What's our blogger up to?
24/01/2012 - Inventories of Fine Art, Jewellery and Collectibles
This week I wanted to share an example of the downside to clients of not maintaining an inventory in the event of a claim.
Unfortunately, a client experienced an accidental loss of jewellery; one earring in a pair. The cover meant the client could replace either one earring or the pair. In this instance the client wanted to have the earring made. However, the cost to remake the earring was more than the amount the earrings were insured for!
The client had decided not to provide an inventory or specification of jewellery at inception so the insurer applied an onus of proof clause which means the client needs to prove to the insurer that the figure insured for was reasonably accurate and provide evidence of value(s). Of course, the client doesn't actually have such a document or recent valuations!
This is more the case with jewellery rather than art or collectibles, mainly due to inherited items and fluctuations in the precious metal and stone markets.
The client now has to spend time on collating an inventory of all the jewellery along with any further documentation to prove value(s) and to ensure the client receives the full benefit of cover. The client will also need to provide a copy of the estimate to remake the one earring and it is likely the insurer may ask for an up to date valuation of all the jewellery post loss.
This is not a huge problem but more of an administrative time consumption which both client and broker could do without, especially at point of claim. Ultimately I find it much easier to explain this to a client at inception along with advising about valuations for artworks, collectibles and of course jewellery.
Christopher Digby | christopherdigby.co.uk
16/01/2012 - The importance of a good relationship with Underwriters
As a broker I find that I need to wear many hats to carry out my role, the main one being, of course, treating my customers fairly. With this in mind I wanted to express my opinion on the importance of building a good relationship with underwriters which helps achieve this.
When looking to provide cover for a client's risk I find it much easier to deal with people I feel I can trust; not just in terms of how you get on with someone but in terms of their own knowledge, competency and professionalism.
Building relationships with Underwriters over the telephone, by email, in person at account meetings and socially at market events allows you to get to know the person and the insurance company in a much better way. This in turn will allow you to find industry colleagues whom you feel you can trust. The value of getting to this stage with an underwriter is invaluable.
One example (and there are many, thankfully) is Emily Bryant from Chartis. When I have a risk that I present to Emily I can guarantee that not only do I get an exemplary service, but I also get a sensible, professional and risk-aware response.
This is not about 'rates for mates' - it is about assessing the client's risk and dealing with any issues that arise. To do this, brokers need to present the risk openly and fairly so that the underwriter can assess the risk and provide advice, feedback and ultimately help in order to secure the business.
By knowing and trusting each other, there is a higher likelihood that both parties will be pleased with the quotation and ultimately the client will have been treated fairly.
Christopher Digby | christopherdigby.co.uk
11/01/2012 - CPD Event: FSA Update
As insurance professionals, a hot topic of debate has always been Continuing Professional Development (CPD) and how best to maintain and prove it. For me the main purpose is to maintain a continual learning process which demonstrates my competencies and professionalism. I use the online CPD tool that the CII provides to keep track of my development.
Working for my local institute (LI) for the past four years I have developed our programme of learning events for members, just one benefit of membership of the CII, to help members meet their own CPD needs.
This week I organised a breakfast meeting to provide members with an FSA update, kindly provided by Clair Brand from Branko Ltd. With all the changes that have affected and are affecting our profession, the start of the year seemed like a great opportunity to receive an update on what is going on with our regulation, which will be relevant to most members.
Clair provided an update on the following areas: demise of FSA and what to expect, current business risk awareness supervisory work that will affect small firms and financial crime.
The meeting was attended by more than 25 members and was well worth the early start. It gave relevant information and an opportunity to network with other local professionals.
Learning is an ongoing process and key to personal and professional development which is why CPD is so important in our sector.
12/09/2011 - Discover Risk events and ten years on
Only one week in to the school year and we already have a first. Our first Discover Risk session delivered in Wales, to a group of students in Powys.
We certainly hope it won't be the last!
We're busily finalising our university and school events for the year ahead. Thinking about getting a 'Discover Risk tour' t-shirt made with our globe device on the front and the venues on the back. Trouble is, I'm not that tall so all the venues may not fit...
On a more serious note, we have recently seen the tenth anniversary of 9/11, and it all gives us pause for thought, wherever we were in the world at that time. At the time, it was the largest event in history for the risk sector, and is still the second largest after Hurricane Katrina.
The event certainly had an impact on how companies approached risk of different types. To give just one example, almost two-thirds of companies now have terrorism risk coverage, which simply wasn't the case before 2001.
