Phil Leong oversees financial, actuarial reserving, analytical, investment, risk management and internal audit functions at the Insurance Corp. of British Columbia (ICBC).
He is the recipient of a 2022 BC CFO Award in the institutional category. Six B.C. business leaders will be recognized by BIV with C-Suite Awards on Feb. 3.
He joined ICBC in 2008 and became CFO in 2019. (It was announced Jan. 17 that Leong will serve as ICBC's interim president and CEO when Nicolas Jimenez leaves the organization Feb. 3.) BIV is also recognizing Leong as this year’s Transformation Agent for his work navigating significant losses at one of B.C.’s biggest Crown corporations, and for the role he played in helping to overhaul ICBC’s product offering.
Your greatest business or career success to date?
Being part of the leadership team that implemented a generational auto-insurance product change to improve affordability and recovery benefits for all British Columbians has been my greatest career achievement. Under Enhanced Care, instead of money going towards legal costs, it goes back to British Columbians in the form of significantly better benefits and more affordable auto-insurance premiums.
Your toughest challenge as a CFO?
Without a doubt, managing the billion-dollar losses that ICBC incurred from 2017 to 2019 was a significant challenge to overcome. High legal costs under the previous litigation-based insurance system resulted in rate increases that drove the price of insurance to the point where it wasn’t affordable for British Columbians.
Since it launched, customers have saved an average of approximately $490, or 28 per cent, on their full-coverage personal auto insurance when renewing for the first time. Thanks to our team of knowledgeable professionals, we have reversed the billion-dollar losses of the past and now have a system that’s financially sustainable for British Columbians for years to come.
Best piece of advice received?
I am the person I am because of my parents, who instilled in me a core value of being a good person. It’s simple: Know right from wrong, make good choices and always be true to your core values. Over my career, I’ve received sage advice from various mentors and bosses, which has only supplemented the values my parents gave me. Being able to consistently stay true to my core values has allowed the people I work with to trust me.
How do you make decisions?
I make decisions based on the available facts, consulting with experts, seeking diverse opinions, applying my knowledge and experience to solve complex problems and staying true to my values. How do I know I’ve made the right decision? The outcome should be the confirmation of whether I did or not. What’s also important is to take accountability for your decisions – especially if it didn’t turn out well – and to learn from it.
Biggest areas of growth over the past year?
We have a leadership program at ICBC where we identify “one big thing” to being a better leader. Mine is to reveal more of myself to others. Being an introvert, I’ve always felt that success at work should be based on results and not necessarily who you are. What I’ve learnt recently is that, as a leader of leaders, there is value in connecting on a more personal level with your staff.
Join BIV to celebrate three BC CEO Award and three BC CFO Award winners at the C-Suite Awards, Feb. 3 at the Terminal City Club. Tickets and event details are available at the link above.
