Women have made great strides in the once male-dominated world of insurance. Aviva, the biggest insurer in the FTSE 100 index, is run by Amanda Blanc, one of the City’s most respected chief executives. Admiral is run by Milena Mondini of Focatiis. Even Lloyd’s of London, the venerable insurance market, has had a female leader, Inga Beale.
The new woman in the role is Tara Foley, 53, who became chief executive of French giant Axa in the UK and Ireland last autumn.
When asked how she rose to the top of Axa, one of Europe’s largest insurance companies, she jokes: “I dreamed of working in insurance, like all young girls.”
Tara Foley, 53, is the chief executive of French giant Axa in the UK and Ireland.
The CEO jokes that she dreamed of working in insurance, “like every young girl does.”
The truth is that she started out wanting to be a psychologist and ended up in the insurance sector, passing through consultancy and banking, mainly at Lloyds Banking Group. She joined Axa as head of retail in the middle of the pandemic.
Foley, the second of five children, was born in Dublin and had a great role model in her mother, who she says “founded the first all-female branch of the Fianna Fail political party”. Her advice to other women who want to reach the top is to find “great mentors” and, if you see someone you admire, don’t be afraid to ask them to take on that role.
“There was Deborah McWhinney on the board of Lloyds, who was very lively. I saw her speaking and went to ask her to be my mentor,” she says. “I was intimidated, but you have to be brave.”
How have you managed to balance work and family, as the mother of a 12-year-old boy and a 10-year-old girl? The answer lies in spreadsheets posted all over the house, and in lots of them.
“Who does all the planning? Well, now. It’s just the two of us, my husband and I,” she says, adding that for women who want a partner, choosing someone who will support them is key.
Foley with her husband, Will McQuhae: says that for women who want a partner, choosing one who is supportive is vital.
“I’ve been very lucky. He supports me and is not competitive. We are a team. We don’t like traditional roles.”
After being appointed CEO, she called a family meeting.
“I had to explain to them that I was going to miss things at school,” she says. This involves sacrifices.
“The positive side is that my children see that their mother can be successful in her career. That’s not only important for my daughter, but also for my son. I want him to support his partner in the future.”
“My children see that their mother can be successful in her career,” says Foley, who has two children. “That’s not only important for my daughter, but also for my son. I want him to support his partner in the future.” (Photo of models)
An unexpected moment came during the pandemic, when I was having a socially distanced interview for Axa in a local park.
“I saw my daughter, who was six at the time, hanging upside down from a tree out of the corner of my eye. It was interesting because she had promised never to do it again,” he says.
One trap she’s seen female leaders fall into is trying to support staff who aren’t up to the job.
“It’s something I’ve seen a lot of women do over the years. If you have someone on your team who isn’t performing at their best, you step in and do their job. So you try to do their job and your own. I see it as a feminine trait, wanting to help, but in cases like these you’re not doing anyone any favors.”
Foley certainly has a lot to do in his own role. He has taken over at a difficult time, with the change of government and the cost of living crisis.
Women have made great strides in the once male-dominated world of insurance: Aviva is run by Amanda Blanc (left); Admiral by Milena Mondini de Focatiis (inset); Axa by Tara Foley (centre) and Lloyd’s of London by Inga Beale (right).
She is in charge of implementing Axa’s new strategy, as well as improving the profitability of its health and retail divisions and overseeing its digital transformation.
Attracting older workers to the company is part of its vision.
“There are fantastic and rewarding careers to be had in this industry. It’s very rewarding. We haven’t always been able to communicate that,” he says. “We need, in every industry, to harness the talent of those over 50. Talented people shouldn’t end up on the scrap heap.
“We’re particularly interested in climate risk. We’ve had 11 named storms since September, which is unprecedented. We used to call them one-off events, but we can’t anymore. We’re investing heavily, we’re in discussions with governments about resilience, rehabilitating properties and building in a more resilient way.”
All of this sounds like it will mean higher premiums, but, says Foley, Axa is trying to keep policies affordable so that people are not forced to skimp on vital cover.
“We’re using technology to be as efficient as possible. Artificial intelligence has been used in the industry for years,” he says. “We have a tool called Alfred, because it’s a butler. It helps our agents by giving them quick answers if they’re on a call with a customer. It searches through a lot of things and the staff checks its answers.
“Prevention, so that people don’t have to claim anything, is very important. For example, in the case of car insurance, we are in discussions with manufacturers and governments about road safety and vehicle safety. And we want to make sure that the supply chain is prepared for repairs, which will keep costs and premiums down.
Foley is in charge of a new strategy called “Unlocking the Future,” which was unveiled earlier this year by Axa CEO Thomas Buberl and will run until 2026.
The strategy focuses on boosting core businesses, achieving higher financial targets and a new capital management policy, with plans to pay dividends to shareholders that are at least as high as those of the previous year. There are commitments to help the transition to green energy and financial inclusion.
The parent group, Axa, has embarked on a series of acquisitions, including the purchase of Bermuda-based XL Group for £11bn in 2018.
Foley says: “We’ve made some significant acquisitions, so now is the time to consolidate them.”
‘We then focus on our role in society in a broader sense. A good example is what we call inclusive insurance. Where there are whole sections of society that are uninsured or underinsured, we think about how to offer products and services at the right price.’
She quotes Moja, a digital-only insurance product she introduced as retail sales director: “It’s completely customisable, so it’s great value for money. We’re also looking at home insurance for renters. They’re typically underinsured. Younger renters might only want to insure a couple of high-value items.”
“People’s needs are changing as society changes, and there are no one-size-fits-all policies. In health, there may be opportunities around early diagnosis and prevention.”
Axa is the UK’s second-largest health insurer, behind Bupa. Demand has soared after the pandemic, it says, adding: “On our digital health app, we used to have about 17,000 GP consultations a month before COVID. Now it’s 55,000 a month.”
She seeks to expand health coverage for those past retirement age, saying: “Most health problems occur when we are older.”
Another of Foley’s pet projects is purging politics of jargon and a host of incomprehensible nonsense.
“We’d like to streamline the terms and conditions of the policies to make them consistent,” he says, noting that at Moja, “the slogan is ‘jargon, get going!’ We’re looking at how to apply that to other products.”
Foley says: “Insurance is at the forefront of big issues: artificial intelligence, climate change and an ageing population. People say this industry is boring, but nothing could be further from the truth.”
Foley, 53, from AXA: Lover of trees and music
Family: Husband Will and two children.
Education: University College Dublin.
Career: Holding positions of responsibility at Accenture, Deutsche Bank and Lloyds.
Hobbies: Travel, criminology and nature: “I have hugged trees a few times!”
Guests at a fantasy dinner party: Naturalist Sir David Attenborough, writer Oscar Wilde, Serbian-American electrical pioneer Nikola Tesla and Mexican painter Frida Kahlo, who was also a lover of Soviet leader Leon Trotsky.
Fantasy Journey: A musical tour across the US that will stop in Memphis, Nashville and New Orleans.
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