In the latest episode of MGAA Conversations, we are thrilled to welcome Tara Foley, CEO of AXA UK and Ireland, and the first leader representing our Platinum annual sponsor. Tara’s insights illuminate the vital steps the insurance industry must take to navigate today’s challenges and position itself as a future-focused sector.
The Universal Purpose of Insurance
At the heart of Tara’s message is a profound truth: insurance is the “democratisation of risk.” The industry underpins the economy and daily life, providing critical support when people are at their most vulnerable. But as Tara notes, the industry’s essential role is often overshadowed by outdated perceptions of insurance as unexciting or overly bureaucratic.
To recruit the next generation of industry leaders, we must change this narrative, showcasing insurance as a purpose-driven and empathetic career path. Tara points out the spectrum of opportunities available in insurance:
“If you want to be challenged intellectually, there’s plenty of that. If you want to be very people-focused, there’s plenty of that. I just think we’ve got to get better at how we explain that.”
Tackling the War for Talent
The war for talent is an ongoing challenge for insurers. To attract and retain skilled professionals, companies must evolve into “destination workplaces.” Tara highlights the importance of:
- Training and Development: Initiatives like AXA’s Climate Training, which is available to all MGAA members, play a crucial role in preparing employees to face societal challenges like climate change, AI, and cybercrime.
- Flexible and Purposeful Benefits: Employers must meet the expectations of younger generations, who increasingly value flexibility, career progression, and alignment with meaningful work.
Tara also offers practical advice for young professionals, especially women, seeking to excel in the industry: build mentor relationships, take calculated risks, and maintain structured, organised approaches to career development.
Embracing Technology Without Losing the Human Touch
Generative AI and automation continue to provoke debates about the future of insurance careers. Tara views these tools as enablers rather than threats, helping firms streamline bureaucratic tasks and enhance customer service capabilities. However, she warns against an overreliance on technology:
“All of the big issues that society is facing are issues that we need people to be actively involved with. The endgame of all of this is we show up for people when they really need us, when they’re vulnerable.”
By leveraging AI to improve efficiencies, insurers can free up their workforce to focus on customer-centric innovation and the deep relationships that define successful partnerships.
A Collaborative Vision for the Future
Partnerships are central to Tara’s vision for AXA UK and Ireland. She emphasises the “symbiotic relationship” AXA enjoys with MGAA members:
“We can provide things to members of your organisation that you don’t have and vice versa. It’s a very complementary relationship.”
This collaborative mindset extends to regulation. Tara calls for consistent dialogue with regulators to ensure standards are proportionate and clearly defined, enabling insurers to innovate while remaining compliant.
Looking Ahead
As Tara charts her course as CEO of AXA UK and Ireland, she aims to strengthen AXA’s partnerships, champion innovation, and drive efforts to attract new talent into the sector. Her vision aligns closely with the MGAA’s mission of fostering growth and collaboration within the MGA market.
Resources
About the Guest:
Tara Foley is the Chief Executive Officer of AXA UK and Ireland, appointed in September 2023. Her experience spans leadership roles at Lloyds Banking Group and Deutsche Bank, positioning her as a transformative figure in the insurance industry.
Connect with Tara on LinkedIn: Tara Foley.
📻 How to Listen
Catch this episode on Podbean, Apple, and Spotify Podcasts.
💻 How to Watch
Watch the full conversation on the MGAA YouTube channel.
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