With many similarities between Gabriel Tan, Founder of BlackBookAsia Group and Calvin Lo, CEO of R.E Lee International and the most under-the-radar Billionaire Philanthropist. Savour BlackBookAsia Magazine presents an exclusive interview with this billionaire insurance mogul.
He recently announced the launch of this Think Tank – THE 195 Project which is conceptualized with the pure intention to work towards better philanthropy in a post-Covid-19 world and to unite global business leaders across 195 official countries to formulate an effective economic response to the outcomes of Covid-19. Calvin is not only one of the most successful and reputable insurance mogul and entrepreneur. He has a long track record of commitment to philanthropic giving. With a sizable charity trust of US$245 million worth, Calvin believes that there is a need to reinvent the global markets in such unprecedented times so as to adapt in the aftermath of the pandemic to create conditions that truly allow young, innovative, and ambitious leaders to prosper.
1. What got you into the insurance field and why continue in this line for such a long time?
Since young, I have always been wanting to learn more about insurance. My family has always been in the insurance business hence it was quite a natural stint for me to enter the industry. Life insurance is a very dynamic yet personalized business. Till today, I am still intrinsically fascinated by its complexity to the immense value of what life insurance can bring for everyone. Every client is different and has varying needs and concerns. Often, I find myself asking questions on, How should I, as a middle person better serve a particular client? How can an insurance plan work to benefit all parties?”
No matter how big or small a deal is, it represents a trust that the client has for me and that is my driving force to do better for every of our client.
I have always enjoyed doing what I do at work. Prior to the pandemic, I travelled extensively and met many people from all around the world. Many of them were clients turn close friends over time and I cherished these relationships a lot.
I am highly motivated to build something that is going to last for a long time or perhaps even a legacy, and that to me will be the most gratifying achievement. I also strongly believe if you truly love what you are doing, there is no stopping – just like you never stop doing what you love and loving what you do.
2. Personally, what are the factors that set apart successful individuals like yourself from the rest in the insurance arena?
I think to be successful in the insurance business, one must excel in many different dimensions of life such as in one’s job, relationship, physical and mental health to be able to shoulder one’s family-related responsibilities. This may seem obvious, but the real challenge lies in recognizing when you need to use any of these dimensions. Having high Emotional quotient (EQ) is absolutely critical in this part of the job.
It also helps if one is able to put themselves in their client”s shoes as that is the only way where you can relate to the situation and provide better solutions and advices. Having textbook solutions or applying information you gained just from attending a seminar is not good enough in the present time. One must be able to think out of the box and has the expertise and resources to advise on the best possible plans and or solutions for the clients.
At R.E. Lee, I create and curate a nurturing work life balanced environment whereby everyone in the company supports each other like one big family. I hand pick my team of people – every single one of them and provide a thriving work environment where everyone can unleash his/her true potential to the maximum with no boundaries.
3. Do you have any tips or advice for those who are looking to venture into the insurance segment?
It is important to have a positive mindset to pursue continuous learning and growth by gaining more knowledge. Whenever you have a spare moment, fill it in with self-education. Don’t do it because it’s the “right” thing to do or for fear of looking silly, instead do it because you are passionate and wants to learn more about it.
It takes a lot of perseverance, passion, and hard work to get where one is in life. Along the way, one must recognize that their mentors, colleagues, families, and friends played a huge part in their success. Instead of basking in the glory of one’s achievement, one must also acknowledge the contributions of others with gratitude.
4. In this day and age, many UHNW and HNW individuals are involved in philanthropy one way or another. In what ways, these group of individuals can further impact lives via existing philanthropic avenues.
I believe those with wealth have a personal, civic, and moral responsibility to use their wealth for the greater good. Wealth can be compounded by leveraging it in an intelligent, strategic, proactive, and compassionate manner through philanthropic investment. Such an investment ensures a perpetually sustained return on investment that is greater than the sum of its parts; such a return can shape our collective future in ways that go far beyond what financial power alone can achieve.
Many of the UHNW individuals, I know, do not put as much effort and work in their philanthropy as they do in their business. I am guilty of the same, and that’s the reason why I started The 195 Project. While writing cheques to initiatives one likes to support is great, one needs to also examine how efficiently that money is being used and whether the intended objectives are being achieved.
5. Your inspiration, sustainability and end goal for the The 195 Project.
The 195 Project intends to stimulate discussions and uncover viable solutions for active philanthropists operating during the challenging COVID-19 era. This global crisis serves as a poignant and startling reminder to many who hold positions of influence in the C-Suite and beyond; to be able to identify a successful and efficient solution to address present-day human suffering, which will unfortunately perpetuate for generations if not mitigated as early as possible. It is important to ensure that one’s wealth does not affect one’s ability to listen, learn, and feel with genuine empathy and compassion.
6. How will the ever-evolving COVID-19 situation impact The 195 Project, insurance and philanthropy fields.
The Covid-19 pandemic has had hard-hitting economic consequences throughout the world. Addressing these consequences such that the tragic effects of this pandemic can be mitigated for the present generation requires nonpartisan cooperation between the government, the third parties sector, and the civil society. As this pandemic continues to evolve, The 195 Project will continue to exert enormous positive influence on philanthropic initiatives at this crucial moment in history.
As for life insurance, this pandemic is a wakeup call to the many procrastinators out there who are now realizing that they are not in an ideal place should something happen to them. If there is a silver lining to any of these, it is that may be people will now take charge of their estate plans and address the issues that they so often think they can or will deal with later.
For more information: https://www.the195project.org/