The insurance industry is a developing field that addresses complex risks and uncertainties. With its focus on providing financial protection and risk management solutions, it plays a crucial role in stabilizing economies and supporting various sectors. As the industry navigates emerging challenges, including those related to cybersecurity, climate change and changing regulatory environments, it continues to adapt and innovate to meet the needs of its clients. The growing importance of specialty insurance reflects the industry’s commitment to tackling niche and complex risks with tailored solutions.
With a background in business management and extensive experience in various insurance roles, Justin Naylor has brought a visionary approach to his role as CEO. His dedication to building a strong team, fostering a vibrant company culture and driving excellence reflects his commitment to advancing the company’s mission and maintaining its leadership in the industry.
One company that exemplifies leadership and expertise in this sector is iTOO Special Risks. Known for its expertise in managing intricate and emerging risks, it stands out for its strategic approach to insurance. Its focus on innovative solutions and expert knowledge underscores its role as a key player in the specialty insurance market. By prioritizing research, development, and talent, it positions itself as a trusted partner for clients seeking comprehensive risk management solutions.
Strategic Ascent in the Insurance Industry
Justin’s journey to becoming the CEO began with his studies in B. Com Hons in Business Management at the University of Stellenbosch.
Justin started his career in 2004 with The Hollard Insurance Company through their graduate program, which laid the foundation for his future in the insurance industry. Later, Justin gained international experience by spending six months in London working with various Lloyds of London specialty underwriters and brokers, followed by three months in Munich with a leading global reinsurer.
Justin studied at INSEAD Business School in France. He was also part of the founding team of Etana Insurance, where he took on various roles, including marketing, branch management, regional management, and managing several specialist divisions. Justin’s entrepreneurial spirit led him to start several ventures in insurance, including broker investments and the startup of a pan-African reinsurance broker.
Justin’s career truly reached a new level when he became the Managing Director and eventually the CEO of iTOO Special Risks in March 2018. Over the past six years, Justin has had the rewarding and exciting opportunity to build iTOO into Africa’s leading specialty insurer.
Drives Success at iTOO Special Risks
Justin’s primary responsibilities revolve around a few key areas that have been crucial to the success of the business during his tenure. First and foremost, he focuses on setting a clear purpose and an exciting vision for the company, ensuring that his team understands where the business is heading.
This alignment is vital, as it not only energizes his team but also builds iTOO’s culture and brand value, attracting the right people to work with iTOO and drawing clients to its offerings. Justin plays a significant role in cultivating this brand and culture, as he believes everything starts with them.
Another essential aspect of his role is building a team of experts, placing people in the right roles and then providing the necessary support and freedom for them to excel. Justin believes, “It’s important for a leader to recognize their own weaknesses and assemble a team that complements those gaps.” Justin’s team knows that he will back them above all else, which fosters trust and empowers them to perform at their best.
Additionally, having suitable incentive structures in place is crucial to ensure that the team benefits from the business’s success. The ability to have tough conversations when individuals are not meeting expectations is equally important. These fundamentals—setting a purpose, building a solid team and establishing effective incentives—are the most important aspects of his role. Beyond these, his responsibilities extend to communication, planning, problem-solving, and continuously thinking of new ideas or ways to improve the business.
Justin’s Drive for Excellence
Justin is passionate about building a team of experts that is #1 at what they do. He wants to be famous for this. Justin shares, “I am ambitious, and nothing motivates me more than achieving our goals as a business and then finding the next challenge These attributes drive one of our values of being an Expert Achiever,” he added.
Justin profoundly cares about his team of people and relationships with brokers and clients of iTOO. “When you really care, it sparks a positive energy in the way you do things. Embodying the spirit of Caring Catalysts, we put people first, fostering empathy, understanding, and strong relationships while going above and beyond to meet the needs of everyone we interact with.,” he quoted. Justin believes in being honest and straightforward and doesn’t do politics.
Justin ensures a lot of fun in its work culture as they spend so much of their lives at work. Justin shares, “People do business with people they like, so having fun is also good for business.”
Investing in Leadership and Team Development
In every sector of business iTOO operates in, it makes sure the company employs the best person to lead this business. It is fundamental to us that it has an expert or team of experts in everything it does; without this, the company doesn’t get into any business.
iTOO invests a lot of time and effort into the growth of its team – every person at iTOO has an Expert Development Plan, a structured plan for every person in the company. “We invest big time in our people,” he quoted.
