Things may not yet be back in full swing, work-wise, in New Zealand (with many out-of-office responses still on) but, this early, Lockton NZ people solutions head Niall Martin (pictured) is forecasting “an exciting 2023 for us and our insurer partners,” 16 months after commencing operations in the country.
“From a Lockton perspective, it’s an exciting time as we continue to build our business and brand across the New Zealand market in 2023,” Martin told Insurance Business. “We believe we have the best team with the optimum client service delivery that can add real value and make a tangible difference.
“This is evidenced by our client results to date, where we’ve had clients continually renewing with Lockton since we opened our doors. We see a very promising and busy year ahead in what will be our third calendar year on the ground in New Zealand.”
The business led by Martin, for instance, has partnered with HealthNow for the Employer Aid proposition.
From the employer perspective, meanwhile, Martin said 2023 is set to be another challenging year given the continuing impact of the tight labour market, not-too-rosy economic forecasts, and the lingering effect of COVID-19 on business and services.
In terms of risks to businesses, Martin pointed to a recent study by Lockton that featured global responses from nearly 500 chief financial officers and senior finance leaders from industries including energy, financial services, healthcare, hotels, manufacturing, professional services, retail, real estate and construction, transport, as well as telecoms, media, and technology.
“In Lockton’s latest risk and insurance research, CFOs and finance leaders in New Zealand and Australia highlighted technology, cybersecurity, and people risks as their top risks of concern,” he noted. “Confidence in risk preparedness declined in all three categories of risk; for example, only 61% of CFOs felt they were prepared to deal with people risks (i.e., key talent leaving), while 66% of respondents changed their approach to risk management from Q1 to Q3 2022.
“Navigating a looming recession and increasing cost pressures in 2023, we believe the increasing costs and availability of insurance will lead CFOs and risk/insurance teams to rethink their risk management approach. As risks continue to shift rapidly, the most resilient organisations will need to rely on diverse teams of individuals coming together to openly discuss risks with clear support from the board.”
Internally, Lockton New Zealand itself has its own set of challenges and corresponding opportunities, which Martin considers as what makes the sector interesting.
He told Insurance Business: “The competition for talent will become even more challenging as we continue to grow and disrupt the market. For Lockton, our priorities are relatively straightforward – our client-first focus, empowering our people, and making a positive impact in the communities in which we operate.
“We will always be looking for people who demonstrate these principles and who are passionate about client service. At a talent level, we’re creating a caring culture of empowerment where everyone can achieve their ultimate potential. This is enabled by initiatives such as our first-ever Pacific LEAP programme – a development offering for new and aspiring leaders diving into topics such as ‘leading with empathy’ – or our paid volunteer leave.”
Martin added: “For Lockton, as a relatively new entrant to the market, the opportunities are everywhere. We have had remarkable growth since we opened our offices in late 2021… Our opportunity, therefore, is to continue to build our business and to make the Lockton brand the ‘go to’ for outstanding client service in New Zealand.”
What are you excited about in 2023? Share in the comments below.
