Nine leadership questions for Lee Bromfield, FNB Insurance CEO

Brief Career Description

Lee Bromfield is the CEO of FNB Insure and Invest, overseeing the Life, Short Term, Motovantage, Employee Benefits and Invest businesses. He has been with FNB for over 19 years and joined the business straight after graduating from the University of Johannesburg with a BSc. Degree in Financial Mathematics, going on to qualify as an Actuary within FNB.

Over the years, Lee has had an opportunity to work in diverse areas within the group, including Credit Card, Forex, Business, Core Lending Products, and Life Insurance, as well a range of functions including Analytics, Client Value Management, Product Development, Pricing, IT, and Operations. As CEO of FNB Insure and Invest, he oversees the FNB insurance and invest businesses and the international invest and insurance strategy. Lee is known to be a successful intrapreneur, a strategic thinker with a keen interest in deep analytics, a very innovative and an inspiring leader who has helped build and diversify the business within FNB.

Question 1: For how long have you led the FNB Insurance business?

I have been with FNB for over 19 years and leading the FNB Insurance business as CEO since its inception, 8 years ago.

Question 2: How has your career background sharpened your skills and prepared you for this role?

My career background and experience over the years has helped me gain expertise in leadership, strategic thinking and innovation, all which are crucial in my current role. Working across various areas within FNB has helped me to better understand FNB's operations, our customers and how to lead the business.

Question 3: What would you say are top qualities for effective leadership in the financial sector?

Effective leadership in the financial sector requires qualities such as strategic thinking, risk management, innovation, adaptability, and communication. As a leader in this sector, one should be able to adapt to complex market conditions, think creatively, stay ahead of technological advancements, and always put the customer at the centre of their decision-making. In addition, one must be empathetic and lead with heart i.e. be human and kind.

Question 4: What would you say are your company's/division's top priority areas for the next year?

Our top priority areas for the next year include enhancing customer experience, improving digital capabilities, expanding our product offerings, and strengthening our relationships with strategic partners. This obviously includes growing our position in the market.

Question 5: As one of the leading finance institutions in SA, how do you attract and retain talent?

People are the heartbeat of our organisation and as a top employer brand, attracting, nurturing, and retaining talent remains our core priority. To attract talent, FNB continues to enhance its employee value proposition by offering competitive packages and benefits, opportunities for career development as well as fostering a supportive and rewarding work environment. We also prioritise employee well-being and work-life balance, which are key factors in retaining talent.

Question 6: How do you see technology playing a bigger part in how insurance and its products are distributed in the future?

Technology is already playing a significant role in how insurance products are distributed, and this will likely become even more crucial in the future. At FNB Insure, we see technology as an enabler for delivering more personalised and convenient solutions to customers, streamline operations and drive innovation. As such, we have made it a priority to keep investing in advanced technologies such as artificial intelligence, data analytics and digital processing to enhance our customer experience and improve operational efficiency.

Question 7: What would you point out as key areas of concern for the insurance industry in the next three to five years?

Key areas of concern for the insurance industry in the next three to five years include managing risk and regulatory compliance, adapting to changing customer expectations and leveraging technology to drive innovation and growth. Cybersecurity threats and the need to leverage data analytics to drive innovation are also critical areas of focus.

Question 8: If you could go back and give your 18-year-old self-one piece of advice, what would it be?

I used to continually obsess about different paths that I could have taken – what if I studied something different or went to a different employer. I wish I could tell myself that it would be ok and that I should more focus on the present. I now understand that it's essential to make the most of the opportunities that are available to you at any given time.

Question 9: What is the one book you would recommend to your audience, and why?

"My Life in Full" by Indra Nooyi. This book provides great insight into Nooyi's journey to become CEO of PepsiCo and the experience of running a massive global conglomerate. It also offers helpful perspectives on personal progression as both a female and an immigrant in the American business community. I believe that it's always good to get a wide range of views to help shape your own career journey.