In the midst of the huge wave of change sweeping over the insurance industry, one leader believes that firms and professionals must concentrate on how to solve today’s problems, while keeping an eye out for what the future may bring.
Chee Foo, who was recently appointed as head of life & health business management for Asia at Swiss Re, spoke with Insurance Business about his career and how he solves the problems he encounters, both inside and outside the office.
According to Chee, as a student of actuarial science in university, a career in insurance was a likely progression. After graduating, he joined Prudential UK as a life actuary, but later switched to Swiss Re, where he has spent the past 16 years, working in various areas and multiple offices, such as London, Zurich, Sydney, and now Singapore.
“I realised that I wanted a more varied career, although still in the insurance space, and that was when I joined Swiss Re,” he said. “My boss at that time took a gamble on me, because I joined Swiss Re as a property & casualty actuary, and it was – still is – a rare thing for actuaries to switch specialisations.”
“I am responsible for a team of approximately 180 professionals, and we look after the actuarial reserving, claims, technical accounting (reinsurance administration), and portfolio management functions,” he said of his current position. “You could say that after some years in the insurance industry, I have come full circle to where I started my career 20 years ago, in actuarial reserving!”
Three years ago, Chee was appointed as regional L&H pricing actuary for Southeast Asia, Hong Kong/Taiwan, and India. Little did he know that this would be a challenging time for him, both professionally and personally.
“This was something I really wanted to do – to lead and be able to make strategic and business decisions for such a complex yet diverse region,” he said. “I had just moved to Singapore, after having spent the past 20 years outside of Asia. I also had only one team member in Singapore at the time, so I had to recruit, and rely on the support from teams at various locations to service the region. What’s more — I also suffered a health scare, which resulted in visits to the specialists and an overhaul of my diet and lifestyle.”
Dealing with such challenges on two fronts can be daunting, but Chee was able to overcome them.
“I dealt with all these issues as I have always done: addressing them systematically, focusing on the important ones first; fixing some immediately, recognising that others will take time; and always having a positive outlook. Fortunately for me, things turned out well – the team has been amazing over the last three years. My health has improved too.”
Having been recently appointed to a new role, Chee admits that he is still learning about the new issues and challenges he faces daily.
“Fortunately, I have had sufficient exposure to the region over the last few years to understand most of the challenges our clients, the industry, and indeed societies face,” he said. “Regulatory, economic and disruptive changes mean that my team and I have to balance between focusing on today, while keeping an eye on the future.”
He also makes it a point to remind himself and his team about the real purpose of insurance in every decision they make.
“When trying to fix a system issue, or working on how to comply with a specific reporting regulation, it is very easy to forget the relevance of our industry – to support policyholders and help societies get back on their feet when disaster strikes. This is something I try to reflect on quite regularly to stay grounded, and I advise my teams of the same. My claims teams for example are very cognisant that their decisions directly impact people’s lives and well-being”
Despite being very busy in his new role, Chee makes sure that he gets a break during weekends.
“I feel that my weekdays are so occupied with work, meetings and business travel that I really cherish my weekends. I make it a point to return home to Singapore for the weekends whenever possible. It allows me time to recharge for the week ahead – spending time with my nine-month old puppy, Miley, is very helpful to clear the mind.”
According to Chee, weekends are also for catching up with friends and family, especially over Singaporean breakfast featuring his favourite dish of soft-boiled eggs, toast, and coffee.
“The conversations I have with people from outside the (re)insurance industry provide the much needed distraction for me, but also good ideas for what I do at work,” he said.
