Having a wise and respected mentor can make a huge impact on a person’s career. Coming from a family of mariners, Ando Insurance head of marine Henry Wallace had no problem receiving guidance to help him thrive in the marine industry.
Wallace (pictured) became aware of the connection between insurance and legal principles when he was studying law at Canterbury University – inspiring him to pursue a career in the industry. With his family’s centuries-old tradition of being mariners, and his business experience, he became confident enough to enter the marine insurance sector.
“After spending several years in Brazil, where I owned an import/export business, I returned to New Zealand and saw an opportunity to join a niche marine underwriting agency. I think my formulative years in marine claims, as well as understanding the areas of risk from a business owner’s viewpoint, has helped me greatly. My interest in geography and economics has also been really beneficial,” Wallace said.
Marine has proven to be a challenging industry, but Wallace has been able to thrive in it – thanks to his mentors, who also inspired him to give back to the industry.
“I have been fortunate to have had some very experienced and respected mentors in my marine insurance career. They were generous with their knowledge and giving back to the industry, which has also been a focus of mine,” Wallace shared. “I enjoy sharing my marine knowledge and have been involved in running marine education seminars for IBANZ, speaking at ANZIIF conferences and the NZ Marine Transport Association conference.
“I’ve found that there has been reducing levels of experience on the marine underwriting and broking side of the business, so I feel [that] we as ‘Marinos’ need to support our clients better. I do this by putting myself in the customer’s shoes to help understand the risk, so I can structure an appropriate solution.”
“I enjoy meeting with fellow local marine insurance leaders, discussing global developments and looking at responses to regulatory review among other matters,” he said. “I am genuinely passionate about insurance and the difference we can make each and every day. I think we can definitely do more as an industry in promoting and being proud of what we do. There are many challenges in insurance but as we know it’s finding the right balance between risk and reward.”
He emphasised the importance of seeking knowledge and helping each other, advising those who want to be successful in the industry to “seek knowledge, work hard at being customer-focused and your efforts will be rewarded in the long run.”
“Think carefully about all the different types of roles and areas available in our industry and don’t be afraid to talk to those in specific areas that interest you. Always remember that insurance is about helping others,” he continued.
“Continue to be humble yet assertive when you need to be. It’s sometimes hard to find the balance but you need to trust your gut instincts. Seek out those who are generous in sharing their knowledge and be generous yourself with sharing what you know. I like to maintain a glass half full outlook on life and this influences how I operate as an underwriter. Develop your own positive brand, be genuine and finally, and most importantly, find happiness in helping others.”
