Technological advancements are poised to significantly reshape the insurance landscape in Mauritius
Women’s Tabloid caught up with Pamela Bussier, CEO of Jubilee General Insurance (Mauritius) Limited, to discuss her award-winning leadership, strategic innovations in insurance, the future of the industry in Mauritius, and much more.
One of the key successful leaders in Jubilee Allianz General Insurance Mauritius is Mrs. Pamela Bussier, its CEO. Under her strategic vision, creativity, and innovative thinking, she has driven the business to another level. Given her deep insurance expertise, Pamela has played an important role in steering the organization as it trans forms. She combines a technology strategy that delivers on the promise of efficiency and human-centered customer service-traits, emblematic of her leadership. Pamela has a wealth of experience steering through intricate market dynamics, which has enabled her to grow the presence and build relationships for Jubilee Allianz as an insurance provider of choice in Mauritius. She has accordingly refocused the company to become more future-minded by adopting sustainable practices and customer-centric solutions. Her forward-looking approach to the industry and creating a culture of quality has not only pushed Jubilee Allianz into leading the insurance pack but also poised it for strategic success in an immensely competitive environment. Her leadership is proof of her strategic insight and commitment to progressing the company in a continuous growth mode.
Congratulations on winning the Best Woman CEO – Insurance – Mauritius 2024 award! Does this recognition work as fuel for you to take the finance sector in Mauritius a step further?
Being recognized as the Best Women CEO for Insurance in Mauritius can certainly serve as a powerful catalyst for advancing the finance sector in Mauritius. Such recognition underscores the importance of leadership and innovation in the sector, it can also serve as a role model for other women and encourage women in the finance sector to pursue a high-level career in finance and insurance while contributing to the growth and modernization of the sector. This recognition can act as a catalyst for broader industry changes, promoting diversity, equity, and inclusion as well as helping the insurance industry in achieving greater success and development by adopting new technologies, strategies, and practices.
Apart from your role as a CEO, how do you enjoy quality me-time? How do you balance your professional responsibilities with personal interests or hobbies?
Despite my hectic work schedule, I try to maintain a work-life balance and make sure to spend quality time with my family. For me quality is more important than quantity and I dedicate my full attention to my family when I am at home. I am a fan of TV series which helps me evade and relax. I also practice Yoga to improve my concentration.
Has any of your mentors or personal experiences influenced your leadership style and impacted your role in Jubilee Allianz General Insurance (Mauritius) Limited as a leader?
Yes, both profoundly influence my leadership style. I had 2 mentors in my career who had a strong influence on shaping the person I am today. I think that leaders should lead by example and inspire others through their actions so that they can leave a legacy for future generations.
Personal experiences, especially those involving significant challenges, can teach resilience, adaptability, and the importance of empathy. Personal experiences, including mistakes, can be powerful teachers. Reflecting on past errors and successes help in developing a more effective and nuanced leadership style. I believe that learning from our mistakes can guarantee future success.
At the helm of Jubilee Allianz General Insurance (Mauritius) Limited, have you implemented any key strategic initiatives to enhance the company’s market position and operational efficiency?
Yes, and the world has also changed since the COVID 19 pandemic, we had to evolve and change, operational efficiency is key for the good running of an insurance company and we reviewed all our processes to make them more efficient to be able to give the best service to our clients. We also reviewed our product offerings to be able to adapt to the world after COVID-19 and the increasing risks associated with climate change. Additionally, we used technology to improve our response time, for example, we are the first insurance company to introduce AI in our quotation process for Motor Vehicles.
Have you encountered any challenges in your role at Jubilee Allianz General Insurance (Mauritius) Limited? Can you take us through your challenge and your approach towards it?
During my professional journey, my main challenge was being a woman in a men’s world. Women have to make greater efforts to show that they have the required talent to be leaders and gain the respect and trust of their business partners and colleagues. I have been able to unlock my potential through hard work, motivation, and passion and have gained the respect of my colleagues and stakeholders. I was elected the 1st woman president of the Insurer’s Association of Mauritius in 2021 which was an important recognition and a wonderful experience.
