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[00:00:10] Paul Lucas: Hello everyone, welcome to Insurance Business TV as we meet another of our Hot 100. Yes, these are the 100 movers and shakers of the insurance industry, those making a significant impact and inspiring those around them. The full list of 100 is available now on the Insurance Business America website, but today we get to find out more about one of that elite group. That man is Philip Mortimer, CFO of Heffernan Insurance Brokers. Phil, welcome to Insurance Business TV. 
 

[00:00:36] Philip Mortimer: Thanks, Paul. Great to be here. 

[00:00:39] Paul Lucas: So, Phil, you've spoken about growing up in Clondalkin and starting work at the age of 12. How did those early experiences shape your work ethic and indeed the way you approach your career today? 

[00:00:51] Philip Mortimer: Yeah, Clondalkin is a working‑class area, a suburb of Dublin. And, you know, everyone there works extremely hard and I think seeing that, you know, whether it's my own parents, my friends' parents, um, that kind of seeing that from a very early age, um, kind of inspired me to do it. It certainly wasn't a necessity for me to go out and start working at that young age, but it's something I wanted to do. And so it just taught me to be proactive about, you know, seeking opportunities and not waiting for them, so getting out there and getting my résumé around everywhere to see who would take me. And I think those habits built a strong sense of taking ownership that I still carry forward today. 

[00:01:38] Paul Lucas: So tell us a little bit more about that story, if you don't mind, Phil. What was the biggest adjustment for you when moving from Ireland to the US, which I believe took place in 2019? And how did that transition influence your professional trajectory? 

[00:01:52] Philip Mortimer: Yeah, obviously a big transition and moving away from family and friends in Ireland to the United States in 2019. And then obviously COVID started quite soon after that. So it was, I think, the biggest challenge as well as kind of rebuilding my network, both professionally and personally, and having friends and navigating a new culture and business environment, but still kind of staying true to myself and being, you know, authentic. I think the good side of that though was the move was a risk, um, for sure, but I think it just encouraged me to take other risks, um, potentially like taking this job. Um, you know, I was in a different industry for a long period of time and taking this job was probably a risk, um, but it's something that was minuscule compared to the risk I took, you know, leaving Ireland in the first place. 

[00:02:48] Paul Lucas: Well, you've reached a CFO role at the grand old age of 36. That's a significant milestone. So what key decisions or turning points helped to accelerate that path to senior leadership? 

[00:03:01] Philip Mortimer: Yeah, just throughout my career I had some great mentors who have always given me good advice on things. And I think one of the things that I've always done is consistently try to take the hardest task available or, when there was ambiguity in an area or trying to figure out something new, I always try to put my hand up for that. I've, as I mentioned, built strong relationships with great leaders who I admire and have always asked for their advice and just been humble enough to know when I don't know something and just being honest about that. And I've been able to get great help from those folks throughout the years. And I think the other thing is just staying focused on long‑term growth and not, like, just trying to jump and change for titles, um, which can be appealing, but I think it's about the role and what you can learn and how you can grow in that role and the people that are going to be around you. And I think that's stood to me and I've been incredibly lucky throughout my career to have all that. 

[00:04:04] Paul Lucas: Just tell us a little bit more about that, if you don't mind. Just tell us how your roots, those early work experiences that you referenced there — have they informed your leadership style now, particularly when it comes to supporting and developing your team? 

[00:04:18] Philip Mortimer: Yeah, absolutely. I truly love where I'm from. And a big part of that was the community that I grew up in. I've been incredibly lucky to have great friends and be involved in different team sports throughout the years. So, you know, having that, you know, like more of a team focus as opposed to individually focused on, you know, what's best for the team will always come before what's best for me. And I think that's kind of shaped me. And I like to empower others and to, you know, excel, and I know that some people don't have the confidence and sometimes giving them that confidence can inspire them to do more. And to be honest, that's the most satisfying part of the job, um, is to do that. And then again, I, you know, I've benefited so much in my early career from people giving me a chance when I was on their team, so I think, you know, I want to make sure that I can help others in the same way. 

