, teams can quickly lose their direction and get off course.

n o s m o h T Henry

Cov

Story

08

enny J

Shaping the Future: Visionary Leadership of

Bax

in the General Insurance Industry

A r t i c l e s

16

Attributes of Progress!

Traits of Women Leaders that are Transforming the Insurance Industry

Industry-Insights Exploring the Dynamics of Insurance Niche

20

Editor-in-Chief Merry D'Souza Deputy Editor Henry Thomson

Executive Editor Jenny Fernandes

Assistant Editors Lusy Jameson

Visualizer

Art & Design Director

Associate Designer

David King

Angela Ruskin

Rosy Scott

Senior Sales Managers

Business Development Manager

Bruno Alves, Damian Mathew

Irvin Wilson

Marketing Manager

Sales Executives

Luke White

Adams J.

Technical Head

Business Development Executives

Jacob Smile

Simon, Tom

Technical Specialist Irvin Wilson

Digital Marketing Manager Dominique T.

SME-SMO Executive Steve Rodrigues

Research Analyst Frank Adams

Circulation Manager Robert Brown

Database Management Stella Andrew

Technology Consultant David Stokes

sales@insightssuccess.com December, 2023

Follow us on :

www.facebook.com/insightssuccess/

www.twitter.com/insightssuccess

We are also available on : Copyright © 2023 Insights Success, All rights reserved. The content and images used in this magazine should not be reproduced or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without prior permission from Insights Success.

Reprint rights remain solely with Insights Success.

Featuring

Company

Brief

Eleni Carras Vice President

Alliant Insurance Services alliant.com

Eleni assists employers in providing comprehensive and suitable health insurance plans for their employees.

USG Insurance Services usgins.com

As the Vice President of Operations, Jennifer works in the fields of marketing campaigns for Service Companies, Non-Profit, Event Planning, and Fundraising.

Underwriting Agencies Council Ltd uac.org.au

Jenny's proven track record is a reflection of her ability to navigate challenges and drive success in dynamic environments.

American Property Casualty Insurance Association apci.org

Jessica leads industry strategic communications efforts comprised of advocacy campaigns and coalition building, earned and paid media strategy, positioning and reputation initiatives, etc.

Amwins amwins.com

Kristin leads a team responsible for developing and implementing people strategies to support Amwins’ business objectives.

Jennifer Kessel Vice President of Operations

Jenny Bax Chief Executive Officer

Jessica Hanna Senior Vice President

Kristin Downey Chief Administrative Officer

enny J

Shaping the Future: Visionary Leadership of

Bax

in the General Insurance Industry

Jenny believes that Diversity & Inclusion (D&I) is a critical element in cultivating a culture of respect that nurtures a sense of value and inclusion.

C O V E R

S T O R Y

Jenny Bax

Chief Executive Officer

Underwriting Agencies Council Ltd

The Most Influential Women in the Insurance Industry- 2023

J

enny Bax, Chief Executive Officer at Underwriting Agencies Council Ltd, is a seasoned leader with a rich history spanning three decades in the general insurance industry. With two decades dedicated to Senior Management roles, her extensive experience has shaped her into a proficient and strategic professional.

Jenny's educational background is marked by a Master of Business Administration and a Graduate Diploma in Insurance, both earned from Deakin University. Her qualifications serve as a testament to her commitment to continuous learning and excellence in her field.

Throughout her career, Jenny has consistently demonstrated her leadership prowess by steering teams towards enhanced business profitability, especially during periods of substantial change. Her proven track record is a reflection of her ability to navigate challenges and drive success in dynamic environments.

Journey in the Insurance Industry According to Jenny, all she ever aspired to become was a vet, and she had a well-defined plan in place to achieve that dream. Unfortunately, her life took an unexpected turn during her year 10 exams when she was struck by a car, resulting in a near-fatal accident. The incident occurred as she was being picked up from a part-time job to attend a netball grading night, witnessed by her mother, who had the challenging task of notifying her father to meet them at the hospital, as Jenny wasn't expected to survive the night.

Jenny spent the following eight nights in a coma, losing around two years of memory. Months of recovery followed at home, marked by a fractured skull, leg, and back injuries.

Despite attempts to return to school for her senior years, Jenny found herself struggling to remember more than she could forget. Determined not to repeat year 10 and end up in the same class as her younger brother, Jenny faced the challenge head-on. Managing migraines and other issues, she felt lost and uncertain about her future, especially with an average report card for the disrupted year.

