Oliver Bailey

Some InsurTechs have begun to turn to a solution that, just a few years ago, many had never even heard of, let alone considered. This solution is assessment - specifically, psychometric trait assessments. Psychometric assessments offer evidenced based ability and behavioural profiles of individuals. They can be used for recruitment and selection, for team development, or for talent development to improve team dynamics and reduce founder conflict. In the context of a fast-growing InsurTech scaleup, using assessment allows teams to get a sense of the skills gaps in their management team, as well as any potential behavioural gaps. If the team is unbalanced in any direction, assessment will help to uncover this fact, and take action to correct it. It can be a great way to help mitigate the risks of hiring the wrong person. In an economy where competition for top talent is fiercer than it has been for years, and in a sector like InsurTech where hiring the wrong talent can mean the difference between success and failure, there is a strong argument for using assessment. If you need support navigating the changing recruitment landscape and secure top talent in the Insurance industry, contact us today. #Adapt #Evolve #InsurTech #Recruitment #Hiring

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There was a time when being Trustee of a Pension fund (or a NED of a publicly listed company, for that matter) was perceived as a nice way of unwinding, following a busy professional career! Think again. So many recent cases are highlighting the personal liability risk that Trustees (and NEDs!) are taking in accepting these roles. Our very own Hamza King reminds us of this (and gives suggestions on how to mitigate such risks) in another great Insight publication from Rising Edge Ltd! #Trustees #Directors #Litigation

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Navigate your actuarial career with confidence! Whether you're negotiating your salary, planning your career trajectory, or keeping up with emerging trends, the DW Simpson Salary Survey is your essential tool: ✅ Negotiate with Confidence: Use our data to ensure fair compensation for your skills and experience. ✅ Plan Your Career: Understand the factors driving career advancement and identify growth opportunities. ✅ Stay Ahead of Trends: Discover how technological advancements, regulatory changes, and industry demands are shaping actuarial compensation. Take control of your career and make informed decisions. Learn how: https://nsl.ink/dRj5 #ActuarialSearch #AnalyticsRecruiting #ActuarialSalarySurvey

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◻ Empowering Female Actuaries: Round table Roundup! ◻ Yesterday, Oliver James hosted another successful "Empowering Female Actuaries" round table session at One Lombard, chaired by the distinguished Jenny Segal—an actuary, author, and NED who is featured in The Actuary Magazine this month! We were delighted to host an inspiring group of professionals, including Tripat Riyait, Karina L., Orla Ward FIA, Sarah O'Sullivan, Tasneem Harnekar, and Abigail Fairhurst, along with my colleagues Laura Sharkey and Naomi McGee. Our discussions covered critical topics such as the Authority Gap, male allyship, and the importance of positive role models in the industry. Positive role models come in all forms, whether it's a senior stakeholder being vulnerable and discussing mental health, or a male stakeholder promoting the benefits of taking their six-month paternity leave on their career and family. It was noted that females are more likely to make changes to their career with a view of family planning, well in advance of their male counterparts. They often ask themselves, "Is this the place where my career can flourish as a parent?" Many of the areas we discussed pertain to workplace cultures and the improvements that can be made. (Jenny has written a wonderful book on this topic: Building Better Workplace Cultures!). Women are sometimes given conflicting advice about how to progress their careers in a male dominated industry, some being told to "behave like a man", with the effect then as being seen as "too bossy" rather than seen as being "authoritative". We rounded off by talking about the importance of bringing one's authentic self to work and seeking connection through friendships, support networks, and networking groups. However, it was noted that networking events should be more inclusive, allowing those with evening caring responsibilities to attend as well. One important takeaway: please don't ask a parent returning to the office how they feel "returning to work," as they haven't stopped working while on leave—they've just had a different manager 😉 , and parental leave isn't just a "nice break." #EmpoweringWomen #Actuaries #Leadership #DiversityAndInclusion #WorkplaceCulture #MaleAllyship #PositiveRoleModels #Networking #WorkLifeBalance

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On Profiles in Risk - Ep. 584, I chat with Lloyd Peters, Head of Revenue at Send, an underwriting workbench which is a single desktop that gives all underwriting a team a single place to work and progress core underwriting activity from broker submission all the way to binding and booking the policy. It includes all the activities you need in one place. LINK TO THE SHOW IN THE FIRST COMMENT! #Insurance #Insurtech

