[vc_row][vc_column width=”1/12″][/vc_column][vc_column width=”10/12″][us_image image=”13049″ size=”full”][us_separator size=”custom” height=”30px”][vc_column_text css=”%7B%22default%22%3A%7B%22font-size%22%3A%2222px%22%2C%22line-height%22%3A%2232px%22%2C%22font-family%22%3A%22body%22%2C%22font-weight%22%3A%22300%22%7D%7D”]“Every policy is unique because no ship is the same as the next.” In this staff interview, Ilse Verhage explains why working for a ship insurer like NNPC is so different from working for a health insurer: the role of the Finance & Control department and why she feels she’s in the right place at NNPC.[/vc_column_text][us_separator size=”custom” height=”30px”][vc_column_text]When Ilse Verhage, already an experienced accountant, came to work for the P&I club at the start of 2020 in the role of Finance & Control Manager, she knew hardly anything about the shipping sector. She’s now at home with the characteristics of the sector and fully aware of all the developments, which is essential in her role as one of the management team.[/vc_column_text][us_separator size=”custom” height=”40px”][vc_column_text]
Where did you come from before you ended up in P&I?
“Before this, I worked for a health insurer, so I was already in the insurance trade. Even so, working at NNPC was a real eye-opener for me. I had no idea whatsoever about shipping, of the scale of the sector and how important it is for the Dutch economy – and indeed for the world as a whole. On top of that, NNPC has to deal with a very different and diverse set of legislation and regulations. Being a P&I club means that we’re monitored by De Nederlandsche Bank and that gives the organisation an entirely different dynamic.”[/vc_column_text][us_separator size=”custom” height=”50px”][vc_column_text]
What actually attracted you about coming to work for NNPC?
“I came to NNPC because it’s a small insurer. Despite the small scale, though, NNPC has to stick to the same rules as a large insurer. That’s a challenge for a smaller outfit, and I liked the sound of it. If you compare it to health insurance, where you can easily have a million insured parties, then NNPC has a core business of shipping insurance that’s just a few hundred. And don’t forget that each insured party has a different policy because no ship is the same as the next. So there’s a lot more diversity and that means paying more attention to each individual member.”[/vc_column_text][us_separator size=”custom” height=”50px”][vc_column_text]
How does Finance & Control operate?
“Our department has a supporting role, very much so. We make sure that all the purchase invoices are paid on time and that the claims are dealt with, financially. On top of that, we’re responsible for various internal reports for the Executive Board, the Supervisory Board and the Advisory Board. We also report to De Nederlandse Bank every quarter. We’re busy sorting out the annual financial statements at the moment: we’ll be drawing up and checking the annual reports until the beginning of April.”
“As a manager, my role is partly about coordinating and partly about the content – a supervisor who’s actively involved. And because we work to strict deadlines, particularly for the annual financial statements, I have to keep a close eye on the planning – that we haven’t forgotten anything. On top of that, I look at where we might possibly be able to make the processes run more smoothly. And all kinds of ad hoc things pop up, of course.”
“It’s important for NNPC as a whole that our business operations are properly controlled, anticipating both internal and external changes. The service we provide has to continue at all times, even when staff are sick, as happens occasionally. If you’re a small organisation, you have to be flexible.”[/vc_column_text][us_separator size=”custom” height=”50px”][vc_column_text]
So your work activities are important for keeping the risks under control.
“Absolutely. In addition to the financial reporting, we provide input for the risk management system. An important, annually recurring part of the is the ORSA, which stands for ‘Own Risk & Solvency Assessment’. As part of that, we calculate scenarios that could apply to us over the coming five years. Inflation was a big issue this year, for example, and a potential recession. And the reinsurance premium rates, which are very relevant for us. For each scenario, we then work out what the possible impact could be and whether we have the financial muscle for it. We also set up the ‘ultimate stress scenario’ where we combine various stress scenarios to see if NNPC could weather the storm. Though the chance of exactly that scenario happening is minuscule, of course. By the way, the ORSA we did for 2023 showed that we have enough capital to withstand significant risks.”[/vc_column_text][us_separator size=”custom” height=”50px”][vc_column_text]
You said that your department has a supporting function. Do you have a lot of contact with your colleagues?
“Yes, more contact with colleagues and other departments within NNPC than with our members. We’re right in the middle of doing the work for the financial statements and the accountants’ checks now, for instance. So we, as the Finance department, have our hands full with that, but all the other departments are involved too. They provide the data for the processes in their department or other items that we need for the annual report. Because NNPC is only a small organisation, a large proportion of the team have to be involved in this task. Everyone has to do their bit. And I really enjoy that cooperation!”[/vc_column_text][us_separator size=”custom” height=”50px”][vc_column_text]
What would NNPC members perhaps see as a result of your work?
“Indirectly, they’ll notice all kinds of things! Our work in the department, along with my role in the management team, helps put NNPC’s strategic plans into effect. That link lets me see everything that needs to be done to get new activities started up, the processes that need to be configured and set in motion. That has a direct effect on our plans for growth. Or take the budget, for instance, which we draw up every autumn. It’s a pointer to the rates we need to set for the premiums. Based on the budget, we look to see if increases are needed if we’re to achieve a good result. Even though we’re a non-profit organisation, the principle is always that the premiums should cover the costs.”[/vc_column_text][us_separator size=”custom” height=”50px”][vc_column_text]
Has this made you enthusiastic about the idea of sailing yourself?
“Although I wasn’t involved in shipping previously, I’ve always liked sailing. Like I said earlier, I’ve been impressed above all by how large the sector is. How many voyages there are, how many products are shipped. Eighty to ninety per cent of the world’s trade is transported by ship. You notice that immediately if the supplies get delayed on the major shipping lanes, which has happened a few times over recent years. I’m enthusiastic about NNPC itself too. I really enjoy what I’m doing here. It’s a small company and a very dynamic one, so you soon get really involved when things start to change. Everyone is motivated to get the best out of themselves. It all makes it wonderful to work here.”[/vc_column_text][us_separator size=”custom” height=”50px”][us_image image=”12793″ size=”full”][vc_column_text css=”%7B%22default%22%3A%7B%22background-color%22%3A%22%23cdf0fc%22%2C%22padding-left%22%3A%2220px%22%2C%22padding-top%22%3A%2220px%22%2C%22padding-bottom%22%3A%2220px%22%2C%22padding-right%22%3A%2220px%22%7D%7D”]
Working at NNPC
If you’re curious to know more or think you might fit well in the motivated team we’ve got at NNPC, we’re often looking out for new colleagues. Have a look at all the open vacancies here.[/vc_column_text][/vc_column][vc_column width=”1/12″][/vc_column][/vc_row]
