Page 144 - Be Reasonable – Do It My Way , Peter E. Daly AM, My Story

CHAPTER 13 - NORWICH WINTERTHUR INSURANCE AUSTRALIA LTD
• The battleground will be in the personal and small commercial lines. In order to retain business it is anticipated that rates will reach an even lower level and there is a great threat that our core business, business which has been our backbone, will again come under attack.
• Within this background, it is imperative that the group places itself in a position to meet these forces, and there is no better way to do so than to establish a high degree of efficiency, so that we can offer the best possible service imaginable in our market.
• We have got to realise that no commercial undertaking can flourish-even exist-if it fails to provide superior service. Service and with it efficiency, will also give us the necessary ability to anticipate change to take advantage of the market and to be better equipped to meet competition.
Not everything was easy, as we also had massive problems on the accounting side and with our computer systems. We ended up successfully suing our computer system providers, but that didn’t help getting the accounts right! One thing is for sure I have never hesitated to stand up for what I believe is right and to go to court if necessary. I have also been fortunate in getting great legal advice over the years from Ronnie Winchester.
The subject of the accounts reminds me of one of the most embarrassing moments of my career. As I mentioned we had serious computer problems, but that in my view was no excuse for the senior partner in charge of our audit losing his nerve and failing to appear at the Board meeting and AGM, which was considering the annual accounts! With the help of the Directors we did sort it out but it was not a good moment.
The accounting matter related to the inability of us to balance the books with the ledger due, to some extent, to the computer problem but this had been a continued problem for a number of years which meant that we had to include in the balance sheet a
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