Sati MacLean | Definity Financial Corp.

Sati MacLean, Senior Vice President, Chief Underwriting Officer, Commercial Insurance, Definity Financial Corp.

Mathematics is the problem-solver’s training ground. So, Sati MacLean majored in the subject while at university in the U.K.

Not surprisingly, with that background training in numbers, her working life in financial services started on the actuarial side, in pensions consulting, before moving to P&C insurance. But it’s not all about the numbers, Maclean tells Canadian Underwriter.

“While there are many technical aspects to insurance, insurance is about relationships,” she says. “It’s about making connections with people to solve business problems and find solutions. Using those softer skills has really helped me progress my career.”

MacLean’s career took her to different corners of the globe. First, as a manager running an actuarial knowledge processing centre in India, followed by a return to the U.K., before heading to Hong Kong to head a global insurer’s actuarial operations in Asia. She moved to Canada 13 years ago, joining Definity in 2023.

“I’ve been able to make great progression in my career by developing my leadership capabilities and having a meaningful business impact,” she tells CU. “I have met some fantastic people along the way, and I’ve gotten to experience working in different countries. And in each of the different places, I’ve had some fantastic mentors.” 

She calls insurance an enabler of the economy because it lets companies and individuals take risks without fearing they’ll lose their homes or businesses. That assurance both fuels economic growth and lets people sleep at night. “Fundamentally, that’s something that has resonated with me,” MacLean says. “But along the way, it’s been the people [that] have kept me [in the industry].”

Early in her career, she was selected for a leadership development program, providing insights into career paths both within her organization and the larger industry. And, throughout her career, mentors have suggested potential career moves when opportunities came up.

“For me, the seeds were sown early to encourage me to explore other areas in the industry,” she says. “And then, when the opportunities arose, it was being in the right place at the right time [and having] the right experience so I could take advantage of those opportunities.”

Over the past decade or so, she says women have made progress within the P&C industry, adding insurance is an accessible career for women. But, when looking at leadership levels, she says that while nearly two-thirds of the insurance workforce is female, women comprise a disproportionately smaller percentage of senior management.

She takes hope from her own firm’s setting a benchmark of having 30% of vice president and executive leadership team roles filled by women by 2026.

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For MacLean, that translates into conversations with her senior managers about how the organization supports women, and, when discussing team progression, addressing the fact that capable female candidates don’t always put their hands up for new roles.

“Some of it might be saying, ‘I see a lot of potential there. I see that this is where they could expand their experience.’ So how do we get them there, and how do we [create] an environment where they’re not scared to make a mistake [and] then learn from that experience?” she asks. 

“It’s one thing to talk about what we should be doing. It’s another [to put] your money where your mouth is, having targets and ensuring that you’re then tracking how you’re delivering against that to ensure that you’re making progress.”

Phil Porado

Phil, an award-winning journalist with over 30 years of experience in financial topics, has been managing editor of Canadian Underwriter for more than three years.