Do you have any advice for somebody wanting to work in Insurance?
For someone wanting to join the profession as a graduate, I’d say looking into an internship beforehand is absolutely key.
I managed to get an internship with RSA in the summer before my last year of university, and really enjoyed the way the firm gets things done. Luckily, I was asked to join the graduate scheme following that process, and generally that is the way RSA picks its graduates.
To get onto an internship, I’d recommend applying early, improving your Excel proficiency and really focusing on marketing your skills. My degree choice is not as traditional as Maths or Actuarial Science, but it does provide skills which are crucial to this role such as critical thinking and qualitative analysis, so it was very important that I made these skills known on my application.
What is it like working and studying in RSA’s Actuarial Development Scheme?
RSA really encourages graduates to learn and experience different facets of the business. The Actuarial Development Scheme is designed to help graduates progress in the exams and support them the whole way.
It supplies everything you need for the actuarial exams, as well as providing mentoring, days off for studying, and rotations around the business.
I’m still on my first rotation in the reserving department, but I’m looking forward to rotating round to a pricing role in the future. This way you can get experience in lots of different roles, which means you not only get to test them out before settling in longer-term, but it also allows you to build a broader range of skills which is extremely valuable.
Being on the Actuarial Development Scheme, I’ve found I’m tested in new ways every day. RSA’s encouraging culture means that I’m not afraid to try new challenges, and my managers always set time aside for interesting projects which help me develop wider abilities.
There’s also a great community outside work, meaning that there are always socials, volunteering opportunities, or a bake sale happening somewhere!
What does working in Reserving involve?
Reserving has been a very interesting first rotation, as it affects and is affected by almost all areas of the business. It has helped me to understand each role the business plays, whether that be claims, underwriting or pricing, as each of these areas will have a direct impact on the data which arrives at my desk. Reserving is a quarterly process, meaning that we can observe longer-term trends over multiple reserving cycles, and once we spot a change it can reverberate around the whole business. This makes it a fantastic starting position for a new graduate – not only do I get to meet people from all around the business, but I can see how decisions I make affect the business as a whole.
Apart from the technical skills that any actuarial field requires, working in reserving has also helped me improve my presentation skills, as the role involves two quarterly reporting meetings in which I am required to explain changes in data developments or pose questions to other areas of the business.