She delivered this message throughout her a keynote deal with on the Insurtech Insights Europe 2023 summit in London final week.
“Innovation is about meeting unmet needs,” she mentioned, chatting with an viewers of insurance coverage and insurtech leaders. “However, what we notice is in our business, we are asked to do more with less. Infinite growth at a finite limit is simply impossible.”
Soetman-Reijnen will step down as chairman on April 1, 2023 after 33 years within the firm, Aon introduced on Thursday (March 9).
‘Not enough has changed since yesterday’
During her speech, Soetman-Reijnen mirrored on the adjustments she has seen within the business over time. But she additionally lamented that insurance coverage was not maintaining quick sufficient to ship what customers need, the best way tech giants corresponding to Amazon and Google can.
“Every time I’m back in London, it feels like not enough has changed since yesterday,” Soetman-Reijnen mentioned. “There’s still work to be done.”
While massive incumbents are positioned to stay out there for the many years to return, newer firms must battle the continued battle for relevance.
Data and know-how, that are already plentiful out there, will play a key position in innovation. But change wants to return from insurance coverage firms themselves, the Aon Holdings chairman urged.
“How do we as an industry stay relevant and make sure that the products and services we produce meet those unmet needs? How do we learn and adapt our business models accordingly in our companies?” Soetman-Reijnen requested leaders. “That’s the big challenge.”
Emotionally clever management
Organizations can higher innovate by emotionally clever leaders, Soetman-Reijnen argued.
“If you have a product that you think is unique and relevant to the world, you want to make sure it’s being followed. Emotional intelligence is important to bring that message and ensure people are following,” she mentioned.
The significance of emotionally clever management has reverberated strongly throughout the worldwide office within the wake of the pandemic. But there’s not sufficient of it on the highest ranges of management, in response to Soetman-Reijnen.
“The higher [leaders] get in the ranks of companies, the less emotional intelligence they have,” she mentioned, citing a research by the World Economic discussion board.
Apart from having the ability to reply and cater to the wants of their staff, emotionally clever leaders are higher outfitted to deal with innovation and alter.
“What’s most important in this moment of the world we’re living in is how you adapt. Can you show the a situational awareness needed to bring your product or service to the people who need it most?” Soetman-Reijnen mentioned.
Adaptability is among the most vital components of management as a result of it permits people to alter and go together with change when crucial. But Soetman-Reijnen additionally highlighted resilience and “failing early and failing smart” as essential expertise insurance coverage leaders must grasp.
“People don’t buy what you do, they buy why you do it”
Purpose drives the youthful technology, Soeteman-Reijnen stresses. Customers need to align with firms that shares their values #InsurtechInsights2023
— Gia Snape (@GiaSnape) March 1, 2023
Stepping down as Aon Holdings chairman
“True leadership is when people follow you even when you are no longer there,” mentioned Soeteman-Reijnen, who’s leaving Aon after greater than three many years.
She has served in a number of management roles throughout her time on the world monetary companies agency, together with world chief advertising officer for Aon Inpoint.
Outside the agency, she has embraced numerous non-executive and ambassador roles, corresponding to member of the worldwide alumni board of Harvard Business School and member of the board of administrators of the American Chamber of Commerce within the Netherlands.
She has additionally advocated for girls’s empowerment as ambassador of UWC Maastricht, supporting their MENA Women Empowerment initiative.
Eric Andersen, president of Aon, mentioned the corporate would rejoice Soeteman-Reijnen’s contributions at a farewell symposium later within the yr.
“On behalf of her colleagues at Aon, I want to recognize Marguerite for 33 years of service to the firm and the many contributions she made to our business, corporate governance, and inclusion and diversity initiatives. We wish her the very best in this next chapter of her career,” Andersen mentioned in a information launch.
Soeteman-Reijnen expressed gratitude for the honour of serving the agency and for having the ability to pursue her ambitions on threat, management, inclusion, and variety inside and outdoors Aon.
“In my journey from trainee to Chairman of Aon Holdings BV, I have been fortunate to work alongside so many talented people from diverse backgrounds, who were all as passionate as me about the firm’s goal to partner with our clients to help shape business decisions for the better,” she mentioned.
“It is the right time to follow my curiosity for new dreams and new challenges.”
How can the insurance coverage business embrace innovation amidst right this moment’s dangers and challenges? Sound off your concepts within the feedback under.