Volume 3, Issue 3 – ird Quarter 2013 800-837-8338 / 312-867-2300 [email protected]www.dwsimpson.com A PATHWAY TO “CHIEF” SUCCESS The role of Chief Actuary or Chief Risk Officer (CRO) is a career goal for some, but how does one actually get there? It’s a tough question to answer, as both roles vary widely depending on a number of factors, including the type of company and the size of its Actuarial and/or Risk Management Departments. To gain greater insight and perspective on this subject, I spoke with Tim Pratt, FIAA, FCAS, Chief Actuary with Liberty International Underwriters (LIU); Steve Keshner, FSA, Chief Actuary of Spring Consulting; and T. Scott Mackenzie, FSA, former CRO with ING and now CEO of TOP Risk Advisors. Surprisingly, what Pratt, Keshner and Mackenzie all have in common is that none of them set out to be either a Chief Actuary or Chief Risk Officer at the start of their career. Pratt, who had a strong interest in math in high school, was awarded a college scholarship to pursue actuarial studies, and continued along the career path upon graduation. Keshner’s goal as an actuary was “to be in a strategic role and be involved in the heart of the business in which I work,” which ultimately played out to be his current Chief Actuary role. Mackenzie became an actuary because he thought it would be an interesting career opportunity combining his interests in math and business. Early in his career, the Chief Risk Officer role did not yet exist, but Mackenzie was “fortunate enough to have enjoyed various experiences within the industry…that lead naturally to the CRO role.” COMMUNICATION KNOW-HOW In reviewing the details of some of our most recent Chief Actuary searches, the most commonly sought-after trait, aside from a well- rounded actuarial skillset, is communication savvy. Math and technical skills comprised the majority of the first 10 years of Pratt’s career. After that, he said, “You stop doing the more technical work yourself and get other people to do it for you. Your role as Chief Actuary is more to communicate with other people, manage them and motivate them.” The ability to connect with individuals across all levels and areas is key for both a Chief Actuary and a CRO. “It’s extremely important for the CRO to be able to empathize with others in the organization,” Mackenzie added. To further Mackenzie’s point, Keshner said, “People have to see you as a peer. Given the nature of the position, they have to see the Chief Actuary as someone who will stand up for what they believe in and be trustworthy. It’s the way you comport yourself every single day.” BIG-PICTURE THINKING The Chief Risk Officer, according to Mackenzie, must, “have an ability to see the forest from the trees.” While the experience in technical analysis associated with risk management is important, Mackenzie said a CRO must be able to look at a company as a whole as well as beyond itself. A CRO must think holistically about a company, and therefore needs a broad background and knowledge base. The more variety one has in his or her professional experience, he added, the better suited he or she is to understand how specific events affect the enterprise. Continued on Page 2... DW SIMPSON RETAINED SEARCHES Senior Actuarial Analyst (West, USA): Newly established expansion to the Actuarial Department; Will be responsible for Personal Lines Pricing, working with Product and Regional Office business partners and report directly to the Chief Actuary. Immediate opportunity for advancement for top candidates who are passionate and possess energy and drive. (#37894) Consulting Actuary (Midwest, USA): Leading consulting service provider seeks Actuary with Medicaid and pharmacy experience. Scope of work will include traditional health consulting as well as disease management and Medicaid consulting. Experience with healthcare reform a plus. Prior consulting experience preferred. (#37067) Chief Actuary (Southeast, USA): Prominent health insurer seeks credentialed Actuary with previous management experience. Role responsibilities will include leading financial reporting and managing regulatory requirements. (#39383) Actuarial Director (Midwest, USA): Client seeks FCAS with several years of general experience and at least 2 years in a Loss Reserving role. Excellent communication skills a must. (#39428) Health Actuary & Senior Health Actuary (Remote/Home, USA): Health consultancy seeks qualified Actuary to join their team. Work will involve modeling, product development, and health care analytics. ASA/ FSA designation preferred. SQL/VBA a plus. (#39270) Actuary (Northeast, USA): P&C insurer seeks to fill a critical position in their Product Management group. This individual will be responsible for tasks including rate filings, predictive model development, product development, and pricing. (#37704) Consultant (Northeast, USA): Leading consulting firm seeks a designated Actuary to serve in an analytics role. Work will include predictive modeling and price optimization. (#37656)
a pathway to “chief” SUcceSSThe role of Chief Actuary or Chief Risk Officer (CRO) is a career goal for some, but how does one actually get there? It’s a tough question to answer, as both roles vary widely depending on a number of factors, including the type of company and the size of its Actuarial and/or Risk Management Departments. To gain greater insight and perspective on this subject, I spoke with Tim Pratt, FIAA, FCAS, Chief Actuary with Liberty International Underwriters (LIU); Steve Keshner, FSA, Chief Actuary of Spring Consulting; and T. Scott Mackenzie, FSA, former CRO with ING and now CEO of TOP Risk Advisors.
