“We’re growing so fast, it’s quite eye-watering.”
Those were the words of Thérèse Singleton (pictured), the former chief executive of Resolution Life New Zealand who in March became the first-ever chief operating officer at Ando Insurance Group. The Elite Woman recently sat down with Insurance Business to talk about her fresh start and where she plans to help take the challenger brand.
Singleton noted: “One of the biggest lessons I bring is I’ve got a really good understanding of the complexity involved in massive change programmes. I led the AMP life business in its separation from AMP, and therefore all the various stakeholders – from government through to regulators, through staff, and importantly through to our brokers – and the experience that I bring to bear on managing that process and ensuring that the outcome for customers and for our key partners remains as seamless as possible.
“I think the other part that I bring, which is massively exciting, is that one of my really key initiatives within Resolution was leading AI (artificial intelligence). The opportunity that AI presents itself to Ando is huge, because we don’t have legacy systems, our data is pretty clean, and we’ve got a lot of good new data-focussed staff. So, the opportunity for us to really grapple with the AI advantages for the business is really exciting, and I can bring experience in that space.”
Set up in 2015, the local underwriting agency came to life with the vision of leveraging new technology to deliver better customer outcomes as part of nourishing relationships.
“We have partners that are assisting us and already looking at the use of AI for claims and underwriting,” the new Ando executive team member told Insurance Business, “so there’s already a well-established programme. I think what I can bring is pushing the agenda along as far as we can push it at the moment.”
The COO, however, stressed: “I wouldn’t want to detract from the fact that right now where we are as a business is completely focussed on relationships. And so while we’ll use AI to help support those relationships, certainly I wouldn’t think the headline is it’s AI all the way. I think the headline is it’s relationships all the way with the use of AI to assist them.
“When you think about general insurance, there is an awful lot of lower-level transactions, which is the sweet spot for AI. So, I really think most insurance companies in the industry, if they’re not looking at AI now, will be looking at it in the near future.”
More broadly, Singleton’s remit will be centred around helping the Lloyd’s coverholder navigate the next stage of the company’s growth journey – all while reflecting on industry-wide challenges, including increased reinsurance costs and the lingering issue of affordability for customers.
“The number one priority for me over the next six months is really assisting the Ando executive team around setting the strategic direction,” declared Singleton. “So, if you think about where the business is right now, it has grown so fast and we’re now no longer an itty-bitty side player, with GWP (gross written premium) of $300 million and staff of 300-plus. So, there’s a real need for us to set the strategic direction for the next phase of growth.
“I think the biggest challenge will be to continue to maintain the excellent relationship management brand that we have, and continue to maintain the employment brand we have, in the face of a business that is growing very fast and in the face of a business that has to change because, by virtue of its size, there is more complexity within the business.”
It will be about taking Ando’s existing strengths, she said, and maximising them as the insurance provider matures and becomes more complex.
The business – which has offices in Auckland, Tauranga, and Christchurch and is partnered with The Hollard Insurance Company – is currently looking to fill several roles spanning areas like underwriting, sales, claims, and software engineering.
Singleton highlighted: “We’re growing so fast, it’s quite eye-watering. Most of my career, it has been in companies that are probably looking to shrink as opposed to grow. So, from the Ando perspective, it’s really heart-warming to see the level of growth.
“And most of the people I talked to, in the short time since I’ve joined, have made the positive decision to join Ando because they feel it’s a more people-focussed culture. And the entrepreneurial spirit that the business brings in terms of people want to be disruptors, they want to do things differently, and they want to be part of a disruptor within the New Zealand market.”
For the industry stalwart, it will be important to sustain that reputation and ensure that the employment experience lives up to the expectations of those making up the Ando roster.
As for her own reasons for coming onboard, Singleton told Insurance Business: “One of the reasons why I joined is I really like the focus on a new business, to be frank, but also on ‘by New Zealand for New Zealand’. That’s a really exciting, attractive opportunity for me.
“I’m most looking forward to being part of a young business that has a lot of excitement and vibrancy about it, and seeing it come into something that is almost like a teenager. So, from a baby into being a teenager, and being part of that move is super exciting.”
