Ten leadership questions for Tarina Vlok, MD, Elite Risk Acceptances
Brief Career Description
I started my insurance career working as claims manager in funeral insurance. I started my non-life journey in 2003 as new business thatch underwriter, from which I progressed to claims manager. In 2006 I joined Christelle Colman in starting the non-motor division of MUA, where I was operations manager for non-motor until 2009, when I joined Santam as product development manager. In 2018 we launched Elite Risk Acceptances (Pty) Ltd with strong support from Old Mutual Insure, where I was the General Manager until November 2021. Christelle resigned as Managing Director in 2021 and I was honoured to have been appointed as her replacement since December 2021.
Question 1: For how long have you led Elite Risk Acceptances as MD?
I have therefore led Elite as MD for just over one year.
Question 2: As co-founder of Elite Risk Acceptances, how would you frame the challenges and triumphs you have had to endure to get here?
The first challenge one faces starting a business, is fear. This was reduced by the unwavering support we received from the Old Mutual Insure executive. Usually fear and triumph in my experience go hand in hand. Therefore, the fear we had to not launch within the expected time frame was dwarfed by the triumph of launching Elite within 5 months from starting the process. Another triumph has been our growth and the tremendous support we have been receiving from our broker colleagues. Our biggest challenge at the moment is navigating the changing risk landscape, which looks very different from as little as five years ago.
Question 3: How did you find the transition from General Manager, to the apex of your organisation? .... Any highlights?
The transition from GM to Managing Director was much easier than I expected it to be, mostly because during my tenure as GM I was exposed to most of the duties of the MD, although I did not execute on them. I truly enjoy the more strategic and market-facing focus as opposed to strict operations. The highlight was genuinely my appointment, which I was hoping for, but did not expect. Other highlights include the appointment of our new COO, seeing the growth of the team, and working much closer with my colleagues at Old Mutual Insure.
Question 4: What would you say are the top qualities for effective leadership in the insurance industry?
Especially in the current insurance environment, I believe resilience is an essential quality. Besides that, leaders should be inclusive, transformational, client-centric and embrace diversity. Transactional leadership is old-fashioned and not suitable to the modern work environment. As our workforce moves to mostly millennials and introducing digital natives, it is important for leaders to prioritise the wellness of staff, and not focus on profits only. Of course, profits are important, but there is a school of thought which says if you look after your staff, the profits will follow.
Question 5: What would you say are your company's top priority areas for the next year?
Our top focus areas for 2023 are: profitable growth, engaged, skilled and healthy staff, returning to the office, as well as continued marketing, communications, and market engagement.
Question 6: As a leading specialist insurer in SA, how do you attract and retain talent?
Our staff has always been and will remain one of our key focus areas. Old Mutual has a culture of learning, and staff are encouraged and supported to continue studying throughout their careers. In addition, we focus strongly on all areas of staff wellbeing, including financial, physical, emotional, and professional. We also strongly believe in growing our own timber. This, combined with a strong sense of teamwork and focusing on transformational leadership is key to attracting and retaining top talent.
Question 7: Do you see technology playing a bigger part in how insurance and its products are distributed in the future?
It goes without saying that insurers need to adapt to the changing consumer needs of interacting via technology. Whereas it can be a challenge to many especially large insurers, technology will certainly become a larger focus on all aspects of insurance, from acquisition, distribution, rating, and underwriting, as well as claims.
Question 8: What would you point out as key areas of concern for the insurance industry in the next three to five years?
There are definite shifts in the risk landscape. I believe the top challenges will be the lack of sustained electricity provision, leading to increased claims and adversely affecting the economy, the socio-economic environment, leading to possible social unrest and increase in crime, and the change in weather patterns, leading to increased frequency and severity of storm-related damages
Question 9: If you could go back and give your 18-year-old self one piece of advice, what would it be?
Life is short, enjoy every moment.
Question 10: What is the one book you would recommend to your audience, and why?
I’m an avid reader, but prefer to read fiction, because it is my relaxation. I would never recommend a book, as tastes differ immensely. But my favourite book of all time is One Hundred Years of Solitude by Gabriel Garcia Marquez. For non-fiction, I can really recommend Ian Fuhr’s book The Soul of Sorbet.
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