My Initial Thoughts – Differences in Recruiting for Investment Management vs. P&C
I could go on and on about the differences, so it may be better to just make a few bullet points!
P&C Actuaries Are Extremely Diligent When It Comes to Recruitment:
Candidates: Most people know exactly what they want (and can rank their preferences well), they are quick to update CVs and send feedback after interviews, and they spend a lot more time preparing for interviews.
Clients: Hiring managers are much more involved in processes, digging into candidates’ motivations for moving and why they’re interested in their specific teams/firms.
Pay Rises:
These aren’t as “inflated” as in the investments space because people are generally paid quite well, and for student actuaries, pay is heavily tied to exam passes. Talent acquisition managers and hiring managers are highly focused on ensuring parity within their teams. However, this can prove tricky because some candidates still expect pay rises similar to those seen in 2022/23, when the job market was busier, and £20k increases were common (at the post-qualified level)
DE&I in GI:
From my experience, the investment management space is much further ahead when it comes to DE&I. However, the P&C world has come quite a long way, especially considering it’s only been 50 years since Liliana Archibald became the first woman to conduct business in the underwriting room at Lloyd’s. The good news is that firms are highly driven to make recruitment processes more inclusive, ensuring equitable outcomes so the best person is hired for the job. As a recruiter, this means I focus on ensuring the right person actually hears about the opportunity! I’ve worked hard to build connections and networks this year to meet as many actuaries in the P&C world as possible and continue doing everything I can to help – this includes advising clients on how to make their interview processes more inclusive, getting continuous training from my L&D team/external partners and educating people around me on the topic (including my friends and family!).
The P&C World Specifically: What Have I Seen This Year?
Investment/Pensions Actuaries Still Want to Move Into GI:
This has always been quite a popular move, although 22/23 apparently had many more successful transitions. Based on my placements, partqualified pensions actuaries with 2+ years’ experience had the most success. The two main specialisms were reinsurance pricing (brokerage) and reserving (personal lines and London Market). Strong communication skills and exam passes were the most important criteria for my clients.
Going Into the Office More Often Than Not:
The flexible working situation post-COVID is slowly changing. Many firms have shifted to three days a week in the office. Reasons for this vary, but common ones include:
Increased facetime with other teams (most commonly underwriting) to build relationships and foster collaboration.
Creating a more engaging and enjoyable work environment in an increasingly remote world.
Allowing junior actuaries more exposure to senior team members for development purposes and enabling managers to provide adequate support to their direct reports – this is an important factor for ambitious/high-performing students now – in most of my searches, I would atleast have one candidate ask me if they can ‘ go in more than’ the minimum or recommended amount, my answer is almost always the same – “they would absolutely love that”. I’ve noticed
This trend is also reflected in benefits packages, with firms increasingly marketing “office” perks like lunch stipends, fruit, and coffee in their offers to candidates.
Investment/Pensions Actuaries Still Want to Move Into GI:
This has always been quite a popular move, although 22/23 apparently had many more successful transitions. Based on my placements, partqualified pensions actuaries with 2+ years’ experience had the most success. The two main specialisms were reinsurance pricing (brokerage) and reserving (personal lines and London Market). Strong communication skills and exam passes were the most important criteria for my clients.
Clients Being ‘Pickier’ Because of the Quieter Job Market:
Fewer jobs and more candidates looking for new roles mean clients have become more selective. As I mentioned, long gone are the days of £20k pay rises. Recruitment processes now tend to include more interview stages due to the larger candidate pool. Clients are also more likely to reject candidates if they fall short on motivations to move.(this is good)
Tip: Research companies and teams thoroughly, and speak to your recruiter to understand why a specific opportunity is a good fit for you!
Personal Lines: Still Going Strong!
Most of my personal lines (PL) clients hired this year, particularly in retail pricing/optimisation and technical pricing (though not as much in risk pricing). Firms are continuing to focus on creating more complex and innovative technical pricing models. With increasing competitiveness in the market, there’s been a strong focus on customer and market-centric hiring by expanding retail pricing teams. On the other hand, reserving and capital hiring in PL has slowed down this year.
Final Thoughts
There’s an endless list of things I could keep adding, but if you’ve made it this far, well done! Time to log off and take some rest to enjoy this lovely holiday season.
I’ve really enjoyed my time recruiting in GI, and I wish I had made the move sooner. I can’t wait to see what’s in store for 2025! Thank you to all my clients and candidates for making this year a great experience. ��