Adica’s win-win mindset secures back-to-back industry award

Dean Cullen, CEO of award-winning insurer Adica Insurance, strives for everyone to be a winner.

His commitment to win-win outcomes developed through his family’s third-generation engineering business.

Observing negotiation within the family and with clients taught Cullen that business partnerships thrive when built on fair terms, where both parties feel good about what they’ve committed to.

“Conversely, when one side wins at the expense of the other, it becomes emotionally draining – and ultimately, it’s not good business,” Cullen says.

These lessons shape his leadership at Adica, guiding decisions “with everyone’s best interests in mind, as trusted partners with a shared commitment to collective success”.

Cullen notes that family businesses can bring unique challenges – often straining even the strongest relationships.

“However, when everyone is aligned and personally invested, they become a powerful force for success.”

Pride in achievement

Cullen speaks from experience, as Adica is a five-time ANZIIF Small-Medium General Insurer Award finalist and a two-time winner.

Reflecting on the company’s first selection as a finalist in 2021, he says it was clear how proud the organisation’s people were of this acknowledgement.

“Consecutive wins in 2024 and 2025 validated our company’s commitment to elevating skills and capabilities every year,” he shares. “It also challenged our thinking on what success looks like.”

He credits the 260 staff for their dedication: “The manner in which our people collectively meet the opportunities we have created, and their willingness to show up for each other, is remarkable.”

Describing the second consecutive win as “a special moment,” Cullen adds, “To sustain our performance over multiple years is indeed a well-earned reward for all our people.”

Commitment to the collective

Cullen fosters a culture where every individual matters: “Our staff know, when you’re not here – even for a day – we truly notice it. What you do each day matters. We rely on everyone’s best contribution.”

While this can be challenging, he says, “It’s part of the edge that defines the Adica business”.

Starting as CEO during the early Covid-19 lockdown in 2020, Cullen recalls that in communicating his appointment, a reference was made to meeting staff.

"Of course, it was nearly twelve months before we could all actually connect in person,” he says, He reflects that the difficulties presented opportunities to connect more deeply and personally in a remote work environment.

“We worked hard to create space beyond tactical work to collaborate, socialise and strengthen our professional bonds. That shared experience brought not just the executives and board closer together, but the whole of the business.”

Adaptability is central to his leadership. “Good business practice involves flexibility, taking risks, and daring to try new approaches,” he says. “Instead, fronting up to find a better way within available means is the approach we like to take.”

He connects personally with staff, believing that leadership is a "contact sport". Involving the team ensures they feel invested and committed to collective success. Strategic clarity supports this culture.

Cullen explains, “We see great strength from a clear, well-communicated strategic intent that everyone understands.” Staff are briefed on financial performance, goals are set, and outcomes measured.

His philosophy centres on consultation, fact-based decision-making, and awareness of the industry, with decisions grounded in reliable data and robust discussion.

A noble profession

Having begun his career in financial services, Cullen deferred accountancy studies to become an underwriter and later completed a Bachelor of Business majoring in insurance.

Over 34 years, he’s held roles across distribution, specialty lines, agency networks, and launching a start-up general insurance business.

“My mindset has led me to disrupt myself whenever I feel too comfortable in a role, consistently seeking challenges that stretch my capabilities,” he says.

According to Cullen, insurance as a noble profession. “Customers often come to us at their most vulnerable, seeking not just financial protection, but comfort and support – something our industry provides through the care we bring to doing our job well.”

He encourages curiosity and ambition, noting that “insurance businesses offer excellent avenues for uncovering hidden talents and building meaningful careers.”

Future focus

Cullen is motivated by challenges such as evolving regulation, rising claims costs, and climate change. He says, “Adapting our business models to fit a more environmentally friendly economy is an important focus.”

He is equally aware of the associated issue of insurance affordability, noting that the impact of these inflationary pressures “will require businesses to navigate a more complex risk landscape while striving to maintain financial sustainability.”

For Cullen, the importance of balancing regulatory requirements with affordability is front-of-mind.

“Keeping ahead of evolving regulation is a constant goal,” he confirms. “Regulation strengthens public trust and keeps the pursuit of profit in check, but higher regulation often impacts cost and resources.”

Maintaining this balance is critical to ensuring insurance remains accessible. Innovation drives sustainability, exemplified in Adica’s research on incentives and real-time driver feedback, which “can significantly influence driving behaviours to lower crash risk and reduce carbon impact.”

Proud of Adica today, Cullen looks forward: “It’s an exciting time as we continue to enhance our reputation as a leading provider of motor and mobility insurance solutions.

Global consolidation by MS&AD Holdings will provide strength and further investment in our regional presence. I am incredibly excited for the opportunities this provides to all our staff.”

He concludes, “We will remain grounded in the basics: a forensic focus on delivering exceptional performance through an engaged team and creating value for our customers.

"If this means we can continue to be recognised among the top companies in the ANZIIF Awards, as we have for the last five years, that would be fantastic.”

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