Marsh has taken an important step towards expanding its footprint in New Zealand – appointing Te Waka (the Waikato Regional Economic Development Agency) chair Hamish Bell (pictured above) to the broking giant’s NZ advisory board. Insurance Business sat down with the seasoned independent director, as well as with Marsh New Zealand chief executive Josh Roach (pictured below), to find out what they have in store for the region.
“I’m very excited to see a significant international business with a lot of history in New Zealand recognising the opportunity and the strength of business in the Waikato,” shared Bell. “I think a lot of corporates underestimate the scale and size and potential of business in the region. And for Marsh to strengthen its presence in the region in a material way and bring its suite of services, I think, is a real commitment to what they’re looking to do.
“It’s about building relationships, trust, and understanding of Waikato businesses and providing that suite of risk advisory and insurance services. That’s exciting because Marsh is being quite brave and bold around what is needed in the Waikato and the style of doing business in the Waikato. And I think that’s particularly important.”
So, what is it about the Waikato region and why has it attracted increased focus from Marsh?
According to the new advisory board member, there is “massive” economic growth across the region. “[That’s] from agriculture and marine in the Coromandel, through logistics, distribution, and manufacturing in the Waikato – alongside existing primary industry strength – to agriculture and forestry towards south Waikato and Taupo,” he noted.
“So, the Waikato region is outperforming NZ in industry growth, with businesses relocating from the Auckland region, and all needing strong partners in risk, people, and insurance. Alongside that industry growth and population growth is the need for those companies to access a suite of services. That broad solution is what’s needed by many Waikato businesses who traditionally had purchased narrow services from different partners.”
The goal, said Bell, is to support a wide range of both private and public organisations through Marsh’s offerings – building a full understanding of which sits at the top of the agenda for the Te Waka chair.
Echoing Bell’s sentiments, Roach told Insurance Business: “What prompted the decision was the acknowledgement of the high growth potential of the Waikato region. We already have offices in Cambridge and offices in Tauranga, but we don’t have an office yet in Hamilton.
“Obviously, that’s something that we’re looking to explore, and that’s what really prompted the decision to bring somebody with Hamish’s background and expertise onboard. He’s looking to better understand our business, with a view to support expansion. My message for him is really just to position us for strength as we seek to better penetrate the Waikato region… I think it’s a really strong message for us about our desire to strengthen our presence in the Waikato.”
The CEO believes Bell’s broad experience and deep knowledge of the region, including his affiliation with the Waikato Development Agency, will be invaluable as Marsh widens its support for local businesses across the company’s 11-strong branch network in New Zealand.
“It’s great that an international business is willing to deliver those services in a way which is appropriate to the Waikato region,” stated Bell. “The Waikato region is not Auckland – the style and delivery of solutions being a) broader and b) in keeping with the personalities of Waikato businesses is very important. That style and ability to build trust and invest in the future and provide those advisory services, I think, is pretty useful.”
He added: “You’re seeing a lot of businesses focus on short-term issues around people, inflation, and supply chain. Those things are very important. But I also think it’s really important for businesses to focus not just on the short-term issues at hand but to look to the medium- and longer-term [topics], which are very, very strong in the Waikato region.
“It’s balancing up that need to look across risk management for that longer-term strategy, and I think that’s where Marsh is able to bring together a higher-level perspective across matters that are important to business.”
In his three-decade career as a venture capitalist, Bell has advised private and listed firms alike, not only in New Zealand, but also in Asia, on growth, governance, and strategy issues.
