Five Minutes With...Nga Nguyen,

Five Minutes With...Nga Nguyen, | Insurance Business

Five Minutes With...Nga Nguyen,
How would you change the industry?
Brokers make better product manufacturers than their insurer counterparts, as they are closer to the customer. For this reason, I’d say make aggregated customer data analytics more accessible to brokers as a way to drive product innovation.

Best advice you’ve ever been given?
Done is better than perfect.  Coming out of the consulting world, where you’re judged on the rigor of your analysis or study, I had to quickly learn that in business, particularly for a start-up, your ability to adapt or pivot faster than your competition is often more valuable than a well documented 5 year strategic plan – however, the trigger for this requires letting go some of your insecurities and having faith in your gut-instincts, tempered by your experience.

What’s the most important thing a broker can do to develop their business?
Take an inside-out approach. I believe successful businesses are the ones that are strategic but can also execute well at the tactical level. Typically, this requires focusing on building your internal capabilities around people, process and technology, which ultimately are the core assets of any organization.

If you were Prime Minister for one day, what would you do?
To be fair, not a lot can be done in one day in the context of Federal politics anywhere in the world. The optimist in me would be inclined to say focus on building the infrastructure required to support our digital economy (beyond NBNCo), whilst the pessimist in me would mandate every Member to study the principles of Austrian economics.

What’s the biggest challenge facing the industry today?
Marketing challenges in the new digital paradigm. The unfortunate by-product of the information age is the inordinate clutter it has created. This naturally presents fresh challenges for insurance brokers to cut through all the clutter and reach customers at the precise moment with the right message – this requires utilizing all the digital marketing channels effectively.

What’s the strangest thing you’ve ever arranged cover for?
Perhaps not the strangest, but certainly interesting - for a period, I worked as a crisis management underwriter, which involved arranging kidnap and ransom insurance for various entities.

What has been the highlight of your career?
When a broker from a regional area called to congratulate me on launching RiskAdviserMatch and thanking me for providing a platform that promotes the valuable services ARs provide to small businesses.

What’s your favoured style of coffee?
Skinny Cap – there is a back story to this answer.

NRL, AFL, soccer or other?
I'm more of a racquet sport person - so tennis.

If you could invite three people to dinner, dead or alive, and excluding family and friends, who would they be and why?
Donald Trump – Once you get past the ridiculous hair, you realize the guy is actually a genius.
Malcolm Turnbull – I believe in his desire and vision to build Australia’s start-up ecosystem.
Damien Waller – I respect Damien as an entrepreneur who has successfully built a household consumer brand, which as we all know is extremely difficult to crack.

Complete this sentence: If I wasn’t in insurance, I would be…exposed.