Surprisingly, what Pratt, Keshner and Mackenzie all have in common is that none of them set out to be either a Chief Actuary or Chief Risk Officer at the start of their career. Pratt, who had a strong interest in math in high school, was awarded a college scholarship to pursue actuarial studies, and continued along the career path upon graduation. Keshner’s goal as an actuary was “to be in a strategic role and be involved in the heart of the business in which I work,” which ultimately played out to be his current Chief Actuary role. Mackenzie became an actuary because he thought it would be an interesting career opportunity combining his interests in math and business. Early in his career, the Chief Risk Officer role did not yet exist, but Mackenzie was “fortunate enough to have enjoyed various experiences within the industry…that lead naturally to the CRO role.”
CommuniCation Know-HowIn reviewing the details of some of our most recent Chief Actuary searches, the most commonly sought-after trait, aside from a well-rounded actuarial skillset, is communication savvy. Math and technical skills comprised the majority of the first 10 years of Pratt’s career. After that, he said, “You stop doing the more technical work yourself and get other people to do it for you. Your role as Chief Actuary is more to communicate with other people, manage them and motivate them.”
The ability to connect with individuals across all levels and areas is key for both a Chief Actuary and a CRO. “It’s extremely important for the CRO to be able to empathize with others in the organization,” Mackenzie added.
To further Mackenzie’s point, Keshner said, “People have to see you as a peer. Given the nature of the position, they have to see the Chief Actuary as someone who will stand up for what they believe in and be trustworthy. It’s the way you comport yourself every single day.”
Big-PiCture tHinKingThe Chief Risk Officer, according to Mackenzie, must, “have an ability to see the forest from the trees.” While the experience in technical analysis associated with risk management is important, Mackenzie said a CRO must be able to look at a company as a whole as well as beyond itself. A CRO must think holistically about a company, and therefore needs a broad background and knowledge base. The more variety one has in his or her professional experience, he added, the better suited he or she is to understand how specific events affect the enterprise.
Continued on Page 2...
DW SimPSon RETAinED SEARCHES
Senior Actuarial Analyst (West, USA): Newly established expansion to the Actuarial Department; Will be responsible for Personal Lines Pricing, working with Product and Regional Office business partners and report directly to the Chief Actuary. Immediate opportunity for advancement for top candidates who are passionate and possess energy and drive. (#37894)
Consulting Actuary (Midwest, USA): Leading consulting service provider seeks Actuary with Medicaid and pharmacy experience. Scope of work will include traditional health consulting as well as disease management and Medicaid consulting. Experience with healthcare reform a plus. Prior consulting experience preferred. (#37067)
Chief Actuary (Southeast, USA): Prominent health insurer seeks credentialed Actuary with previous management experience. Role responsibilities will include leading financial reporting and managing regulatory requirements. (#39383)
Actuarial Director (Midwest, USA): Client seeks FCAS with several years of general experience and at least 2 years in a Loss Reserving role. Excellent communication skills a must. (#39428)
Health Actuary & Senior Health Actuary (Remote/Home, USA): Health consultancy seeks qualified Actuary to join their team. Work will involve modeling, product development, and health care analytics. ASA/FSA designation preferred. SQL/VBA a plus. (#39270)
Actuary (Northeast, USA): P&C insurer seeks to fill a critical position in their Product Management group. This individual will be responsible for tasks including rate filings, predictive model development, product development, and pricing. (#37704)
Consultant (Northeast, USA): Leading consulting firm seeks a designated Actuary to serve in an analytics role. Work will include predictive modeling and price optimization. (#37656)
CURREnT oPEninGSContinued from Page 1: A Pathway to “Chief” Success
Likewise, Pratt concurred: “A Chief Actuary needs to be a jack of all trades. I think you have to be pretty knowledgeable about everything, but not overly specialized in any one single area. The Chief Actuary’s experience needs to be broad based.”
Pratt added that a Chief Actuary needs to have a solid, comprehensive understanding of what is going on within the company. “You have to have an appreciation for what’s going on, but also a bigger appreciation for the downstream impact of that,” he said. “You have to know the implications and the risk. At the core of the Chief Actuary role is explaining what the actual risk is to upper management.”
tHinKing outside of tHe BoxStrategic thinking is a skill set required of both leadership roles. Mackenzie’s role as CRO was to “help the business leaders understand and appreciate the potential long-term consequences of a top-line approach to the business.”
