Risk taker: Leishman on a mission

 

Vanessa Leishman always brings perspectives, plural.

For the AA Insurance chief risk officer, that’s the natural result of stepping beyond the boundaries of her core field. It’s something she sees as a real advantage in her approach to risk.

“In my view, risk really benefits from a 360-degree world view,” Leishman says. “People who come into risk with different skills, backgrounds and experiences often bring rich insights.

"Curiosity is important, but combining that with a breadth of experience can make your approach to risk even more effective.”

As a result of a series of “taps on the shoulder”, both for advancement and the occasional lateral move, Leishman has made steady progress during her decades-long career.

She began in the graduate program at PwC in Wellington, New Zealand, which saw her secure the audit manager role.

It was then that she took something of a seven-year detour to Auckland and moving from audit to a variety of operational roles at Telecom, including group finance, change programs, customer service leadership and Lean Six Sigma process optimisation.

For Leishman, it was a diverse period of growth. “I think all of those different experiences and working in different parts of a business give you a really good sense of how to operationalise risk management and how to make sense of it,” she says.

“After my time in telecommunications, I found myself in banking and returning to risk management. It was then that I realised I had truly come home.”

Bringing her AA game

As a joint venture between the New Zealand Automobile Association and Vero, AA Insurance protects more than 560,000 New Zealanders.

To serve such a varied customer base effectively, an approach like Leishman’s helps to make customers “feel seen”. “A risk never happens in isolation,” says Leishman.

“There are always multiple layers involved, so it takes lateral thinking and curiosity to understand them all. What really matters is having good judgement.

"I tend to see the glass as half full, which helps a lot because risk can sometimes feel overwhelming but it’s also full of opportunities.”

In her role as CRO, Leishman spends much of her time connecting with people across the business to understand what’s happening on the ground, analysing data to identify trends and preparing for a range of ‘what if’ scenarios.

One of those is the growing impact of weather-related events. “Some areas in New Zealand are considered riskier than others and, as more data becomes available about the landscape and natural hazards, we’re continuing to evolve how we price policies to reflect that,” says Leishman.

“It’s a complex issue that both the country and insurers are working through, and there’s no one-size-fits-all answer when it comes to what feels fair.”

Future threats: climate change and tech

"I think there are probably two things that worry me the most,” says Leishman. “One is climate and one is technology, and there are a couple of dimensions of that.”

She says data shows weather events are becoming more common and more severe. This means that insurers are responding to more weather-related claims events and insurance premiums become more expensive as a result.

When it comes to technology concerns, Leishman says it’s the variables presented by AI that pose threats without precedent, although she is confident the industry can mature to counteract out-of-the-box dangers.

Leishman says that staying safe in the face of increasingly sophisticated, AI-driven threats requires a collective “always-on” mindset.

At AA Insurance, this is supported by a range of rigorous processes, including regular phishing simulations and a strong focus on education and awareness, all designed to keep people alert and informed.

“We take a feedback loop approach, where we’re constantly reminding our people to stay vigilant,” says Leishman. “It’s about building everyday habits that help keep the organisation safe.”

As a skilled team builder, Leishman echoes her own career when talking about the people she tends to recruit in the face of these challenges. “I really like to see people who have broad and diverse backgrounds,” she says. “I like to see people who are genuinely curious and want to learn.”

Risk in perspective

Leishman says a risk leader’s first step is to define the company’s risk appetite, establishing clear boundaries that guide all strategic priorities.

This ensures the organisation focuses on what truly matters because, she says, “risk is everywhere, and you need to choose which risks you want to actively manage”.

“I walked up a flight of stairs to get here; that's risky,” says Leishman. “I could give myself a paper cut; that's risky, but how risky is it? Do I really care about that versus the risk of a cyber event?”

Those working in risk who have a very technical or narrow focus can sometimes become deeply absorbed in the detail. However, it’s also important to stay pragmatic and adaptable, so you’re ready for whatever comes your way, an approach Leishman has embraced throughout her career.

“Having an optimistic outlook really makes a difference in an industry focused on identifying risk,” says Leishman. “Focusing on the positive angles helps you navigate the challenges more effectively.”

Quick-fire Q&A with Vanessa Leishman

1. What’s your best piece of advice for other insurance professionals?

Quite often, you have these big moments where you feel like you didn’t do a good job. Your reflection is, “I’m not good enough”. You should reframe that. You can’t be more than who you are today. How you show up is a reflection of everything in your life up to this point. You can’t change that. However, you can change your direction from here. So, use those moments not as a point of failure or self-rumination, but as a point of clarity on where you want to go and how you want to get better.

2. What’s your most effective mindset hack?

Be clear about what matters. I think that when I was growing up, I was always told that women can do everything and I think that’s true, but I don’t think you can do everything all at once. So, be clear about where you want to spend your time. I’ve made priority choices and I’ve made them intentionally, which means I do feel sad about some of the things I’m not doing but it’s a conscious choice.

3. What do you think one of the most underrated leadership traits is?

I don't know if it’s underrated but I lead with humour a lot, and I think it's a good trait in terms of bringing people together and making people feel at ease and connected. You’re often dealing with stuff that’s gone wrong or stuff that could go wrong, or you’re trying to get people to do things they don’t necessarily want to do, and that can be quite a hard place to be. So, being a safe space for people where there is humour, a sense of engagement and a sense of fellowship, is important. I think people would say that about me.