Small teams drive big change at DUAL

When the weather changes quickly, supertankers take time to alter course or speed due to their size and inertia. Tight manoeuvres are difficult, and weather-induced drift can push them off the optimal course. Smaller ships such as freighters perform much better in tough conditions – they are more agile and can adjust speed more easily to counteract strong winds or currents. At DUAL New Zealand, a similar strategy is at play: a compact, agile team enables this insurance provider to swiftly navigate a shifting market, responding to challenges where others might stall.

DUAL New Zealand's approach to insurance breaks from the industry's tradition of resistance to change. With a focus on adaptability, close client relationships and technology adoption, DUAL has positioned itself to tackle emerging challenges. As New Zealand's insurance landscape evolves – from tighter capacity to shifts in motor and property markets – DUAL's nimble structure and proactive, customer-centred service offers a blueprint for a

While the insurance industry has often been criticised for its conservative approach to technology, DUAL's leadership sees technological advancement as essential to future success. “[The industry] has been too slow to adopt new technologies,” says Chapman. "We don't need to fear AI or the new world coming but to adapt to it. The applications of AI in our business are both mindboggling and exciting.” But this embrace of technology doesn't mean abandoning traditional relationship-building. Stewart Eaton, head of liability at DUAL New Zealand, emphasises the importance of personal connections: “I most enjoy meeting and talking to clients about their businesses. They are so passionate and give you deep insights that you wouldn't ordinarily have access to.

“Being new to the market and new to a senior role here, I have had to be very visible,” he adds. “Face-to-face dealings work best for me, and that should be our mantra wherever possible.” Indeed, part of the company's growth strategy combines product innovation with strong client relationships. Robinson describes his experience: “Having the opportunity to build a new product, build a customer base and drive income for our business has been exciting.” This product development takes place against a backdrop of significant industry changes. Outlining the challenges facing the motor insurance sector, Robinson says, “Our customers won't be driving like we used to, with ridesharing becoming more common, the need to find alternative fuels – and the future could even be driverless.”

For Chapman, insurance provides endless opportunities for learning. “I am constantly learning new things,” he says. “One of the things I love is when I occasionally get to tour some fascinating business operations.” This hands-on approach to understanding clients’ businesses has proved valuable, and his commitment is evident: “I am enthusiastic and totally passionate about what I do,” Chapman says. “Even as I move into my 40s, I don't seem to have lost that passion. The world changes, skills can be learned, but passion is something that makes this more than just a job; [it’s] a true vocation.” The learning process comes from both successes and setbacks, as Eaton points out: “Seeing things done well doesn't help you learn as much as seeing things done badly. I've seen plenty of both, and hopefully I can help apply some of this knowledge to DUAL NZ. “I have worked in smaller Lloyd's syndicates and larger multinational insurance companies and understand what it's like to have plenty of red tape versus complete autonomy,” he adds.

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more responsive industry. “The smaller team means we can move and shift to market conditions fast and be more agile to change,” says Richard Robinson, head of motor at DUAL New Zealand. This agility has become increasingly important lately. While larger insurers often struggle with bureaucratic decision-making processes, DUAL's lean structure allows for rapid responses to market changes that can be hard to keep up with. “After several years of hardening rates and reducing capacity, we are seeing that unwind,” says Hayden Chapman, head of property at DUAL New Zealand. “There are new sources of capacity coming into the market who are hungry to grow. This is at a time when businesses are suffering from cost pressures. This will test incumbent markets like never before.” The company's approach to these challenges reflects its nimble nature. Rather than competing solely on price, DUAL focuses on value creation. Chapman explains: “If incumbents cannot meet the prices of alternative markets, they are going to have to demonstrate to the client that they are worth the extra money – whether it’s claims service, underwriting responsiveness or any other value they offer.”

DUAL New Zealand is no ordinary underwriting agency. We deliver fast, flexible insurance solutions for small and mid-market businesses and corporates, specialising in property, liability, financial lines, cyber, motor and transaction solutions insurance. Our entrepreneurial spirit is at our core. We have pioneered the use of technology to help our people, partners and clients do more – including our market-leading online platform WebRater. We have a team of experienced underwriters in locations across New Zealand, backed by 1,700-plus people in the global DUAL Group. DUAL is one of the world’s largest international underwriting agencies, with US$3.5 billion of GWP, operations in 21 countries and over 70 products.

