Here’s what makes an outstanding CEO

Here’s what makes an outstanding CEO | Insurance Business Canada

Insurance News

Here’s what makes an outstanding CEO

It’s about more than just business prospects

Insurance News

By
David Saric

For Rupinder Hayer, president of Armour Insurance Brokers, an outstanding CEO is motivated more by internal team dynamics than solely focusing on business prospects.

Armour Insurance is sponsoring the CEO of the Year Award at this year’s Insurance Business of Canada Awards, which recognizes the achievements of a C-suite level leader who has their sights set on creating a thriving and rewarding work environment.

“A great CEO is more focused on creating the next league of leaders and being a motivating force in any business,” Hayer said.

In a conversation with Insurance Business, Hayer spoke about the pressures that C-suite level executives are facing in today’s culture, why Armour sponsored this award and what events like this mean to the industry as a whole.

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Dealing with the conflicting dynamics of a workforce

For Rupinder, creating and sustaining an environment that promotes intellectual growth and opportunities to ascend to new career heights is what creates a successful CEO.

“The success of business endeavours is more of a byproduct of this leadership design,” he said.

In an industry that is undergoing a worrying talent shortage, both in terms of attracting and retaining insurance professionals, it is now more vital than ever to showcase how a career in insurance is sustainable in the long term.

One of the biggest challenges facing CEOs is bridging the generational gap between ageing professionals and the fresh crop of Gen Z talent looking to make their mark.

“The established workforce who have been around in the industry for decades have had a vastly different life experience than millennials and Gen Z who are now embarking on serious career paths,” Hayer said.

He pointed to the stresses of the high cost of living and inflationary woes and the delayed start of starting a family due to professional obligations.

Then, there’s the impact of COVID-19 and the shifting dynamics of keeping a team motivated.

“With office life being changed to hybrid or remote models, the onus is on CEOs to try and create an environment that keeps employees engaged and passionate, even as teams become physically distant,” Hayer said.

This is why CEOs must be resourceful, intentional and transparent.

“Motivation is top-down,” Hayer said. “If a leader is truly relatable and empathic, their enthusiasm for creating a community of success will be infectious.”

“It was our time to recognize the insurance companies”

Armour Insurance has a history of sponsoring awards for the Insurance Business Canada Awards.

For the last four years, it has had the honour of bestowing the MGA of the Year award to a worthy nominee.

“As a brokerage, we rely on these MGAs and their resources to do business, and we are eternally grateful for all their help,” Hayer said.

However, this year, Hayer and the team at Armour wanted to show some appreciation to standard insurers, who have also had a hand in giving business to brokerages across the nation.

“Through this award, we are showing our appreciation to insurers and their continued support for brokers,” he said.

Recognizing excellence at a national level

For any nominee or winner at this year’s Insurance Business Canada Awards, the ability to gain national recognition is both fulfilling and motivating.

“There really is no awards presentation like this for insurance professionals across the country,” Hayer said.

“Save for some regional accolades, there isn’t much opportunity for the industry to come together and celebrate.”

This presents an opportunity for individuals to mingle with their peers, recognize their successes and create interpersonal bonds that go beyond a computer screen.

It also opens up a conversation about how the industry is doing as a whole, offering great networking opportunities to casually acquaint new business prospects.

“Sometimes, we don’t hear about what other people are doing and achieving in the industry,” Hayer said.

“Therefore, an event like this becomes is a benchmark for professional standards for individuals, inspiring both leaders and associates to achieve similar sorts of success and recognition.”

Head to this link to nominate a business or professional for an Insurance Business Canada Award.