Zoe Bolton, from Bolton Associates, interviews Sameer Keshani, Pembroke Managing Agency Ltd
What is your current role, and how did you end up in it?
I was initially offered a position at PMA to be responsible for managing the Actuarial outsourcing arrangements which had been in place since the agency’s inception. Over time, I gradually moved many services in-house as it seemed to present better value for money whilst allowing us to tailor and improve quality of product. In the past 3 ½ years, my role has therefore grown and I am now Chief Risk Officer with Board responsibility for the Actuarial, Catastrophe modelling, Risk and Exposure Management functions.
What is the defining moment of your career to date?
My first role after graduation was as a pensions actuarial analyst and I spent nearly 4 years doing that although I didn’t enjoy it at all. I decided to move in to general insurance and at the time, it was a big step to take a material pay cut and effectively start again. I remember a lot of my friends telling me that I was making a mistake but looking back it was the best decision I ever made.
In your opinion, what prepared you best to take on a Chief Actuary role?
I think having been exposed to very senior management in previous roles helped me a lot. It is a good way to understand what kind of information the ‘decision makers’ want to see so that you can develop processes and outputs to be able to assist them. It is challenging but necessary as an actuary to find the balance between being technically sound and pragmatic.
What is the biggest challenge you face as Chief Actuary within this market?
Trying to keep on top of all of the regulatory requirements whilst still remaining commercially relevant. Actuaries are a very expensive resource and sometimes it is difficult to add internal value if you are struggling with workload to ensure that external supervisors are satisfied.
In 2016 what is your aim for defining the actuarial and analytics division within your firm?
I think it is important for us at PMA to continue to create and improve holistic analytical reporting which incorporates information, not only from Actuarial but also from Underwriting, Claims, Risk and Exposure Management. The fastest way to make our Actuarial profession irrelevant is to work within specialised silos and not consider the bigger picture. It is therefore my aim to work the various functions around the business to ensure that as a Board, we have a complete view of what is happening and in as timely a way as possible.
When did you first join the Institute & Faculty of Actuaries, and what advice would you give to those students looking to emulate your career path?
I joined the IFoA in 2001 and I have to say that it is a fantastic professional body to belong to. They provide an awful lot of support and there is a real sense of community amongst its members. My advice to students would be not to try and emulate anybody actually and instead to go your own way. You have to do what you find interesting and satisfying and if you get that right then you significantly increase your chances of success, however you measure it.
If you had your time again, what would you do, career-wise?
I spend a surprising amount of time thinking about this and I still don’t have the answer. I have a huge amount of respect and admiration for people that perform a public service so I guess I would probably have done something that benefited society more. As a youngster, I really enjoyed Chemistry and Biology so perhaps a Doctor or health professional.
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