Ones to Watch in 2016
Company: PwC Name: Charles Garnsworthy
PwCs Actuarial Services is a network of over 1,200 Actuaries across the global firm, with expertise across insurance and broader risk and analytics advisory services. They have local actuaries in 45 countries around the world. They also help their clients with risk and regulation, actuarial and finance modernisation, growth strategies, capital and asset/liability management, deals and M&A, run-off, predictive analytics, financial reporting and assurance and control over their businesses. PwC is also the biggest Actuarial Services provider amongst the ‘Big Four.
Charles Garnsworthy, Global head Actuarial services, reveals that PwCs Actuarial business has made a strong start to the financial year across the practice. “This is reflective of growth opportunities represented by regulatory change and market developments. We have seen demand grow for our services beyond traditional areas, such as insurance and banking to non-traditional sectors and clients across broader services, corporate clients and the public sector” he explains. UK markets Garnsworthy was then asked to give insights into the UK region, especially any specific challenges and opportunities here. “Earlier this year I was leading the UK Actuarial Services practice. In the UK, we have seen significant change brought about by Solvency II and the strategic implications this has on organisations. Recent ‘Pensions Freedom’ rules brought in by the government in April are leading to a number of clients considering how they evolve their business strategies to accommodate this disruption” he replied. Asian markets As lead the Global Actuarial practice for PwC, Garnsworthy will be moving to Asia in the New Year to lead the practice from there. He sees the Asian markets providing real growth opportunity and then expands on this thought: “The markets in Asia are experiencing regulatory and market changes, similar
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to what we see in Europe and North America. In addition, real GDP growth in a number of Asian territories is fuelling personal wealth and many markets are seeing a rise in the demand for insurance services, creating a thriving market” he explains. Staying at the forefront “There is absolutely no substitute for spending time in the market, both talking to and listening to our clients to understand what issues they are facing but also learning from leading key market influencers and technologies” Garnsworthy comments when asked about working in an industry that is constantly evolving, and ensuring that his company is at the forefront of any emerging developments. He then adds, “the advantage of working at PwC is that we have a range of viewpoints, from colleagues across sectors and different lines of service. We are able to collaborate with colleagues across the globe to evolve our capabilities, enabling us to better serve our clients.” The final word goes to Charles Garnsworthy who gives a glimpse into the future for his firm and their plans for 2016 and beyond: “I am looking forward to working in Asia - it is market full of opportunity. We have ambitious plans to grow our business and there are significant opportunities in insurance and the wider financial services market worldwide. We continue to grow our Actuarial practice and finding the right talent to support us on this journey is key.”