Canopius COO Kate Roy advocates 'discomfort' as a career catalyst

By Sophie Roberts

May 22 - (The Insurer) - Kate Roy, group chief operating officer at Canopius, has highlighted the importance of embracing discomfort as a catalyst for career growth and innovation in the insurance industry.

Speaking to The Insurer TV, Roy urged the industry to “embrace the uncomfortable to unlock future opportunities for success” as she shared insights on overcoming career challenges, transforming leadership roles and her vision for the future of female representation in leadership positions.

Reflecting on her three decades in the industry, Roy recounted moments of uncertainty, like the time her role was threatened during maternity leave.

As the primary breadwinner, she planned a brief leave to quickly return to her leadership role in Scotland. However, unforeseen circumstances unfolded when her company was acquired, leading to changes in ownership and putting her role at risk.

Upon returning, Roy found herself in a dramatically altered position, tasked with the difficult responsibility of rightsizing the business and reshaping her team's roles.

This unexpected shift demanded that she make tough decisions about her career and family. She faced the daunting choice of either staying in Scotland for a more stable, yet less challenging role, or moving her family to England for a new opportunity.

“Out of a challenge came an opportunity that leapfrogged me five to 10 years in my career,” she explained.

Roy also spoke about the shift in female leadership representation during her career.

“I’ve become so accustomed to being the only female at the table, but that’s not the case anymore,” she noted, expressing optimism that this progress will continue.

Discussing her leadership style, Roy characterised it as one driven by passion and enthusiasm, with a focus on empowering her team to innovate and learn from mistakes.

“I want people to feel safe in making mistakes,” she said, pointing out that some of her best learning experiences came from errors.

Looking ahead, Roy envisions a future in which female representation in leadership evolves naturally, without the need for quotas.

“I hope in 20 years, we represent 50% of the working population in leadership roles,” she stated, advocating for continuous efforts to strengthen the pipeline of senior female leaders.

Roy’s advice to aspiring female leaders is to “get comfortable being a little bit uncomfortable”, to embrace unexpected opportunities and to strive for excellence, not perfection.

“Don’t continue to strive for perfection when good is more than enough,” she advised, urging women to seize opportunities for growth and development.

The interview with Roy is the third in a series The Insurer TV is producing with the Lloyd's Market Association (LMA) to raise the profile of women in leadership positions, showcasing the various career pathways they took to reach their current roles.

“The direction we’re going strikes me that we are making the right moves, and that the industry is developing the right way. We just need to look at the work that the LMA and Lloyd's are doing, with the move from targets to ambitions,” she said.

“There's still more work that we need to do, and I think the demands of the future, certainly at entry level, will be slightly different. But I'm hopeful that we continue the path that we've had with senior female leaders in our industry,” she concluded.

In addition to the 24-minute interview with Canopius’ Kate Roy, we have stories from LMA CEO Sheila Cameron and Hiscox London Market CEO Kate Markham, and Beazley Furlonge Limited CFO Jessica Wong.