Simon Wilson
- Name
- Simon Wilson
- Age
- 24
- Role
- Graduate trainee
- Company
- Munich Re UK Life Branch
- Degree/University
- Accounting and finance, University of East Anglia
Why did you choose the insurance industry?
My initial aspiration was to train as an accountant and I worked at a general insurance company, which gave me exposure to the industry. Many wrongly perceive it as boring, but the people I met in my first job and since have been anything but!
The pure variety of work and chance to move roles within the industry is something I particularly enjoy. The options and opportunities are countless and I've already experienced this. I've met many people who have started off in one area of insurance and then moved to another; it's not as rigid as people seem to think.
Here at the UK Life Branch what we do is very important to the overall life market of the insurance industry. Without reinsurers, insurance companies wouldn't be able to take on as much risk as they do because they wouldn't be able to afford the worse case scenario if huge payouts on claims were required. As life insurers are able to reinsure some or all of their risk on a particular line of business, so it means that the clients can take on more business and cover more policies.
What have you done in your career so far?
I graduated in 2004 and joined a general insurance company in their finance department to train as an accountant. After 15 months there, I realised that I wasn't enjoying the profession, especially after studying the subject for so long. However, I enjoyed working in the industry and when I saw the advertisement for a graduate trainee position at Munich Re, I didn't hesitate to apply.
Now, along with one other person, I am part of Munich Re's new graduate programme, which started in January 2006. My role is contracted for two years, in which time I am expected to study for my CII professional qualification.
What do you do in a typical working day?
In my particular section, Treaty Management, we have regular contact with our clients, usually at an actuarial or managerial level.
I tend to arrive at my desk around 8.45am. After checking emails, I could be doing a number of possible tasks depending on whether I'm dealing with new business or an existing treaty.
In the morning I may look at a new business treaty and sift through the data and see whether the client is conforming to the specification set out in our treaty. If this is not the case, then I may have to find specific contacts - either within Munich Re or at the clients' themselves - to be able to get the information required to solve any queries I have.
After lunch I may look at a set of data of an in-force treaty, checking whether the premiums the clients have calculated they should be paying are correct. I have to extract information from a variety of documents and sources - explaining occupation loading rates, age definitions or smoker/non-smoker rates, for example, and then work with Excel and Access to formulate my workings for checking against the client's figures.
Throughout the day I may also be involved in meetings with other members of my section to discuss work allocation and priorities, but also with my manager to relay any up-coming work I'm planning, or any potential issues with clients I may foresee.
Not long after 5pm I clear my desk and then start my commute home.
What training have you received?
I've had a mixture of training, with on-the-job activities and more formal courses for specific computer programs complemented by introductions into specialist areas within insurance and reinsurance, such as underwriting and claims. This has enabled me to gain a solid knowledge foundation, which I can build on with my experiences.
As a part of my graduate training programme I'll be visiting Munich three times for a total of eight weeks to attend the Intensive Training and Orientation Programme (INTOP) with other graduates from around the world. This includes a variety of training for career development such as soft skills, financial and industry knowledge.
I've also begun studying for the CII Insurance qualification to become ACII qualified eventually. With my degree, I studied a few relevant modules for papers towards the CII qualification and so I'm currently in the process of claiming some exemptions.
What do you enjoy most about your job?
The people here are fantastic and the company is very sociable. I'm particularly looking forward to going to Munich for the training and being assigned project work that is autonomous to my daily role on my section.
The good thing about my role is that the challenges I face change day to day, week to week and I enjoy the fact that I won't be doing repetitive tasks during my working day.
I'm also being given the opportunity to learn the business of reinsurance and the various aspects that make up the industry at the same time as benefiting from skills training and pursuing industry-recognised qualifications. The raw materials for me to develop a successful career are available and it's up to me to make the most of these opportunities.
