Classes were due to be dismissed for the day on 1 December 1958, when a fire broke out at Chicago’s Our Lady of the Angels School in Chicago, Illinois, leading to the tragic deaths of 92 of the elementary school’s 1600 students, as well as three nuns.
To help those affected by the disaster, claims and risk management firm Gallagher Bassett was founded shortly thereafter, in 1962.
“That commitment to helping others in their time of need is the cornerstone of our culture to this day,” says Gallagher Bassett Australia CEO Pete Nicholson.
From around US$101 million in annual revenue when I began as CEO to roughly US$215 million now, we’ve more than doubled in size in a very short time.
It’s an underlying mission that drew Nicholson to the company back in 2017, and keeps him there to this day. He tells The CEO Magazine that he stepped up to take the helm of the global firm’s Australian operation in March of last year – a sign of his commitment to the evolving business and to the industry as a whole.
“Claims and risk management is, by far, the best industry I’ve ever worked in,” he says. “It’s a noble industry – one where we are trusted to look after others at their most vulnerable.”
People-powered
It’s a responsibility the company takes seriously with its success heavily dependent on the collective of people drawn to this common goal, equipped with diverse skill sets and experiences.
“The people in our organization have a truly profound desire to look after others. It’s the passion of our people that drives me forward,” he says.
“As a business, we grow and succeed by having the best people, and I firmly believe the best people are those who are attracted to the industry because they want to make a difference.
“It’s my responsibility and privilege to support our people and to strive to provide the tools, resources and opportunities they need to be successful, because their success is ultimately what drives our success as a business.”
I firmly believe the best people are those who are attracted to the industry because they want to make a difference.
The people and culture attracted Nicholson, but from Gallagher Bassett’s perspective, part of the appeal was his global experience as both a financial and people leader.
“Throughout my career, I’ve been recognized for delivering outcomes while navigating complex challenges,” he says. “With new growth on the horizon for the company, it was a great fit.”
Forward focus
With a proud history both in Australia and around the world, Gallagher Bassett presented a chance for Nicholson to protect its legacy while also taking it into the future – and he didn’t waste any time.
“I saw to make the role my own through forging strong connections across the business – first with my executive team and then, just as importantly, with the leaders and frontline staff in all our business units,” he explains.
“I’m very proud of how close we are as a business. The last two years have seen Gallagher Bassett effectively double in size, and that closeness is part of our secret sauce, allowing us to move quickly and in unison.”
It’s a culture of connection that is written into the organization’s DNA. The company values, entitled ‘The Gallagher Way’, lay it out in no uncertain terms: “We all need one another. We are all cogs in a wheel.”
Nicholson knew this attitude could also work in the company’s favor in terms of growth.
“I saw the opportunity to leverage untapped markets and explore diverse industries and lines that our significant expertise would add value to,” he adds.
A new energy
This approach saw Gallagher Bassett expand into the New South Wales workers’ compensation scheme, with the company also exploring the mergers and acquisition space.
Nicholson is firmly focused on strengthening Gallagher Bassett’s long-standing partnerships with clients, including WorkSafe Victoria, icare, ReturnToWorkSA, the Northern Territory Government and Comcover.
That said, the company will continue to grow in other jurisdictions simultaneously, he says.
It’s my responsibility and privilege to support our people and to strive to provide the tools, resources and opportunities they need to be successful, because their success is ultimately what drives our success as a business.
Innovation will prove a key tool to successfully deliver on all of these fronts, with the company investing in automation and technological tools that help to strengthen and empower the team.
Under Nicholson’s leadership, Gallagher Bassett has twice been named one of the most innovative insurance companies in Australia by Insurance Business Australia.
“We are also innovating the way we do business by strategically investing in acquisitions with complimentary cultures in the same and adjacent business lines,” Nicholson says.
There’s a palpable sense of momentum, with the positive impact of Nicholson’s leadership already being actualized.
“From around US$101 million in annual revenue when I began as CEO to roughly US$215 million now, we’ve more than doubled in size in a very short time,” he says proudly, attributing that growth to the strength of Gallagher Bassett’s people.
“Of course, it’s not just the growth that I’m proud of, but that we’ve done it in the right way: by continuing to deliver great outcomes for our clients, improve customer service across all measures and look after our people,” he says.