This entails thinking of new ways of doing business. At LIU, Pratt manages approximately 75 actuaries, the majority of these reports indirectly. In managing this group, it is his responsibility to ask, “Are we getting the right actuaries that we need? Are they exuding the right skills? Are they doing the right work? Are the qualities that we’re trying to have in our actuaries uniform across the group?”
Keshner added that most Chief Actuaries do not report to an actuary, so these individuals need to be able to relate to other leaders outside of the actuarial realm. Creative and innovative thinking is another key trait. “You have put yourself in a position where people go in and think of you as a business partner and not just a technical actuary,” Keshner said.
international edgeGaining international experience, too, can be helpful in progressing toward a Chief Actuary or Chief Risk Officer post. A native Australian now living in the U.S., Pratt finds it comes easily to him to talk with people from different backgrounds, countries, upbringings, educational systems and the like. It gives one a competitive edge to know where people are coming from.
“International political events can have a big impact on the operations of international companies, but may also have a contagion effect on the operations of a regional U.S. company,” Mackenzie said. “Being able to see and understand these potential dominos is an important attribute for the CRO.”
seeKing out oPPortunityMackenzie advises that those who are interested in pursuing these two types of Chief roles should “seek opportunities to grow and not be trapped on one path of the organization.”
“Constantly look for opportunities to learn,” Keshner concurred. “Take on projects and be proactive. If you’re a pricing actuary, learn about valuation and vice versa.” He also noted that if you are in a position to hire, do not be afraid to hire the best people you can find, i.e. your potential replacement. This will give you room and incentive to move forward with your career and broaden your own skillset.
Finally, when asked about career advice and how to deal with setbacks, Pratt offered the following: “No one will have the perfect career progression. You run into different people, you learn how to deal with them, you learn how to manage them, and you turn it into a development opportunity.”
By: Kieran Welsh-Phillips, Recruiter
Laying the Foundation For your actuariaL careerToday’s US entry-level actuarial market is strong, but it is also very competitive. Therefore, building a well-rounded resume is more
important than ever. Some of the key components hiring managers focus on include exams, education background, computer skills and internship experience.
With regard to exams, typically having two to three preliminary exams completed is ideal going into one’s full-time actuarial job search.
In terms of academics, at least a Bachelor’s degree will be needed. Hiring teams prefer quantitatively focused studies, including majors such as Actuarial Science, Mathematics, Statistics, Finance and Economics. The stronger one performs academically in coursework and area(s) of focus, the more positions one may find himself or herself able to consider.
Another important consideration is the technical skills acquired via work experience, school and/or self-study. Some of the most highly sought after computer program and language experience in today’s market is in Excel (i.e., macros, pivot tables and vlookups), Access, Visual Basic/VBA, SAS, SQL and C++.
Furthermore, actively seeking out actuarial internship opportunities throughout the course of your academic career and in conjunction with a full-time search presents the opportunity to gain valuable hands-on experience in the profession. These roles offer industry exposure in actuarial functions and relevant technical skills—not to mention that this resume builder can help distinguish you from the competition.
Beyond the exams, education, technical skills and internship experience outlined above, there are additional strengths to factor in when building your resume: supplemental (nonactuarial) work experience, activities and leadership, languages spoken, volunteer projects, etc.
As a job seeker, put your best foot forward with a strong, polished resume (carefully formatted and thoroughly proofread) and cover letter (tailored to each company and role) in order to make a positive and lasting first impression with potential employers.
To connect with DW Simpson’s entry-level recruiting team, please complete our brief candidate questionnaire at:www.dwsimpson.com/cform.html.
