She delivered this message throughout her a keynote deal with on the Insurtech Insights Europe 2023 summit in London final week.
“Innovation is about assembly unmet wants,” she stated, talking to an viewers of insurance coverage and insurtech leaders. “Nevertheless, what we discover is in our enterprise, we’re requested to do extra with much less. Infinite progress at a finite restrict is solely inconceivable.”
Soetman-Reijnen will step down as chairman on April 1, 2023 after 33 years within the firm, Aon introduced on Thursday (March 9).
‘Not sufficient has modified since yesterday’
Throughout her speech, Soetman-Reijnen mirrored on the modifications she has seen within the trade over time. However she additionally lamented that insurance coverage was not maintaining quick sufficient to ship what shoppers need, the best way tech giants similar to Amazon and Google can.
“Each time I’m again in London, it seems like not sufficient has modified since yesterday,” Soetman-Reijnen stated. “There’s nonetheless work to be carried out.”
Whereas giant incumbents are positioned to stay available in the market for the many years to return, newer corporations have to combat the continued battle for relevance.
Knowledge and expertise, that are already considerable available in the market, will play a key position in innovation. However change wants to return from insurance coverage corporations themselves, the Aon Holdings chairman urged.
“How can we as an trade keep related and make it possible for the services we produce meet these unmet wants? How can we be taught and adapt our enterprise fashions accordingly in our corporations?” Soetman-Reijnen requested leaders. “That is the massive problem.”
Emotionally clever management
Organizations can higher innovate by emotionally clever leaders, Soetman-Reijnen argued.
“You probably have a product that you just suppose is exclusive and related to the world, you need to be sure it is being adopted. Emotional intelligence is necessary to carry that message and guarantee persons are following,” she stated.
The significance of emotionally clever management has reverberated strongly throughout the worldwide office within the wake of the pandemic. However there’s not sufficient of it on the highest ranges of management, in keeping with Soetman-Reijnen.
“The upper [leaders] get within the ranks of corporations, the much less emotional intelligence they’ve,” she stated, citing a research by the World Financial discussion board.
Aside from with the ability to reply and cater to the wants of their staff, emotionally clever leaders are higher geared up to deal with innovation and alter.
“What’s most necessary on this second of the world we’re residing in is the way you adapt. Are you able to present the a situational consciousness wanted to carry your services or products to the individuals who want it most?” Soetman-Reijnen stated.
Adaptability is likely one of the most necessary parts of management as a result of it permits people to vary and go together with change when mandatory. However Soetman-Reijnen additionally highlighted resilience and “failing early and failing good” as important abilities insurance coverage leaders have to grasp.
“Folks don’t purchase what you do, they purchase why you do it”
Goal drives the youthful technology, Soeteman-Reijnen stresses. Clients need to align with corporations that shares their values #InsurtechInsights2023
— Gia Snape (@GiaSnape) March 1, 2023
Stepping down as Aon Holdings chairman
“True management is when individuals observe you even when you’re not there,” stated Soeteman-Reijnen, who’s leaving Aon after greater than three many years.
She has served in a number of management roles throughout her time on the world monetary companies agency, together with world chief advertising officer for Aon Inpoint.
Outdoors the agency, she has embraced numerous non-executive and ambassador roles, similar to member of the worldwide alumni board of Harvard Enterprise Faculty and member of the board of administrators of the American Chamber of Commerce within the Netherlands.
She has additionally advocated for ladies’s empowerment as ambassador of UWC Maastricht, supporting their MENA Girls Empowerment initiative.
Eric Andersen, president of Aon, stated the corporate would rejoice Soeteman-Reijnen’s contributions at a farewell symposium later within the 12 months.
“On behalf of her colleagues at Aon, I need to acknowledge Marguerite for 33 years of service to the agency and the numerous contributions she made to our enterprise, company governance, and inclusion and variety initiatives. We want her the perfect on this subsequent chapter of her profession,” Andersen stated in a information launch.
Soeteman-Reijnen expressed gratitude for the honour of serving the agency and for with the ability to pursue her ambitions on danger, management, inclusion, and variety inside and out of doors Aon.
“In my journey from trainee to Chairman of Aon Holdings BV, I’ve been lucky to work alongside so many gifted individuals from various backgrounds, who had been all as passionate as me concerning the agency’s objective to companion with our purchasers to assist form enterprise selections for the higher,” she stated.
“It’s the proper time to observe my curiosity for brand new goals and new challenges.”
How can the insurance coverage trade embrace innovation amidst at the moment’s dangers and challenges? Pontificate your concepts within the feedback beneath.