Around six months later, Jenny came across a short-term contract with a small insurer in the newspaper. The job involved converting paper insurance records to a new computer system, and despite lacking typing skills, she applied for the position. During the interview, Jenny candidly shared her accident and the challenges she faced.

Unbeknownst to her, the State Manager, who had experienced a severe car accident himself, empathized with her situation and offered her the job.

This unexpected opportunity marked the beginning of Jenny's fascination with the insurance industry. Despite her initial lack of typing skills, she recognized the myriad opportunities available for those with curiosity. Realizing she could study part-time while delving into the insurance world, Jenny seized the chance to continue her education in this captivating field.

Jenny discovered early on that resilience played a crucial role in her journey, enabling her to reset and recover from the setbacks of her accident. Recognizing that change and challenges are constant, she prioritized building resilience reserves. With a strong support network, Jenny has been able to bounce back from adversities and navigate the dynamic landscape of the insurance industry, a journey that continues to evolve.

Wisdom of Embracing Opportunities

Jenny has consistently demonstrated her leadership prowess by steering teams towards enhanced business profitability, especially during periods of substantial change.

Jenny acknowledges the invaluable support of an exceptionally supportive board, comprising individuals deeply passionate about the industry and the success of agencies. All board members, being owners or senior executives in their respective companies, possess a nuanced understanding of associations and recognize the significance of maintaining relevance while building upon a foundation of connecting, influencing, and innovating for the future.

Reflecting on her career journey, Jenny expresses gratitude for the guidance and support provided by sponsors who championed her and played crucial roles during her transitions into larger organizational roles.

Jenny acknowledges the impact of having strong and supportive leaders throughout her career, individuals who have empowered her to seize opportunities and take charge.

These sponsors served as sounding boards and advocates, enabling her to showcase her skills, expand her professional network, and overcome occasional experiences of imposter syndrome.

Drawing on personal experiences, Jenny emphasizes the importance of self-awareness and the power of reframing negative thoughts to overcome doubt. A memorable piece of feedback from a peer, urging her to recognize her earned seat at the table, serves as a constant reminder of her capabilities and propels her towards success.

Jenny shares advice, particularly for women, encouraging them to believe in themselves and have confidence in their abilities. She highlights the non-linear nature of career paths, emphasizing the value of embracing opportunities for growth and learning, even if they lead to unexpected turns.

Jenny challenges the notion of aiming for roles that perfectly align with existing skills, advocating for seeking positions that push individuals to take on more significant responsibilities.

In the spirit of solidarity, Jenny underscores the importance of supporting fellow women on their professional journeys, fostering an environment where women are allies rather than competitors for seats at the table.

Leading the Underwriting Agencies Council through Strategic Triumphs As the inaugural CEO of the Underwriting Agencies Council, Jenny has held the position for nine months, experiencing a whirlwind of meetings, discussions, and adaptation. A significant highlight of her tenure has been the successful rollout of a three-year strategic plan. In Jenny's perspective, this plan is pivotal as it places the organization's members at the core of all activities, establishing a clear trajectory and steering the association towards a mature, transparent, and viable future.

The primary objective of the strategic plan is to enhance the scale, reach, and reputation of the members, positioning them for success in the market. The feedback received has been overwhelmingly positive, indicating that the plan is well-received and sets a solid foundation for the association's future endeavors.

From Technology to Sustainability and Diversity Jenny is of the opinion that the insurance industry is undergoing rapid transformation, with the pace of change

remaining swift. She highlights the pivotal role of data analytics, artificial intelligence (AI), and machine learning in streamlining processes to enhance underwriting, increase operational efficiency, improve risk assessment, and elevate the overall customer experience.

Sustainability, along with a focus on climate-related risks and Environmental, Social, and Governance (ESG) factors, is anticipated to remain a major focal point. Jenny emphasizes that insurers have a responsibility to design and develop products that address these pressing issues. She cites parametric insurance as an example of an innovative product designed to complement traditional insurance programs, offering coverage for natural catastrophe risks.

The evolving regulatory landscape is expected to continue shaping the insurance industry, addressing new and emerging risks. Prioritizing consumer protection and fairness, coupled with the ongoing prudential oversight by entities like APRA, will be crucial elements in this regulatory evolution.

Jenny predicts a thriving future for underwriting agencies in Australia, attributing their success to innovation, agility, consistency, and professionalism. These qualities position them as a logical choice for brokers seeking products tailored to meet clients' specific needs, aligning them with mainstream insurers.

