Fabian Richenberger (pictured) jumpstarted his decades-long career in insurance as a young man with wanderlust. Born and raised in Switzerland, Richenberger knew he wanted to follow his ambitions of travelling the world and needed to find a career to make this dream a reality.
“Having worked at a bank, I was looking in the newspaper and saw an opening for a position in assessment,” he said. “The company was seeking underwriters with 60% international travel required - I immediately knew this was my golden ticket.”
With his ambitions of becoming professionally nomadic now realized, Richenberger also discovered he was attracted to the empathetic attributes of a life in insurance. “I learned how meaningful it is to have an opportunity to take care of people and businesses,” he said. “It has become a rewarding opportunity to help people recover from traumatic events and make it out on the other end.”
Richenberger, executive vice-president, commercial insurance and insurance operations at Definity, spoke with Insurance Business about his excitement towards being part of an IPO-process, why the company’s Canadian-owned roots serve its communities well and what makes a career in insurance worthwhile.
Having been at Definity for six years, Richenberger was specifically brought in to strengthen the company’s commercial lines portfolio in preparation for its inevitable IPO.
By cutting down on poorly performing commercial lines, Richenberger was able to help the company “focus on building market-leading offerings and capabilities in transportation, commercial auto and commercial property, which has allowed us to grow the business again,” he said.
In 2021, Definity was able to raise $1.4 billion, the largest Canadian initial public offering of that year.
“That was a very successful undertaking, and we did all of it during COVID, which was even more impressive,” Richenberger said.
He also said that taking part in the IPO process was a key aspect of Definity’s economic path forward. “We wanted to become publicly traded so that we could raise funds not only to drive organic growth but participate in the M&A process and drive inorganic growth as well.”
“It’s great to be part of an entity that wants to build out the company as a true market leader that is being supported by our broker partners and is respected by our customers,” Richenberger said.
Definity - the parent company to Economical Insurance, Sonnet Insurance, Family Insurance Solutions, Petline and others - is one of the leading P&C insurers in the country, with over $3.6 billion in gross written premiums in 2022. It has consistently pushed to offer its policyholders a modern insurance shopping experience - “we want to be the most innovative company in the national market,” Richenberger said.
This has resulted in creating and implementing new services that are indicative of consumer and industry trends. “We developed Sonnet, which is the first direct digital-to-customer underwriting company, which we then replicate for our local partners,” Richenberger said.
Furthermore, for Definity’s digital clients comes a digital submission process for first notices of loss.
“Leveraging a process for efficiency through digital means is a fantastic win,” Richenberger said. “An omni channel approach to business, which mixes the traditional and the state-of-the-art effectively, is a great business path to follow in today’s world.”
This has come a long way from Richenberger’s earliest experiences in the industry, which included typewriters and the introduction of a fax machine.
“Technology has made things much more efficient, which has been exciting to witness as I once had to get used to the concept of emailing,” he joked.
Throughout Richenberger’s career, one persistent cause of satisfaction has been the ability to help people during their most vulnerable times.
“When I worked in America many years ago, I remember having to deal with claims in the wake of major, major hurricanes,” he said.
“When meeting people in the communities who have had their homes and businesses destroyed by these natural disasters, it is a really fulfilling experience to be able to offer any semblance of help in such trying times.”
This empathy and conviction to help others in need extends to his current position at Definity, where Richenberger is a supporter of the company’s women empowerment group.
“We make sure that our female leaders have the same career advancement opportunities as their male counterparts,” he said. “This includes coaching, mentoring and thoughtful career planning that is also brought into the recruitment process.”
Internal initiatives like this directly mirror the external aid Definity gives its clientele, recognizing that a healthy work culture is just as important as the business performed.
Personally, Richenberger also devotes his time with Starlight of Canada, an organization that is near and dear to his heart. “Being able to help these parents cope with children who are seriously ill is very important,” he said.
“Whether helping Definity fundraise for the charity’s annual gala or involving myself in other initiatives off the clock, it comes with great honour to be able to provide a beacon of hope for people experiencing unimaginable hardships.”
