Aligning Values with Ethics!
Marine insurance plays an important role in maintaining global trade, ensuring that risks associated with shipping and transport are mitigated effectively. As international trade expands and shipping routes diversify, this industry must adapt to growing global regulations, technological advancements, and shifting environmental concerns. From addressing challenging legal frameworks to integrating digital solutions that streamline claims processes, marine insurance is progressing constantly to meet the demands of a fast-paced, organized world. Its importance lies in risk management and in supporting the seamless functioning of global commerce by cultivating trust and security among international players.
Victoria Liouta, an esteemed Attorney, Mediator, and Arbitrator, has notably shaped the marine insurance industry through her leadership and expertise. Known for her deep understanding of maritime law and her ability to steer high-stakes legal cases, she has built a reputation for her strategic and empathetic approach to resolving intricate disputes. Her leading philosophy is deeply rooted in integrity and collaboration, inspiring her teams to achieve success by nurturing open communication and personal growth. Victoria’s dedication to continuous learning and ethical practices has positioned her as a guiding force in a sector that demands precision and adaptability.
Vilmar International S.A., the company where Victoria serves, has established itself as a leading company in the marine insurance field. The firm specializes in providing tailored solutions to meet the specific needs of clients in shipping and trade. By utilizing industry knowledge and maintaining a proactive stance in the growing market, Vilmar International ensures that its services align with the growing demands of the global maritime community. The company’s commitment to excellence and innovation is reflected in its ability to manage high-stakes negotiations and deliver sustainable agreements that protect its clients’ interests.
Let’s explore Victoria’s collaborative leadership journey in marine insurance:
Building Expertise in Marine Insurance
One of the most important moments in Victoria’s career came from an opportunity to work in the shipping industry in Greece immediately after completing her studies in Maritime Law in the UK. For many professionals, particularly women at the time she started her career path in the ‘90s, it was a challenging project.
Working in-house at a traditional and conservative shipping company in Greece was akin to attending a “specialized school” where she could apply maritime law and theory into actual practice. She was fortunate that, at that time, her mentors in the shipping companies she worked for over 15 years offered her selfless guidance in both the handling of claims and the marine insurance field.
Taking on high-stakes maritime legal cases that pushed her out of her comfort zone profoundly shaped her skills and confidence in the marine insurance sector. She was involved in steering intricate regulations and commercial issues, collaborating with diverse teams, and leading difficult negotiations under pressure.
This experience not only enhanced Victoria’s expertise but also helped her build resilience and adaptability. Those years served as a turning point, prompting her to reassess her goals and aspirations, ultimately guiding her toward a managerial role in one of the International Protection and Indemnity Clubs in shipping.
This role not only enhanced her knowledge in a more specialized field of marine insurance but also allowed her to reflect on experiences that inspired growth and motivated the opening of her own company in the shipping industry, as well as her accreditations as a mediator and arbitrator in commercial and maritime cases.
Empowering and Motivating Teams
Her leadership philosophy refers to the fundamental beliefs and values that guide her actions and decision-making process. It encompasses how she views her role, her approach to working with people, and her vision for the company. Victoria strongly believes in the ancient Greek philosophers’ rhetoric, which includes elements such as integrity, empathy, intuition, collaboration, and a commitment to continuous improvement. She values family traits and respects others.
To motivate her team to achieve both individual and company goals, she follows a clear goal that defines both individual and team objectives. They communicate openly and share concerns, responsibilities, recognition, and professional development. She creates an environment where team members feel comfortable and empowered, which gives them autonomy in their roles, even with regular check-ins.
She also provides opportunities for growth through training and mentorship and promotes a supportive and inclusive environment where collaboration is encouraged. She wishes to believe that she leads by example and that her values and ethics motivate others and allow team members to explore new ideas and approaches.
Ensuring Sustainable Agreements
Victoria believes steering the intricacies of cross-border negotiations requires an approach that considers cultural differences, legal frameworks, and communication styles. Based on her experiences, the key strategies to ensure the best outcomes for clients include research and an understanding of the cultural norms and business practices of the countries involved in the marine insurance field, although they work in an environment where unified regulations mostly exist.
This knowledge helped her build rapport and avoid misunderstandings. To gain trust in shipping matters, it is necessary to define clear goals and objectives for the negotiation and ensure that clients understand clearly what is at stake. Building strong relationships requires time, and developing trust is essential as it depends on thorough preparation and respect for different cultures, communities, and opinions.
Communicating truly and effectively, being flexible and adaptable based on the dynamics of the discussions and the responses of the other party, her aim, as a mediator as well, is to have outcomes that benefit all parties involved, as this approach leads to more viable, sustainable agreements.
The documents are important, and legal requirements are taken into consideration in all agreements; however, the most important aspect for her is the follow-up after the negotiations and maintaining open lines of communication to address any issues that may arise so that relationships are preserved. She also always reflects on what worked well and what needs to be improved so that outcomes are effective for the clients.
Aligning Work with Personal Values and Ethics
Personal satisfaction in a role, especially in a demanding field, often stems from several key factors. Victoria finds that knowing her work makes a difference gives her the opportunity to continually learn and develop new skills by engaging in challenging projects that push her boundaries and create a sense of achievement. Receiving acknowledgment for her efforts encourages her to strive for excellence.
Working with a supportive and collaborative team enhances her job satisfaction, and building strong relationships with colleagues creates a positive work environment that motivates her not only to lead by example but also to contribute. Having the freedom to make decisions and take ownership of her work leads to job satisfaction, and feeling trusted to manage responsibilities is empowering.
She works in a role that aligns with her personal values and ethics and provides a strong sense of purpose and satisfaction. In a demanding field, these factors motivate her to persevere and grow, as they contribute to a fulfilling and rewarding career experience. Embracing the daily challenges and viewing them as opportunities for growth also enhances her resilience and commitment to her professional journey.
