Statement of personal achievement

Example 5 – Peter Paige, Pin: 1117777D

Overview

From wishing to hone and professionalise my communication abilities to help raising Company’s profile, thus create a high level of acceptability, to exciting interest in insurance was easier said than done.

The end I sought to achieve was indeed accomplished. I must, however, confess that the means to the end that I had visualised, were too simplistic. The reality, as it unfolded, was far more complex and generally unpredictable.

A change in job from EFG PIc to UVW Ltd, did not affect my goals. Outwardly, it only amounted to moving from one Representative Office to another. To enter the Indian market a foreign player needs to have a local joint venture partner. The then Indian partner of UVW Ltd was perceived as weak and was unacceptable to the regulator. The ensuing split-up was rather nasty. For a while it seemed there was no willing suitor and things almost came to a stand still.

At the Rep office one patiently witnessed four players getting licensed ahead of us. I, however, continued to remain in circulation by volunteering to write and speak at several national and international forums. I also participated in international projects for UVW Ltd. The most significant was as a part of a due-diligence team for acquisition of a non-life insurer in South Korea. In a non-English speaking country, the biggest challenge was communication.

Things dramatically changed once we were licensed and there has been no looking back, since then. But again, the business model had to be tinkered (details later) depending upon the circumstances and the availability or non-availability of resources from time to time. The tumultuous process only tried my leadership capabilities and the winner was my communication skills, every time!

Fellowship plan

• To professionalise my communication abilities.
• Raising the Company's profile and thereby creating a high level of acceptability.
• Contributing to the creation of a modern Insurance marketplace in India.
• Influencing Indian corporates, by making insurance more comprehensible and interesting to them.
• Attracting high class individuals to the insurance profession.

My Fellowship plans could not have had better timing. My previous responsibilities entailed limited geography and client base. The opening up of India suddenly laid before a massive hitherto closed market, hungry for quality service and innovation.

The challenge was to open up throughout the country, ahead of competition (despite not being the first to be licensed). As General Manager (Business Development), it fell upon me to open up regional and branch offices, recruit key staff and ensure inflow of business (in absence of professional intermediary force).

In a tariff market, with predominantly controlled pricing mechanism, hard-sell was very important. Thanks to an unplanned Post-graduate Diploma in Direct Marketing (Institute of Direct Marketing, UK), I realised how important it was to structure presentations and target clients on a one to one basis. To make a strong impact, I initiated industry specific presentations with emphasis on risk management. I also initiated specialised presentations to industry associations and target customers across the country.

Then there was the challenge to develop a professional intermediary force and raising their levels, all the time. As we spread and grew, there was a need to spot and persuade good insurance domain knowledge personnel (from the public sector) to switch. All this without the assistance of any head-hunters, as a matter of rule. We also started looking at staff from non-insurance backgrounds, including graduates from management schools. It was not always easy to convert and at each such exercise, I realised how much I needed to raise my level of communication.

Interestingly, in such a vast country, the cultural diversities have necessitated that one recognise and sensitise all communication processes to local needs and realities.

Despite all the pulls and pressures, I also continued with my writing. Two of my most noteworthy contributions on India were published in the CII Journal (March 2000 & 2001), another one on call centers is expected soon. My essay in the Geneva Papers, (2000) won me a special prize. There were several other contributions in national and international publications. I am also an invited speaker at various forums in India and overseas.

Today, I am a more fulfilled professional, than I ever was. The size, complexity and demands of the India marketplace can keep you challenged all the time and there is never an end to learning. My background, the ongoing experience all this armed with the Fellowship would equip me to take up challenges anywhere in the world. Thanks to the introspection triggered by this exercise, I believe that I am not only a better manager but a thinker, as well.

Changes to Fellowship plan

As I said, the end generally remained constant. It was the means that became tactical. Two factors were principally responsible. First, an extended wait before one could really get into the business mode. Second, having got into the business mode the need to fast track the roll out process. While the first was beyond anyone's control, the second was a conscious team decision.

