What is your current role, and how did you end up in it?
My current role is to establish and lead an actuarial pricing team in London. Looking back, I think my interest in pricing started as a ruse to avoid working on the transition to Solvency II. I was previously working with the brokers at Towers Watson and when that arm was sold off, London Market pricing seemed like a commercially-focused and attractive area to move into. Two years spent building out this consultancy offering gave me an in-depth experience into pricing in a compressed timeframe. When the opportunity arose to build up a London pricing team for Endurance, who were making no secret of their ambitious growth plans, I jumped at the chance.
What is the defining moment of your career to date?
I wouldn’t say there is a single defining moment – certainly not one that I could readily identify at the time. With the benefit of hindsight I’d say my career up until now has been mapped out by well-timed M&A . The acquisition of EMB by Towers Watson led to a niche role spanning broking, consulting, and software; the acquisition of Towers Watson’s broking arm by JLT led to my transition into London Market pricing; and the acquisition of Montpelier by Endurance resulted in the opportunity for me to build a pricing team with a diverse range of classes writing business on both Lloyd’s and company platforms.
In your opinion, what prepared you best to take on your current role?
The time I spent immediately prior to this positon carrying out a similar role as a consultant was certainly helpful. But more generally I would say spending the majority of my career in consulting and dealing with so many people in the industry has been the best preparation. Working with underwriters can be as much about winning hearts and minds as it is about on-levelling historical performance. The ability to empathise while influencing and coming up with a solution that retains a commercial focus is the key skillset – the technical requirements are in a sense the easy bit.
What is the biggest challenge you face as a Pricing Actuary within this market?
The analysis that straddles growing the business and maintaining discipline in a soft market. When there is an appetite to grow the premium base and enhance the relevance of the London platforms, it can be frustrating to conclude that a new opportunity doesn’t stack up.
In 2016 what is your aim for defining the actuarial and analytics division within your firm?
I see the mission as going beyond pricing to provide analytically-driven support to frontline business decisions. When underwriters and senior management are contemplating the merits of a decision and need analytical consultation, I want the actuarial pricing function to be a first port of call, be that acquiring new underwriters, exiting unprofitable lines, or buying tailored reinsurance solutions.
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 in 2004 and my rather dry advice would be get your head down and pass the exams. It’s so much easier to make time for study when you don’t have to deal with growing commitments, both personally and in the office.
If you had your time again, what would you do, career-wise?
Without a doubt, I would pursue an actuarial career in the London Market. The profession is enjoying great presence and significance in the industry these days. If I’m not allowed to say “actuary” then I would fall back on the profession I came very close to pursuing, which is law, with the ambition of becoming a barrister.
Please share your favourite piece of trivia with our readers!
The existence of the Mandelbrot set. The fact that such a simple formula produces something so intricate is fascinating, beautiful, and unsettling in equal measure.
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