Adapting to Market Conditions and Client Needs
To ensure that Vilmar International remains ahead of the curve in offering advanced solutions to clients, Victoria and her team stay informed on industry trends. They regularly research and monitor industry trends, emerging technologies, and market shifts. They subscribe to relevant publications, attend conferences worldwide, and participate in webinars to stay updated.
They also invest in continuous learning and opportunities for professional development through training, workshops, and courses. In addition, maintaining open lines of communication with clients helps them understand their growing needs and challenges and tailor solutions to anticipate their future demands.
The use of new technologies and the latest tools also enhances their service offerings. They use innovative platforms that can facilitate negotiations and ADR processes, improve client outcomes, and collaborate with industry experts and other organizations to gain insights and share best practices.
They keep an eye on competition in the field and try to identify opportunities for innovation. The shipping industry has many challenges relevant to regulations, laws, environment, climate, AI, human factors, etc. They adapt to changing market conditions and cultivate a proactive approach that meets their clients’ expectations.
Effective Communication in Claims Handling
Victoria highlights that the most challenging aspect of managing claims and insurance cover negotiations often revolves around the intricacy of the claims process and the varying expectations of the stakeholders involved. This can include discrepancies in coverage interpretation, delays in claim processing, and the need for thorough documentation to support claims.
To approach resolving these challenging issues, Victoria and her team typically follow certain steps that involve establishing open lines of communication with all parties involved, including clients, insurers, and any relevant third parties. This helps in understanding different perspectives and expectations.
They also ensure that all necessary documentation is collected and organized, including policy details, claim forms, and any supporting evidence. As a mediator and arbitrator, she tries to identify potential issues early in the process and address them proactively. This may involve anticipating questions from insurers or preparing additional documentation to support the claim.
Handling claims in shipping also requires negotiation skills to ensure clients’ real needs are met while maintaining a collaborative approach with insurers. Finding common ground often leads to more favorable outcomes. It is important to stay up to date with industry regulations and changes in insurance policies that may affect claims. This knowledge helps in managing challenging situations more effectively.
Alternatively, they consult with legal or insurance experts who provide valuable insights and strategies for resolution. By employing these strategies, they aim to effectively manage challenges in claims and insurance negotiations, ensuring that clients, both owners and insurers, receive the support and outcomes they deserve.
Creating a Sustainable Work-Life Approach
She believes it is not easy to define specific work hours and adhere to them. Maintaining a work-life balance in the legal field, especially with the demands of managing cases, claims, and international negotiations, or mediating commercial disputes, is very challenging. Prioritizing tasks, focusing on high-impact activities first, and delegating when possible helps her have time for personal activities and self-care.
As a multitasking individual, she meditates and takes breaks to clear her mind. She also tries to reflect and assess her work-life balance and adjust as needed, which creates a more sustainable approach to her work while ensuring she has time for personal well-being.
Engaging with Colleagues for Insights and Perspectives
In Victoria’s view, staying informed about the latest trends and changes in insurance law and maritime regulations is essential for professionals in the field. Subscriptions to leading journals, magazines, and newsletters that focus on insurance law and maritime issues, along with regular reading, keep them updated on recent developments and expert insights.
Participation in webinars and conferences and membership in international associations related to maritime law and insurance, mediation, and arbitration provide access to resources, networking opportunities, and updates on industry news.
Engagement with colleagues and professionals in the field is frequent. Informal discussions can provide valuable insights and diverse perspectives on ongoing changes. Following relevant thought leaders and organizations on platforms like LinkedIn and listening to podcasts that focus on insurance law and maritime regulations, mediation, and arbitration often provide timely analysis and commentary.
Conducting their own research on specific topics of interest and reading academic articles and case studies provide deeper insights into emerging issues, which keeps them responsive to the growing field of insurance law, maritime regulations, and ADR methods.
Enhancing Visibility through Leadership Roles
In Victoria’s opinion, aspiring to leadership roles in traditionally male-dominated industries like maritime insurance and law can be challenging, but there are effective approaches to navigating this field. Networking can provide support, guidance, and opportunities. Finding mentors who can offer insights and advice, both male and female mentors, can provide diverse perspectives.
One of the essential criteria for women is to develop expertise by continuously enhancing their knowledge and skills in an area of specialization. This expertise will build confidence and establish credibility. Communication skills, including assertiveness, are of utmost importance. Taking on leadership roles in projects or initiatives within an organization and volunteering for speaking engagements or panel discussions to increase visibility is equally beneficial and effective.
Victoria highlights that embracing challenges and seeking out challenging projects or assignments that push them out of their comfort zone can enhance skills and visibility. Supporting other women and engaging in initiatives that promote women in the industry is essential.
Although setbacks may always occur, cultivating resilience will help steer challenges and keep moving toward goals; moreover, find a balance that works for any female or male. It is important to recognize that leadership roles can require sacrifices but also need to consider well-being and personal life.
Proactive Strategies for Maritime Insurance Adaptation
She believes adapting to the modern dynamics of the global maritime insurance industry requires a proactive approach. Vilmar International needs to stay informed and regularly follow industry news, trends, and regulatory changes.
They also need to embrace technology and invest in technology solutions that enhance efficiency and data analysis. Building strong relationships with stakeholders, including clients, brokers, insurers, and regulators, is essential.
Vilmar International explores new products and services that meet growing client needs. They invest in ongoing education and training and recognize the impact of geopolitical events and international regulations on the industry.
Prioritizing understanding client needs, and adapting services accordingly is key. Strong relationships built on trust lead to loyalty and long-term success. They are open to change and quick in response to market shifts, but most importantly, they focus on clients’ needs, different profiles, and dynamics.
