She delivered this message throughout her a keynote tackle on the Insurtech Insights Europe 2023 summit in London final week.
“Innovation is about assembly unmet wants,” she stated, chatting with 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 development at a finite restrict is solely not possible.”
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 adjustments she has seen within the business over time. However she additionally lamented that insurance coverage was not maintaining quick sufficient to ship what shoppers need, the way in which tech giants akin 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 performed.”
Whereas massive incumbents are positioned to stay available in the market for the a long time to come back, newer corporations have to combat the continuing battle for relevance.
Knowledge and expertise, that are already ample available in the market, will play a key position in innovation. However change wants to come back from insurance coverage corporations themselves, the Aon Holdings chairman urged.
“How will we as an business keep related and ensure that the services we produce meet these unmet wants? How will we study 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 wish to make certain it is being adopted. Emotional intelligence is essential to deliver that message and guarantee individuals 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 response to 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.
Other than having the ability to reply and cater to the wants of their staff, emotionally clever leaders are higher outfitted to deal with innovation and alter.
“What’s most essential 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 deliver your services or products to the individuals who want it most?” Soetman-Reijnen stated.
Adaptability is likely one of the most essential parts of management as a result of it permits people to alter and go together with change when crucial. However Soetman-Reijnen additionally highlighted resilience and “failing early and failing good” as crucial expertise insurance coverage leaders have to grasp.
“Individuals don’t purchase what you do, they purchase why you do it”
Objective drives the youthful era, Soeteman-Reijnen stresses. Prospects wish 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 comply with you even when you find yourself now not there,” stated Soeteman-Reijnen, who’s leaving Aon after greater than three a long time.
She has served in a number of management roles throughout her time on the world monetary companies agency, together with world chief advertising and marketing officer for Aon Inpoint.
Exterior the agency, she has embraced numerous non-executive and ambassador roles, akin 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 girls’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 yr.
“On behalf of her colleagues at Aon, I wish 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 easiest 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 having the ability to pursue her ambitions on danger, management, inclusion, and variety inside and outdoors 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 purpose to accomplice with our shoppers to assist form enterprise selections for the higher,” she stated.
“It’s the proper time to comply with my curiosity for brand spanking new goals and new challenges.”
How can the insurance coverage business embrace innovation amidst at the moment’s dangers and challenges? Pontificate your concepts within the feedback under.
