Martin Stroud began his insurance career in South Africa 40 years ago. After serving in South Africa’s army for two years, Martin was surprised to learn there were a few skills he’d picked up which he’s been able to use throughout his insurance journey.
For Martin, NZI’s corporate liability manager, it’s simple. Adapt, think outside the box, and be agile, which is how he’s planning on transforming NZI’s liability offering in the market.
Lessons learned from the army
Martin’s time in the army has shaped who he is today.
“I was a corporal in the middle of a war. It was a really difficult time but what I did like about the army was how we supported each other and the importance of teamwork. This experience really helped me understand how to go about things, how to look after the troops and keep them motivated, even in the tough times.
“The army teaches you to think about things differently, that every situation is different, and that you have to adapt to the circumstances. It’s about lateral thinking and problem solving. You can’t be a regimented thinker and that’s the same in the liability space, you have to be able to change and adapt.”
From six months to four years
Martin left the army when he was 21 and started his first insurance role straight away as a property underwriter in petrol chemical accounts. He then moved to Auckland in 1988, where he got married and his two daughters were born.
“My wife and I were together for about five years before coming to New Zealand and getting married. As we didn’t know many people in NZ back then, I told my colleagues at work that I was getting married that day and I needed two witnesses. They thought I was joking! My boss and another colleague ended up being our witnesses at the Auckland Registry Office, which was a good icebreaker to get to know my team!”
Throughout his time in NZ, and on occasions in Australia, Martin’s worked in the reinsurance and liability space, and has also spent time as an underwriting director at an agency.
In 2017, he joined NZI on a six-month secondment. “I was 57 and I didn’t want to retire, but I wanted some time to work out what I was going to do and perhaps start on something new. Those six months has turned into four years, and I’m now leading the Corporate Liability team. I’m back to doing what I was doing ten years ago, and I’m enjoying every minute of it.”
The horizon for liability
“Liability insurance is all about protecting client’s business from any lawsuits it may face if either they, their employees or their products cause third-party damage. The statistics tell us that a concerning amount of New Zealand businesses aren’t insured against this risk especially Cyber, so I’m passionate about doing my part to turn that around.
Martin has been running the corporate liability team for three months now and says they’ve already started making changes to the way they work, with a strong emphasis on tailored solutions and embracing agility.
“Liability is a dynamic environment - it’s constantly moving. If you look at the changes even COVID has brought to the liability space, like supply chain constraints and rising cyber risks, it has impacted almost every line of business.
“When a broker comes to us, we look into their clients’ unique set of needs to offer the right solution. It sounds simple, but listening, investigating and having the ability to think outside the box is key. We’re seeing all kinds of new businesses we need to tailor cover for, such as 3D printers, so we have to be agile enough to look at them and see what the risks are around it and what our offering should be.
“It’s fascinating also how the responsibility of directors is changing, and how the Health and Safety at Work Act changes can impact various businesses. All these things are moving fast.”
For Martin, insurance price is important, but it’s not everything; it’s all about the moment of truth.
“We have a specialised liability claims team, which is something unique to NZI. A superior insurance offering is the combination of underwriting, policy, tailored solutions and a great claims experience.
“People are seeing more and more the value of liability and it should no longer be seen as an ‘add on’, but an integral part of any insurance offering.”
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Taking the reins
Martin is not only passionate about his liability team and insurance journey, but also another surprising hobby: motorcycling.
“My self-confessed mid-life crisis was buying a motorbike and it’s something that really makes me happy. I love the acceleration of the speed, that’s why I do track days at Hampton Downs and Pukekohe when I really want to push my limits - I’ve also raced cars and Go Karts in South Africa, Australia and New Zealand.
“When I go on road trips, I see some beautiful roads and I just get into the zone. The wind and the smells are amazing. You can go through a little town and smell people baking bread or pies, and you don’t get any of that when you are in the car. My main tip? Don’t travel behind cattle trucks, pass them as soon as it’s safe to do so!”
Martin has a group of friends who he goes on long trips with, and he’s been around most of the North Island. Wellington is still on his bucket list.
“All your senses are used when you’re on the bike - both hands
and both feet, you’re listening, looking, and smelling. It’s the way I unwind and have that moment for myself - me on the bike on the open road.”