Some 200 companies from the risk sector shared the combined losses of the major event, nearly £33bn.
Naturally, the human cost can never be calculated.
04/09/2011 - The last few months at Cass Business School have been a rollercoaster!
Hello, this is Amit and I will be blogging this week. The last few months at Cass Business School have been a rollercoaster.
Term 3 was only 6 weeks long and passed very quickly. Term 3 allowed students to choose either 5 extra modules or a dissertation. I chose the extra modules that consisted of Credit Risk Management, Operational Risk Management, Marine Aviation and Transport Insurance (MAT), Reinsurance and Claims Management, as I wanted to vary my CV and learn more about risk management. These modules were hard work and very interesting to learn, as teachers combined their insights that added more depth to the class notes. For next year's intake, I would recommend that you research your option into taking 5 extra modules or undertaking the dissertation. It's good to undertake a dissertation if you know what title you want to study. This can target specific employers who require students to undertake research on their behalf, which could lead to a job.
After much hard work and through the help of Cass Careers, I was able to secure a Group Risk position at RSA. The services and workshops mentioned in our previous blogs have helped me achieve this goal. I started my role about 7 weeks ago and it has been great fun and the experience is great. Most of the knowledge gained through this course has helped me through my first project, which is attributed to the excellent teachers at Cass.
This is the last blog from Alexander and myself. We would like to thank you for reading our blog and hope you have enjoyed it.
01/09/2011 - Back to school/college/uni - and so is Discover Risk
So, we're in September and that means the start of another academic year. Summer holidays become a rapidly fading memory and the traffic gets busier in the mornings...let's hope that the recent well-reported
hurricane season comes to a calm end sooner rather than later.
The Discover Risk team have had their own little break too, taking in the Med, but we're now getting ready for another series of school sessions and uni events - and it looks like we'll be busier than ever before.
We've got our
fun school board game (retro but fab) returning for another tour around the UK. As well as the DR team, there'll also be risk practitioners supporting the events - a great way to get talking to the people who really have been there and done it. There'll be a new league table on this site to give it some added spice and we'll run our competition again with a new scenario and ipad2 up for grabs for the winner.
But let's not forget the upcoming university tour as well. Running since 2008, this has been a really useful way for people to find out what the risk profession is all about and again it gives great insight from practitioners about how they got to where they are now. There are some big brands - Allianz, Aviva and Axa to name just three - and some local SMEs as well, no less interesting but with a different angle.
We'd love to see you at our events, so take a look
here to see where we'll be. If your place isn't on the list, just let us know and we'll make amends.
See you soon.
DR
12/05/2011 - Term 3 is underway!
Hello everyone, this is Amit. Term 3 is underway and in this blog I am going to fill you in on the past 2 months.
The last two months have been very interesting and involved a lot of hard work. In total the class had 6 coursework's with three exams to prepare for. The other coursework's not described in my last blog were for accounting and business.
The accounting coursework involved a group coursework to analyse an insurance company through publically available information, to understand its performance. This was a good exercise as it involved reading annual statements, credit reports and other publicly available information to draw conclusions. This exercise made me aware of the amount of information available to the public in terms of the risk management, Solvency II preparation, company credit ratings and share price movements. This coursework showed me how to read a balance sheet in terms of its financial figures and accompanying notes, which actually gives much more detailed information.
The business coursework was interesting. This involved a group coursework to determine which African market to setup an insurance company. This was difficult at first, as the group had to read through the limited amount of information available, but proved interesting and challenging in determining a strategy and approximate a budget. This was a good exercise as Africa is a developing BRIC country which has huge potential for insurers, which helps students, like me, understand the opportunities and strategies available to insurers. I will not give too much away in case you are going to study at Cass later this year. You will enjoy the class.
Time management was a key factor in trying to complete all the coursework's and exam preparation. After the last coursework was submitted, the class had approximately three weeks to prepare for the exams, over a two week period. The good thing was the coursework's were relevant to the exams and helped in preparation. But, a word of advice to next year's students would be to prepare early and maintain good time management. It is quite easy to spend too much time on coursework's and not prepare for the exams.
Currently, term 3 in underway and the class had to choose which electives, or modules, they wanted to study. I have chosen Credit Risk Management, Operation Risk Management, Reinsurance, Claims Management and Alternative Risk Transfer and Risk Securitisation. In defining my MSc degree, I wanted to have a mixture of insurance modules. I wanted to learn at a more advanced level of the inner workings of Reinsurance, Claims Management and Alternative Risk Transfer and Risk Securitisation, but also understand how Credit Risk Management and Operation Risk Management operate. This would allow me to accumulate the necessary CII credits and diverse my learning, with the aim of making my CV better. So far, I have had my first Credit Risk Management and Claims Management class. The classes are taught differently from term 1 and 2, due to the limited 6 week term, which is more informal. The Claims Management class is taught by an industry expert who brings a wealth of knowledge to her presentations with detailed notes.
