Many of the entries to the InsuranceERM Awards have naturally focused on how organisations and individuals have responded to the extraordinary events of 2020.
The winner of re/insurer of the year, Pacific Life Re, was no exception, and it was picked out by our judges for an exemplary demonstration of how to respond to the crisis.
Louise Burnard, marketing, communications and events manager at Pacific Life Re, says: "Last year was something none of us has experienced before. We're really pleased in the way we pulled together and managed to organise the internal initiatives around looking after our employees, as well as still managing to recruit new staff and carry on our service to our clients."
The firm has gauged its success in 2020 against three areas that are core to its values: supporting staff and local communities; meeting and exceeding the expectations of clients; and remaining innovative and contributing to the evolution of the markets it participates in.
On supporting staff, Pacific Life Re's approach has centred on ensuring physical and mental wellbeing with a series of measures that have been continually reviewed as the nature of the pandemic lockdowns have evolved.
Amid all the chaos, the firm has been able to grow its business and keep clients happy. Pacific Life Re has enjoyed one of its most successful years for new business, which included a £10bn ($14bn) longevity swap with Lloyds Banking Group, the second-largest transaction of this type ever completed. During the year, 155 staff were recruited and inducted across the world, all virtually, to support the expanding business.
Remaining innovative has been a big challenge for any organisation in this environment, but Pacific Life Re reported how it had implemented automated pricing of its deferred longevity business in its flow treaties, and promoted key staff to focus on innovation and growth in its European longevity and protection business, among other initiatives.
"We're very proud of our culture. Although we're a global company, it feels we're more like a family. I think that really comes through in the initiatives we've pursued this year," Burnard says.
