Careers In Risk And Planning


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Talk given by the Chartered Insurance Institute to University of Sussex, February 2010

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Careers In Risk And Planning

  1. 1. Careers in risk and planning <ul><li>Caspar Bartington </li></ul><ul><li>CII </li></ul><ul><li>Simon Tresadern </li></ul><ul><li>Ansvar </li></ul><ul><li>Chris Denham Dip PFS </li></ul><ul><li>Positive Solutions </li></ul>
  2. 2. The CII is… <ul><li>The world’s largest professional body for risk…and financial services (PFS) </li></ul><ul><li>95,000 members in 150 countries </li></ul>
  3. 3. What is risk about? <ul><li>So much more than what is on TV </li></ul><ul><li>Peace of mind and trust – “risk transfer” </li></ul><ul><li>A people profession </li></ul><ul><li>Global </li></ul><ul><li>Personal and commercial </li></ul><ul><li>Large – £300m paid out in claims every day </li></ul>
  4. 4. <ul><li>Long-term strategy reduces exposure </li></ul><ul><li>Investments worth 23% of total net worth of UK economy </li></ul><ul><li>Greater reach than any other FS sector eg 70+% of households buy risk coverage </li></ul><ul><li>Social assistance eg £195m paid each day to pensioners and long-term savers </li></ul><ul><li>The most popular place for long-term savings </li></ul>A stable profession
  5. 6. <ul><li>Diverse challenges: </li></ul><ul><li>Natural disasters, economic recession, law, piracy, entertainment, sport </li></ul><ul><li>UK context: </li></ul>A global profession <ul><li>Over 300,000 employed directly + 1m </li></ul><ul><li>2nd largest export </li></ul><ul><li>3rd largest market in the world </li></ul><ul><li>23% of the total net worth of UK plc </li></ul>
  6. 7. <ul><li>Specialist: </li></ul><ul><li>Claims, fraud, loss adjusting, underwriting, broking, risk management, surveying </li></ul><ul><li>General : </li></ul><ul><li>Accounting, marketing, HR, IT, business development etc </li></ul><ul><li>Progression based on ability, not time served </li></ul>Job areas
  7. 9. Simon Tresadern Commercial Underwriter
  8. 10. My career(s) so far <ul><li>University life </li></ul><ul><li>BA (Hons) from Derby University in American Studies and Religious Studies </li></ul><ul><li>Never considered insurance as a career option (does anyone?) </li></ul><ul><li>Since University </li></ul><ul><li>Travelling round USA </li></ul><ul><li>Computer game designer </li></ul><ul><li>Retail sales </li></ul><ul><li>2 years as an insurance broker in Haywards Heath </li></ul><ul><li>3 years with RSA in Horsham, 2 years in London </li></ul>
  9. 11. Now… <ul><li>Employed with Ansvar Insurance as an Underwriter specialising in Financial Lines </li></ul><ul><li>Ansvar - Charity and church specialist which employs 80 people in Eastbourne, with sister offices in Australia and New Zealand </li></ul><ul><li>Part of Ecclesiastical, a company based in Gloucester employing over 1000 people in the UK, Canada, Ireland, Australia and New Zealand </li></ul>
  10. 12. Underwriter? Financial Lines? <ul><li>Underwriters determine the basis of an insurance contract. The price, terms and conditions, clauses, or whether we will provide any insurance at all </li></ul><ul><li>We analyse companies, their procedures, their risk management, and details such as what their buildings are made of. We then try and calculate how likely it is that they will suffer a loss, and then calculate a fair premium to provide insurance cover </li></ul><ul><li>Financial Lines insurance is specialist insurances for professionals to cover them for errors they might make </li></ul><ul><li>One of many types of insurance </li></ul>
  11. 13. The $6m question: <ul><li>Variety of roles – Underwriters, actuaries, accountants, business leaders, risk assessors, claims handlers, fraud investigators, marketing executives, event organisers, sales teams and more </li></ul><ul><li>Intellectual challenge – Requires use of brain cells </li></ul><ul><li>Opportunity – Career development, overseas work, secondments </li></ul><ul><li>Good causes – Actually helping people continue to operate their business </li></ul>Why on earth would anybody want to work in an industry as boring as insurance?
  12. 14. <ul><li>Depends on location and role: </li></ul><ul><li>Starting salaries vary from £18-25k </li></ul><ul><li>3-5 years’ experience vary from £25-50k </li></ul><ul><li>Professionally qualified with experience vary from £50-100k+ </li></ul><ul><li>Excellent professional development </li></ul><ul><li>Work-life balance stronger than other sectors </li></ul>Salaries
  13. 15. Qualifications <ul><li>CII Certificate in Insurance (A level ) </li></ul><ul><li>*CII Diploma in Insurance (degree yr one) </li></ul><ul><li>*CII Advanced Diploma in Insurance (degree) – also known as ACII </li></ul><ul><li>Fellowship (FCII) </li></ul><ul><li>Chartered status – Insurer, Insurance Broker, Insurance Practitioner </li></ul>
  14. 16. <ul><li>A people profession, so </li></ul><ul><li>Communication </li></ul><ul><li>Negotiation </li></ul><ul><li>Flexibility – international opportunities </li></ul><ul><li>Languages can help </li></ul><ul><li>Commercial awareness very important </li></ul><ul><li>Numeracy not essential </li></ul>Skills
  15. 17. Other major players And many more…….