The job hunt is difficult. I have completed a lot of applications but trying to complete more whilst studying is hard. I realised when I finish this MSc, in the next few months, I will be able to apply for the next round of graduate intake. I cannot believe how fast the last year has zipped by. That shows the amount of work we had to complete and digest in an intensive year.
21/02/2011 - I like a challenge
Hello everyone, this is Amit. Term 2 is underway in this blog I am going to give you a flavour of the coursework.
The risk modelling class is my favourite. The teacher is very good and knows his subject. The subject combines theory of risk, mathematical theory and programming. This will make students more aware of how to discuss and numerically calculate risk with return. The course doesn't include exams, but is marked through two individual lots of coursework.
The first coursework involves analysing four different assets within a portfolio to calculate risk and return. I like this module because I can learn how to correctly analyse assets within a portfolio and start investing in the stock market again. I tried it before and wasn't that successful, as I didn't appreciate the concept of not putting all your eggs in one basket was a bad idea.. also known as diversification! So, I'm going to have another go and see what happens using the theory learnt from this module.
The second coursework consists of more programming. I haven't done programming in a long time, and felt very comfortable in the level that was being taught. One of the things that surprised me about this course is that most people within the insurance industry know little about programming. As a graduate trying to break into the market, it's good to know that and understand how to market that on my CV.
The accounting finance and financial management in insurance is interesting. The course is based around analysing an insurance balance sheet and interrogating it from a risk point of view. So far this subject has incorporated Term 1 finance; theory of risk and risk management. The course consists of one group coursework with an exam. The coursework involves analysing a company through the use of financial ratios and calculations to determine its performance, to understand the level of risk it faces. So we are learning the theory and applying it to the coursework as we go through the course.
From the current recession and introduction of solvency II, this will be very useful to know and use in an interview, putting me one step closer in securing a job.
The general insurance module is fantastic. The level of teaching you get from Prof. Parsons is second to none. He knows his subject and gives you enough theory to write a book and hopefully become an industry expert.... one day! He makes his lessons interesting by relating it to case studies. To be honest, after the Law module from Term 1 and having to learn 170 plus cases, I thought I wouldn't have to do that again. But, we still have to learn a few, which makes the module more challenging and fun.
I attended a careers event hosted by Kenexa on personal impact, which was really interesting. As we learnt more soft skills on how to make a positive impression, for interviews and networking events, and how to communicate clearly with different social circles.
This was a great experience as I got to learn more about myself and how my personal characteristics can come across and be judged differently to what I wanted. This has helped me judge people in a different light and understand how to communicate with people correctly, weither in an interview or on the street.
Trying to apply for jobs while studying is proving difficult, as there is enough work to get on with. I'm hoping this course will make me stand out from the crowd and make me more employable.
Most employers have started their recruitment process in the Christmas break and I'm starting to receive emails for interviews. Attending interviews/assessment centres while studying is hard as you need to manage your time very well. But, that's why I'm here.... I like a challenge.
04/02/2011 - Term 2
Hello everyone, this is Amit. The exams have finished and the class has started the second term. The exams went well and I was surprised how much we learnt within two months and how well the modules linked together.
As Alex said in his last blog, the Insurance and Risk Management class had the opportunity to visit Lloyds of London. This was a great experience as we got a guided tour of the building and told how the market began from Edward Lloyd's Coffee house and evolved to its current stature. We got to see the underwriting room, the current and previous loss books and the Lutine bell. The Lutin bell was struck when a ship was overdue to inform all the brokers and underwriters of any loss at the same time.
The building itself is an engineering masterpiece. All the utility services are routed outside of the building, so it looks inside out, which allows more space within. Also, the view from the top of the building is amazing when looking out across London.
The job hunt has been interesting in December. I had the opportunity to attend an ability centre at RBS for a role in Risk. The ability centre involved a numerical test and interview. Sadly I was unable to pass the centre, but they offered me another role within Security and Risk based upon my interview. To be honest, I was surprised they offered me another role as I did not pass their initial assessment. So just before Christmas I went to Scotland for another assessment but failed in securing a place.
