Why your actuaries need to be front-facing as well as focused

Introduction: don’t rule out time in the office

24% of general insurance actuaries would accept a role that required working five days a week in the office, providing it was the right role. 27% would at least be willing to think about it, which means that less than half, 49%, would rule it out entirely. Clearly, time working remotely is important to actuaries – but in a profession that’s becoming more client-facing all the time, you can’t underestimate the importance of time in the office. So what do you need to think about when looking to give your people the right balance?

The value of remote working

69% of actuaries select one day a week in the office, and a quarter select fully remote, in their top three working arrangements. For some, less time in the office is ideal to help them focus on the analytical side of their role, free from distractions. Capital modellers, for example, need a quiet, uninterrupted environment to complete complex, focused tasks such as coding, model parameterisation and validation, which are now easier for them to do remotely thanks to advancements in capital modelling software.

The value of being in the office

Real-time reactions to the market

For some actuaries, there’s a need to go into the office to reflect the market they work in and the behaviour of their clients. The Lloyd’s market’s face to face culture is crucial for handling complex risks like hurricanes, large energy projects and shipping. It also means that actuaries need to be in for at least three days a week. This is not just for the sake of visibility; being onsite means they can make immediate adjustments to models based on live feedback from underwriters and brokers. It also helps them pick up the nuances of risk appetite that aren’t captured in a spreadsheet.

Many of the insurance leaders we speak to are increasingly insisting that their pricing departments are in close proximity to underwriters so that they can work together and manage risk more effectively, as well as showing clients that they’re always on hand.

An increasingly front-facing nature

The acceleration of digital transformation has shifted actuaries’ focus from routine modelling to real-time, strategic decision making alongside underwriters and business leaders. That means in-person relationship building is more important than ever. First of all, it’s vital for managing commercial pressures, handling client demands and building rapport, helping actuaries develop their communication and relationship building skills. There’s also a practical value, as certain tasks, such as complex model reviews, are more difficult when done remotely.

Seniority can be significant

Whether they’re just starting out in their careers or established in their roles, actuaries benefit in many ways from spending time in the office.

Junior actuaries, who quite often started their careers during COVID, are keen to develop their collaboration and networking skills, which were left relatively underdeveloped when working entirely remotely. Being able to quickly get support when they need it is crucial for their immediate development, and increasing their profile and gaining exposure to other areas of the business are important to their longer term development.

Although more experienced actuaries often prefer time away from the office, those with management responsibilities value being onsite to provide training and guidance to direct reports. They might also find it easier to explain complex concepts to their non-technical stakeholders in person, rather than over a video call.

Conclusion: understanding your actuaries’ needs

These days it’s easy to offer your people flexible working and think your job’s done. But there’s so much more involved in providing a balanced working environment that caters to their differing needs. Remote time is important, but while working arrangements haven’t entirely come full circle just yet, don’t lose sight of the significance of time in the office.

Actuaries’ working preferences depend on many factors, such as the market they work in, the requirements of their role and their seniority, all of which may change during their careers. The best way to keep up with these shifting needs is to work closely with them to understand not just their roles, but them as individuals.

If you’re an actuary looking for your next role in general insurance, are a general insurer looking for actuarial talent or for more advice on providing the right workplace for your people, get in touch with our team now.

These insights are derived from our Actuarial UK Skills and Workplace Attitudes Survey. If you’d like to see the full results, please request a download of our report here.