The Dynamism of an Insurance Leader
Mr Pichet Jiaramaneetaveesin, Head of Corporate Actuarial of American International Assurance Company Limited Thailand and also the winner of the Young ASEAN Managers Award (YAMA) 2012 shares his views of the ideal qualities of an insurance leader, his contribution to the company and the insurance industry. Incidentally, he will be the Chairman of the Committee for the 9th ASEAN Insurance Congress which will be held in Da Nang, Vietnam. This event is organised by the ASEAN Insurance Council and the ASEAN Training and Research Insurance Institute (AITRI).
Q In your opinion, what are the ideal qualities of an insurance leader? An insurance leader demonstrates outstanding leadership qualities, vision, industry knowledge, communication skills, and market advocacy and has influence on the development of the insurance market as a whole. In today’s volatile economic environment, a global perspective, ability to adapt to change and ambitions to strengthen and expand the insurance business are the keys to success. A leading insurance leader should have thorough understanding of the regulations, economic conditions and other factors that could have an impact on the insurance industry. Extensive knowledge, experience and expertise in the industry are essential for a good insurance leader to contribute to sustainable growth of the industry. A successful leader also learns from his or her failure. Moreover, an excellent insurance leader should be a good representative for the industry, showing his or her willingness to speak honestly to the public about the challenges facing the industry to encourage collaboration among stakeholders. A leader should also have a good vision for shaping the insurance industry and improving it, as a vision for the future is very important for an insurance leader. Q What have you contributed towards your company’s success? As a key talent of AIA Thailand, I have developed several initiatives to generate sustainable top-line growth and improve the bottom line of the company. My value-added contributions include enhancing the company profit margin, improving loss ratio management, promoting sustainability of the insurance business, giving feedback for product innovation, managing the tax reserve to optimise tax, implementing the risk-based capital management framework, and aligning the company’s business direction with the challenging regulatory and competitive environment. The above contributions are my critical value- added achievements to the company’s success as they will directly lead to sustainable profitability and growth. I believe that my ability to establish strong and sustainable human capital is very important for the company’s success. As the actuarial team is one of the critical functions in the insurance business, I took great efforts to meticulously develop my actuarial team and grew from five members to thirty members in the past three years with high international standards. I am also dedicated to building a culture of enthusiasm for learning new things, proactive thinking, business ownership, being a learning organisation and knowledge sharing among staff members under my man-