Additionally, Jenny mentions the significant and continuing role of women in shaping the future of the insurance industry. She emphasizes that women contribute diverse perspectives, foster innovation, and champion positive change, thus playing a pivotal role in driving the industry forward.

Fostering Change Jenny believes that Diversity & Inclusion (D&I) is a critical element in cultivating a culture of respect that nurtures a sense of value and inclusion. Notably, the board she oversees is characterized by significant diversity, and she has been actively engaged in spearheading a cultural shift toward change and innovative thinking. Recognizing the importance of visibility and transparency, Jenny has played a key role in championing these principles to establish a diverse and inclusive business environment. In her 10month tenure in her current role, she has emphasized the significance of these values, aiming to build trust, identify areas for improvement, and contribute to a more inclusive organizational culture.

Empowered to Empower Jenny acknowledges the impact of having strong and supportive leaders throughout her career, individuals who have empowered her to seize opportunities and take charge.

In alignment with her passion for giving back to the industry, Jenny has actively participated in various mentoring programs over the years. Witnessing the growth and increased confidence of her mentees during these programs brings her immense joy.

For Jenny, mentoring is not confined to formal programs; she believes it is an ongoing process that extends into more informal settings as needed. Beyond contributing to the development of others, she finds these interactions to be valuable learning experiences for herself. Jenny regards the opportunities to collaborate and work with others as truly priceless moments in her professional journey.

Passion Beyond Recognition Jenny perceives it as an honor to be recognized in an industry that she is deeply passionate about. However, she emphasizes that her motivation for the work she does does not stem from a desire for acknowledgment or accolades.

The insurance industry, in Jenny's view, is often underrated, yet she believes that it offers limitless career opportunities for individuals with the determination to work hard and a commitment to ongoing learning. Her passion extends to nurturing the next generation within the field, and she has actively engaged in mentoring emerging talents over the years. Jenny finds immense satisfaction in witnessing the progress and flourishing careers of these individuals over time.

Finding Harmony in Work and Play Jenny places a high value on work-life balance, making a conscious effort to prioritize her health. She is dedicated to maintaining this equilibrium by attending the gym an average of 3-4 days a week, adjusting her schedule based on work-related travel. Jenny finds that these gym sessions not only contribute to her physical well-being but also set a positive tone for success early in the morning.

Fueling her passion for travel and exploration, Jenny always has a couple of flights planned to new destinations.

This serves as a motivating factor, providing her with a reason to stay committed to her work. Embracing the mantra of "work hard" to afford the opportunity to "play hard," Jenny believes in the importance of balancing

Jenny's specific goals within the Underwriting Agencies Council include promoting the remarkable contributions of underwriting agencies in the Australian Insurance Market.

professional dedication with personal pursuits for a fulfilling and well-rounded life.

Advocating for Industry Recognition and Women Empowerment in Insurance The Underwriting Agencies Council, as a member-led organization, plays a crucial role in representing its sector in various capacities. One notable initiative involves organizing expos across Australia, spanning both capital cities and regional centers. These events serve as platforms that bring together members and the broking community, providing an opportunity for members to showcase their products, innovation, knowledge, and professionalism. The overarching goal is to position underwriting agencies as the preferred sector for brokers seeking a supportive partner.

Jenny's specific goals within the Underwriting Agencies Council include promoting the remarkable contributions of underwriting agencies in the Australian Insurance Market.

Her focus is on positioning these agencies as the logical choice for brokers seeking qualities such as flexibility, consistency, and excellent service.

Beyond organizational objectives, Jenny is committed to paving the way for women in the insurance industry. She aims to demonstrate the multitude of options and opportunities available for women who are curious and ready to challenge the status quo. Jenny sees insurance as a hidden gem in terms of opportunities for success and is dedicated to showcasing its potential, particularly to attract young, tech-savvy individuals to contribute to driving the industry forward. Her advocacy and promotion of the industry are geared towards fostering a dynamic and diverse future for the field of insurance.

Choose Excellent Choose Insights.

Global Subscription

Attributes of Progress!

December 2023 | 16 | www.insightssuccess.com

T

he insurance industry, a sector that was once heavily dominated by male leadership, is now witnessing miraculous changes in its process of leadership. Turning over a new leaf, the industry is now under the direction of leaders with a novel and unique approach. A new broom in the insurance industry is its strong and brilliant women leaders. In recent years, there has been a noticeable shift as women leaders have been making significant strides and transformations within the sector. These women are not only breaking down barriers but also bringing unique traits and qualities that are reshaping the landscape of the insurance world. In this article, we will explore some of the key traits exhibited by women leaders that are driving change and innovation in the insurance industry.