Company Profile

Employee headcount

$150m

Gross written premium

4.5 years

Average tenure

Offices NZ-wide

Reported employee nationalities

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“The DUAL culture is one of giving back. We get the opportunity do a lot of work in the community and participate in loads of events as part of DUAL’s ESG initiatives”

Richard Robinson, DUAL New Zealand

“We don’t need to fear AI or the new world coming but to adapt to it. The applications of AI in our business are both mindboggling and exciting”

Hayden Chapman, DUAL New Zealand

2011

2019

2020

2022

2023

2017

DUAL New Zealand established with the opening of an office in Auckland

2011

Launch of innovative online quoting platform WebRater that streamlines the process of policy quoting and binding

2019

DUAL ANZ acquires NZ property insurance specialist underwriting agency IUA, marking a significant product expansion

2020

Senior Leadership Team formed, drawing on internal talent to address the increasing complexity of business needs

2022

Christchurch team transitions to purpose-built premises at 141 Cambridge Terrace, following Christchurch earthquakes of 2011

2016

DUAL New Zealand launches its expanded motor offering, providing comprehensive coverage tailored to clients' motor assets. GWP hits major milestone of $100 million, reflecting DUAL New Zealand’s growth and success in the industry

2023

Milestones

The power of being small

Learning from experience

Published 02 Dec 2024

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Julia Strickett

Carlo Wan

Sarah Duncraft

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In an industry often viewed as resistant to change, DUAL New Zealand’s leadership team is proving that nimble operations, technological innovation and personal connections can transform traditional insurance

IN PARTNERSHIP WITH

Stewart Eaton Head of liability

“Making the move from London to NZ in October 2023, settling into the country, a new company, a new role and a new market”

career highlight

Hayden Chapman Head of property

“The first time I stood on the Lloyd’s trading floor watching the world's largest insurance market”

career highlight

Richard Robinson Head of motor

“Being part of building the DUAL NZ Commercial Motor portfolio”

Career highlight

Executive leaders

“Seeing things done well doesn’t help you learn as much as seeing things done badly. I’ve seen plenty of both, and hopefully I can help apply some of this knowledge to DUAL NZ”

Stewart Eaton, DUAL New Zealand

While many companies tout their people-first culture, DUAL's approach stands out. "Many companies would say they are people focused,” says Eaton. “DUAL actually are, and it makes a huge difference to culture and morale.” This focus on people extends to talent development: “Developing the people. For me it’s the most rewarding part of the business – seeing teams grow,” he adds. Personal development is also at the forefront at DUAL. Reflecting on his own experience, Robinson says, “I was excited to join DUAL as I could see the potential of a fast-paced and growing business that had a very positive culture. ... DUAL has seen significant growth over the time I have been here, but even with that, the smaller company and family feel to the culture has been great for me.” This effort to build culture pays dividends in loyalty – team culture is frequently listed in surveys as the top reason why an employee will remain with a company. When Eaton moved from the UK to New Zealand to take up his role, settling his family in a new country was his most important priority. "DUAL supported [me] every step of the way, and I will be forever thankful for their efforts,” he says. The family atmosphere extends beyond the office walls: "The community work brings a feel-good factor to what we do, whether it be coaching my kids' soccer teams or volunteering for the charitable organisations we support,” says Robinson. The company is also on the front foot in contributing to the communities it works with. “The DUAL culture is also one of giving back,” he explains. “We get the opportunity do a lot of work in the community and participate in loads of events as part of DUAL’s ESG initiatives.”

DUAL

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Being picked to lead ORDE's distribution team

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3 years

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Finding a balance between technology and tradition

While the industry needs to be more proactive in adopting technology, DUAL's leadership also sees room for improvement in the public perception of claims services. “There needs to be more focus on claims,” says Eaton. “All too often we only see the bad-news stories about 'declined' claims, yet many don't realise how many millions are paid out day in, day out by claims teams. Without this, businesses and economies would suffer.” This perspective reflects a broader understanding of insurance's role in the economy. Claims represent not just a cost centre but a crucial service-delivery point where insurance proves its worth to businesses and the broader economy. The property insurance market has faced particular challenges recently.

A focus on culture

Meeting ingrained challenges

“Capacity has been very tight in some sectors of the property insurance market,” Chapman says. However, DUAL's connection to international markets has helped address these challenges. “It's not always cheap, but we can provide a solution. I love being in a solution-focused company," he says, describing DUAL's approach to hard-to-place risks.

The leadership team's focus on combining technological advancement with personal service is surprisingly rare in the New Zealand insurance industry. Their experience spans both local and international markets, with Eaton bringing 25 years of London market experience and Chapman offering two decades of property underwriting expertise. The ability to move quickly in response to market changes while maintaining strong personal relationships will be increasingly valuable as the insurance sector faces new challenges – from the rise of AI to the unpredictable impact of climate change and new patterns of consumer behaviour in motor insurance. DUAL's approach suggests that being smaller and more agile might actually be an advantage. “DUAL prides itself on being responsive and solutions focused. We empower our team to make decisions," says Chapman. Some may worry that a smaller operator might not have the weight to plough through turbulent seas. But those with a few storms under their belt will know that it isn't necessarily the biggest that can best navigate a gale but those who can adjust speed and steer into the wind or waves more effectively to maintain course. DUAL has the leadership experience and agility to pivot more quickly to a wider range of market situations than many, adapting to change while maintaining close connections with its clients and communities.

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