Make a Career Out of Better Decisions

 

 

Titilayomi

University: University of Manchester
Degree: BEng Electrical and Electronic Engineering
Current job title: Actuarial Analyst (Risk and Modelling)
Solution line: Wealth Solutions

Why did you choose this profession?

Towards the end of my university programme, I began to consider my career options and opportunities. I have always enjoyed working with numbers, conducting data analysis and problem solving. As such, I was looking for a client-facing role that would allow me to utilize these skills.

Actuarial consulting piqued my interest, and I had several discussions with expert actuaries to understand the profession. I found it interesting and unique, because it provides me with the opportunity to use analytical skills to advise clients about actuarial-related issues. Choosing to become an actuary was easy when I considered the availability of opportunities for growth, improvement and diversification within the industry.

What does your current role involve?

I work in the risk and modelling team at Aon. In my team, I assist in ensuring that companies are fully funded to pay out their pension schemes to members. This involves modelling their assets to accommodate for changes in inflation/interest rates by doing Liability Driven Investment (LDI) monitoring, Asset Liability Management, Cashflow benchmarks and lots more! My role also involves liaising with clients to understand their approach to risk and investment, assessing the demographic characteristics of their pensioners, and preparing reports accordingly.

Do you have any advice for anyone wanting to enter the profession?

My advice for anyone exploring actuary consulting would be that they have an interest in using their mathematical skills. It’s easier to apply for actuarial consulting roles when you have a clear understanding of the career path and its requirements. This will help you relate your professional skills to the duties of a consulting actuary and will put you in a better position to promote yourself.

Engage with other professionals via LinkedIn and conduct your own research to understand the skills required for your career path. I would also advice that you participate in internship opportunities. These positions will help you gain preliminary experience in actuarial consulting and help you to decide if the role will be a good fit for you.

 

Georgina

University: Durham University
Degree: Mathematics BSc
Current job title: Actuarial Consultant
Solution line: Wealth Solutions

Why did you decided to pursue this profession?

I desired a career where I could use the mathematical and analytical skills I developed at university and continue learning through professional exams. Aon stood out to me as a graduate because of their exceptional study policies, support throughout the application process and the inclusive, welcoming nature of the company. I started working on a range of trustee advisory and corporate advisory client teams and, after being promoted to consultant, eventually decided to join the corporate consultancy team. I enjoy the fast-paced work involved with corporate consulting and being face-to-face with clients.

What does your current role involve?

My main role as a corporate actuarial consultant is to assist client leads with providing strategic and funding advice to sponsors of DB pension schemes. A large part of this role involves producing pension accounting disclosures for the sponsor’s wider financial accounts.

I am also a member of the member options specialist team and IFA selection team where we advise clients on how they can reduce their liabilities via liability management exercises and provide members with more options and support at retirement. I am also a local resourcing manager for my office and Actuarial Apprenticeship champion, assisting actuarial students with their apprenticeship.

Background to qualifications and training

I completed the actuarial examinations towards becoming a fellow of the Institute and Faculty of Actuaries. This involved 13 exams, one of which I had an exemption from my university course. The exams started by covering the basics of actuarial mathematics, statistics, business finance, economics, modelling and communications. Then, the later exams focus on actuarial practices and pensions specific actuarial consulting.

Throughout my career I have had exceptional training opportunities, including a two week in person induction and regular training days. A lot of my technical knowledge came from my senior team members, who always took the time to pass on their knowledge and answer any questions. I have also had great opportunities to meet clients and develop my presentation skills and style.

What are your future plans?

I am going to continue developing in my role as a consultant and over time work my way towards being a client team lead, directly advising clients on the appropriate strategy for supporting their pension scheme. I am also planning to take on a people management role to assist in the development of more junior colleagues.

I am always looking out for opportunities to present to continue improving my confidence and presentation style.

 

Sunneth

University: University of Warwick
Degree: Biochemistry
Current job title: Client Manager
Solution line: Commercial Risk Solutions

What did you/do you enjoy most about the programme?

I have enjoyed the learning experience on the graduate program. Most people at Aon are willing to take time out of their day to sit down and explain concepts to you and aid your development regardless of seniority. The rotational aspect of the program has been great, as it has allowed me to see different parts of the business while I figure out where I would like to end up. Additionally, there are many events organised for the graduates especially when we first started which is great for us to get to know each other in a more social setting.

