Careers in risk and planning

Caspar BartingtonCII

Simon Tresadern Ansvar

Chris Denham Dip PFS Positive Solutions

The CII is…

• The world’s largest professional body for risk…and financial services (PFS)• 95,000 members in 150 countries

What is risk about? • So much more than what is on TV• Peace of mind and trust – “risk transfer”• A people profession• Global• Personal and commercial• Large – £300m paid out in claims every day

Long-term strategy reduces exposure

• Investments worth 23% of total net worth of UK economy• Greater reach than any other FS sector eg 70+% of households buy risk coverage• Social assistance eg £195m paid each day to pensioners and long-term savers• The most popular place for long-term savings

A stable profession

Diverse challenges:Natural disasters, economic recession, law, piracy, entertainment, sport

UK context:

A global profession

• Over 300,000 employed directly + 1m• 2nd largest export• 3rd largest market in the world• 23% of the total net worth of UK plc

Specialist:

• Claims, fraud, loss adjusting, underwriting, broking, risk management, surveying

General:

• Accounting, marketing, HR, IT, business development etc

Progression based on ability, not time served

Job areas

Simon TresadernCommercial Underwriter

My career(s) so far• University life

• BA (Hons) from Derby University in American Studies and Religious Studies

• Never considered insurance as a career option (does anyone?)

• Since University • Travelling round USA• Computer game designer• Retail sales• 2 years as an insurance broker in Haywards Heath• 3 years with RSA in Horsham, 2 years in London

Now…• Employed with Ansvar Insurance as an

Underwriter specialising in Financial Lines• Ansvar - Charity and church specialist which

employs 80 people in Eastbourne, with sister offices in Australia and New Zealand

• Part of Ecclesiastical, a company based in Gloucester employing over 1000 people in the UK, Canada, Ireland, Australia and New Zealand

Underwriter? Financial Lines?• Underwriters determine the basis of an insurance

contract. The price, terms and conditions, clauses, or whether we will provide any insurance at all

• 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

• Financial Lines insurance is specialist insurances for professionals to cover them for errors they might make

• One of many types of insurance

The $6m question:

• Variety of roles – Underwriters, actuaries, accountants, business leaders, risk assessors, claims handlers, fraud investigators, marketing executives, event organisers, sales teams and more

• Intellectual challenge – Requires use of brain cells• Opportunity – Career development, overseas work,

secondments• Good causes – Actually helping people continue to

operate their business

Why on earth would anybody want to work in an industry as boring as insurance?

Depends on location and role:

• Starting salaries vary from £18-25k• 3-5 years’ experience vary from £25-50k• Professionally qualified with experience vary from £50-100k+

Excellent professional developmentWork-life balance stronger than other sectors

Salaries

Qualifications

• CII Certificate in Insurance (A level ) • *CII Diploma in Insurance (degree yr one)• *CII Advanced Diploma in Insurance

(degree) – also known as ACII

• Fellowship (FCII) • Chartered status – Insurer, Insurance

Broker, Insurance Practitioner

A people profession, so•Communication•Negotiation•Flexibility – international opportunities•Languages can help•Commercial awareness very important

•Numeracy not essential

Skills

Other major players

And many more…….

www.insurancecareers.cii.co.uk

• Business explanations • Profiles• Case studies • Job descriptions • Links to employers

What is financial planning? • About people, not just numbers• Understanding and supporting changing needs over many years• An ever-changing environment• An opportunity to earn significant sums• Not a 9 to 5 job – you’re in charge!• A range of roles from individual to corporate

Chris Denham Dip PFS

1986 – joined Nat West’s Trainee Manager scheme; took FPC

1996 – joined Sun Life of Canada; won top consultant prize in

1999

2001 – joined small IFA practice

2004 – set up own IFA practice

Introduction

Everyone has a view on what to do with your money

Consumer confidence

Effect of changing demographics

RDR will lead to professionalism and changing structures by 2012

Banks and recession

Never been better?

Why Financial Services?

Roles within a product provider

Roles within a lender

Roles of an Independent Financial Adviser (IFA)

RDR will lead to professionalism and changing structures by 2012

Banks and recession

Never been better?

Providers v Intermediaries

Join provider or large IFA practice

Qualifications and training

Company benefits eg salary, bonuses, cars, pension, insurances

Good career path

Be your own boss

No nine to five

Career paths and benefits

Networking breakfast

Prepare for appointments

Meeting with broker consultant

Client appointment to discuss retirement planning

Client appointment to discuss mortgage

Back to office to reply to messages etc

A day in the life

Qualifications

Licence to practise area

• CII Certificate in Financial Planning – key now

• CII Diploma in Financial Planning – key for you

• CII Advanced Diploma in Financial Planning

• Fellowship – FPFS• Chartered Financial Planner

SkillsNot just numeracy!

• Analysis• Negotiation• Written and verbal communication• Adaptability and flexibility• Relationship building• Commercial awareness in demand

Looking ahead – risk

• Many graduate schemes• Most open Q3 • Most close by year end • Limited internships and placements• Getting work experience will really help• Size of company not important

• RSA– www.rsagroup.com/rsa/microsite/graduates

• Willis – www.willis.com/careers/graduate_careers/The_Graduate_Program/

• RBS– www.makeitrbs.com

• AXA – http://jobs.axa.co.uk/graduates/index.html

• Zurich– www.zurich.co.uk/graduates/home/welcome.htm

• Ecclesiastical– www.ecclesiastical.com/aboutus/careers/graduatescheme/index.aspx

• Allianz – www.allianz.co.uk/careers/graduates/graduate.htm

• Aon – www.whatifaon.co.uk

• Lloyd’s of London – www.lloyds.com/about_us/careers/graduate_careers/

Some useful websites

Looking ahead – planning

• Very few formalised graduate schemes• Getting work experience will really help• More likely to be with an SME – no problem

Credits with your degree

Insurance framework• Typically 3 years to get to ACII level• You will get credits equal to two or three units

(saving several months of study) with a degree in one of the following •Accounting•Business•Economics•Finance•Law•Management

Credits with your degree

Financial planning framework• Typically 2 years to get to Dip FP level• You will get credits equal to two or three

units (saving several months of study) with a degree in one of the following •Accounting•Business•Economics•Finance•Law•Management

• Certificate-level exams available online• Take these during vacations• Work experience is incredibly valuable• Membership and networking really helps

Get ahead before graduation

www.cii.co.uk/membershipwww.thepfs.org/membership

• Great professions with wide range of roles• Great opportunities to progress quickly

In summary

www.insurancecareers.cii.co.ukwww.cii.co.uk/www.thepfs.org talent@cii.co.uk

• New risk-focused website• Interactive career builder• More case studies, news, blogs

Coming up

www.discoverrisk.co.uk discovery@cii.co.uk From early Feb