Why experimentation—and Excel—might hold the key to success

​In a special session of the Re/insurance Lounge, Caroline Bedford, chief executive of consultancy EDII (educate, develop, innovate, inspire), which offers innovation, education and development services to the specialty insurance market, led a discussion with these rising stars:

Courses for horses
Despite being still relatively early on in their careers, most panel members already had experienced a varied career. Stainer, for instance, started in Aon’s graduate scheme before moving to cat risk modelling specialists RMS and from there to Lloyd’s as an exposure management manager.  

“I’d say my career journey has been pretty varied so far,” she said.

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Thomas, meanwhile, started his career with technology company Sciemus before moving to Willis and then StarStone Insurance before joining Probitas. The youngest member of the panel, Cliff, started in broking before switching to underwriting three years ago.

Zhou was the exception on the panel, finding his niche early. While many people almost fall into the industry—or like Cliff, whose stepfather was a broker, have a family connection—Zhou’s route was deliberate and focused. Keen on maths at school, he searched for an industry that would allow him to find a practical use for his interest.

“Growing up, probability was something that really attracted me,” he said. “I discovered the actuarial profession early in my freshman year in college and started taking exams. I got my first internship in my sophomore year and tried the life and health and the P&C sides.

“By the end of college, I’d figured out that I wanted to be an actuary and in the industry as well.

“By the time I graduated, I had done three internships, finished five exams and was looking to complete the rest as quickly as possible.”

There are benefits of the varied route, in allowing individuals to try not just different disciplines and roles, but various types of organisations. Thomas, for instance, moved from a “tiny” business to giant Willis, where he learned not only that broking was not for him, but that smaller organisations have their advantages.

“It created more space for me in terms of career growth because there weren’t 10,000 other people in the organisation who could tackle a particular problem. You can position yourself as much more of a go-to figure,” he explained.

“I also found that the learning opportunities and challenges thrown at me in a small company were much more interesting,” he added.

“I’m not saying you’re not going to experience challenging growth in a large company because that’s not true, but the range of things that will cross your path tends to be a lot broader within a small organisation.”

Stainer also has no regrets about taking the scenic route in her career. “I’ve learned and grown in every role, and the opportunities that have come up have led me to where I am today,” she said.

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The rise of technology
As for the challenges ahead, they’re likely to involve technology for our rising stars.

“It’s a fascinating time to be involved in the industry,” said Cliff. “It’s an industry that has its traditional roots and old-fashioned values, but I think 2020 forced us all into adopting more technology in a sector that can be slower to move than other financial industries.”

Zhou agreed: “Clearly, the world around us is changing, and within our industry, in particular, we’re at a crossroads. There’s a lot of technology that has been built outside the industry, and because our industry is complex and regulated, it’s slower for us to adopt. But change is coming.”

It’s not just the latest technology to keep an eye on. One of Thomas’s top tips for those seeking a successful career in the industry is perhaps surprising.

“It’s a bit boring but learn how to use Excel; learn to use it really, really well. I don’t care what role you’re in, what company or division—at some point in your career, you are going to be spending a lot of time in an application that, quite frankly, very few people in this market actually know how to use,” he said.

The rise of technology does not reduce the importance of people. Indeed, for Stainer, the increasing influence of technology and innovation is just one significant change she’s seen in the industry over the last decade. The other is an expanding range of backgrounds and experience brought by people into the industry.

“Diversity and inclusion have become a really big part of the industry, which is fantastic to see,” she said.

“It’s amazing to see organisations putting that at the forefront of their forward-planning, and it’s going to become even more important in terms of us attracting young people and having good, diverse and inclusive best practice to attract and retain good talent as well.”

To view the full Re/insurance Lounge session click here​.​