Nine leadership questions for Teshlin Akaloo, MD, NetcarePlus

In my academic journey, I pursued a degree to become an actuary. However, upon completing my studies, I found myself grappling with uncertainties about my chosen career path. At one point, I even contemplated a shift towards medicine.

Working as an Actuarial Analyst at Momentum shifted my perspective. Immersed in solving for South Africa's middle market needs, I discovered a passion for innovative solutions to address real-world challenges. Every role since has aimed to fulfil this passion, driving me to make meaningful impacts.

1. For how long have you been Managing Director of NetcarePlus?

I have been the MD of NetcarePlus since the 1^st of January 2020.

2. How have your previous roles within and prior to joining NetcarePlus prepared you for this current role .... Any challenges, highlights, or learnings?

In my previous roles, I’ve had the opportunity to build teams from the ground up, recognising the value of diverse skill sets in achieving greater results through collaboration. I strongly advocate for cultivating diverse thinking, as this is one of the essential ways to solve challenges that are often bigger than individual capabilities.

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

I believe that these qualities collectively contribute to creating a supportive, innovative, and high-performing team environment:

• Authenticity and vulnerability: Being authentic, vulnerable and showing up as your true self
• Empathy and continuous growth: Having the highest level of empathy, being able to listen and recognise that you too are on a growth journey.
• Talent recognition and empowerment: Being able to identify talented people and setting them free to grow and be
• Vision crafting: Being able to craft a compelling vision together with your people
• Safe and creative environment: Fostering an environment where people feel safe to be creative and fail fast so that you can learn quickly to get closer to the real solution
• Grit and adaptability: Lastly, having the highest level of grit and knowing that together with your people, you can always make a plan.

4. What would you say are NetcarePlus’ top priority areas for the next year?

NetcarePlus has always aimed to make private healthcare more affordable and accessible for the people of South Africa. As such, our top priorities have not changed much over the last while. In the upcoming year, we aim to find more innovative ways to solve for access to healthcare. This means that we will introduce more products into the market and continue to foster relationships across the industry with advisers and employers so that we can reach more people through what we do. Healthcare is an imperative to maintain livelihoods of people.

5. As a leading player in medical insurance and prepaid healthcare, how do you attract and retain talent? And how can the insurance industry better retain talent and skills?

Everyone at NetcarePlus is united by the profound sense of purpose driving our mission. Our goal is to revolutionise healthcare solutions in South Africa. We are all dedicated to building a lasting legacy. The NetcarePlus team boasts an unparalleled diversity of skills, making every day a privilege to witness talent in action.  .

Our goal is to foster a culture that nurtures creativity and provides ample opportunities for personal and professional development.

I believe that people quite often underestimate the impact that the insurance industry has on society at large. It’s crucial to showcase the positive contributions the industry makes. Ultimately, at NetcarePlus, we do not sell medical insurance, we provide access to healthcare through an insurance product. 

6. How do you see technology playing a much more significant role in the medical insurance space, as well as in product development and distribution in the next few years?

Technology will positively impact the industry in two main ways. Consumers will be given more power and choice through technology. This will enable them to make better decisions and ultimately participate in their health. This shift will help achieve better health outcomes for people and is much needed for a sustainable health ecosystem.

Using technology, we can positively impact the way in which we deliver healthcare both from a funding perspective as well as a provider perspective. Ultimately, we can deliver better health outcomes while making sure that the customer experience is second to none.

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

Our regulatory framework that governs this space is in flux and as a result, it is complicated the advice framework further. The healthcare funding space is probably the most complex given the plethora of solutions and licenses that exist.

The biggest area of concern is being able to uphold the promise of healthcare. Intermediaries often have to advise clients on what is the best way within their budgetary constraints to solve for their families healthcare needs. The industry is riddled with complexity and medical insurance products often have clauses that are difficult for the end consumer to understand.

Added to this, employers and individuals are under huge financial strain. Being able to afford to meet your basic needs is becoming more and more difficult. This makes the need for more regular financial advice more important – probably more important than ever.

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

Back yourself and always remember that you can make a plan. Be bold and courageous and put yourself out there. Your degree will get you into the first conversation, your grit will help you make a success of every conversation thereafter.

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

Time to Think by Nancy Kline – It is not an easy read but the concepts helped me become a more self-aware leader.