What advice would you give future graduates applying for the programme?

I would advise future graduates to network as much as possible when they join, and to meet people from outside of their practice area. I think it is important to take advantage of events and socials taking place outside work. I am a member of the multicultural network as well as the Aon and Lloyd’s netball team, which has enabled me to meet a wide variety of people within the insurance industry. I would emphasise that as a graduate, no one is expecting perfection from you or for you to know everything but, the most important quality is willingness to learn and work hard.

Why did you join Aon’s graduate programme?

I participated in an event called “BAME Future Leaders” which covered opportunities at Aon within the insurance and reinsurance space. We learnt a lot about the sector over the two days which sparked an interest in me to apply for a full-time graduate position. Coming from a biochemistry background, I wasn’t sure if I would be disadvantaged in the application process, or if I would have the right skill set for the role however, I was quickly reassured that Aon values employees from all disciplines and are invested in developing each new starter. I wanted a role that would be intellectually stimulating, and as one of the biggest brokers in the world, I have had the opportunity to work on the more complex problems in the industry, with big global clients. No two days at Aon have been the same, and I have been given the opportunity to stretch myself and be challenged.

What’s next for you at Aon?

I will shortly be moving on to my final rotation on the graduate program, before being placed in my permeant role. I plan to finish my ACII qualification and to continue to learn more about the industry, developing my skills as a broker. As I gain more experience, I look forward to taking on more responsibility and having more client interaction.

 

Samah

University: King’s College London
Degree: Neuroscience MSci
Current job title: Broker
Solution line: Commercial Risk Solutions

Why did you choose this profession?

As someone who was tied to the lab during her degree and very much isolated in a slow-paced environment, it was constantly frustrating to not see the difference my work made. Hence, I sought a more fast-paced environment in an ever-evolving field which revolved around relationships and constant problem-solving, where I could visibly see the difference my contributions made.

Working in insurance is certainly rewarding - being able to directly work on insurance placements to protect clients during adverse events and directly contributing to the growth of the insurance sector. Also, it is thoroughly interesting; you are learning something new every day be it through your day-to-day tasks or through your ACII studies and no two days are the same. I also appreciate the demands of being a broker, a pleasant balance between social and admin-type tasks, both enjoyable and enlightening in their own respects.

What are your main duties?

During my first rotation in North American Property, I was quickly introduced to the electronic platforms for creating the slip and placing the risk and assisted with creating slips and endorsing slip amendments. Currently, as part of the Healthcare team I help produce submissions to present various clinical trial, medical malpractice and professional liability type risks to insurers.

I am also heavily involved in data analytics such as loss run and exposure analysis, a critical aspect of the submissions enabling us to create high-level snapshots of the risk to assist negotiations. Also, since we have a team dedicated to creating slips and endorsements, I have more time to shadow other brokers during renewal negotiations and client meetings and I have been able to do an assisted broke - I am currently progressing towards broking independently! Other than this, I also routinely deal with requests for information and queries, critically indexing correspondence between the network/client.

What skills are useful in this profession?

Organisation and time management are key and, combined together with the ability to prioritise effectively, will enable you to work on multiple accounts at a time which is a core skill you will need especially for the busy periods.

Excel is also widely used so the quicker you can become proficient at it, the more you can do with excel to enhance the quality and efficiency of your work. Interpersonal skills such as verbal and nonverbal communication, the ability to handle conflict, listening, and teamwork are also critical for relationship development and management.

Finally, a can-do attitude is very important.

 

Tania

University: King’s College London
Degree: BSc (Hons) Nutrition
Current job title: Graduate, M&A and Transaction Solutions
Solution line: Commercial Risk Solutions

What is your role and how long have you been at Aon?

I joined Aon’s graduate scheme a few months ago, working within Aon’s M&A and Transaction Solutions (AMATS) team. The graduate scheme consists of three sixth month rotations and my current rotation is in the Risk and Insurance Due Diligence team, which sits within AMATS.

Tell us a little bit about yourself and your background?