•

Empathy and Customer-centric Focus

One of the standout traits of women leaders in the insurance industry is their innate ability to understand and connect with the needs of customers.

Empathy, a strong point often associated with women, helps them identify the pain points and concerns of policyholders. Women leaders are placing a strong emphasis on creating customer-centric strategies, tailoring products to meet specific needs and fostering a sense of trust that is essential in an industry built on providing financial security during uncertain times.

•

Collaboration and Inclusivity

Women leaders embrace collaboration and inclusivity, qualities that make a significant impact on the insurance industry. They are championing diverse teams, not only in terms of gender but also in terms of different backgrounds, experiences and perspectives. This diversity of thought and experience is driving innovation within insurance companies, leading to the development of more comprehensive and inclusive products and services.

December 2023 | 17 | www.insightssuccess.com

•

Adaptive Problem-solving

In an industry that constantly faces new challenges and disruptions, adaptive problem-solving is a trait that women leaders bring to the forefront. These leaders are adept at navigating complex situations, finding solutions and making quick decisions in rapidly changing environments.

Their ability to think on their feet and remain composed under pressure reshapes the industry’s response to emerging risks and uncertainties.

•

Resilience and Risk Management

Resilience is a trait that goes hand in hand with leadership in the insurance sector. Women leaders are demonstrating remarkable resilience in the face of adversity. They understand the nature of risks and uncertainties better than most, and their capacity to manage risks effectively contributes to the stability and growth of their organizations. Their resilience serves as an inspiration for their teams and the industry as a whole.

•

Innovation and Future-focused Vision

The insurance industry has been transformed by technological advancements. Women leaders are proving to be adept at embracing innovation and incorporating new technologies into their strategies. Their future-focused vision allows them to see beyond the present and anticipate industry trends, leading to the creation of innovative products and services that meet the evolving needs of policyholders.

•

•

Ethical Leadership

Ethical leadership is becoming increasingly important in the insurance industry, and women leaders are setting a high standard in this regard. They prioritize ethical behavior, transparency and accountability, creating a culture of trust both internally and externally. This commitment to ethical practices is enhancing the industry’s reputation and fostering long-term relationships with clients.

•

Breaking Stereotypes and Inspiring Others

Women leaders in the insurance industry are not only transforming the sector through their traits and qualities but they are also breaking long-standing stereotypes and inspiring others to follow in their footsteps. As more women take on leadership roles, the industry is becoming more diverse and inclusive, which in turn is fostering innovation and fresh perspectives.

•

Empowerment and Mentorship

Many women leaders are actively involved in empowering and mentoring the next generation of leaders. Through mentorship programs and networking opportunities, they are creating avenues for young professionals to learn, grow and excel in the insurance industry. This commitment to nurturing talent ensures the continued transformation of the sector.

Strong Communication Skills

Effective communication is a cornerstone of successful leadership. Women leaders are excelling in this area by fostering open lines of communication within their organizations and with clients. Their ability to listen, articulate ideas and inspire others is helping to build stronger relationships and drive positive change in the insurance sector.

•

By encouraging ongoing education and skill development, they are equipping their organizations to stay ahead in a competitive landscape.

Commitment to Professional Development

In conclusion, women leaders are making remarkable contributions to the insurance industry by embodying a diverse array of transformative traits. A horse of a different color, women leaders in insurance possess distinct qualities from empathy and customer-centric focus to resilience, innovation and ethical leadership. With these, they reshape the sector and drive it toward a more inclusive, customerdriven and technologically advanced future. As women rise in leadership positions, their impact on the insurance industry will only become more pronounced, setting a new standard for excellence and driving positive change.

Women leaders are actively committed to their own professional development as well as the growth of their teams. They understand the value of continuous learning in an industry that is constantly evolving.

December 2023 | 18 | www.insightssuccess.com

Industry-Insights

I

n today’s complex and uncertain world, the insurance industry plays a pivotal role in providing individuals, businesses and communities with financial protection and peace of mind. The insurance niche encompasses a wide range of services and products, from life and health insurance to property and casualty coverage. This article delves into the dynamics of the insurance niche, examining its key components, challenges, innovations, and its everevolving role in modern society.

insurance industry. They analyze data, assess risks and determine appropriate premium rates to ensure that insurance companies remain financially stable while meeting their obligations.

