Katrina Shanks CA joined the insurance industry at a challenging time. As new CEO of the Australian and New Zealand Institute of Insurance and Finance (ANZIIF), she faces the pressure of rising costs, increasing scrutiny, more frequent and intense natural disasters, inflation and geopolitical threats. However, as a chartered accountant with a strong financial background and a former member of the New Zealand Parliament, Shanks is confident she has the skills and experience to make a positive difference. She talks to Acuity about her career, goals and starting afresh in a new country.

How did your previous roles lead to your current position?

I see it as a layering of experience. Starting out as a chartered accountant and running my own accounting business brought its own knowledge, competence and skills. As a member of parliament, I learned more about legislation, regulation in the legislative environment, government jurisdictions and how they interact and connect. Then, overseeing the merger of three financial advice bodies into Financial Advice New Zealand as CEO consolidated my leadership and change management skills. As a result, I came to ANZIIF with a very strong financial background and a deep understanding of the legislative environment and policy.

What do you hope to achieve at ANZIIF?

I've always had a desire to help people and, all through my career, I’ve searched out opportunities to make a difference. At ANZIIF there are three main things I want to achieve.

The first is to find the best ways of applying emerging technology to help education remain modern, relevant and accessible. ANZIIF has a proud history of delivering high-quality education for 140 years. Now we need to focus on how we can continue to meet the needs of the new students coming through with very different expectations.

The second is to establish ANZIIF as a thought leader. Insurance is a very fast-moving environment in terms of legislative change, so we need to stay on top of that. We also need to provide high-quality education and continuing professional development for insurers, so they can prepare for the changes ahead.

Finally, I would like to see ANZIIF connecting in a more modern and relevant way with members, customers and clients, as well as insurers, legislators, regulators and policymakers. I believe that working together will bring better outcomes for consumers and other stakeholders. 

How does insurance fit with your commitment to public service?

I have a very strong belief that we need to increase people’s financial health, wealth and wellbeing. The cornerstone of that is building financial resilience with the right insurance products. I would like to see more people with access to insurance, and all insurance professionals doing their jobs well from design to claim, so that standards are continually rising.

If I can in some way help those insurance professionals to gain the skills they need through high-quality education and continued professional development, then I’ll believe I’ve done my job here.

How can insurers respond to current pressures?

We need to remember that you’re not going to get strong economic growth, unless you've got sound insurance protection for businesses and people. As we see new challenges arising around the world, insurers need to get smart about how they assess and price risk. But insurers can’t respond effectively in isolation – government and industry have to work hand in hand. For example, continuing to allow people to build on areas susceptible to flooding increases pressure for insurers. This is where I think my skill set can be useful because I understand the relationship between government and industry, and the tensions between the two.

What have you learned in the course of your career?

One of the most important things is to stand by your values and who you are. Also, you can’t be successful on your own. Success is all about the culture and communities you build around you. You need to be clear about what you’re aiming for, then ensure you’re continually working towards the outcome you want.

I’ve also learned that mistakes can build resilience. I’d say my biggest mistake is being a bit too pragmatic. As a chartered accountant I naturally base a lot of my decision making on evidence. It’s taken me a while to accept that the knowledge I’ve gained through experience can be just as valuable. As you mature in your career, I think you need to learn to trust yourself.

How do you feel about the move from Auckland to Melbourne?

I’ve learned lessons from that too – the main one is not to move countries two days before you start a new job! But life is about opportunities, and it satisfies my sense of adventure to be starting out somewhere different. Melbourne is a beautiful city and I love that, when I look out of my window at work, I see hot air balloons drifting by. There’s a lot to enjoy, and I’m looking forward to doing more exploring.