Taking Bold Strides Towards Transformation
Belinda Au is the President of Chubb Life Hong Kong and Head of North Asia. Their customers are mass and affluent markets in Hong Kong, as well as higher affluent and high net worth customers from China and Asia Pacific countries.
Under her leadership, Chubb Life has laid out a five-year vision to build strong presence and premium brand affiliation in the Hong Kong insurance market, and grow to be one of the top players in the wealth and health segments.
“We’re taking bold steps,” she says, “investing and prioritizing wisely, striving to become more proactive and agile, genuinely listening to our agents and partners, and connecting with staff. This is the way to achieve our full potential as a company.
“When it comes to company culture, I’m proud to say that we talk the talk and walk the walk. I want everyone at Chubb Life to live out their passions in every area of their life – not just at work.”
Milestones
With Au at the helm, the company chalked several outstanding achievements in 2023.They successfully onboarded a highly experienced and engaged senior management team, which contributed to a remarkable improvement in staff retention, reducing turnover from 46% in 2022 to 25.7% last year. The company also expanded its distribution capabilities, establishing new High Net Worth (HNW) and Mass Commercial Vehicle (MCV) channels, leading to a 68% year-on-year growth, with Annual Premium Equivalent (APE) increasing from USD 47 million to USD 79 million. This high growth momentum continued with an impressive 250% year-on-year increase in the first quarter of 2024. Additionally, the company launched and revamped 11 new products in 2023, followed by 8 more by the third quarter of 2024, catering to their multi-distribution channels and diverse customer segments.
Their commitment to supporting local communities was demonstrated through various campaigns that reflected their engagement with the sports, music, and arts sectors. This brand philosophy, focused on helping others achieve their dreams in all aspects of life, is encapsulated in their motto: "Every way of life. Chubb." As a result, their brand awareness rose significantly, from ranking 24th in 2023 to 16th in 2024. In December, they launched the Chubb Life Art Gallery, a new customer service center and a creative space supporting Hong Kong-based artists. The gallery's inaugural exhibition, "Be the light of your life," highlighted the growing influence of women's empowerment while also serving as a destination for creativity and inspiration.
Overcoming Challenges
When she first joined Chubb Life in September 2022, Au remembers she was faced with a significant challenge. “I found that the biggest challenge was the high staff turnover rate in Hong Kong – at more than 50% turnover and more than 20% vacancy at all levels for the past several years,” she recalls. Some of the reasons included the impact of COVID which led to poor morale, low engagement, high work stress, significant resource constraints, inexperienced new hires, a scarce talent pool, missed project deadlines, low efficiency and productivity, and limited growth opportunities.
“I realized it was urgent to rebuild a high performing culture that is open, transparent, bold, innovative, and caring, which is also my leadership characteristic,” says Au. She quickly implemented a series of preventive attrition management actions that focused on five key areas:
To overcome challenges, the company focused on enhancing employee experience by refreshing its senior leadership team with young, dynamic talents and strengthening communication through open platforms and events such as Pulse Engagement Surveys and CEO Coffee Chats. In support of employee wellbeing, they improved medical and life insurance benefits, organized team-building activities, and hosted health workshops by professional trainers to promote physical and mental wellness.
Regarding benefits and rewards, the company conducted a remuneration review to align with market standards and increased annual performance bonuses, especially for mid-level employees, while implementing a flight risk scoring system. To support career growth, they provided a smooth transition for new joiners with a 90-day buddy system, introduced management workshops, and launched a high-potential talent development program.
Moreover, the company fostered a more agile and collaborative work environment by renovating the open office layout, allowing flexible working hours with the option of working from home two days a week, and adopting a casual dress code that promotes a "dress-appropriately-as-needed" approach.
As a result, the turnover rate improved significantly in 2023, dropping to 26%. “What’s more,” she says, “we are on track to reach our target of 20% turnover in 2024.”
Employee Engagement, Training and Development
The company held an employee engagement survey and it highlighted two key strengths: the quality of their people managers, and the learning and development opportunities available.
“Strong leadership is at the heart of our success,” says Au. “While we have a wealth of programs and policies in place, it is our people managers who truly bring them to life. I'm deeply proud that our managers embody our company's core values, and are genuinely committed to supporting the personal and professional growth of their team members.”
Chubb Life holds a variety of development programs and opportunities tailored to people at all stages of their career. This includes technical skills training as well as managerial development programs for people managers and leaders at different levels. These programs are offered locally and regionally through a flexible mix of online, classroom, and hybrid formats. The key is to provide timely and relevant support to help their people stay ahead of the curve.
“We emphasize on-the-job learning, providing ample opportunities through projects and job assignments, in Hong Kong and across regions, to expand the horizons of our employees. Managers are there to coach and support our people throughout these developmental experiences, as evidenced by strong engagement survey results,” she says.
Managing a Diverse Team
Asked what leadership principles she adheres to when managing a diverse and culturally varied team across North Asia, Au replies that she is a good listener. “I listen attentively to hear not only what’s being said but also the underlying purpose of the message. I always promote the principles of open and genuine conversation even in times of conflict: Speak candidly, treat others respectfully, do not judge, and always be open-minded.
“Leadership is not a function of title or responsibility. It involves encouraging the team to be better-performing, more effective in their roles, and more capable of achieving their career aspirations. My principles are: Lead, empower, and inspire.”
