FURTHER DEVELOPMENT
Ian Smith, 32, works as an assistant vice president in the property underwriting department. A former XL employee, he found the transition to the smaller company relatively easy: “The philosophy appealed, and also, the systems and the paperwork have similarities.”
Rebecca Carne, 32, is assistant vice president handling property claims. She joined after her previous company ceased writing property business. “I liked Arch because it was a smaller environment, the people are wonderful, and the job was a good fi t for me.”
Should I stay or should I go?
While all fi ve employees love life at Arch Bermuda, there is general agreement that it can be helpful to gain some experience in other jurisdictions at some point in your career. In certain circumstances, Arch will send bright interns to Arch New York to learn about the trade, while many people choose to spend a couple of years there early in their careers.
Ian says there “is defi nitely an advantage to working overseas. I wouldn’t say it’s necessary to start your career overseas—Bermuda offers a lot of opportunities for people straight out of college— but once you have a couple of years under your belt, it’s almost imperative to spend some time in a bigger market, so that you can understand what the people who are bringing in business do, and you get to see a different aspect of the insurance industry.”
Robyn adds that in certain specialities, it can be useful to start your career overseas. “I think in my line of work, it’s really useful right of out college to spend some time in New York. You get to work on a couple of smaller accounts and you get to cut your teeth that
way...in New York, you have hundreds of smaller accounts coming through to help you learn.”
One positive thing about the insurance industry is that it’s global. “You can pretty much go anywhere in the world to work if you want to,” says Robyn. “It’s obviously a very strong industry in Bermuda. It would make sense to enter it, and I don’t think it’s ever going to go away.”
Company president Terry Pimentel underlines the point: “You’re looking at an industry that provides opportunity on the underwriting side, actuarial, fi nance, claims, IT, simple running of an offi ce, administrative opportunities. It’s not just underwriting.” And because Bermuda is now considered one of the major insurance hubs in the world, “there’s a huge opportunity for young Bermudians to have a great career. Even if they entered the business in one particular area, there are opportunities to move within the business and fi nd out what suits you, which is good.”
Nuts and bolts
Everyone’s heard of the insurance industry, and most people know roughly what it is. But very few young Bermudians are likely to know what the day-to-day life of a company is like. In truth, it’s a diffi cult thing to pin down.
WWW.FASTTRACKBERMUDA.COM
Ian says: “There’s no real typical working day. You’ll have client meetings, and then once that part is done, you’ll go back to your desk and do your analysis, terms and conditions, and then some negotiation. Depending on where in the cycle you are, you might have lots of meetings or lots of analysis.”
Scott emphasises that “a lot of it is information assessment as well— you have to do a lot of reading. It certainly helps to be interested in the product line you’re underwriting.”
He adds: “One of the good things about this job is that any big thing you see on TV involves the Bermuda insurance market. The big BP incident, for example, will be a discussion point amongst Bermudian underwriters for many years to come.”
Indeed, because the offi ce is relatively small, it means everyone is likely to muck in on everything from photocopying to making coffee. This collegiate attitude ensures that Arch stays an attractive place to work.
Skills set
One of the most attractive things about the insurance industry, says Rebecca, is that lots of different character types can thrive. That said, there are certain attributes that everyone needs to have to be successful.
Robyn says: “You need to be detail-oriented, no matter what you are doing. There’s a lot in the detail in our business, on the underwriting side and on the claims side.”
Scott adds: “That’s because of what we have at risk. What we have at stake is so signifi cant, that without the attention to detail, clearly we would lose the ultimate goal, which is profi tability. You also need to be computer-prolifi c, and you need to be somewhat sociable and comfortable in front of people.”
The good news is that, at Arch, there is always support for further development, and despite its small size, there are opportunities for progression within the company. Robyn says: “Arch is always very encouraging for further education. I’ve never been told no, when I’ve wanted to pursue a designation, or even my master’s degree. Arch is always willing to help. So as far as moving forward with your skills, there’s a lot around that. Given that we’re in Bermuda, you’re always going to have a blending of expats and Bermudians. As such, there is natural attrition and plenty of opportunities.”
Patrice further underlines the point: “Arch is very committed and dedicated to its employees, and dedicated to their continued professional development. While Arch is small, the environment is such that if you want to progress, the company will not hold you back. Should you desire to grow and you work hard, this will not be overlooked and Arch will do all within its power to provide the right opportunities for you to climb the corporate ladder.”
Whatever your particular strengths, Arch is a good option for young Bermudians. Ian says: “It’s evident that Arch’s future in Bermuda is going to be determined by Bermudians, which is very encouraging.”
FAST TRACK / Careers module / 2010-2011 11
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