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The Actuarial Recruitment Company
Actuarial Placementswww.the-arc.co.uk
11th November 2010
Presenter: Chris Cannon
Director
The Actuarial Recruitment Company
Agenda
1. Understanding what you want to do
2. What Do Actuaries Really Do
3. Actuaries in Risk Management
4. Actuarial Placements
5. The current actuarial industry climate
6. A very useful website - graduateactuarialvacancies.com
7. Questions
The Actuarial Recruitment Company
Introduction
ME: Chris Cannon
A part qualified actuary who worked for two large UK life offices in actuarial and transformation roles before moving into insurance management consultancy for over 6 years, working with most of the major UK life insurers. Also had recruitment responsibility within employers before joining The ARC in July 2006 to develop the Life, Pensions and Investment recruitment operation.
THE ACTUARIAL RECRUITMENT COMPANY:
Established in 2004 by Roger Massey & Andy Clark with an initial focus on Non Life recruitment.
The business has made over 350 placements of actuaries and trainees in new roles across 85 clients.
The ARC now has global capabilities and access to roles and candidates in all countries around the world through strategic agency partnerships
The Actuarial Recruitment Company
What type of work do you want to do and why?
Technical / Analytical or Client facing / People focused? Specialist or Generalist? Managerial?
Even within the same discipline and qualification, each individual has their own strengths and interests, and will be suited to different role types. Be honest with yourself about what interests you and what matches your strengths
Understanding what you want to do
The Actuarial Recruitment Company
Why do you want to become an actuary?
Money, Maths/Finance, Stability, W/L balance
Need to understand your own motivations to find a job you’ll be happy in
Which practice area (Life, Non-Life, Pensions etc..) is of most interest to you? Why?
What sector do you want to work in and why? Insurance Reinsurance Consultancy
Understanding what you want to do
The Actuarial Recruitment Company
Company or Consultancy?
Why?
What is the difference in the kind of work? What are the different working environments like? Speed of development? Potential financial rewards? Where will I be in 5 years time – family, location? What happens if I don’t qualify?
Research the different fields of work and be honest to yourself about what is really important to you.
Understanding what you want to do
The Actuarial Recruitment Company
Environments: UK Household Names (RSA,
NU, AXA, Zurich) Large London Market/Lloyd’s Small London Market/Lloyd’s Reinsurers Reinsurance Brokers Rating Agencies Regulator/Franchisor Consultancy
Nature of Opportunity: Variety of work Impact on business performance Work/Life balance Interaction with others End to end involvement General culture
Friendly/social Development focus Financially driven Run like a machine
Different environments offer different opportunities
Understanding what you want to do
The Actuarial Recruitment Company
Where do you want to work?
London, Abroad or in the Provinces?
Why?
If it doesn’t work out will you have to relocate to find a new role? Work/life balance vis-à-vis study? GI is basically SE. Life is Nationwide. Pensions is Nationwide
Understanding what you want to do
The Actuarial Recruitment Company
Where do you want to work?
Very concentrated in London
Geographical Spread of GI Actuarial Market
Understanding what you want to do
The Actuarial Recruitment Company
CIS (Manchester 74), AEGON (Lytham 14)Liberata (7), Royal Liver (Liverpool 30)Unisys (Liverpool 3), Resolution (Liverpool 14)
Axa (Bristol 89), Capita (Gloucs 8)LBG (Bristol 40)Lincoln Ass (Gloucester 10)St James Pl (Cirencester 15)Zurich Life (Swindon 40)
Capita (Whitstable 11), Forester Life (Bromley 4), Reliance Mutual (TunbWells 4)HCL (Romford 6)
Canada Life (Potters Bar 37)
Abbey Life (Bournemouth 12)Liv Vic (Bournemouth 26)SLoC (Bournemouth 4)Teachers Ass (Bournemouth 3)Unisys (Bournemouth 4)
Prudential Life (London 100)Met Life (London 20)SCOR Re (London 10)Pacific Re (London 20)Gen Re (London 25)
HSBC (Soton 44)Skandia Life (Soton 26)Axa (Winterthur Life) (Bstoke 28)
Capita (Banstead 6), L&G (Tad 140)Hannover Re (Virginia water 18)Liberata (Croydon 13)AIG / American Life (Croydon 16)Sterling Life (Richmond 2)UNUUM (Dorking 14)
NU Life (York 110)
Royal London (Wilmslow 31)
NFU (Stratford 32)Phoenix (Birmingham 34)Wesleyan (27)
Friends Prov (Dorking 67)MGM (Worthing 9)Capita (Worthing 2)
Windsor Life (Telford 25)
NU Life (Norwich 10)
Geographical Spread of Life Actuarial Market
Understanding what you want to do
The Actuarial Recruitment Company
What Do Actuaries Really Do?
