Experience and respect as a compass

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UAA Group’s Stan Alexandropoulos delivers an unfiltered take on leadership, the market, the importance of the broker role, and how the company’s strategic direction and culture underpin its success

INSURANCE BUSINESS asked industry veteran Stan Alexandropoulos, group chief executive at UAA Group, who oversees both the UAA and MECON brands in the Australian market, to share some of his wisdom around what it takes to lead a successful organisation in the insurance industry, along with insights into his career growth and impact on the company. He talks of the importance of engaging with people respectfully and the exciting potential inherent in the broker role, and gives his take on key trends in the plant and machinery market and the opportunities and challenges that lie ahead.

With over 30 years of experience, UAA specialises in innovative insurance solutions for the mobile plant industry. The company emphasises long-term customer relationships founded on mutual respect and reliability. UAA’s experienced claims service team, supported by a network of top industry service providers, efficiently manages claims across Australia, New Zealand and Asia. UAA offers tailored products such as the Industrial Special Plant (ISP), which consolidate multiple cover sections into comprehensive packages. Clients benefit from UAA’s specialist product knowledge and prompt claims-handling.

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The components of effective leadership

Adaptability

“In my 38 years in insurance, adaptability and resilience have allowed me to embrace change, overcome obstacles and leverage opportunities”

Stan Alexandropoulos, UAA Group

the years that have helped me form the foundation for my management and leadership style. Over the years I have been able to hone these skills and add my own personal traits and style to the way I like to lead and manage. The key skills that have been instrumental in my career progression, and which I believe shape effective leadership, include adaptability, resilience, strategic thinking and empathy. In my 38 years in insurance, adaptability and resilience have allowed me to embrace change, overcome obstacles and leverage opportunities. My strategic thinking skills have developed with experience, moving from a silo mentality in the early years where my focus was mainly on my specific department and responsibilities to more of an overall enterprise view encompassing the goals and vision of the business as a whole. The clarity that can be gained from this big-picture view is instrumental in good decision-making and charting a successful course for the future of the UAA Group, which encompasses UAA, MECON in Australia, as well as our various global operations.

Most importantly, empathy has been central to my leadership style. Understanding the needs and challenges of our clients, our people and stakeholders has always been a priority for me. This approach not only drives client satisfaction but also fosters a collaborative and supportive work environment, crucial for sustained growth and ongoing innovation. Maintaining that human touch and vulnerability can be quite powerful and allows us to build strong and enduring personal connections in both our business and personal lives. My journey from underwriting to sales and relationship management and now to leading the UAA Group is all down to these traits and the knowledge I have been able to glean from past leaders, both good and bad, to develop my own style. It’s important to note that understanding what doesn’t work as a leader is just as important as understanding what does work. Each of my roles over the years offered unique challenges and learning opportunities, shaping me into a leader who values both results and relationships. These experiences serve as a compass, guiding my decisions and strategy to ensure we deliver exceptional value to our clients and stakeholders.

In 2023, the mobile plant and equipment insurance sector underwent significant changes, adapting to various challenges that included supply constraints, increased transportation costs and rising labour expenses. These issues were compounded by a notable increase in government spending on infrastructure and civil projects, as well as a shortage of skilled labour. These factors together have contributed to an increase in average claim costs within the sector. When machinery parts become scarce or more expensive to procure, coupled with surging transport and labour costs, the expense to repair or replace equipment naturally rises. Our approach has focused on intensive collaboration with our broker partners and mutual clients. We have guided them in communicating the evolving risks and the unprecedented rise in the values of used machinery to their clients. This concerted effort is aimed at enhancing client awareness of how these market shifts impact their insurance needs and exposures, as well as collaboratively finding solutions to mitigate the influence of these factors. This is part of our commitment to ensuring our clients are fully informed and prepared to adapt to these dynamic market conditions. UAA also actively works with industry bodies such as relevant crane and civil associations to address important issues like operator training, which helps mitigate risk and promote safer workplaces. On a positive note, we are beginning to see signs of improvement in 2024. The supply of certain types of machinery is gradually catching up with demand, accompanied by signs of stabilisation of inflation rates. There is even potential for a slight decrease in parts costs in some areas, though they are unlikely to return to pre-COVID levels. Additionally, a reduction in salvage values for total-loss machines is emerging, which increases the feasibility of repairs over replacements – a welcome shift from the trend of economic total losses observed in recent years.

