Rising stars
“The new product development opportunities will be very attractive to tech-savvy young professionals who have the opportunity to be at the forefront.”
Name:
Michael Wedel
Company: AXIS Capital Job:
Vice president, AXIS Re Ventures
Timeline: 2015: Vice president, AXIS Re Ventures
2014: Assistant vice president, AXIS Re Ventures
2013: Assistant vice president, GC Securities, Guy Carpenter
2011: Manager, decision analytics, AIR Worldwide
2009: Risk consultant, AIR Worldwide
2007: Pension actuarial consultant, Deloitte
Why did you choose the re/insurance industry? I have had a propensity towards re/insurance since college. I interned at two of the big three brokers and I was impressed with the array of risk transfer products available in the marketplace. Also, insurance is a business model that I strongly believe in. It provides individuals and businesses with peace of mind—the ability to limit the impact of negative events by spreading risk over a large population.
Do you think the industry is attractive to young
professionals? It is a very exciting time to be a part of the insurance industry with the influx of alternative capital, new product development and consolidation. While these developments bring their share of challenges (pricing pressure, job redundancies, etc), I suspect the new product development opportunities will be very attractive to tech-savvy young professionals who have the opportunity to
If you had chosen a different profession/career path, what would it have been? With my continued interest and background in analytics and structuring, I think I would have been well suited for a banking position with a focus on structured financial products. Given the continued convergence between capital markets and insurance, there still may be opportunities to do both!
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be at the forefront and learn from experienced managers while contributing to this evolutionary process.
Do you think the re/insurance industry offers good opportunities and career development to young professionals? Yes, I do. Young professionals have the opportunity to see how the industry copes with current challenges, and as the industry embraces more advanced data collection and analytics, young professionals will be in a position to advance and lead that movement. To assist this natural progression, I believe the industry needs to emphasise career development for younger professionals. Today, the industry is heavily reliant on experienced management with emphasis on age and relationships. Tomorrow, technology will play an ever-increasing role. It’s important that experienced managers mentor young professionals to aid in a seamless transition.
What are your aspirations for the future? I always want to surround myself with intelligent people doing great things. That way, I have the opportunity to learn from the best, to grow quickly and to continue to challenge myself. This, I believe, is a recipe for a rewarding career. I was introduced to the insurance linked security (ILS) space five years ago. With catastrophe bond and collateralised
re issuance levels rising
and the introduction of ‘hedge fund-backed’ reinsurers, ILS is blossoming, and I would very much like to play a major role in this area in the future.
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