We are excited to introduce Zurich’s Head of Pricing for Group Insurance, Francis Burgess who has helped boost Zurich’s actuarial strength, whilst delivering new insights and innovation to our partners.
Congratulations on your new role as Head of Pricing. What has been the most exciting part of your role so far?
I have a deep passion for building and developing strong teams. I come to work to be the best version of myself that I can be, and I want the same opportunity for all the members of my team. For me front and centre of this is training and development and trying new things. The most exciting part of my role so far has been to make a real change in the training and development opportunities of my team. I am excited how quickly the team have adopted this culture and the flow through will significantly benefit our partner’s long term.
How did your career path steer you into the insurance industry?
When I started my career back in the UK, I had a very broad range of experience across life companies and consulting as well as across both insurance and investment products. I only started to specialise to my current passion of group risk pricing when I came to Australia twenty years ago. I never regret my broad Actuarial education as I use a lot of those concepts to add value in my current role. However, there is something about the group market that has a strong appeal to me. In particular it offers access to good value insurance for millions of Australians and feel a sense of purpose and community value in the work I do.
What do you enjoy the most about working at Zurich?
In a word - culture. My team, peers and colleagues have been unbelievably friendly and welcoming. There is a clear purpose and sense of vision at Zurich which means strategy is communicated transparently and you very quickly get an understanding of how you fit into the organisation and why what you do is important. I also enjoy the sense of fun, opportunity and self-development at Zurich.
What do you see as the biggest growth opportunities and challenges for group insurance in the next 12 months?
Obviously, the consolidation we are seeing in the industry provides both growth opportunities and challenges for insurers and their clients over the next 12 months and beyond. Merging and streamlining different funds will require creative solutions around insurance which can otherwise be a difficult complication when going through a merger. Deep understanding of the underlying risk characteristics is needed in order to be creative around solutions and I personally see this process interacting with the increased capability for more engaged members to actively tailor their cover to change the structure of group insurance over the medium term. Another key but related challenge is the product response to the changes needed to meet the challenge of recent legislative changes around default cover. What is certain is that members will access cover and be underwritten in a very different way over the next five years than they have over the previous twenty years.
Why do you think Zurich has been fairing so well during these uncertain times?
Zurich has a good balance between being both local and global which is important in managing uncertainty. Our global financial strength and strong culture provide the foundation for what we do but Zurich is also able to be flexible and act locally too. One of my reasons for joining Zurich was that I felt I got the best of both worlds: a culture that is growth focused and creative but with the depth of resources that you only get with a global insurer.
How do you keep motivated during these changing conditions of this pandemic?
I am a massive dog lover and together with my wife I have two very energetic Border Collies. Between us we walk the dogs three times a day and just getting out of the house and find a bush walk is very energising. I also get a time to ignore the hustle of the modern working day and can concentrate on being creative.
Do you have a mentor or someone who inspires you?
My wife had the pleasure of meeting David Attenborough when she was a marine biologist on One Tree Island. He has been an inspiration for both of us. Personally, I find it difficult to understand how he can always be so positive and encouraging for humanity to do the right thing. I can’t imagine the frustration and disappointment of seeing the decline in our planet first hand and yet not letting that frustration show when persuading others. I try to remember this example when I get angry or frustrated and I need inspiration in how to channel this emotion into a more positive place.