Garima
University: London School of Economics and Political Science
Degree: BSc Actuarial Science
Joined Aon: 2010
Graduate Scheme: Actuarial Consulting - General Insurance
Current job title: Actuarial Analyst
Garima’s Profile
Actuarial Consulting – General Insurance
My current role at Aon is as an Actuarial Analyst within the risk consulting part of the firm. I’m working and studying to be a general insurance actuary. My day-to-day tasks are things like calculating reserves for claims, calculating capital requirements, calculating premiums for insurance policies and working for a range of different insurance companies and banking clients.
My first impressions of Aon were that it was a firm I’d heard of but didn’t really know what they did. I actually first come across it when I met someone who works for Aon Kenya and they immediately said me “it’s such a global organisation”. As I researched it and applied for the position and started work I really got to know just how vast the business is and just how many different things Aon does, and I’m still learning more about the business every day.
I said to my friends that working in a consultancy really is the best of both worlds. I get to try all the different tasks a General Insurance Actuary does and over time I can specialise in something that I really enjoy and continue to try everything. As well as that, the study package is really good.
I started working for Aon in September and the first few months, really just figuring out what the team does and asking around for parts of work I can do for different projects, and by November and December I was really being assigned clients and by January I was being assigned clients for the next few months to come, just like a normal member of the team.
The culture at Aon is really friendly. I really learn to see my colleagues as my work family and because the job can get really technical I can easily approach a colleague to explain something to me or take me through a piece of work I don’t understand and there’s also a lot of social things like pub crawls or comedy nights.
The main skill I’ve learnt is it’s really important to work as a team and when you work as a team you can provide the best service to your client and it’s also very important to see the link between the theory of the actuarial modes and applying it to real life projects and real life situations.
A really interesting project I’m currently working on is for an Italian bank, and I’ve been working with them for the last few months. It’s an exciting project for me because I’m getting to work with different teams within Aon and not just my consulting team; I’m getting to apply my actuarial studies to work, I’m getting to learn a new programming language and I’m really getting to see a project from start to end which is very satisfying and very much fun to see through.
The main things I’ve learnt at Aon are to appreciate the huge network and the huge range of opportunities that are open to me at such a huge firm, and it really is up to me to make the most of all the things that are on offer and just continue to learn.
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Shelley
- University: University of Nottingham
- Degree: BSc in Mathematics and Statistics
- Joined Aon: August 2010
- Current job title: Actuarial Analyst
Why did you join Aon?
Throughout my gap year, I worked in commodities trading with an energy company and was given the opportunity to continue my role after university. However, the Aon Graduate Development Programme offered me the perfect balance between a challenging quantitative role, where I could rely on my analytical skills to develop complex models, and a consulting role, where I could use my communication skills to deliver tailor-made, client-focused solutions.
I was at the end stages of my mathematics degree and had very little knowledge of the insurance industry but knew I had the core skills and enthusiasm to quickly become a valued member of the team. Aon is a global leader in risk management services and I wanted to be a part of a company that would continuously strive to expand.
Working for Aon has given me fantastic client exposure; in my first year I have had the opportunity to work on–site at a client office to develop their models. I have also worked closely with all levels of a highly talented team which has given me a strong base on which to develop.
What does a typical day involve for you?
At my level, we don't specialise but instead get involved with reserving, pricing, capital modelling, research and various other client work. This gives us time to make informed decisions on specialisation and will support our development if we choose to specialise in the future.
Working in the London office, I provide quantitative analysis and support with a focus on risk management solutions for clients such as Cadburys, McDonalds and Tesco. It is a very exciting time to be in the industry with complex legislation from the EU coming into force within the next few years.
I’m usually at my desk at 9.00am and finish around 6.00pm, but this depends on my schedule. I start by planning the day ahead, setting my objectives and catching up on emails from the previous day, making sure that any client request is treated as a priority. I then usually meet with my current project manager to discuss progress and tasks.
My day-to-day work can range from tasks such as data manipulation on Excel spreadsheets, writing reports and liaising with clients on their projects to large-scale projects building complex models in ReMetrica. Working in small teams (often two or three people) is great for getting involved in all aspects of projects and other members being able to give detailed explanations to your queries.
As part of the graduate scheme, I have a great deal of studying to do in my spare time; however Aon fully supports me both financially and through study days.
Overall, I have thoroughly enjoyed my first year, my job is interesting and engaging and my colleagues thoroughly support me in all aspects of my job. There is also a strong graduate presence and network which provides additional support.
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Dave
- University: University of Nottingham
- Degree: MSc Economics & Econometrics
- Joined Aon: August 2008
- Current job title: Senior Consultant
Why did you join Aon?
I joined Aon because of the challenges and opportunities it offered. Aon is one of the largest companies in the insurance market and I knew it would provide projects and a variety of work which would be very difficult to get elsewhere.
I was also impressed with the structure of the Actuarial and Analytical team I was to join. We work predominately in London but there are links to actuarial teams all over the world, which means I get to work with a large range of colleagues with all kinds of different experience. Also, the team is a consultancy, which is what I was looking for as it best suits my skill set.
What I have learnt from my time at Aon…
Since working at Aon I have learnt a huge amount, not just technical issues but also softer skills. On the technical side, I’ve been able to be involved in a wide range of projects, covering reserving, pricing, capital modelling and risk management.
In each case I’ve been able to build up my experience and really progress my knowledge. This has led me to having significant client contact, including presenting results and advice to various Boards of Directors. Whilst this was initially a pretty terrifying prospect, it is great experience to have and immensely beneficial going forwards.
As General Insurance is a constantly developing field there’s always scope for fresh research and development and I’ve been involved in some really interesting projects – ranging from complex mathematical issues to more qualitative projects.
However, I’ve not just learnt how to be a good actuary at Aon I’ve also learnt how to be a good consultant. Key to this is being able to explain analysis to clients and managing their expectations as well as project managing teams in order to be able to meet deadlines. Aon has given me great exposure to all these issues allowing me to learn and really progress my career.