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Rate increases have moderated materially over a year, while top-line growth has held more steady, with Lloyd's insurers' Q1 trading now reported.  Beazley explicitly re-iterated its FY top-line outlook, and Lancashire Insurance Group its combined ratio and ROE targets. The 5% decline in Hiscox's London Market premium was unexpected, as was guidance for Q2 UK Retail top-line growth to moderate, but total premium growth in Q1 nudged up from Q123 and FY23 increases. This was despite a material slowdown in rate increases in Q1, as seen to a slightly lesser extent at its peers (see below).  A willingness to grow among Lloyd's insurers, despite moderating rate increases, reflects good rate adequacy in general, and, as US peers have also commented upon, sustained or even increasing demand in many lines. Profit numbers at H1 should give a clearer picture. Note that rate movements below are risk adjusted, except for Hiscox Retail, which is gross of assumed inflation. Top-line definitions differ slightly.

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So I did a quick poll this week and the results were overwhelming…. The main reason for the vast majority of people to move jobs in insurance is to get more money. So here’s a simple flow chart…. 1️⃣ - are you feeling underpaid right now? No - fab, stay where you are Yes - move to step 2 2️⃣ - have you already had a direct chat with your boss about your financial package? No - go and phone your boss Yes - move to step 3 3️⃣ - are you now happy with your financial package? Yes - great, stay where you are No - call IDEX The average pay rise for those getting a new insurance job via IDEX is 17%. Oh and if you are using a job offer as leverage to get more money in your current job, then just don’t. You waste everybody’s time and it’s just cockend behaviour - #smalldickenergy For a better salary, get in touch. 07487706391 / [email protected]

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🤞 Actuarial Students receiving results 🤞 Best of luck to all the actuarial students in my network getting their results this week! If you are interested in finding out how these results should effect your remuneration and responsibilities then reach out to learn more. For those of you who were waiting for results to discuss your next career move then get in touch to set up a call or pre-Christmas coffee! Good Luck ☘️ #ifoa #actuarialexams #generalinsurance

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Through many a conversation this year it's clear the Insurtech industry, like others is primarily focused with one particular age demographic. The majority of opportunities are for people in the (30-50) age range which leaves a huge amount of untapped potential for both young and elder talent. Tackling one part of this issue is Experts 4 Insurance. They have developed a platform to bring together experienced insurance experts in a network and reliably close capacity gaps where specialists are needed. We discuss frequently how underappreciated fractional solutions are and these guys bring dynamism to your business with concentrated expertise. The other piece to the puzzle, driving young people into the insurance industry is a problem we're tackling head on. Can't wait to reveal our plans in the new year. Keeps your eyes peeled on the Founders Circle page. In the meantime please reach out to Robert Buchberger or Sten Nahrgang for any of your fractional needs and for any specialists or C-level professionals looking for their next gig I recommend checking out the platform. https://lnkd.in/eUYemMiZ #Insurtech #Fractional #Hiring #Ageism

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Well done on such a big achievement Dynamo Analytics . Please reach out if you want to hear more about Dynamo's reserving philosophy and how we are using Psicle to transform reserving processes. #reserving #actuarialtransformation #automation

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If legacy providers charge high cloud fees, how are they incentivized to run faster? Try Stoch’s Atlas platform for the power and efficiency you need.

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Creating deal value by improving operational efficiencies is nothing new – but this article from McKinsey is right to highlight its increasing importance in the current economic environment. Some thoughts on what this means in terms of W&I/R&W claims risk… - The idea that stable and established businesses present a lower claims risk is cast into doubt – buyers of stable and established businesses are now much less likely to be able to profit from an investment by just loading up on debt, then waiting for a bit of growth and a good exit opportunity. Creating value from operational efficiencies is therefore becoming more and more essential in getting these deals over the line.  - However, stable and established businesses can be some of the most difficult places to execute efficiency gains. - It might also be hard to spot the warranties that support efficiency gain assumptions, especially without full disclosure of the buyer’s strategy. - Traditionally, ‘reasonable foreseeability’ and ‘special purchaser’ defences could be used against claims based on failed operational efficiency gains – these defences weaken significantly if most alternative purchasers would have sought to achieve the same gains. - A buyer’s experience and ability to drive efficiency gains after closing is likely to play an increasingly crucial role in reducing claims triggered by buyer’s remorse.

