admin Great leaders always know their calling well-ahead of others. The same was true for Yvonne Palm, the Director of Risk Management and Compliance at African Reinsurance Corporation, who identified her calling as an actuary quite early in life. Her journey from a young student in Botswana to one of the most influential black leaders to watch in 2024 is not just inspiring but also a testament to her exceptional capabilities and vision.
Early Inspirations and Academic Pursuits
“Success in risk management comes from embracing data-driven solutions and adapting continuously to the evolving global landscape”
– Yvonne Palm
Born and raised in Botswana, Yvonne Palm discovered early in life that her passions did not align with the traditional careers her peers pursued. While many of her classmates aspired to become doctors or lawyers, Palm was drawn to mathematics and the sciences. Her interest was piqued by the actuarial science field when her geography teacher suggested it might suit her analytical skills. This recommendation set her on a path to becoming one of only two actuaries in the country at the time, marking the beginning of her distinguished career.
Yvonne’s academic journey was characterised by a rigorous engagement with economics, statistics, and current affairs, essential tools for a budding actuary. Her dedication and academic excellence led her to roles in the United States and the United Kingdom, where she further honed her expertise with leading firms including Ernst & Young, Markel, and Chubb.
Professional Milestones and Leadership Roles
Before joining African Reinsurance Corporation, Palm had a significant stint as the Lead Corporate Actuary at Travelers in London. Here, she was responsible for overseeing reserving, technical provisions, business planning, and reporting results to regulators and management. Her international experience and deep industry knowledge also earned her a prestigious position on the Board of the Casualty Actuarial Society in the USA—a rare honour for someone based outside of North America.
As the Director of Risk Management and Compliance at African Reinsurance Corporation, Yvonne oversees the enterprise risk management and compliance programs across multiple regions including Africa and the Middle East. Her role involves a deep engagement with various departments to enhance the corporation’s risk management framework, integrating quantitative measures to track and manage risks more effectively. This initiative reflects her innovative approach to traditional risk management, pushing the boundaries towards more data-driven and analytical methods that align with global standards.
Advocacy for Continuous Learning and Development
“Empowering the next generation of women in STEM is essential for diversifying and strengthening our field”
– Yvonne Palm
One of the core aspects of Palm’s philosophy is her advocacy for continuous, lifelong learning. She is actively involved in numerous projects within her corporation, ranging from construction to accounting standards like IFRS17. This diversity in projects keeps her skills sharp and her knowledge base expanding, further enabling her to apply her actuarial expertise to solve complex business problems.
Technology plays a significant role in Yvonne’s current responsibilities. She has witnessed firsthand the transformative impact of digital tools on the industry—from manual data entry to advanced capital modeling performed in mere hours. Her focus is on leveraging these technological advancements to enhance efficiency and effectiveness within her organisation.
Empowering the Next Generation
Yvonne is passionate about mentoring and supporting the next generation of leaders, especially women in actuarial and STEM fields where they remain underrepresented. Her leadership journey has been shaped by strong networks of both women and men, and she believes in paying it forward. Through her work, she aims to inspire and elevate others by demonstrating that success is attainable, regardless of gender or background.
Leadership Philosophy and Impact
Great leaders possess a mix of vision, empathy, and tenacity, according to Palm. She believes in the power of a clear vision to inspire teams to achieve collective goals. Her critical thinking ability helps her weigh options and make strategic decisions, while her empathetic leadership style ensures that she remains connected with her team on a personal level. Authenticity, open-mindedness, and loyalty are also pillars of her leadership approach.
Yvonne’s influence extends beyond her immediate professional circle. She serves on the Board of Directors for the Casualty Actuarial Society, where she works to develop technical insurance, risk management, and actuarial skills across the continent. She is also open to joining other companies as a board member if it helps further her mission to develop industry skills within Africa.
Personal Insights and Balancing Life
Despite her demanding career, Yvonne finds time to engage in personal interests such as hiking and travelling. Having visited 66 countries, she values the perspective and rejuvenation that travel brings. This balance between professional dedication and personal well-being is crucial to her philosophy of life and leadership.
Vision for the Future
Looking ahead, Yvonne Palm is focused on deepening her impact within the African Reinsurance Corporation and beyond. Her goals include expanding her influence to foster greater development of actuarial and risk management skills within Africa. Her vision, coupled with her commitment to innovation and empowerment, makes her one of the most influential black leaders to watch in 2024.
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