Earlier this month, Shepherds Friendly announced Ann-Marie O’Dea would be stepping down as the mutual’s CEO after more than 10 years in the post.
Lloyds Banking Group customer and proposition director Jonathan Sandell will succeed her at the start of next year.
As she prepares for her departure, O’Dea (pictured) speaks to Health & Protection about the importance of modernisation at mutuals, why true leadership is about listening and why making products and services accessible and transparent is vital if the protection sector going to reach underserved consumers.
O’Dea also touches on overcoming imposter syndrome, why camaraderie at work is what she will miss most and why while travel and pottery on her immediate agenda, her forthcoming departure may not be the last the sector sees of her.
Leadership through growth
“Leading Shepherds Friendly through such a period of growth has been a huge achievement for me. When I took on the role of CEO, we were very much a traditional friendly society,” O’Dea tells Health & Protection.
“Today, Shepherds Friendly has made huge strides in terms of digital enablement and modernisation, and this has seen us double our number of policies and triple our total assets.”
But O’Dea adds she was also honoured to be appointed the chairwoman of the Association of Financial Mutuals last year.
“It’s been a privilege to champion the principles of mutuality across the wider industry,” she continues.
“It was especially important to me as there are so few female leaders in financial services and both this role and the job of CEO at Shepherds Friendly is something I’ve taken great pride in.
“I really hope we begin to see more women leading businesses across the sector in the years to come.”
Leadership is about listening
In terms of her biggest lesson since taking the helm as Shepherds Friendly CEO, O’Dea is clear.
“The biggest thing is something that’s also quite simple – leadership is about listening. I may not always have all the answers, but asking the right questions and looking at things from the perspective of others is vital.
“Achieving results obviously requires drive and willpower, but I’ve learned that I value collaboration and empathy even more.
“As CEO, I’ve engaged with others and shared the journey, while deliberately avoiding a prescriptive approach. I firmly believe this has helped foster innovation and accountability.”
However, O’Dea also maintained that it was important for the sector, as a whole, to be resilient, trustworthy and adaptable.
“It’s essential that financial services, and mutuals in particular, don’t stand still,” O’Dea says.
“The modern consumer has changed so much, and we all need to adapt to that so we can give them what they expect and need.
“At Shepherds Friendly, we must always remember that our founders came together with a clear intention on that Christmas Day almost 200 years ago – to look after others who had fallen on hard times and help as many as possible for the greater good.
“Changing technology and expectations are important, but at the same time mutuals also have an obligation to always refer back to their member-centric purpose.”
Making products more accessible
Elaborating on what the sector’s priorities need to be, O’Dea points to making products and services accessible and transparent.
“It’s vital if we’re going to reach underserved consumers,” O’Dea adds.
“Financial services businesses don’t have the best track record when it comes to making things simple and easy to understand, so some demystifying can go a long way.
“When we develop new products, we have to do so in a digitally enhanced way, but we also need to remember there’s a real person at the centre of it.”
But the sector has plenty of other things to work on as well.
“This includes closing the advice gap and improving financial education,” O’Dea continues.
“With the protection gap as wide as it is, it needs to find a unified voice that lets the public know just how important protection is, and we need to work together as an industry to shout loudly and really get across the many benefits it offers people.”
Imposter syndrome
O’Dea’s background before Shepherds Friendly was in marketing rather than financial services and that has given her a different perspective she values.
“I spent a good chunk of time working for agencies,” she continues.
“I remember a great manager who always promoted being curious, poking holes in things and not taking a situation at face value – an approach I’ve taken with me since.
“There are plenty of people at Shepherds Friendly who I’ve probably annoyed with my questions around why we must do things a certain way, but we’ve seen positive results from this way of thinking, so hopefully they forgive me.”
Though O’Dea says when she first took over as CEO, she had “total imposter syndrome”.
“Even if you’ve worked somewhere a long time, you still initially question whether you can do the top job,” she continues.
“When the previous CEO Geoffrey Spencer offered me the position, he told me that my background having been in a different part of the business wasn’t a negative and that the important thing was being able to make decisions and stand by them.
“In time, I realised he was right – the ability to be decisive and back yourself and your reasoning is one of the most valuable traits of a CEO.”
As for immediate plans, O’Dea admits she will miss the camaraderie but emphasises she is not retiring, and is excited to step into a new stage of her career.
“I’ll be putting some time into non-executive director work and mentoring others, and I’m planning to spend more time with my family and friends,” she adds.
“Travel is also on the agenda and, after many years, I’m finally getting back to pottery. It’ll be nice to shape things at a slower pace.”