“So… what do you do for a living?”
The Actuarial Recruitment Company
What Do Actuaries Really Do?
“WOW!!”
The Actuarial Recruitment Company
What Do Actuaries Really Do?
“AMAZING”
The Actuarial Recruitment Company
What Do Actuaries Really Do?
“WHAT THE ****?!
The Actuarial Recruitment Company
What Do Actuaries Really Do?
“Making financial sense of the future… Actuaries are problem solvers, business analysts, consultants and financial risk assessors who look at past and present information, to develop and communicate a picture of the future”(Faculty & Institute of Actuaries)
“An actuary is a business professional who analyzes the financial consequences of risk.”(Society of Actuaries)
“An actuary is an expert in assessing the financial impact of tomorrow's uncertain events by:- Analysing the past- Modelling the future- Assessing the risks involved, and- Communicating what the results mean in financial terms”(www.actuaries.org)
The Actuarial Recruitment Company
What Do Actuaries Really Do?
Life, 31%
Pensions, 29%
Non-Life, 10%
Investments, 6%
Other, 17%
Unknown, 6%
Qualified Actuaries by Field of Work - 2007/8
The Actuarial Recruitment Company
What Do Actuaries Really Do?
Product Development Pricing Reserving / Financial Reporting Asset Liability Matching Capital Modelling Pension Scheme Management Investment Management Risk Management Systems Development
The Actuarial Recruitment Company
What Do Actuaries Really Do?Life Insurance Products
“Common” Products: Term Assurance Whole of Life Endowment Immediate Annuity Deferred Annuity Critical Illness Long-term Care Long-term Sickness
Variations Include: Convertible /
Renewable Index Linked Unit-Linked With-Profits / Non-
Profits
The Actuarial Recruitment Company
What Do Actuaries Really Do?Pensions / Benefits Products
Defined Benefit (DB) / Final Salary occupational schemes
Defined Contribution (DC) occupational schemes
DC individual schemes (such as stakeholder pensions)
Employee Benefit Services
Overlap with Life products (long term duration / savings)
Car / gym / flexi-days / vouchers / dental / private medical insurance (flexible benefits)
Merger & Acquisition Work
The Actuarial Recruitment Company
What Do Actuaries Really Do?Investments
Advising on client investment portfolios
Risk/reward + matching = key concepts
A lot based on investments of pension funds
ALM / LDI analysis
Quant analysis
Hedging strategy
The Actuarial Recruitment Company
What Do Actuaries Really Do?General Insurance Products
“Common” Products: 3rd Party Liability Employer’s Liability Product Liability Marine Aviation Commercial Property Financial Loss
“Little Less Common”: Weather Exposure Contingency Riot Insurance Terrorism War Fine Art Live Stock / Blood Stock Commercial Space &
Launch
The Actuarial Recruitment Company
What Do Actuaries Really Do?
And all these exams are for what exactly?!
Qualifications
Diploma in Actuarial Techniques (“DAT”) – complete CT1-9
Certificate in Finance & Investments (“CFI”) – CT1, CT2, CT4, CT7, CT8, CT9, CA1
Associate (“AIA” / “AFA”) – complete CT1-9, CA1-3 plus 1 year’s work experience if joined after 1 July 2004
Fellowship (“FIA” / “FFA”) – complete all exams & complete relevant work experience (minimum 3 yrs for FIA)
The Actuarial Recruitment Company
Key Attributes:
Technical Skills
Detail Conscious
Good Judgement
Commerciality
Communication Skills
What Do Actuaries Really Do?
