In the first of a new column, Steven Luk, executive director of employee benefits at Howden Insurance Brokers in Hong Kong, speaks to Health & Protection about celebrating his dad’s milestone birthday, how to keep a team motivated, why working in Hong Kong is awesome, where else he would consider living and why Frank Sinatra’s My Way so resonates with him.
How long have you been in the international health/benefits advice industry and why did you start working in it?
I have more than 20 years of experience in the employee benefits industry, with a specific focus on international health/benefits advice for the past 10 years.
I started working in the field of IPMI because local medical solutions might not suffice. Seeking IPMI is crucial for a comprehensive healthcare solution, considering the limitations of local systems and the need for broader coverage and support.
IPMI is a dynamic industry that is constantly evolving due to globalisation, emerging trends in healthcare, and changing regulatory landscapes.
How long have you been with Howden and which markets does your company do business in?
I have been working at Howden Hong Kong for six years. Howden is an insurance brokerage firm that specialises in employee benefits and general insurance.
I am the head of the employee benefits team, where we primarily focus on corporate employee benefits programmes, including PMI, pension schemes, and IPMI.
What is the biggest factor affecting the international health and benefits space for you and your firm?
The biggest factors are the global rise in medical costs (partly caused by aging populations in key market regions), inflation, and the cost of delivering services.
Where do you see the future of IPMI in Hong Kong?
The following trends will affect the future of IPMI tremendously:
- Customisation and personalisation: Clients like to personalise and customise their insurance plans. Insurers may offer flexible options that cater to specific healthcare needs, allowing individuals to choose the coverage that best aligns with their requirements.
- Technological advancement: Technology is a significant factor in the future of IPMI. Innovations like telemedicine, remote monitoring, and digital health solutions are likely to play a crucial role. These advancements can improve access to healthcare services, enhance efficiency, and reduce costs.
- Preventive care and wellness programmes: Insurers may increasingly focus on preventive care and wellness programmes to promote healthier lifestyles among policyholders. By incentivising proactive health management, insurers can help reduce the need for costly treatments and improve overall health outcomes.
- Digital transformation: The digitalisation of insurance processes, including claims management, policy administration, and customer service, is expected to continue. Insurers may leverage advanced analytics and artificial intelligence to streamline operations, enhance the customer experience, and improve cost efficiency.
- Global pandemic and health crises: The recent Covid-19 pandemic has highlighted the importance of healthcare coverage. Individuals may recognise the value of IPMI in providing financial protection and access to healthcare services during unforeseen health crises.
Who has been your most important mentor throughout your career?
I am fortunate to have my current boss, Mark Johnson, as both a mentor and guide in creating a positive work culture.
He emphasises open communication, fairness, and leading by example. He cares about our wellbeing, promotes teamwork, and makes sure everyone feels valued and motivated.
With his guidance, I am learning to build a positive and supportive work environment for everyone on the team.
What advice would you give people thinking about working in the international health and benefits sector?
For those considering a career in the international health and benefits sector, my advice is to embrace the opportunity with an open mind and a passion for making a positive impact on people’s lives.
Never stop learning about global health systems and insurance policies. Develop good communication skills and be adaptable. Stay updated on industry trends and collaborate with experts.
What has been your greatest success at work?
Over the past six years working in Howden, one of my proudest achievements at work has been maintaining a solid team with no members leaving for other companies. This showcases my commitment to fostering a positive and supportive work environment.
By nurturing a sense of camaraderie and providing growth opportunities, I have been able to create a team that feels valued and motivated to stay, contributing to our collective success.
What are your top three priorities for the next year?
In the coming year, I have three important priorities.
Firstly, I want to celebrate my dad’s 80th birthday, making it a memorable and special occasion with loved ones.
Secondly, I am deeply committed to growing my business, dedicating myself to its success and expansion through strategic planning, innovative ideas, and diligent execution. This includes exploring new markets, building strong partnerships, and delivering exceptional products/services to our customers.
Lastly, I want to prioritise my health and fitness, making positive choices to become stronger and feel better overall. These priorities will guide me towards a fulfilling year ahead.
What is one personal skill that most people do not know about?
There’s a hidden skill of mine that many don’t know about—I love singing! It’s something I do in private, and it brings me joy. Sometimes, I get a bit shy, but singing makes me feel alive and happy.
What mantra do you live by?
My mantra is simple: “Always have a plan and adapt to make it succeed.” I believe in the importance of being prepared and flexible, continuously adapting my approach to achieve my goals.
If you could work in any location in the world, what would it be?
Working in Hong Kong is awesome. Many opportunities and diverse people create an exciting work environment. It’s a place where different cultures come together, making it a rewarding experience.
However, if I was to choose another location in the world, I would choose Toronto since my parents are living there.
What song would you regard as your theme tune?
Frank Sinatra’s My Way is my theme tune, embracing life’s ups and downs. Its lyrics inspire acceptance and gratitude, reminding me to cherish the moments, learn from regrets, and live authentically.
It resonates as a testament to embracing life as it unfolds, with all its imperfections and joys. And I did it my way….