Understanding the Insurance Niche

Claims Management: The claims process involves policyholders submitting claims for covered losses, which are then reviewed by claims adjusters. These professionals assess the validity of claims and determine the appropriate compensation.

The insurance niche revolves around the transfer of risk from individuals or businesses to insurance companies. By paying premiums, policyholders secure coverage against potential losses, which can include damage to property, illness, accidents, or even death. In return, insurance companies pool these premiums and use them to compensate policyholders who experience covered losses.

Components of the Insurance Niche The insurance niche is multifaceted, comprising various components that contribute to its overall functioning: Types of Insurance: The insurance landscape spans diverse categories, including life insurance, health insurance, auto insurance, property insurance, liability insurance, and more.

Each type caters to specific risks and needs.

Actuarial Science: Actuaries, professionals with expertise in mathematics and statistics, play a pivotal role in the

Underwriting: Underwriters evaluate applications for insurance coverage to determine the level of risk involved.

They decide whether to approve or deny coverage and set premium rates based on their assessment.

Distribution Channels: Insurance products are distributed through various channels, including insurance agents, brokers, online platforms, and direct sales. These channels play a crucial role in educating customers and helping them choose the right coverage.

Challenges in the Insurance Niche The insurance niche faces several challenges that influence its dynamics and shape industry practices: Risk Assessment: Accurate risk assessment is essential for maintaining the financial stability of insurance companies.

As new risks emerge, such as those related to cybersecurity or climate change, insurers must adapt their underwriting and pricing models.

December 2023 | 20 | www.insightssuccess.com

December 2023 | 21 | www.insightssuccess.com

Regulatory Landscape: Insurance is heavily regulated to protect consumers and ensure industry stability. Navigating complex regulatory frameworks can be challenging, particularly as laws and regulations evolve.

Data Analytics: Advanced data analytics enable insurers to gain insights into customer behavior, risk trends and market dynamics. This information informs pricing strategies and product development.

Technology Disruption: Technological advancements are transforming the insurance industry. Insurtech startups are leveraging data analytics, Artificial Intelligence and blockchain to streamline processes, enhance customer experiences and offer innovative insurance solutions.

The Evolving Role of Insurance in Society

Data Privacy and Cybersecurity: As insurers collect and store vast amounts of sensitive customer data, protecting this information from cyber threats and ensuring compliance with data privacy regulations is a significant concern.

Customer Expectations: Today’s consumers demand personalized experiences and seamless interactions.

Insurance companies must adapt to meet these expectations, providing user-friendly digital platforms and tailored coverage options.

Beyond financial protection, insurance plays a broader role in society: Risk Mitigation: Insurance encourages risk mitigation and safety measures. For instance, homeowners may take steps to prevent property damage to reduce their insurance premiums.

Economic Stability: Insurance provides a safety net in the face of unexpected events, helping individuals and businesses recover and maintain financial stability.

Social Responsibility: Certain types of insurance, like health and life insurance, contribute to social welfare by ensuring access to medical care and financial support for families in times of crisis.

Innovations Shaping the Insurance Niche The insurance industry is undergoing a digital transformation, driven by innovative technologies and changing consumer preferences:

Supporting Entrepreneurship: Business insurance allows entrepreneurs to take calculated risks and innovate, knowing that their investments are protected.

Final Words

Digital Platforms: Insurers are investing in user-friendly digital platforms that enable customers to manage policies, file claims and obtain information online. This enhances convenience and improves customer engagement.

Telematics and IoT: Telematics and the Internet of Things (IoT) have revolutionized auto insurance. Devices and sensors collect data on driving behavior, enabling insurers to offer usage-based policies and reward safe driving habits.

Artificial Intelligence: AI-powered chatbots and virtual assistants are improving customer interactions by providing instant support, answering queries and guiding customers through the claims process.

The insurance niche is a multifaceted and evolving sector that revolves around risk management and financial protection. It encompasses a variety of insurance types, each tailored to specific needs and risks. Despite challenges such as changing consumer expectations, emerging risks and regulatory complexities, the industry is adapting through technological innovations and data-driven strategies. As technology continues to shape the landscape, insurance remains a vital component of modern society, providing individuals and businesses with the security and confidence to navigate an unpredictable world.

Blockchain Technology: Blockchain enhances transparency and security in the insurance industry. It can streamline processes like claims management, reducing fraud and administrative costs.

December 2023 | 22 | www.insightssuccess.com

www.insightssuccess.com