Welcome Laurence, and thanks for stepping into the Honan Careers Spotlight! First things first, let’s start at the beginning… as a child, what did you want to be when you ‘grew up’?

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I was fascinated with space as a young child and so always wanted to be an astronaut. As I got older and realised the odds of achieving this were pretty low I thought I could be a professional athlete.

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You’re currently the Chief Operating Officer (COO). Please tell us, what does your role entail?

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In my capacity as COO of Honan, I manage the daily operations, align strategies with our CEO, and prioritise service excellence. My role requires cross-departmental collaboration, oversight of risk management, legal, marketing, HR and a proactive approach to technological adaptation.

I also play an integral part in refining processes, fostering team growth, and ensuring our operations harmonise with our fiscal goals to drive sustainable business expansion. In more recent years, Honan has completed a number of deals and I have been heavily involved in the mergers and acquisitions activity.

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You’ve been in the insurance industry for almost 5 years but began your career in a different field. Tell us a little about your career journey – where it started and how you’ve progressed to where you are right now.

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I studied a double degree in Commerce and Information Systems that led me into the consulting world at PwC, starting in the mergers and acquisitions team, before moving to the strategy consulting area. In total I was there for a touch over ten years working on a range of clients and industries. I then worked in a small start-up business and as COO at Dairy Australia before joining Honan and the insurance industry.

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Looking at your career path, are there any transferrable skills you were able to take from the consultancy sector to your role at Honan?

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As a consultant it is all about learning industries and businesses quickly and efficiently to try and find them a solution for a problem they are trying to solve. In many ways this is similar to the role of an insurance broker. At Honan we pride ourselves on our customer service delivery, and having professionals that understand our client’s businesses, the key risks that impact them and delivering an outcome that is fit for purpose. Similar to consultants, we also love Powerpoint and Excel in the insurance broking world.

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Artificial intelligence is increasingly making its way across industries, changing business landscapes and the way they operate. As COO, what role does AI play within the teams you manage and what’s your take on how businesses can leverage AI?

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AI has the potential to significantly change many industries including insurance broking.  AI can significantly enhance our operations, ranging from efficiency boosts, data automation to improved customer interactions. It can automate routine tasks and provide predictive analytics for market trends.

My perspective on AI revolves around its strategic integration. I believe AI is a transformative force and it's vital to adopt it with a clear business purpose in mind rather than just technological advancement. Equally important is the need for transparent AI usage that addresses any ethical concerns and a strong emphasis on training to ensure teams can harness its full potential.

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The Insurance industry has not always been perceived as a highly desirable career choice, what would you say are the biggest career drawcards the insurance industry can offer?

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Andrew, our CEO, took almost six months to convince me that the world of insurance was an attractive place to work.  I think many people believe it can be old and stale. However, my experience couldn’t be any further from this common perception.  At Honan, we are young (average age of 30.4), and diverse (60% female, 10% LGBTQIA+).  We are far more nimble than other businesses I have worked at and adopt technology far quicker and more effectively.  It is an industry that offers employees a huge amount of variety, and opportunity, including travel, the ability to execute change, work with leaders from across industries and actually make a difference to clients. 

Although it may have been a long recruitment process to convince me to take the role, it is by far the best career decision I have made and the most enjoyable job I have had.  I would love more consultants to join the industry and see the amazing opportunities on offer.

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You have a fast-paced role with many people requiring your attention and time, what is your secret to facing tight deadlines and quick decision-making?

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Navigating a fast-paced role with myriad demands requires a blend of structured discipline and adaptability. My secret to handling tight deadlines and decision-making hinges on a few core principles. First, prioritisation is critical; understanding the impact and urgency of tasks allows me to allocate my time effectively. I also rely heavily on delegation; trusting my team and empowering them to take ownership ensures efficiency. Team members should also be prepared to be challenged, but back themselves on their decisions.

Accurate and timely information is crucial, as informed decisions are often faster and more effective. Regular self-reflection and feedback from my team help me streamline processes and ensure we achieve the goals we set ourselves. 

Finally, I ride my bike to and from work each day. This 45 minutes at the start and end of each day allows me to prepare for work, and un-wind at the end of day. I also find I do my best thinking on the bike. I have been known to document full board packs and budget assumptions in my head while riding home.

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Looking back at your time at Honan, what is something you ‍are proud to have achieved?

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I am immensely proud of what we have achieved over the last three years that we have been owned by TA Associates (TA) who recently decided they would sell their ownership to Marsh. During the time under TA, we have completed 15 deals, and grown the business exponentially. In addition, I have witnessed huge staff development, stepping up, challenging themselves and taking opportunities. Watching staff grow and develop and in turn deliver great results for clients is hugely rewarding and something that I will continue to treasure.

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What is your leadership philosophy and how do you put it into practice?

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Always lead by example and be relatable, open and authentic. I strongly believe in collaborative decision-making, active listening, and valuing diversity of thought and experience. A true leader is open to taking feedback, ideas and advice from the most senior person to the most junior person.

For me, that translates to a few core principles:

•  Empowering my teams: giving them the tools, knowledge, and opportunities to succeed and take ownership of their roles and outcomes.

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• Open communication: foster a culture where feedback is welcomed and considered, ensuring everyone feels heard.  I see feedback as a blessing and people should be prepared and open to giving and receiving feedback on a regular basis.

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• Continuous learning: stay updated on best practices and encourage your team to do the same. If you are no longer learning, you should probably look for another role.

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• Making informed decisions: while collaboration is key, decisive action based on evidence and consultation is equally crucial.  Make decisions quickly but be prepared to pivot when your hypothesis is incorrect.

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• ‍Acknowledging and learning from failures: we all make mistakes, and nobody is perfect unless you are John Eales. Mistakes are opportunities for growth. It's essential to create an environment where they're viewed as learning points. I highly encourage leaders to share their mistakes and ensure team members are comfortable making and sharing theirs.

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For people who are starting a new job, what are the first three things you would recommend them to do to set them up for success?

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For individuals embarking on a new job, I recommend the following three steps to lay a strong foundation for success:

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1. Build Relationships: Prioritise getting to know your colleagues, superiors, and subordinates. Foster open communication and build trust. These relationships often become crucial support networks as you navigate the nuances of a new role.

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2. Understand Expectations and be prepared to work: Clearly define your job responsibilities, discussing them with your supervisor or manager. Understand both the short-term and long-term expectations and metrics by which your performance will be evaluated.  Don’t expect the world to be delivered because you have worked for six months.  A career takes time to build.

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3. Continuous Learning: Familiarise and immerse yourself with the company's culture, processes, and tools. Don't hesitate to ask questions. Proactively seek out training and new opportunities. Being a perpetual learner will help you adapt faster and position you as a proactive member of the team.  If you aren’t learning at your job, the job is probably not right for you.

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