VP & Chief Reserving Actuary – Northeast, USA: Leading Insurance Corporation has an immediate Vice President Level opening for an FCAS with very strong reserving experience. Position will be involved with financial reporting duties. High visibility. Must be an advanced user of SQL and Access. (#38694)
Chief Actuary – Northeast, USA: Immediate need for an FSA with 10 years of experience working with Medicare or Medicaid insurance products. Responsibilities for this role will include pricing, Rate Filing, Trend Studies and Forecasting. (#39312)
Senior Director, Predictive Modeling – Northeast, USA: Immediate need for a Sr. Predictive Modeler with solid management experience. Cutting edge analytics experience preferred. Experience with statistics, computer programming and operations research required. Knowledge of Data Mining desired. (#37986)
Head of Insurance Risk – Bermuda: Multinational insurance firm seeks qualified Actuary to head their insurance risk department. Work will include economic capital modeling and CAT Risk. FCAS (FIA)/ACAS designation preferred for this role. Risk management and underwriting experience a must. (#38452)
Actuarial Director – Midwest, USA: North American Insurance Corporation seeks an FSA/ASA with a strong life insurance background. Product Development and Financial reporting experience required. Strong VBA and Access skills preferred. (#39589)
Reserving Actuary – Bermuda: Respected reinsurer seeks FCAS or equivalent with reserving and financial reporting experience. (#39260)
Actuary – West, USA: Our client seeks an experienced Pension Actuary for a consulting role, performing client management and reviews of technical work as well as participating in the overall management of an Actuarial group. Strong management skills required. (#38202)
Associate Actuary – Midwest, USA: Life and Health reinsurance firm is looking for a qualified Actuary with advanced project management skills. Work will include analytics, systems, and database management as well as pricing and actuarial modeling. FSA/ASA designation preferred for this role. (#39043)
Actuary – West, USA: National Auto insurance firm seeks designated Actuary to serve in a supervisor role. Work will include making recommendations on product pricing and reserve levels. (#39207)
Associate Actuary – Southeast, USA: Actuary with experience in modeling, rate filing, or other related discipline wanted by health insurance company. Work will involve analytics, data model designing, and trends. ASA designation preferred for this role. (#39427)
Associate Actuary – Midwest, USA: Life and Health reinsurance firm is looking for a qualified Actuary with advanced project management skills. Work will include analytics, systems, and database management as well as pricing and actuarial modeling. FSA/ASA designation preferred for this role. (#39043)
Advisor – Canada: Well-known financial group has openings in several locations in Canada for P&C Actuaries with either personal or commercial lines experience in ratemaking, modeling, predictive modeling, R&D, and other Actuarial functions. (#39219)
Associate Actuary – Southeast, USA: Actuary with experience in modeling, rate filing, or other related discipline wanted by health insurance company. Work will involve analytics, data model designing, and trends. ASA designation preferred for this role. (#39427)
Pension Actuarial Analyst – Northeast, USA: Immediate need for a junior actuary with 1+ actuarial exams and working knowledge of pension/retirement plans. This role will be involved in the actuarial valuation of ERISA, FASB 87 and GASB 45. (#39556)
Catastrophe Modeler – Northeast, USA: Top Reinsurance Corporation seeks a Catastrophe Modeler with a minimum of five years of reinsurance experience. This position will assist with pricing reviews and analyses. Commercial lines insurance background is strongly preferred. Must be an advanced user of RMS. (#39112)
Product Manager – Southeast, USA: Regional P&C Insurance firm seeks a skilled individual to serve in a manager role. Work will include underwriting, ratemaking, marketing, sales and P&L. (#39194)
NON-ACTUARIAL:
DW SimPSon ComPAnY EVEnTS
welCome to tHe team!From the President’s Desk...
aLWayS uSe SPeLL cheK
By: Bob MorandPresident and Managing Partner
The dual theme of this quarter’s newsletter is how to get an actuarial job at the entry level and how those at the senior levels came to be in their current jobs as chief actuaries and chief Risk officers. and, despite the wizardry of current and cutting-edge technology, the key tool in putting you on the path to getting a job still is the tried and true resume. a really good one. a really good resume without mistakes or typos.
take my first resume, for example. it was the early 1980s and electric typewriters were all the rage. i had just graduated with a journalism degree and had made the decision to forgo the fourth estate (newspaper work) in favor of a hard-charging role in the advertising agency business. The early ‘80s was a time of severe recession, high unemployment and high inflation.
So, my resume had to be top notch. if i were going to stand out to the ad agency community in chicago, then i needed a resume that “popped.” Relying on my innate creative instincts, i discarded the traditional white heavy stock resume paper i originally had in mind and replaced it with…get this…grey rag stock paper with raised black lettering. pure genius.
when the couple of hundred resumes were printed, i went down to the local print shop, opened the cardboard box that housed them, and marveled at what i had created. This resume was bound to get me behind a desk in a corner office on Michigan ave. in a few days’ time.