  16. 18. <ul><li>Business explanations </li></ul><ul><li>Profiles </li></ul><ul><li>Case studies </li></ul><ul><li>Job descriptions </li></ul><ul><li>Links to employers </li></ul>
  17. 19. What is financial planning? <ul><li>About people, not just numbers </li></ul><ul><li>Understanding and supporting changing needs over many years </li></ul><ul><li>An ever-changing environment </li></ul><ul><li>An opportunity to earn significant sums </li></ul><ul><li>Not a 9 to 5 job – you’re in charge! </li></ul><ul><li>A range of roles from individual to corporate </li></ul>
  18. 20. Chris Denham Dip PFS
  19. 21. <ul><li>1986 – joined Nat West’s Trainee Manager scheme; took FPC </li></ul><ul><li>1996 – joined Sun Life of Canada; won top consultant prize in 1999 </li></ul><ul><li>2001 – joined small IFA practice </li></ul><ul><li>2004 – set up own IFA practice </li></ul>Introduction
  20. 22. <ul><li>Everyone has a view on what to do with your money </li></ul><ul><li>Consumer confidence </li></ul><ul><li>Effect of changing demographics </li></ul><ul><li>RDR will lead to professionalism and changing structures by 2012 </li></ul><ul><li>Banks and recession </li></ul><ul><li>Never been better? </li></ul>Why Financial Services?
  21. 23. <ul><li>Roles within a product provider </li></ul><ul><li>Roles within a lender </li></ul><ul><li>Roles of an Independent Financial Adviser (IFA) </li></ul><ul><li>RDR will lead to professionalism and changing structures by 2012 </li></ul><ul><li>Banks and recession </li></ul><ul><li>Never been better? </li></ul>Providers v Intermediaries
  22. 24. <ul><li>Join provider or large IFA practice </li></ul><ul><li>Qualifications and training </li></ul><ul><li>Company benefits eg salary, bonuses, cars, pension, insurances </li></ul><ul><li>Good career path </li></ul><ul><li>Be your own boss </li></ul><ul><li>No nine to five </li></ul>Career paths and benefits
  23. 25. <ul><li>Networking breakfast </li></ul><ul><li>Prepare for appointments </li></ul><ul><li>Meeting with broker consultant </li></ul><ul><li>Client appointment to discuss retirement planning </li></ul><ul><li>Client appointment to discuss mortgage </li></ul><ul><li>Back to office to reply to messages etc </li></ul>A day in the life
  24. 26. Qualifications <ul><li>Licence to practise area </li></ul><ul><li>CII Certificate in Financial Planning – key now </li></ul><ul><li>CII Diploma in Financial Planning – key for you </li></ul><ul><li>CII Advanced Diploma in Financial Planning </li></ul><ul><li>Fellowship – FPFS </li></ul><ul><li>Chartered Financial Planner </li></ul>
  25. 27. Skills <ul><li>Not just numeracy! </li></ul><ul><li>Analysis </li></ul><ul><li>Negotiation </li></ul><ul><li>Written and verbal communication </li></ul><ul><li>Adaptability and flexibility </li></ul><ul><li>Relationship building </li></ul><ul><li>Commercial awareness in demand </li></ul>
  26. 28. Looking ahead – risk <ul><li>Many graduate schemes </li></ul><ul><li>Most open Q3 </li></ul><ul><li>Most close by year end </li></ul><ul><li>Limited internships and placements </li></ul><ul><li>Getting work experience will really help </li></ul><ul><li>Size of company not important </li></ul>
  27. 29. <ul><li>RSA </li></ul><ul><ul><li> </li></ul></ul><ul><li>Willis </li></ul><ul><ul><li> </li></ul></ul><ul><li>RBS </li></ul><ul><ul><li> </li></ul></ul><ul><li>AXA </li></ul><ul><ul><li> </li></ul></ul><ul><li>Zurich </li></ul><ul><ul><li> </li></ul></ul><ul><li>Ecclesiastical </li></ul><ul><ul><li> </li></ul></ul><ul><li>Allianz </li></ul><ul><ul><li> </li></ul></ul><ul><li>Aon </li></ul><ul><ul><li> </li></ul></ul><ul><li>Lloyd’s of London </li></ul><ul><ul><li> </li></ul></ul>Some useful websites
  28. 30. Looking ahead – planning <ul><li>Very few formalised graduate schemes </li></ul><ul><li>Getting work experience will really help </li></ul><ul><li>More likely to be with an SME – no problem </li></ul>
  29. 31. Credits with your degree <ul><li>Insurance framework </li></ul><ul><li>Typically 3 years to get to ACII level </li></ul><ul><li>You will get credits equal to two or three units (saving several months of study) with a degree in one of the following </li></ul><ul><ul><li>Accounting </li></ul></ul><ul><ul><li>Business </li></ul></ul><ul><ul><li>Economics </li></ul></ul><ul><ul><li>Finance </li></ul></ul><ul><ul><li>Law </li></ul></ul><ul><ul><li>Management </li></ul></ul>
  30. 32. Credits with your degree <ul><li>Financial planning framework </li></ul><ul><li>Typically 2 years to get to Dip FP level </li></ul><ul><li>You will get credits equal to two or three units (saving several months of study) with a degree in one of the following </li></ul><ul><ul><li>Accounting </li></ul></ul><ul><ul><li>Business </li></ul></ul><ul><ul><li>Economics </li></ul></ul><ul><ul><li>Finance </li></ul></ul><ul><ul><li>Law </li></ul></ul><ul><ul><li>Management </li></ul></ul>
  31. 33. <ul><li>Certificate-level exams available online </li></ul><ul><li>Take these during vacations </li></ul><ul><li>Work experience is incredibly valuable </li></ul><ul><li>Membership and networking really helps </li></ul>Get ahead before graduation
  32. 34. <ul><li>Great professions with wide range of roles </li></ul><ul><li>Great opportunities to progress quickly </li></ul>In summary [email_address]
  33. 35. <ul><li>New risk-focused website </li></ul><ul><li>Interactive career builder </li></ul><ul><li>More case studies, news, blogs </li></ul>Coming up [email_address] From early Feb