Whilst UAA has a long and rich history in Australia, it does have operations in New Zealand and Singapore. With this expansion, we have been able to highlight the uniqueness of each regional market, with their distinct cultural nuances,

Both UAA and MECON’s value proposition for brokers and their clients is anchored in its customer-centric approach. We have direct access to the underwriting and claims teams for our broker partners, and that facilitates a large amount of day-to-day knowledge-sharing, which assists brokers in growing their own knowledge in this space, and this results in more success at their end from a client perspective. By providing comprehensive insurance solutions like the ISP and Contract Works products, which consolidate various policies into one, our group reduces complexity for brokers and clients alike. The company is very committed to evolving these support systems with a focus on adapting to the changing demands of the industry. This includes leveraging technology and data analytics to enhance support for brokers, ensuring they are well equipped to meet their clients’ evolving needs.

My vision and philosophy have always been centred around creating a customer-centric and collaborative workplace where all voices are valued and heard. I recently heard a term that really resonated with me – ‘respect always trumps harmony’. Working in an environment where open and honest discussions can happen in a respectful manner without having to worry about treading on people’s toes, for the betterment of the business, is always going to achieve a better outcome than avoiding those hard discussions in the interests of harmony and trying to keep everyone happy. Creating a safe space is essential if you want to drive innovation in any business. This is the sort of workplace and culture that we aspire to at the UAA Group and are on our way to achieving. I believe the leadership team in any company always sets the cultural DNA of a business. It’s in the way they interact and work together, how aligned and collaborative they are, as well as how they live and display their shared values in everyday work life. As leaders, if we can create a shared vision that is compelling and relatable to our people and our customers, success is almost inevitable.

How do you perceive the current landscape and recent trends within the plant and machinery market in Australia? What has been driving these trends in the last year especially? What are the challenges and opportunities that lie ahead?

Reflecting on your vision and philosophy, how do you see these principles guiding UAA’s strategic direction and culture? In what ways do you believe leadership philosophy impacts an organisation’s success, particularly in the insurance industry?

Published 20 May 2024

“My vision and philosophy have always been centred around creating a customer-centric and collaborative workplace where all voices are valued and heard”

Stan Alexandropoulos, UAA Group

Resilience

Strategic thinking

Empathy

Source: Stan Alexandropoulos, UAA Group

Source: Respect Trumps Harmony, Racheal Robertson, Wiley, 2020

management of conflict and a reduction of or end to gossip

improved accountability and quality of feedback

recognition and management of dysfunctional behaviour

building collaboration to strengthen innovation

identification and management of risk

trust and confidence to be inspired by the display of personal leadership, and the encouragement of others to do the same irrespective of their title

Could you share some insights into your personal background and how your early career shaped the leader you are today? What key skills and leadership styles do you believe have been instrumental in your progression?

Reflecting on my background, I attribute much of who I am today to my early experiences in the general insurance industry. I began my career nearly four decades ago as a commercial underwriter, and from the outset I was drawn to the dynamic and people-centric nature of insurance. This early exposure instilled in me a profound appreciation of the importance of client relationships, quality underwriting and a keen understanding of market dynamics. I’ve been fortunate enough to have had some great managers and mentors over

It’s crucial to note that MECON, although not dealing in plant and machinery insurance, is experiencing similar effects on project costs due to supply constraints and labour costs. This shared challenge highlights the interconnectedness of the construction and equipment sectors and underscores the need for industry-wide solutions to these pervasive issues.

exposures and business operations. These markets also vary in insurance product maturity. UAA’s Industrial Specialist Plant (ISP) product stands out for its adaptability and flexibility, merging multiple policies into one. This approach offers a strong value proposition, facilitating ease of entry into the right markets while accommodating the idiosyncrasies of each region effectively. Building on this successful expansion strategy, we are currently exploring similar opportunities for MECON and its innovative product in contract works. Our goal is to assess how best to introduce this product into other global markets, following the successful path already carved by UAA.

How does Australia compare with global markets? Why are the differences or similarities important?

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The ‘respect trumps harmony’ approach enables:

Could you elaborate on UAA’s unique value proposition for brokers and their clients? How do you see UAA’s support and tools for brokers making their lives easier? How do you see this support evolving to meet the changing demands of the industry?

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