UP CLOSE: Lincoln Pan
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PUDONG, SHANGHAI-BASED CEO
Willis China
PREVIOUS POSITION: Hong Kong-based executive director for Willis Hong Kong; sales leader and head of operations for Willis' business in Hong Kong.
GOALS FOR NEW POSITION: I have identified five key priorities for Willis China in 2015. Two involve new business strategies, one involves development of several key team leaders, and two involve operational improvements.
CHALLENGES FACING INDUSTRY: Like everywhere in the insurance industry, the biggest challenge is talent acquisition and development. Our strategy is to combine a competitive salary and benefits package with formal and informal learning and development, and longer-term incentive compensation. There is nothing more important for me to get right in Willis China than our talent and development plan for the next five to 10 years.
INDUSTRY OUTLOOK: Economists will benchmark the penetration of insurance domestically in China against the U.S., Japan and (Europe) and point to the massive domestic insurance opportunity. This is unquestionably there. But the risk adviser who can differentiate by advising on international investments and overseas insurance structuring for Chinese-owned assets will become the pre-eminent adviser to large Chinese companies internationally and domestically.
FIRST INDUSTRY JOB: My first job in insurance was with Willis in Hong Kong.
OUTSIDE THE INDUSTRY, A DREAM JOB: Power forward for the New York Knicks, which will of course never happen given I am 5'7”.
HOBBIES: I have a 10-month-old son, so my hobbies the past year have been block stacking, peek-a-boo and singing along to children's songs. When I'm not playing with my son, I stay fit by swimming and practicing yoga.
THING MOST PEOPLE DON'T KNOW ABOUT ME: I spent about nine months studying at Harvard Divinity School and seriously considered a Ph.D. in religious studies.
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