I graduated from King’s College London in July and had a great three years there, despite the pandemic! Outside of work, I enjoy baking, going for walks and spending time with friends!

What inspired you to apply for this role/this company?

I was inspired to apply to Aon for a variety of reasons, but particularly because of everything that Aon does for inclusion and diversity. For example, all the fantastic Business Resource Groups (BRGs) that Aon has, which all support very important areas, including the Multicultural Network (MCN) and the Social Mobility Ally Group, which I have now joined myself as an employee. As well as this, I resonate with all of Aon’s values of being committed, united and passionate.

What has been the single most important thing you learnt so far in your job?

In my job so far, the single most important thing I have learnt is how important collaboration and effective communication with other colleagues is, which is a lot easier to do when working in the office. This makes it so much easier to share ideas, receive advice, ask for help and learn from others, especially as a new graduate.

What would a ‘normal’ day look like for someone in your role?

I would say that a ‘normal’ day for someone in my role would start off with checking emails, and then consist of attending any team/project meetings, working on completing project reports and liaising with other colleagues in relation to this. Within the AMATS team, we complete specialist due diligence reports on behalf of our clients on companies that they may be looking to acquire or sell, for example. These reports evaluate past, current, and future exposures which may impact the transaction. When completing these reports, we also liaise with other colleagues in different teams to gather more specific information, including Human Capital Solutions, Financial Lines, Warranty & Indemnity and Tax, Cyber, and Intellectual Property, which all sit within AMATS.

What do you find most interesting with the sector/industry you’re in?

With the industry I’m in, I find it quite interesting how there is so much diversity in terms of the work you can do, from broking and underwriting to advisory. This just shows how vast the industry is and how there are plenty of options available to explore!

What is the company culture like?

The company culture at Aon is amazing! Before I even joined Aon, I could tell just how important wellbeing, mental health and inclusion and diversity are within the company. At Aon, we have a hybrid working environment, which is flexible for everyone’s needs. As well as this, we have two ‘Global Wellbeing Days’ a year, which are company holidays used to support our mental health and wellbeing. Everyone here is super friendly and always happy to help! As mentioned before, there are many BRGs to get involved with, depending on your interests.

How important is diversity to you and what is Aon doing in this space at the moment?

Coming from a BAME background myself, diversity is extremely important to me. To support diversity within the workplace, Aon has a range of BRGs, including: the Multicultural Network, Mental Health Network, Linking Generations, Gender IQ, the Workability group, Social Mobility BRG, the Pride Alliance and Parents & Carers. Aon has also been a proud partner of the ‘Dive In festival’ since 2015, which celebrates diversity, equity, and inclusion in the insurance sector through various events.

Finally, any tips for anyone who’d like to apply for a role at Aon?

For anyone who would like to apply for a role at Aon, my top tips would be to show curiosity, passion, and confidence throughout the application process, particularly in the video interviews and the assessment centre. It would also be good to do some research on Aon and the industry to gain an understanding of it, as well as commercial awareness. Aon’s Early Careers team run some brilliant programmes, such as Diverse Future Leaders, which I would definitely recommend applying to. These programmes will also give you the opportunity to network with current graduates and employees, which is a great way to gain a first-hand insight into what it is like to work at Aon.

 

Ibrahim

University: University of Glasgow
Degree: Accounting and Economics
Current job title: Associate Consultant
Solution line: Wealth Solutions

What is your role and how long have you been at Aon?

I joined Aon as an Actuarial Graduate in September 2021.

What inspired you to apply for this role/this company?

I very briefly covered actuarial work in my final year at university and I was interested in it even though I didn’t know much about it! I did some research and Aon stood out due to the emphasis on inclusion and diversity. Aon also offers many opportunities which stood out.

What has been the single most important thing you learnt so far in your job?

Time management – balancing work and studying.

What would a ‘normal’ day look like for someone in your role?

Hard to define! There’s a lot that happens and my days can be very different each week. Usually, I will have ongoing projects which I’m working on as well as meetings to catch up with various client teams.

What do you find most interesting with the sector/industry you’re in?

The constant changing environment of pension schemes makes working on them very interesting. I like that articles in the news have a direct impact on the work we’re doing.

What is the company culture like?