The Actuarial Recruitment Company
An example of Insurance Risk Management - CategoriesCategories
Market
Insurance Operational
Credit
S&P: ERM Insurance Company Practices
Risk Managers and their teams are responsible for measuring, limiting and managing the component items within these risk categories
ResponsibilitiesCategories
Actuaries in Risk Management
The Actuarial Recruitment Company
An example of Risk Management - ComponentsComponents
Market
Insurance Operational
Credit
Components:Pricing, reserving,
catastrophe, claims, policyholder behaviour
Components:Distribution, process,
people, fraud, internal control, IT,
HR, legislation, compliance, business
continuity
Components:Bonds, CDOs, Loans, Reinsurance ceded,
other assets
Components:Interest rate,
equity, derivatives, forex, real estate
S&P: ERM Insurance Company Practices
Actuaries in Risk Management
Categories
The Actuarial Recruitment Company
An example of Insurance Risk Management - ActionsActions
Operational
Credit
Risk Management Actions:Diversification, hedging,
sellingdiscipline, and underwriting
Risk Limiting Actions:Concentration limits,
underwriting guidelines,counterparty limits, and
portfolio value at risk
Risk Measurement Actions:Concentrations, credit value at
risk,name exposure, and
compliancereports
S&P: ERM Insurance Company Practices
Actuaries in Risk Management
Components:Bonds, CDOs, Loans, Reinsurance ceded,
other assets
Category
The Actuarial Recruitment Company
Market
S&P: ERM Insurance Company Practices
Risk Management Actions:Asset/liability matching, hedging,
and selling discipline
Risk Limiting Actions:Value at risk limits and
tolerances
Risk Measurement Actions:Value at risk, duration and
notional value
Actuaries in Risk Management
An example of Insurance Risk Management - ActionsActions
Components:Interest rate,
equity, derivatives, forex, real estate
Category
The Actuarial Recruitment Company
Insurance
S&P: ERM Insurance Company Practices
Risk Management Actions:Reinsurance, contract design,
benefit design, customercommunications, market avoidance,
and underwriting
Risk Limiting Actions:Per-risk limits, per-market
limits, per-case limits,and authority limits
Risk Measurement Actions:Claims reporting, compliancereports, exposure reports, and
lapseand renewal studies
Actuaries in Risk Management
An example of Insurance Risk Management - ActionsActions
Category
Components:Pricing, reserving,
catastrophe, claims, policyholder behaviour
The Actuarial Recruitment Company
Operational
S&P: ERM Insurance Company Practices
Risk Management Actions:Action triggers, training,
documentation, policies andprocedures, contingency plans,
codes of conduct and ethics.
Risk Limiting Actions:Processing lags,
complaints, and supplierlimits
Risk Measurement Actions:Compliance reports, exceptionreports, loss-event reports, selfAssessment and risk register.
Actuaries in Risk Management
An example of Insurance Risk Management - ActionsActions
Components:Distribution, process,
people, fraud, internal control, IT,
HR, legislation, compliance, business
continuity
Category
The Actuarial Recruitment Company
Actuarial Placement
Overview
12-Month Paid Actuarial Placements
Opportunities Throughout the UK
2nd Year/Postgraduate Students
Placements Start Jul-Sep 2011
‘Proper’ Actuarial Work
Counts Towards Experience Requirement
The Actuarial Recruitment Company
Actuarial Placement
The Process:
Download and fill in CV template on our website
www.the-arc.co.uk/actuarial-placement
Email over the completed template to [email protected]
CV Feedback Provided
Mock/Screening Interviews + Feedback
Employer Selection Process
Offer + Acceptance
Start Work!
The Actuarial Recruitment Company
Actuarial Placement
The Benefits:
Gain Relevant Work Experience
Prove Yourself to an Employer
Develop Technical Knowledge/Soft Skills
Make Actuarial Contacts
Earn a Salary
Benefit from Expert Coaching
Enhance Your Marketability!
The Actuarial Recruitment Company
Actuarial Placement
What The ARC can offer in finding actuarial placements:
It’s Free!
One Application Multiple Employers
Efficient for Employers – they value our relationship
CV feedback and advice
Mock interview feedback & coaching
All by experienced actuaries with recruitment experience
The Actuarial Recruitment Company
Actuarial Placement
Next Steps
Visit The ARC Website:
www.the-arc.co.uk/actuarial-placement/
Read Information
Fill in the CV template and email it back to us
Deadline: ongoing
Apply early to benefit from early employer opportunities
The Actuarial Recruitment Company
The Current Actuarial Industry Climate Where did the recession have most impact?
On Investment sector, but proportion of actuaries is low there, now recovering
Life and pensions reduced in 2009, life now much stronger, pensions recovering slowly
Lower impact on non life sector, hiring consistently strong Still a mixed market – some hiring, some not, some permanent, some
contract
What are the prospects for the actuarial industry They remain as strong, if not stronger than before the financial crisis New Solvency 2 legislation, new areas e.g. risk management and risk
transfer Remains a relatively small and specialist profession
The Actuarial Recruitment Company
A really useful website !!
www.graduateactuarialvacancies.com
A specialist website service for actuarial graduates
The Actuarial Recruitment Company
Website: www.the-arc.co.uk
Email: [email protected]
Chris Cannon BA CFI DATM: 07711 228 449E: [email protected]
Contact Details