[00:05:21] Paul Lucas: One expression that I've seen you use in other interviews as well is this idea of paying it forward. So what does that look like in practice for you as a CFO? 

[00:05:32] Philip Mortimer: Yeah, I think, first of all, like from a company perspective, we have the Heffernan Foundation, and I'm very proud to be on the board of that and to be the treasurer, and it's all about paying it forward. And that's, you know, helping underserved communities, particularly in the Bay Area. And that's something that's really important to me that the company actually does. But I think for me personally then, I think, you know, when it comes to paying it forward, it's creating those stretch opportunities for people on my team. If you don't push somebody and encourage somebody, they may not ever reach their full potential. So I like to do that. And then, you know, advocating for people when they're not in the room. I think that's a really important part of being a leader, um, is speaking up for people when they're not in a room, and I think that's really important. And then just sharing knowledge and helping others accelerate on their own career path, getting a keen understanding of what matters to someone in their career, and then doing what I can to help them progress as fast as possible so they can achieve what they want to achieve in their own careers. 

[00:06:38] Paul Lucas: And are there any lessons from your career so far that you find yourself turning to most often when you're navigating a particularly challenging moment? 

[00:06:47] Philip Mortimer: Yeah, I just think remaining calm under pressure and not panicking when something isn't going according to plan is really important. I think the other thing that I've learned is just being transparent about the issue at hand and being very clear on what you know and what you don't know and surrounding yourself with the right people to solve the problem, because sometimes you're not going to have all the answers, right? And that's the case most of the time. You need the support of the team, other executives, and just connecting everyone together, I think, is really important. And I think one of the things, just throughout my career, is just being adaptable. You have to kind of roll with the punches, and that's something that I think has stood to me throughout my career. 

[00:07:27] Paul Lucas: And just to bring us right up to date, Phil, you are, of course, now CFO of a major insurance brokerage. So what are the major financial or operational priorities that you're focused on to support Heffernan's growth trajectory over the next few years? 

[00:07:44] Philip Mortimer: Yeah, I think, you know, strengthening our financial infrastructure and reporting is number one as we continue to grow. It's really important for us here to make sure that we have robust processes in place. I think it's about evaluating technology and utilizing AI, machine learning, but also making sure that we have the people who can manage those things. And so I think that's really important to us as we move forward into the next chapter. And then driving operational alignment across the organization. It's not just about what's in the finance team. It's about serving the business and making sure that we're all on the same page as we move forward towards our next goals. So that's kind of where I see it in the next year to two years, how we are going to progress as an organization. 

[00:08:36] Paul Lucas: Well, one final question for you, if I can, Phil, and that's just to zoom in a little bit more on those goals. What do you see as the greatest opportunities for Heffernan to differentiate itself in the current US insurance distribution market? 

[00:08:50] Philip Mortimer: Yeah, I think we have to lean into who we are. We're an independent broker. You know, we are, you know, our tagline is “because we're different,” and we are. And I think that's really important. We have to lean into that entrepreneurial culture. The fact that we are independent means we can move and make decisions quite quickly, and I think we need to take advantage of that where we can to support our clients. I think we need to take advantage of that where we can to support our clients. And then just strengthening the client experience through deeper relationships. We're in an age now where, you know, AI and technology is doing a lot, so where we can have a differentiator is building strong relationships with our client base. And I think we continue to do that in a great way, and I think we need to continue to focus on that as we move into the future. And then just investing in capabilities that help us solve complex challenges, you know, in a more customized way. Yep, we can standardize a lot of processes, but we're here for the client at the end of the day. And if we need to do something outside the box and help them in a customized way, then we need to be prepared to do that. Really exciting times ahead for Heffernan. 

[00:09:56] Paul Lucas: Phil, huge thanks for your time today and congratulations again on being named among this year's Hot 100. And of course, thanks again to you for watching. For more of the insurance industry's true elite, keep it right here on Insurance Business TV.