At last year’s Insurance Business Awards in Toronto, CEO of Zurich Canada, Saad Mered (pictured), walked away with the CEO of the Year accolade - one that is symbolic of the team ethos he champions.
“I am deeply honoured by this recognition, but I want to highlight that receiving this award was a result of the hard work of our entire team at Zurich Canada,” Mered said.
“I am just one part of the effort it took to get here. Over our 100-year history, I am proud of the journey we have taken, the milestones we have achieved, and I am excited for what’s to come. I attribute our success to the talented and innovative members of our team who are always dedicated to the success of our company and customers.”
As a CEO, Mered believes that it is of utmost importance to continually empower individuals and help them delineate their unique skills.
“One of the best things you can do as a successful leader is to empower your people to take control of their own careers,” he said. “I strongly believe that, as a leader, if you aren’t spending 30% of your time on people topics, you aren’t fulfilling your obligation.”
According to Mered, another integral facet of optimal leadership is welcoming an assortment of qualified individuals and unique opinions into the workforce.
“Surrounding oneself with diverse perspectives, backgrounds, and experiences is crucial to success, as everyone brings something to the table,” he said.
“While I’m pleased to say that we achieved 50/50 gender representation on our Canadian executive committee in 2023, we won’t stop there.”
In an interview with Insurance Business, Mered looked back on his greatest accomplishments in 2023 and assessed how the insurance market might perform this year.
Mered was proud of the centennial anniversary that Zurich celebrated last year, which prompted a joyful trip down memory lane.
“We had many memorable moments during our centennial,” he said.
“My favorite moments were when we gathered to give back to the communities that have supported us throughout the years. Our anniversary allowed us to achieve a new milestone, raising over $200,000 and contributing over 3,000 volunteer hours towards charitable causes.”
As a strong proponent of giving back and creating equitable futures for underprivileged youth and promoting mental well-being, Mered was especially happy with two of Zurich’s philanthropic efforts of 2023.
“First, we launched a new nationwide collaboration program with Junior Achievement Canada and the Z Zurich Foundation, a program that aims to equip over 230,000 Canadian youth with the necessary skills and knowledge to support their mental well-being,” he said.
Additionally, the Zurich Insurance Pathway Program (ZIPP) announced that by 2025 it will transition away from being a Zurich-exclusive opportunity to an industry-led program managed by the United Way Greater Toronto.
“[ZIPP] is a partnership with the United Way and the Centre for Young Black Professionals, which aims to create an insurance track within United Way’s career navigator program in Canada,” Mered said.
“The program offers underrepresented youth in our communities a 12-week in-class learning experience followed by a 12-week paid internship with our team at Zurich Canada. This program provides youth with the platform to build their insurance knowledge, network, hands-on skills, and confidence.”
On a business note, Mered was proud that Zurich announced its partnership with Square One Insurance Services to offer personal auto insurance to drivers in Ontario.
“For the customer, this partnership combines the seamless, digital-first purchasing environment of Square One with Zurich Canada’s claims service experience,” he said.
Mered noted how, while inflation seems to be stabilizing, it will still have economic ramifications in the insurance industry.
“While inflation may be easing a bit, it’s important to note that this doesn’t necessarily mean that prices are decreasing. In fact, prices are still rising significantly, but at a slower pace,” he said.
“It’s worth noting that changes in consumer price inflation (CPI) don’t directly impact the drivers of loss trends in many lines. While overall CPI seems to be moderating, the situation is different when we analyze more specific indices that could be more relevant for loss cost trends.”
Mered also recognized that Canadians are becoming more aware of how vulnerable they are to existential threats and the insurance industry needs to step up to protect them.
“The insurance industry is currently facing a critical moment in its efforts to create a resilient future for all communities. Our customers are increasingly requesting resilience services as they become more concerned about the growing risks,” he said.
As a result, the CEO is hoping to see risk mitigation and prevention become a more immutable strategy against the ever-increasing vulnerabilities caused by climate change, cyber threats and others.
“It is crucial to understand that insurance should only be considered the last line of defense in any risk management strategy,” he said.
“While it can help a business recover quickly, there are a number of protective measures that should be implemented before transferring risks. These resilience measures can not only make insurance more affordable, but they can also reduce the severity of the impact.”