Conquering Complex Risks with Expert Solutions
iTOO is at the forefront of specialty, niche, new and emerging risks in Africa. Its iTOO’s biggest challenge is simplifying these complex risks and then providing the right solutions to its clients. iTOO’s purpose is to conquer risk and unleash its potential by being an unwavering ally for our clients, providing them with the peace of mind and financial support they need to achieve their dreams and tackle adversity head-on.
iTOO is a leading insurer of renewable energy, without the cover that iTOO provides, funders and investors would not be investing billions of rands into renewable energy projects because of the potential risks. iTOO unleashes the potential of renewable energy in Africa by providing specialty insurance cover to these projects.
iTOO executes these strategies by having the best experts on its team and investing in them, constantly researching trends and learning from losses, and industry data.
Culture of Continuous Learning at it
iTOO focuses on its purpose and having the best people on its team; the company is always striving to find a better way to solve complex problems. This approach drives innovation that is in the form of incremental improvement.
Justin shares, “iTOO doesn’t always have to be at the leading edge of every new technology; we are happy to learn from others.” “We are not afraid to experiment and fail; as fast as we fail and learn from it, it will drive a great culture of trying new things all of the time,” he added.
Adapting to Emerging Risks
The specialty insurance sector is growing swiftly, and emerging risks—such as those related to cybersecurity, climate change, and evolving regulatory frameworks—are posing significant challenges for businesses. Clients are increasingly seeking out insurance partners who not only have deep expertise in these complex areas but also possess a proven track record in managing large and intricate claims.
iTOO Special Risks is acutely aware of these shifts and is proactively adapting its strategies to stay ahead of the curve. The company is investing heavily in research and development to better understand emerging risks and refine its risk assessment models. Additionally, it is enhancing its capabilities by recruiting and training top talent, ensuring that its team is equipped with the knowledge and skills.
By leveraging its extensive experience and focusing on innovation, it is positioning itself as a trusted partner that clients can rely on to manage the most challenging and uncertain risks.
Balancing Professional and Personal Life
Justin wakes up every day at 5 am and exercises. Justin knows that he performs at a much higher level when he does exercise and eats healthy. He always enjoys morning coffee. Justin uses this time to think about the tasks and prepare his mind for the big things he wants to achieve each day.
Justin usually works about 12 hours at the office and enjoys his work. Once he reaches home in the evenings, he tries not to work at home and makes sure he spends quality time with his family. Justin takes leave often – taking short breaks and time off with his family, preferably in the bush and away from the city, which helps him to revitalize and keep a high pace when he needs to.
Advice for Aspiring Leaders in the Insurance Industry
Addressing aspiring leaders aiming to make a significant impact in the insurance industry, Justin reflected on the profound opportunities the field has afforded him. “The insurance industry has given me the most amazing career and life opportunities,” he shares. His journey is a testament to the vast potential within this sector, where diverse career paths and personal growth are possible.
Justin emphasizes the importance of embracing the industry’s versatility. “Once you are in the insurance industry, you can really be anything you want to,” he explains. Whether your passion lies in underwriting, claims management, risk analysis, or any other specialized area, the insurance sector offers a broad spectrum of roles that can cater to a wide range of interests and skills.
However, he also stresses that success in this industry is not handed out lightly. “Go for it and then work hard to be the best at it,” he adds, highlighting the importance of dedication, continuous learning, and a commitment to excellence. For Justin, the key to making a significant impact lies in a relentless pursuit of improvement, both personally and professionally. Aspiring leaders should be prepared to invest time and effort into mastering their craft, staying adaptable, and embracing the nature of the industry.
Strategy for Leading the Specialty Insurance Market
“Our vision for iTOO Special Risks is to become the leading provider of specialty insurance across Africa and to establish ourselves as an exceptional partner in managing specialty risk,” Justin reflects. To achieve this vision, Justin plans to leverage his deep industry expertise, innovate continuously and maintain a customer-centric approach.
iTOO will invest in advanced technologies to enhance its service offerings and streamline processes. Building solid relationships with clients and stakeholders and fostering a culture of excellence within its team will be central to iTOO’s strategy. By focusing on these areas, iTOO aims to set new standards in the specialty insurance sector and deliver unparalleled value to its clients.
