Apoorva Suryaprakash – GC Powerlist
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Rising Stars Australia 2022

Insurance

Apoorva Suryaprakash

Senior specialist lawyer - corporate | Insurance Australia Group (IAG)

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Rising Stars Australia 2022

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Apoorva Suryaprakash

Senior specialist lawyer - corporate | Insurance Australia Group (IAG)

Could you tell us a bit about your significant successes in your role?

My role as a senior corporate lawyer spans M&A, joint ventures, corporate governance, executive remuneration and capital markets. It is immensely satisfying to partner with business divisions across the company to support execution of our strategy.

Key achievements include:

The sale of IAG’s 49% investment in Malaysian insurance joint venture, AmGeneral Insurance, to Liberty Mutual for approximately A$340m. The transaction took almost three years and involved navigating complexities in the Malaysian regulatory landscape as well as conducting complex cross-border negotiations virtually due to Covid-related travel restrictions.

Acting as lead in-house counsel on various acquisitions and divestments of insurance and adjacency businesses. This includes the recent sale of Strata Unit Underwriters to AUB Group Limited and entry into a long-term agency agreement, where all parties recognised our efficient and commercial approach to negotiations.

Supporting our executive remuneration team in implementing CPS 511 and responding to the first strike on IAG’s remuneration report at last year’s AGM to avoid a second strike.

Working closely with the IAG Firemark Ventures team on new and follow-on investments, as well as exit transactions. I have particularly enjoyed working with founders to understand and facilitate innovative new business models and customer offerings.

In your opinion, what are the qualities and skills needed to form a strong legal team?

A strong legal team is one that is trusted by the business to deliver timely and sound advice that is easily understood and actioned. The qualities, skills and attributes needed to deliver this outcome include:

Commercial acumen – eliciting and considering the broader business context to understand the commercial and strategic goals driving the need for legal support. This includes applying sound judgment to identify, assess and manage legal risks.

Collaborative culture – building strong relationships within the legal team and across the wider organisation to foster knowledge-sharing and joint commitment to project execution.

Broad expertise across different practice areas – to enable key issues to be identified, along with the ability to work effectively with external counsel to bridge gaps in expertise or capacity.

Impact –To remain engaged, a strong legal team needs opportunities to showcase its skills and make a meaningful contribution by working directly with the Board and senior management.

What is the biggest risk to your industry or organisation and how are you contributing to prepare your organisation for this?

Climate change presents a significant risk and opportunity for the general insurance industry. The increased frequency and severity of climate-change related events highlights the critical importance of insurance while at the same time impacting its affordability and availability.

The insurance industry is well positioned to support climate action, through disaster resilience initiatives, collaboration with business, government and the community on research and policy, and net zero emissions targets.

I am proud to be contributing to IAG’s response to climate change through:

My role as a key member of the Climate Affordability and Risks Execution Team – an interdisciplinary group at IAG that meets regularly to discuss the impact of climate risks and regulatory developments on our business.

Advising the IAG board and senior management on climate-related disclosures and greenwashing risks associated with climate reporting.

Participating in community initiatives including the Australian Red Cross Telethon earlier this year for the flood-devastated communities in Queensland and NSW, and fire break clearing at Kincumba Mountain Reserve with the Australian Resilience Corps.

What challenges have you overcome to get to the position you are in today?

As a first-generation migrant and introvert, I found it challenging to speak up in the early stages of my career.

I have been incredibly lucky to have had managers and colleagues who have encouraged me with kindness to get out of my shell and better connect with people. This has not only helped me perform better as a lawyer but has also enriched the day-to-day experience of working and made my role more purposeful and fulfilling.

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