In Australia, Jimmy Higgins led Suncorp’s recovery programs for Cyclone Yasi and the Queensland floods. After the Canterbury earthquake, he moved to New Zealand to set up and manage a similar response.

‘I saw firsthand the devastation they caused,’ he says. ‘But it was also very rewarding to see the way we supported our customers and helped them to get back on their feet. 

‘Being there in those moments, helping our customers in times of need — that’s what insurance is all about.’

Before joining Suncorp in 2008, Higgins worked as a chartered accountant with KPMG and McGrathNicol. He found the transition to insurance surprisingly smooth. 

‘My background was in crisis and financial risk management, so the fundamentals of my previous experience — confirm safety, assess, respond, rebuild and recover — were key to supporting communities trying to recover from major weather events.’

At Suncorp New Zealand, Higgins managed claims and customer outcomes for the general and life insurance businesses before taking on the role of chief financial officer. He was appointed CEO in October 2020.

‘Suncorp’s New Zealand business is in great shape,’ he says. ‘I’ve been lucky to come into the CEO role with a really strong leadership team and fantastic employees to deliver our strategy.’

THE WINDS OF CHANGE

For businesses around the world, the pandemic had a profound and immediate impact on the way people worked.

‘We already had an active flexible working culture, but when the government announced the level 4 lockdown, we had just 48 hours to equip all of our employees for working from home,’ says Higgins.

Now his focus is on making it as easy as possible for brokers and customers to do business.

‘COVID-19 accelerated the need for digital interactions with our customers and intermediaries,’ he says. 

‘As a result, we’re continuing to simplify straight-through processing, automate where it makes sense and ensure that our interactions with brokers, customers and other stakeholders are not disrupted by inefficient processes and systems. How well we do this will define our success in the future.’    

2020 also saw higher regulator and community expectations, an increase in the frequency and severity of climate change-related weather events and a number of disruptive cyber events, all of which put pressure on the cost of doing business. 

Severe weather events and the pandemic have also affected global reinsurance markets, which is the biggest input cost to insurance premiums.

‘We rely on global markets for reinsurance, so, as a business, we need to consider how we respond to this very carefully,’ says Higgins.

ENCOURAGING PROFESSIONALISM

Higgins welcomes recent steps to improve professionalism in New Zealand’s insurance industry. 

‘To me, professionalism is about trust, reputation and authenticity,’

Premium

You need to login to access this

Login

What are CIP Points? About ANZIIF Membership