1:1 with Evelyn Chow
Eighteen months into her role as Appointed Actuary P&C for Australia and New Zealand, Evelyn Chow reflects on the role actuaries play in the value chain of an organisation.
It's amazing how fast time flies, 2016 has come and is almost gone! It has been a challenging year for the industry, costs have become more critical to manage than ever before with media scrutiny and new regulation constantly affecting and changing the playing field. This year we witnessed several changes in the CTP space, new pressures for companies to either grow business lines to increase volume and margins or to divest them, queries around the creation of a Northern Queensland Flood Pool, emergence of new business models, and even another earthquake in New Zealand. Many of these developments just fuel extra pressure on our industry and therefore test our resilient.
On the good side of 2016, on a recent business trip to Singapore with my L&H counterpart Leigh Watson, we ran into Richie Sambora from Bon Jovi on his return trip to Los Angeles (after playing at the NRL grand final here in Sydney). It was such a flashback and I could not get the line "We are halfway there" out of my head from one of Bon Jovi's greatest hits, Living on a Prayer.
If life is about experiences and memories than this was definitely one of those moments. This great line is also reflective of where we stand as an industry - We are halfway there.
Having now been in Australia for almost two years, I continue to be amazed by the talent, innovation, and competiveness of this (re)insurance market. Many of our standard best practices here are lightyears ahead of other markets and we have the right industry framework and willpower to be successful going forward. It will take hard work from all of us, taking on new risks and possibly structures for our industry. It will mean a new and truly evolved focus on the customer – whose needs are constantly changing, yet I remain optimistic to know that we will get there. As the Head of Swiss Re Client Markets in ANZ, it's been a privilege working with you all and form part of this industry change going forward. We really are smarter together.
Let me wish you all (and your families) a Merry Christmas, good festive period, and a Happy New Year.