Can you list down some of the significant risk factors that insurers face currently in Mauritius and some effective ways to mitigate them?
Insurers in Mauritius face a variety of risks that can impact on their operations and financial stability, I think the most important one is National Disasters; Mauritius is prone to floods following cyclones and heavy rainfall, we had cyclone Belal in January 2024 where there was heavy flooding in Port-Louis and the industry has been severely financially impacted. The way of mitigating this specific risk is through diversification of risks to reduce the impact of one single event or engaging in reinsurance agreements to support the business. Adopting and promoting sustainable practices can also help in reducing the long-term impact of climate change on the insurance portfolio.
After COVID-19 and the adoption of Work-From-Home formula, many companies are facing cyber security threats. Cyberattacks and data breaches can compromise sensitive customer information and disrupt operations.
We had to invest in robust cybersecurity infrastructure, including encryption, firewalls, and regular security audits to mitigate cyber risks. We have also compliance risks where changes in regulatory requirements can affect compliance costs and operational processes.
We had to develop robust compliance programs and invest in legal expertise to ensure adherence to current and future regulations.
The list is non-exhaustive and by proactively addressing these risks with appropriate strategies, insurers in Mauritius can enhance their resilience and maintain stability in the face of challenges.
How do you see technological advancements shaping the future of the insurance landscape in Mauritius, and what role should insurers play in leveraging these technologies to better serve customers?
Technological advancement are poised to significantly reshape the insurance landscape in Mauritius, as they are elsewhere. Using digital transformation and automation should help in automating underwriting, claims processing, and customer service while helping to streamline operations and reduce costs. Digital platforms such as mobile apps or online portals for self-service options can help organizations enhance their customer journey.
AI and data analytics are now a reality. Investing in AI and analytics tools can help insurers to better understand customer behaviors, predict risks, and tailor products to meet the needs of individuals. Additionally, AI-driven fraud detection systems can help to minimize losses from fraudulent claims.
By proactively integrating these technologies, insurers in Mauritius can enhance operational efficiency, improve customer experiences, and better manage risks. The key is to balance technological adoption with a clear focus on adding value to customers and maintaining regulatory compliance.
With the recent presentation of the Mauritian Budget 2024, what are the significant changes that are proposed for the financial sector of the country?
The budget for 2024 encompasses a few measures for the good of the financial and insurance industry. The Insurance Act is being amended to enable the insurance industry compensation fund to provide for appropriate non-pecuniary assistance to victims of hit-and-run road assistance or amendments to the Road Traffic Act which will cater for arbitration either through the Motor Vehicle Insurance Arbitration Committee (MVIAC) or private through the Insurers’ Association of Mauritius (IAM).
The various changes to the AML/CFT regulations will also highly impact the financial sector as well as the changes to the Income Tax Act and Workers’ Rights Act (i.e. Increase in the minimum wage).
What are the current challenges facing the insurance industry in Mauritius, and how is Jubilee Allianz navigating these challenges?
Climate change is impacting our industry with a higher risk of cyclones and floods as well as increased number of road accidents with high severity. Inflation has also impacted the industry with higher costs of repairs and labour for vehicles. Inflation has also impacted the medical sector where we have suffered increases in the cost of clinics this year.
Unfortunately, we have to pass these increases to our clients in the motor and medical lines of businesses while trying to run our operations effectively to contain costs. In relation to climate change, we are heavily reinsured thus mitigating the impact of high claims, but this is also at a cost. We also have informative sessions through social media to advise our clients when there is a cyclone or flood for them to stay safe.
Are there any emerging opportunities or trends in the market that Jubilee Allianz is looking to capitalize on?
Of course, there is but this forms part of our 3 years strategy and cannot be disclosed at this stage.