As I waited, there was no let go on the writing or speaking initiatives, mostly issue based subjects. Having worked in the Far East, I had also volunteered to our Singapore controlling office to allow me any project opportunities in that region, as and when they arose. UVW Ltd expansion plans soon afforded that opportunity in the form of a due- diligence exercise in South Korea. Also came a Post-Graduate Diploma in Direct Marketing from IDM (UK). It was an intensive programme and I had the pleasure of having Mr Peter Pool (Ex –Chairman LMN Ltd) as my tutor. A tremendous re-learning of the entire art and science of direct marketing and related communication skills, in an international environment (course ran in Hong Kong).

It was the timing of our trading license that necessitated a shift in focus from corporate to retail business (corporate renewals are all skewed towards March-April and we were licensed in the month of May), and to an extent synergies from the Indian joint venture partner (big time auto manufacturer). Having to thus focus on retail, we realised that our model of eight offices was not good enough. We needed to spread farther and deeper into the country. More so, because there were no professional intermediaries. Thus resulted a very aggressive roll out (what we were hoping to do in year three was attained in 12 months). Opening of offices, manning of staff, driving in business, training of intermediaries, brand building et al made me overshoot my target to complete the Fellowship in three years' time.

By hindsight, what one achieved could be only possible because the timing and circumstance impelled it. It could be postponed only at the cost of being left behind of competition. Sometimes it is difficult to list out all the learning that came out of it all, as one is still into the process. Yet, there has not been a single day without new learning. I am today a proud member of a team of handful people, who have created one of the largest UVW Ltd anywhere in the world in record time. It is already UVW Ltd‘s third largest non-life operation in Asia and should become the largest in another two years.

Just to give an idea of how big this company is: In the year one, as against a target of US $7.5 m, we completed US $28.5 m. This fiscal year we should be crossing the US $60m mark. To date the company has issued over 700,000 policies, settled in excess of 75,000 claims, employs 350 full-time staff across 36 offices and has about 1500 agents.

Key learning points

• Insurance is like any other business. It is about relationships. In a vast and complex
• marketplace, there is learning each day.
• However well known a brand maybe, people (whether customers-to-be or employees-to-be) need to be told and sold.
• Each inter-personal transaction is a communication challenge. People take written word very seriously.
• Reading and introspection at each stage provided the inspiration and spurred me further.
• Chaos has meaning. Events and opportunities do not unfold in a very logical and orderly fashion. One needs to equip oneself to cope with and get onto the top of it.
• Increasing professional demands meant less and less family time. I had to accept that my spouse was a better manager on the home front. During this period my son graduated from High School and proceeded to the US for university education. Our daughter is also under the able mentorship of my wife.
• Despite all the upheaval, the Fellowship programme was like a rudder that kept me on the course. Against it, I could benchmark my learning and growth.

Key skills and knowledge acquired

• I am able to make presentations in response to short notice invitations. Can articulate myself on varied subjects on an extempore basis. I have also emerged as a key brand Ambassador of the Company I work for.
• I have learned to deal with unplanned, unstructured ways and successfully give them meaningful forms.
• I can think on my feet when propagating risk management; analyzing viability of a whole account in terms of profitability and am reasonably successful in selling bottom line rather than top line growth.
• I have gained tremendous confidence and stature by regularly representing my Company at various forums: to endeavor institutionalise regulatory mechanism; have written and spoken about best practices in developed markets and how they could be imbibed; championed the cause of opening broking in India; in educating corporates on risk management and life beyond tariffs (India being a controlled pricing mechanism).
• I have played a significant role in attracting some very good talent to work for my organisation. Today my company is one of the most preferred employers in the insurance industry.

Intentions for the future

My learning and the resulting application has to go on with the same zeal. We are still in the early days of an organisation. I would personally want to continue generating the momentum and see the company evolve into a shining institution.

I would like some more international learning in the form of courses offered by UVW Ltd or external ones at prestigious universities and the resulting networking. I also wish to apply my extensive learning from the Indian Company in a profit centre role at other UVW Ltd operations. I do foresee a larger role in the local entity, eventually metamorphosing into a board level position. Beyond that perhaps a stint in the regulatory function and taking up the cause of ongoing insurance education in India.