Nine leadership questions for Sharon Paterson, CEO, Infiniti Insurance

Sharon Paterson is the Chief Executive Officer of Infiniti Insurance, and holds a BA and HDE from Rhodes University in Grahamstown. In the earlier years of her career, Sharon worked as a teacher psychologist at two schools in Grahamstown before taking time off to be a full-time mother.  On returning to the workforce, she joined an insurance brokerage managing a group scheme, and later moved to work at one of the leading insurance companies in the country, where she took up a position as a senior executive, heading up the commercial area in the broker division.

1. For how long have you led Infiniti Insurance as CEO?

I joined Infiniti Insurance in 2007 as a General Manager, and three years later, I was appointed to the position of executive director, a position I held until 2013 when I became the CEO of the company.

2. As a leader of one of the leading insurance brands, how would you frame the challenges and triumphs you have had to endure to get here?

Well, I believe that as a woman in any industry, you have to work harder and smarter than your male counterparts to get where you want to be.  Women bring a different dimension to business. We see things differently and have a different thought process.

I joined the insurance industry quite late in life – at the age of 33.  I studied Psychology and English at Rhodes University and was a teacher psychologist at two schools in Grahamstown after I graduated. 

In retrospect, I was too young and inexperienced to council senior school but I somehow managed to get by.  I then spent seven years as a stay-at-home mum before a short spell running election campaigns in the late 80s.  I learned a lot, including that I could do anything I set my mind to do.  I was fortunate to have two fantastic mentors in my life, Zach de Beer who taught me that I could do anything I set my mind to do and Nan Maclennan who taught me all I know about partnerships and people – I still think “What would Nan have done.”

3. What would you say are the top qualities of effective leadership?

Flexibility and being prepared to listen to people’s ideas and accommodate them whenever possible.  Life at Infiniti Insurance is constantly changing with new partners joining and new areas and opportunities.  This is because we deal with entrepreneurs and they are continually pushing the parameters with new products, and new projects that we need to get involved in.  Fundamental to my role is also to know what works and what doesn’t work.  Our model is a partnership model – many companies speak partnerships, but at Infiniti Insurance, we epitomize the partnership philosophy.

4. What would you say are Infiniti Insurance's top priority areas for the next year?

I have the mandate to grow the business but first and foremost, I must ensure that as a company we continue to provide an unparalleled level of service to our existing partners, helping them to grow their business and in turn provide an unparalleled level of service to their clients. 

5. As one of the leading insurers, how do you attract and retain talent?

By mentoring my team and guiding them to think out of the box and move forward into exciting and unchartered waters so that they can grow. 

6. There is so much change in the business space. How do you see technology playing a bigger part in how insurance and its products are distributed in the future?

Technology has been central to building solid relationships during the COVID-19 pandemic. However, I don’t want to see technology replacing something that is the backbone of our industry, which is the interpersonal relationships between our underwriters, brokers and clients. As the industry, we need to invest more in digital technology to enhance our relationship with all our stakeholders in the business.

The foundation of our business model is based on building strategic business partnerships with our brokers. We build on that with risk mitigation, prevention, and support, and every one of our activities and relationships is underpinned by the spirit of partnership.

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

We are likely to see an increase in the severity and frequency of catastrophic events, such as events related to climate change. The emergence of these catastrophic losses mean that it is high time for the industry to develop innovative risk prevention and mitigation solutions to bolster the financial resilience of households, businesses and communities that are prone to these disasters.

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

To have faith in my own abilities and self-worth.  I was well into my 30’s before I truly learnt that lesson.  I guess like many women of my generation, I was brought up to believe that my role was to support not lead and I had to unlearn that before I could lead.

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

Most of the time when I read a book it is for relaxation and relaxation only so this is quite a difficult question for me to answer.  I guess that a book that has really struck a chord with me is a book called ‘On the Brink’ by Andrew Duguid.  It is a lesson in what can go wrong in our industry and how to make sure it doesn’t.