Insurance Services for New PlayersWed, 01/20/2016 - 09:00
Q: What do you expect to be the effect of the Energy Reform on the future role of the oil and gas industry?
A: Around the world, we are highly positioned in different sectors within the property and casualty (P&C) area, and in Mexico we have been proudly expanding. Even though our benefits portfolio is greater than the P&C portfolio, we would like to be better positioned in the energy industry within the P&C business. We identify with several different capabilities, and we have offices in London and the US, with specializations in particular areas related to energy. In Houston, the staff is extremely specialized in this industry, so partnership with this office will be vital in order to deliver products and services for the industry in Mexico. It will be necessary to establish a process with that office to identify the risks and ensure that we are identifying client needs in terms of insurance services and products. With this partnership, we can become extremely competitive and ensure that we can outperform our rivals within the energy market.
Q: With a 95% client retention rate, which elements of your value proposition are at the core of Lockton in maintaining this base?
A: One of the key components in our high retention rate is our organizational capabilities and service. We have a unique service proposal, with a strong dialogue with all employees regarding the expectations of clients, which not only deals with our philosophy, but also an integrated service model. Secondly, we have considerable consulting skills, and we not only act as a broker, but we also work with clients to identify needs and provide high-value solutions. Thirdly, our technology and processes are state of the art, and we provide client-facing solutions such as insurance vehicles management and flexible benefits. Moreover, our leadership pillars consist of the community, the associates, and the clients, so we use a multi-focused approach when doing business. In terms of associates, we focus on development to become leaders within the global market so that associates are aligned to our identity as a company. There is a chance for Lockton to enter and work with new clients, offering our consultant skills and innovative model in order to offer a partnership to insure varying needs.
Our main pillars are related to our producer model, which constitute commercial and leadership responsibilities within Lockton. These producers are aligned with our company and, in terms of consulting, constitute highly specialized individuals within specific markets and providing clients with products and services related to their needs. These specializations fall within benefits, P&C, and markets. In the next year, we will still be increasing our participation in the P&C sector, and one of our strategies 329 will be to cross-sell with current clients by capitalizing on our 95% client retention rate.
Q: Lockton is a member of the Workplace Wellness Council, and has been named a Great Place to Work. Which programs have you put in place to achieve these accreditations?
A: A strong identity within the company for many employees is vital for retention of staff and to be able to maintain loyalty. The aforementioned pillars must be a part of the ethos of employees, and they must engage with the programs we run in which staff can participate in order to make a difference to the community. Moreover, in terms of social responsibility, employees are the actors developing the social programs and community outreach programs, meaning that this mentality is embedded within the culture of the company. With our Workplace Wellness programs, we provide consultations to our clients in order to support the mitigation of risks related to employee wellbeing. We provide a complete program in order to make sure that employees are participating in activities that are conducive to good health, such as regular doctor appointments, sporting events, and company-based nutritional guidance. In terms of people management, we have a performance management program that is also extremely important to the company due to the establishment of individual employee objectives, career trajectories, and development of competencies. These objectives also capture our values, so this process allows leaders to establish clear goals, as well as a strict moral code when guiding others. People are therefore more committed to their goals, and all these strategies we implement within our company can also be applied to companies within the oil and gas arena.