Sure, the resume had all of the required information: name, address, phone number, relevant work experience, internship and non-relevant work experience. This last item—non-relevant work experience—is what filled most of my resume. for the summers during my college years, i worked as the “Summer crew chief ” for the public works Department of winnetka, the northern chicago suburb where i grew up. The job entailed driving the truck with other college kids on board to cut grass in the various public areas of the suburb. it was, in essence, a “management” position, and i proudly displayed that on my hand-crafted, grey, raised-lettered resume.
however, the recession was brutal and the rejection letters came (via the mailman) in bushels. But, one day, the circular-dial phone in my parents’ foyer rang: cunningham & walsh invited me in for an interview. Score! after that interview, they called me back again for a second round. Swish! and then, sheer terror. while sitting in the cunningham & walsh lobby about to start the second round of interviews and proudly poring over my resume one more time, i noticed something horrific. i froze and began to sweat all at the same time…at the sight of something…really bad, especially for a journalism major.
i had left the “l” out of “public” in the title: “Summer crew chief – public works Department of winnetka”! cunningham & walsh hired me three days later. i’m sure the dazzle of the grey, rag stock paper with raised black lettering distracted the hiring folks.
pure genius.
Lindsey White joined DW Simpson in May 2013 as a Recruiter working on a team with Aaron Benton and Becki Tobia. Prior to this, she worked as a hiring manager for a Chicago-based nanny placement agency, hiring childcare providers and helping place them with families.
Lindsey grew up on a family farm in Wisconsin before attending college at the
University of Wisconsin-Green Bay (Go Packers!). She graduated in 2006 with her Bachelor’s degree in Communication and worked for several years in the writing/editing field before switching gears for more of a people focus. Lindsey likes to spend her free time exploring new neighborhoods, attending street festivals and events around town, and seeing live theatre.
Elsa VanHove joined DW Simpson in January of 2013 as a Recruiter on Derek Mulder’s team. Previously, she worked as an HR generalist for a manufacturer and an investment bank, and had spent two years teaching elementary school after university.
Elsa holds an undergraduate degree in International Business from Bradley University and an MBA from St. Mary’s University College. She has spent time
living, working and studying abroad in the UK, Europe and Asia. Outside of work, Elsa enjoys biking, yoga, exploring Chicago and volunteering as a mentor with Horizons for Youth.
Jillian Radke joined DW Simpson in February 2013 as a Recruiter, working on a team with KC Cho and Maureen Matous. Prior to joining the firm, she worked for The Institute for Health Research and Policy at University of Illinois at Chicago researching the impact of policies, programs and other factors in the built environment and their impact on youth eating, physical activity behaviors and obesity.
Jillian graduated from University of Illinois at Chicago with a Bachelor’s Degree in Urban Planning and Public Affairs. Originally from Wisconsin, Jillian has lived in Chicago for over six years. She regularly tutors students enrolled in Adult Literacy and GED classes. Outside of the office, she enjoys spending time with family and friends, volunteering, sewing and photography.
mission statementto be the premier search firm specializing in the placement of actuaries and related quantitative
professionals throughout the world; to be recognized for the best service, integrity and
forthrightness that the firm brings to each and every business relationship; and to be willing at all
times to sacrifice short-term gain for the long-term good of our clients and candidates.
dW Simpson will be attending the following Meetings, Seminars and
conferences this Quarter:
oCCa golf tournament July 25 toronto, oN
iaBa annual meeting august 2 – 3 Swissôtel chicago chicago, iL
CaC annual summer Picnics Date tBD
Casualty loss reserve seminar (Clrs) September 15 – 17 Boston Marriott copley place Boston, Ma
Valuation actuary symposium September 23 – 24 Jw Marriott indianapolis indianapolis, iN
DW SimPSon ComPAnY EVEnTSDW SimPSon ComPAnY EVEnTS
1800 west Larchmont ave, chicago, iL 60613p: (800) 837-8338 / f: (312) 951-8386http://www.dwsimpson.com
Q&a: dw simpson retained search servicesWhy choose DW Simpson for your search - Retained or Contingent?
DW Simpson is the largest, longest-tenured and best known Actuarial and (Re)Insurance & Analytics Search firm. For more than 25 years, we have worked with actuaries and analytics professionals at all points in the career cycle. Our 22 recruiters working in 14 recruitment teams have an average of more than ten years of experience dedicated to the actuarial and analytics market. Our size, industry knowledge, visibility and integrity distinguish DW Simpson from any other firm in this industry.
Why do employers engage DW Simpson for a Retained Search?
A Retained Search ensures that the entire market of potentially appropriate candidates (active and passive) is covered in a systematic, synchronized and centrally-managed method. Many of DW Simpson’s clients prefer the retained approach because it provides a streamlined process that produces consistent results.
Positions for which employers often choose the Retained Search option are:
• Executive-level roles• High-profile positions that requires coordinated coverage of the market• Difficult-to-fill positions due to location, narrowly-defined requirements or scarcity of appropriate candidates
For additional information, please contact our Retained Search Services team:
Dave Benton Dave RetfordPartner, Retained Search Services Director, Retained Search [email protected][email protected]+1 312 867 2338 +1 312 867 2345