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Howden’s acquisition game is strong! 🎯 With ActiveQuote now in the fold, they’re set to dominate the UK health insurance market. Looks like it’s time to ‘compare’ notes on what winning moves look like in the industry. 💼👏 #InsuranceInnovation #AcquisitionSuccess #HealthInsurance

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Bruce Carnegie-Brown, chairman of Lloyd’s of London, has objected to the redevelopment of the former Aviva building near Leadenhall Market into a 73-story skyscraper, known as 1 Undershaft. He argues it would eliminate an important public space. The skyscraper, designed by Eric Parry, would be nearly as tall as The Shard and include an 11th-floor public garden. Some architects also oppose the new design, preferring the existing modernist structure. A vote on the project is scheduled for later today【CityAM】 What do we all think? Do we want to put this up there? https://lnkd.in/etM42Sbz

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👀 An interesting insight from Reinsurance News on how the industry could be expecting average annual losses with a new high of $151 billion according to a study from Verisk! Rapid urban expansion and exposure growth is one of a number of factors as well as impacts of climate change and variability. Take a look at the article here 👇 https://lnkd.in/eGMSh63N #claimsadjuster #catlosses #insurancecareers #lloydsoflondon

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𝗢𝘂𝗿 𝗕𝗼𝗹𝗱𝗲𝘀𝘁 𝗣𝗿𝗲𝗱𝗶𝗰𝘁𝗶𝗼𝗻 𝗳𝗼𝗿 𝟮𝟬𝟮𝟱 Finance and actuarial roles are changing faster than ever. AI, risk analytics, and new regulations mean the skills you needed yesterday may not be the ones you need tomorrow. But one thing will never change: The best talent always finds a way to stand out. Need help staying ahead? We’ve got you covered. #FinanceRecruiting #ActuarialTalent #FutureOfWork #FinanceCareers #AIInFinance #TalentAcquisition #CareerGrowth #RiskManagement

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The rise of non-traditional roles 📈⬆ This has been an ongoing theme in recent years with actuarial roles becoming more varied and less traditional. But what does that actually mean? Roles were historically siloed to one function with a clear outline of responsibilities and boundaries between other key areas of a business, whether that be underwriting or analytics, to name a few, but that's not always the case now. The breadth of roles is forever changing and growing to incorporate responsibilities that would traditionally fall into another area, and it's now common for a role to breach those boundaries and it has created diverse roles that allow someone to continue developing whilst honing existing an existing skill set. This is done in multiple ways, and for various reasons, with some key ones being in-house project based roles, the growth of data science, transformation projects, and realising the strategic advantage of someone from an actuarial background to liaise with other key stakeholders in a business. There are also more simple versions where a position may just incorporate 2 (or 3!) functions In my opinion, it's creating an undeniable synergy between departments and allowing actuarial professionals to add further value and help streamline the processes and plans a business may have. Another key benefit is that it is making roles more interesting! Naturally, not everyone will be interested in a non-traditional role and there's still an abundance of the classic roles, but what do you think? Are the non-traditional actuarial roles benefitting the industry or are they leading us down a path of uncertainty? If a non-traditional role is something you would be interested in, reach out and I can speak about the ones we have now and let you know when others come up.

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Navigate your actuarial career with confidence! Whether you're negotiating your salary, planning your career trajectory, or keeping up with emerging trends, the DW Simpson Salary Survey is your essential tool: ✅ Negotiate with Confidence: Use our data to ensure fair compensation for your skills and experience. ✅ Plan Your Career: Understand the factors driving career advancement and identify growth opportunities. ✅ Stay Ahead of Trends: Discover how technological advancements, regulatory changes, and industry demands are shaping actuarial compensation. Take control of your career and make informed decisions. Learn how: https://nsl.ink/dRj5 #ActuarialSearch #AnalyticsRecruiting #ActuarialSalarySurvey

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