Very inclusive and supportive. Everyone is more than willing to come together and help solve any problems as a team and overall, a great environment to work in.

 

Lauren

University: University of Exeter
Degree: Mathematics with Economics
Current job title: Qualified Actuary and Consultant
Solution line: Wealth Solutions

Essential Skills to Succeed in the Pensions Profession

Communication

Strong verbal and written communication skills are key to be able to clearly explain complex, often technical information to your clients in an easy-to-understand way. Being able to answer questions and come up with bespoke solutions will also enable you to build trust within the relationship. You will also deliver advice, often via presentations, to trustee boards or company leaders.

Effective communication and engaging presentations are essential both to deliver your expertise to clients and the outside world, and to share knowledge and skills within the business.

Customer Service and Client Relationship Skills

As an actuarial consultant, being helpful and approachable is important to build professional relationships with both your clients and your colleagues. You will need to show awareness and understand their needs to ensure you maintain relationships that deliver the best of your company and yield the best results for your clients.

Problem Solving and Analytical Skills Working as an advisor in the pensions profession, an essential skill is the ability to break down problems, identify effective solutions and make recommendations.

Problem Solving and Analytical Skills

Working as an advisor in the pensions profession, an essential skill is the ability to break down problems, identify effective solutions and make recommendations.

Developing rational conclusions using both logical analysis and considering how short and long term challenges can be met will help you ensure your recommendations are optimal. These solutions will differentiate your company from their competitors, aid retention of clients and ensure you are delivering the best, most innovative advice for your clients.

Numerical

As an actuarial consultant, numerical aptitude is essential. The role involves statistical analysis, interpretation of results, data manipulation and regular Excel use. Being able to understand numerical and graphical information allows pensions professionals to consider all relevant factors when drawing conclusions and explaining their findings.

Time Management

As an actuarial consultant, you will be working across a number of clients and projects from day 1. Managing your time and ensuring you are prioritising and organising yourself effectively will be key to ensuring you deliver the required pieces of work as and when required.

Teamwork

Pensions professionals often work with a range of different people from day 1, including peers, managers and clients. You will need to build effective relationships with other team members and maximise the benefit of each member’s contribution in order to deliver the best service to clients. Effective teamwork will also ensure knowledge is shared within the team, and also that you are supported in your development, helping the company, and wider industry, to develop the best professionals of the future.

 

Joshua

University: University of Surrey
Degree: Economics BSc (Hons)
Current job title: Industrial Placement Student, Actuarial Analyst
Solution line: Wealth Solutions

Tell us a little bit about yourself and your background?

I’m from Reading and I would say that I’m an extrovert and good with numbers.

What has been the single most important thing you learnt so far in your job?

Communication with those you are working with is key.

What are the benefits of being based in your location?

The office in Farnborough is smaller than at other locations which is definitely a benefit. People here know each other really well, and I get to work with colleagues across a wider range of levels.

Any tips for anyone who’d like to apply for a role at Aon?

Don’t be afraid to ask questions, no one knows what they are doing when they first start!

 

Isaac

Current job title: Client Service Delivery Specialist
Solution line: Commercial Risk Solutions

What is your role and how long have you been at Aon?

I work within the Accident & Health team offering essential support to the brokers. I joined Aon in September 2021 as an apprentice.

Tell us a little bit about yourself and your background?

I studied Business and Law at College.

What inspired you to apply for this role/this company?

I wanted to work for a big company and after lots of research, found that Aon offered more opportunities than others in the market.

What has been the single most important thing you learnt so far in your job?

I think for me learning to believe in myself has been important as coming into a sector which I had no real knowledge of was daunting. However, this feeling is perfectly normal and my colleagues have been supportive and have helped me to learn.

What would a ‘normal’ day look like for someone in your role?

I do lots of different things each day, for example I set up new clients, create contracts, invoice policies and attend team meetings.

What do you find most interesting with the sector/industry you’re in?

Before joining Aon, I didn’t realise how large the insurance sector is and how much variety there is! My team works on sport and non-sport which is really interesting as we can range from insuring a footballer from a career ending injury to insuring large scale businesses for medical expenses or travel.

Any tips for anyone who’d like to apply for a role at Aon?

Research the company and the different early career opportunities. Learning more will be beneficial to you.