A champion of staff empowerment and innovation, Winnie WONG, CEO & Executive Director at Asia Insurance & Avo Insurance (HKUST MBA Graduate), redefines an industry transformed by technology.
A flash of insight early in her career in the insurance sector led Winnie Wong to a decision that was to prove eye-opening and instructive.
Already on the fast track as a group management trainee with Swire Pacific, she nevertheless realized that a formal business qualification was essential if she wanted to keep moving up and to speak with confidence and authority on the broader aspects of corporate strategy and issues shaping the industry.
MBA as Career Launchpad
Therefore, she pursued the part-time MBA at HKUST Business School and, as the youngest member of her cohort, gained far more than expected from being taught by experts, mixing with classmates from widely diverse backgrounds, and tackling the type of real-world business problems never even imagined during her previous degree in English literature and translation.
“At the time, I only had three years’ work experience and was still very much in learning mode,” says Wong, who is now chief executive of Asia Insurance Company, a market leader in Hong Kong in B2B general insurance, and with a fast-expanding presence in the region. “All the courses were practical and relevant, providing an excellent foundation for a non-business student and for networking.”
In career terms, Wong was first attracted to the insurance sector by one of its key selling points: everyone needs protection – from individuals to multinationals – which means the pool of potential clients is almost limitless.
Early on, though, she found the work environment still extremely male-dominated, with traditional hierarchies and much out-of-hours socializing. Not a keen golfer or a big drinker, she had to take stock.
“I believe there are different ways to succeed; it is not necessary to just follow what others are doing,” she says. “You should be yourself, and if you work hard, people will see your value to the company and the industry. I was always well prepared for every meeting and, in that way, was able to show my worth.”
Empowering Staff
Things have been changing. Nowadays, on balance, more women than men work in the sector, though this shift is not yet reflected at board level. Wong showed the way by championing equality initiatives and activities that empowered and engaged employees.
“I am a big supporter for diversity in gender, age, and nationality, and for offering opportunities to those reaching retirement age to contribute as mentors, advisers, or consultants on a full- or part-time basis,” she says of her continuing efforts. “Our policy is to be entirely flexible and to help people at different stages of life or with family responsibilities. In that way, we can retain talent and, with a stable team, ensure high-quality performance and service.”
Going Digital
As a direct result of this approach, the firm is well known for having very low staff turnover and has no trouble in attracting both seasoned professionals and young graduates when necessary.
The latter group is particularly important since the launch six years ago of Avo Insurance Co, which has a digital license to target the fast-expanding market segment of tech-savvy, next-generation customers by offering B2C policies online. The business is achieving high annual growth, more than matching the rate of Asia Insurance Company, which itself has increased by around 400% – through organic means rather than acquisition – in the nine years since Wong took the helm.
“Innovation was introduced as a new value for the company,” she says. “We must always be ready to meet new expectations and build a diversified ecosystem. So, each year we brainstorm innovative ideas, identify white-space opportunities, and tap into new markets.”
The goal, of course, is not simply to win a bigger share of the existing pie, but to better serve those underserved segments and come up with groundbreaking types of protection.
Identifying New Opportunities
For instance, there is a clear need in Hong Kong to devise better health insurance products for the elderly for whom treatment at private hospitals is often unaffordable. And as the headquarters for the region, it is vital to give a lead in terms of digital transformation and well considered adoption of AI.
“Some previous bosses viewed my leadership style as too soft, but I make tough decisions when I have to and aim to be fair with colleagues at all levels,” Wong says. “They get support, guidance, coaching, exposure and career progression opportunities. I’ve found that if people enjoy working with you, they will stay and be ready to contribute more than 100%.
