Striving for excellence with stellar leadership

Mr Alex Yip, Chief Executive Officer for Greater China of Lockton Companies (Hong Kong) Limited, is crowned with the Directors Of The Year Awards 2021 in the ‘Non-listed Companies Categories’.

“I am very honored and delighted to receive this award, which belongs not only to me, but also to all my colleagues,” says Yip. “I would like to thank my fellow directors and colleagues for their hard work and contribution, as well as the Lockton family and the international board for their trust and empowerment. It is a tremendous recognition of our dedication to good corporate governance as we continue to strive for excellence in our endeavours.”

Lockton Companies is a leading privately held insurance brokerage firm operating across 125 countries. Specializing in risk management, employee benefits and retirement services, Lockton is dedicated to providing customized solutions to help clients achieve their business objectives.

Lockton Companies (Hong Kong) Limited was established in 1985 and has since developed into a leading service provider in the industry. With more than 120 associates, Lockton Hong Kong possesses extensive resources, expertise and experience in catering to the needs of a wide range of businesses. Over the years, Lockton Hong Kong’s illustrious leadership, along with its fierce commitment to independence, has enabled it to become a unique business partner to their clients.

Outstanding leadership 

As the CEO, Yip firmly believes in the importance of leadership by example. “Action speaks louder than words – that is why I adopt a down-to-earth approach in leading the company,” he explains. “Rather than issuing instructions and managing the business from the comfort of my office desk, I adopt a hands-on approach to motivate my colleagues to put their best foot forward in the service of our clients. They gain inspiration from the example I have set.”

Yip’s stellar leadership is also exemplified through his tenacity and creativity in tackling challenges. The pandemic, along with the increasing frequency and intensity of natural disasters, have resulted in a mismatch between Lockton’s clients and the insurance market, with the former seeking higher insurance coverage at lower costs, and the latter providing lower coverage at higher costs.

Faced with this predicament, Yip highlights how it is crucial, as an insurance brokerage firm leader, to demonstrate ingenuity in making the right decisions, and creativity in devising unique solutions that meet specific needs of his clients. “I am always working closely with my team on how we can do things differently, such as coming up with a smarter solution or a smarter structure, to continue to fulfil our mission of providing the best insurance deals for our clients.”

Uncommonly independent 

Lockton Hong Kong is characterised by its independence, which enables the company to act in the best interests of its clients. Firstly, Lockton’s entrepreneurial culture means that Lockton Hong Kong is given the independence to make many of its decisions within the local board. As Yip elucidates, “The fact that we don’t need to refer to headquarters for permission on every decision we make provides us with the agility to do what is right for our clients. As such, we are able to apply our expertise and tailor-make solutions for our clients in a timely manner.”

Secondly, as a privately owned business, Lockton Hong Kong has the freedom to focus completely on serving their clients. “Since we don’t have to worry about our share price performance or our short term returns to shareholders, we can concentrate on the long term,” Yip continues. “Specifically, we are more willing to invest and reinvest our resources, so that we can put forth the best resources to protect our clients’ interests.”

Yip also makes the point that many of Lockton’s clients have expressed exasperation in dealing with insurers that kept changing with mergers and acquisitions, and they are much happier in having Lockton as a one-stop insurance brokerage firm who looks after the details for them.

“The fact that Lockton has a client retention ratio of 96%, which is significantly higher than the industry average of 85%, demonstrates that our entrepreneurial culture and private ownership have truly made a difference to the quality of service we provide,” states Yip.

Top talent 

Lockton Hong Kong’s commitment to independence has also attracted some of the best and brightest talents to the company. “Many people are drawn to Lockton Hong Kong because our unique entrepreneurial vision empowers them to actualise their passion for helping clients navigate challenges and risks,” Yip notes. “As a result, we are able to put together the best team, united by our dedication to go above and beyond in serving our clients.”

Furthermore, as a ‘people business’, Lockton Hong Kong places great emphasis on looking after the wellbeing of its colleagues. In particular, during the pandemic when many of its colleagues have to work from home, Lockton Hong Kong took extra steps to ensure that they are well-supported and cared for. “We organized social functions for our colleagues in the office to provide encouragement and distributed healthy food to promote their health,” Yip outlines. “After all, our colleagues are one of our greatest assets.”

Serving the community 

Giving back to the community is a value that is deeply ingrained in the culture of Lockton Hong Kong. “The community is one of our major stakeholders, and it is our duty, as a leading company in the city, to serve our society in every way possible,” explains Yip. “As a business leader, I’m always conscious in my heart on what I can, in my position and within our resources, do for the welfare of the community.”

Throughout the years, Yip has been personally involved in many of the company’s charitable initiatives, supporting causes ranging from healthcare and education to social inclusion and animal welfare. This December, Yip will spearhead Lockton Hong Kong’s effort to raise awareness for inclusion by partnering with 3 athletes with physical disabilities in a three-event athletic challenge to raise funds for The Hong Kong Network for the Promotion of Inclusive Society (HKNPIS).

“I am delighted to be able to utilise my interest in sports to support such a meaningful cause,” Yip says. “Although training for this event has been challenging, I am fully devoted to upholding our commitment to society.”

Looking ahead 

Yip expresses unequivocal confidence in the future of Lockton Hong Kong. “I believe that this is the time for our company. Our independence and private ownership have created a unique dynamic, one that is focused on our clients’ needs. Unlike many of our competitors, we do not aim to be the largest insurance brokerage firm – we only aim to be the best. With this goal in mind, I am confident that I will be able to continue to lead my team to meet the needs of our clients.”