Meet the Boss: Ashok Shah, CEO, Apollo
"You cannot get rich very quickly," says Kenyan insurer.
Ashok Shah, CEO, Apollo (Kenya) Meet the Boss is a How we made it in Africa interview series in which we pose the same 10 questions to business leaders across the continent. 1. What was your first job?
When I was studying in the UK I worked in a laundry [business]. I was hired to clean clothes and for that I was earning KSh. 200 (US$2.3) a week. I also worked in a metal factory where we were making shelving for supermarkets. During the holidays I worked for the post office delivering letters during the day and during the night shift I sorted the mails that came in. At one point I also worked at a department store where I had to sell mattresses, beds and pillows. I was about 16 when I started working.
2. Who has had the biggest impact on your career and why?
It has not been one individual. A lot of the staff that I have worked with over the years have impacted me. Insurance is a practical subject; you have the principles and the laws… but how to underwrite a risk, how to deal with the claim… is all practical. I have had some really good teachers. All these people have been junior to me, they have taught me a lot and I am still learning.
Insurance is changing quite fast. A few years ago terrorism was something that we never thought about until the 9/11 [bombing of the Twin Towers in the US]. We were sitting here in Kenya but we [Apollo Insurance] ended up paying for the claims of 9/11 because we had insured aircraft. That shows the international impact of insurance.
When it comes to growing this business, Pratul Shah, our group advisor who has worked with us since 1987, has had a big impact on our business.
3. What parts of your job keep you awake at night?
As soon as I leave the office I hardly ever worry about work. In the whole of my working career the only time I have been kept awake at night because of work is about two or three times. One time we had a group of people we had employed and they had started gossiping and trying to create a caucus that did destabilise the company. That really created a problem and we had to get rid of them quite fast.
The other two times were because some things went wrong but I can’t remember what it was. I believe if you have done everything properly then there is no reason for you to worry. The staff we have are very good and the majority of them do the right thing.
4. What are the top reasons why you have been successful in business?
One of the things my staff don’t like is that I am very demanding. I require things to be done properly. I am good at maintaining relationships. The staff might not be willing to talk to me but I make a point to do doing things with them. For instance, I can sit with them and have lunch at the cafeteria. I mingle with the staff and sometimes I think some of them are quite candid and they will talk to me nicely while others will be a little bit worried. But they have found out that if I hear something from them it will never be attributed to them. So nobody knows who told me what.
5. What are the best things about your country, Kenya?
The people; Kenyans are amazing. If we got rid of our tribalism then as a country we would grow much faster and there would be more unity. Otherwise I think Kenya has a lot of good things going for it. The young people are very enthusiastic and hardworking.
6. And the worst?
Bad politics and corruption. I think corruption is something we as a country need to face head on. It has to be stopped.
7. Your future career plans?
First thing is I can’t retire. I have always said I would like to run a restaurant. When I talk to people they say running a restaurant is a very difficult business but I have done difficult things in my life. So perhaps a restaurant will not be that difficult.
8. How do you relax?
When I have a few days off I like to go trekking. I need to take four to five days now and go trekking. I am thinking I should go to the Loita Hills [wilderness area south of Nairobi]. I also like to watch movies and listen to music with family and friends.
9. What is your message to Africa’s young aspiring businesspeople and entrepreneurs?
First thing is you cannot get rich very quickly. Your aim should be to do something properly and take slow steps so that you can become good at what you are doing. If you are in the service oriented industry then offer the best service. If you are just looking for money and you want to get rich quickly then you will do a lot of wrong things.
Have a good business plan, focus and aim to do it for a period of years, not months.
10. How can Africa realise its full potential?
We can realise our full potential very quickly if we adopt good governance. There are maybe two countries in Africa that you can emulate: Mauritius and Botswana. If you look at [them] the governments are clean and they spend a lot of the natural wealth on improving services and support for their citizens. We need to improve governance, get rid of corruption and invest more in the population. We talk about free education here in Kenya but when a child is taken to school [the parent] has to pay for books, development levy… and nobody can account for that money. Even the school cannot account for that money. Is it really free education or forced education?
Ashok Shah is the group CEO of leading East African insurance group Apollo. The firm provides general and life insurance through its subsidiaries APA Insurance, Apollo Life Assurance, Apollo Asset Management and Gordon Court, in Kenya, Tanzania and Uganda. Established in 1977, Apollo is one of the first locally owned insurance companies in Kenya. Shah was awarded the Think Business Life Time Achievement Award for his contribution to the Kenyan insurance industry. He is also a finalist of this year’s EY Eastern Africa Chapter Entrepreneur of the Year Awards.