The two assessment centres taught me a lot about what to expect and how to conduct myself. The best advice I can give anyone on how to tackle an assessment centre is to research about the company, understand your chosen field and be yourself.
The Insurance and Risk Management class has started term two and I'm happy to say it's getting easier! The lectures from term one set a good foundation to build upon in term two. For example, some of the modules learnt from term one that include Theory of Risk and Insurance Markets and Insurance Law and Regulation, have been referred to in the General Insurance module in term two. Some of the other term two modules include Risk Analysis and Modelling, Accounting and Financial Management in Insurance and Business Organisation and finally Corporate Strategy in Insurance and Financial Services. I'm looking forward to the Risk Analysis and Accounting modules as these modules combine theoretical study with mathematics, whilst term one mostly focused on theory.
24/01/2011 - Exam Time!
Hello everyone, this week it's Alexander blogging. The first term has finished and as you probably have all ready guessed, this means exam time. If we have to be honest - nobody likes exams and all the stress and sleepless nights associated with them. In this blog I will tell you more about the assessment process at the MSc Insurance and Risk Management.
This term we had four subjects: Theory of Risk and Insurance Markets (TRIM), Insurance Law and Regulation, Risk Management and Principles of Finance and Financial Analysis. Each subject was taught by lecturers who are not only excellent academics, but also leading industry professionals. I will tell you more about each subject.
TRIM taught us the basic principles of insurance, reinsurance and the various ways to distribute insurance products. We learned a lot about Captives, Lloyd's of London and the London Market, as well as the interaction between global markets and their significance to the world economy. There was a 3000-word course assignment which contributed to 25% of the overall mark, and 75% comes from the 2.5 hour written exam at the end of the term.
Insurance Law and Regulation has to be my favourite subject for this term. Yes, it sounds scary and when you hear the word 'Law' you may associate it with a lot of cases all containing difficult names that you have to memorize. That is not the case here, and if you are passionate about insurance, this subject explains a lot of the mechanisms and principles that operate within it. Again 25% of the mark comes from coursework and 75% of the mark is the written exam.
Risk Management, as the name suggests is one of the core modules for the program. It was divided into two parts that were taught by two different lecturers. The first part concentrated on the basic principles of Risk Management and was led by Dr. Alan Punter, who was one of the leading professionals at Aon for many decades. The second part was taught by Dr. Stanley Mutenga and explored the finer details of the Risk Management process, clearly illustrating each point with interactive videos and real life examples.
Our final course subject was Principles of Finance and Financial Analysis. This proved a great comprehensive course which gave us general knowledge on derivatives, financial analysis, portfolio theory etc. This subject is different when it comes to assessment. 50% of the overall mark comes from coursework and the other 50% from a multiple choice test at the end of term.
I have to say that I'm highly impressed by the Insurance and Risk Management Course so far and this became most apparent at the final stage of the interview process at Willis. I will tell you more about this in my next blog. Stay tuned for next week's blog where Amit will tell you about our visit to the Lloyd's of London insurance market.
07/12/2010 - It's nearly Christmas!
Hello everyone, this is Amit. The course is getting harder and more intense, but I am thriving under the pressure! Well, so far...
Over the last couple of weeks on the Insurance and Risk Management course, I've had to deliver three assignments whilst completing job application forms. This has proved to be a very difficult task and the pressure is mounting, but that is why I chose this course. If you want to be the best, you have to work at your best.
The last coursework that I submitted was for my Insurance Law and Regulation class. This coursework has been really interesting as it applies to real life. Through the lessons, I was able to learn about different insurance principles and their applications to real life events, such as how an insurance contract is constructed, governing principles, legal positions of individuals through a contract and how a claim is made. We got to look into topics that include breach of good faith, misrepresentation, indemnity and subrogation. All interesting stuff!
The application process and job search has been very interesting. I'm starting to receive telephone interviews and invitations to company assessment days, which is fantastic. Without the help from the Careers team at Cass, I wouldn't have got as far.
Before I arranged my first interview, I approached the Careers team and they were able to arrange a mock interview and provide feedback. This proved to be an excellent experience as it made me aware of what to expect and what to say. So I was able to prepare and hopefully, say the right things!
I had an interview with Deloitte, which I felt went OK. They asked general questions that included; "Why did you choose the company?" "Why have you chosen this role?" The main thing I learnt from preparing is to be honest and most of all prepare, prepare and prepare some more.
Meanwhile, I'm starting to receive more general acknowledgements from companies, which is a good sign. Generally, investment banks start and finish their application processes earlier on in the year, whilst insurance companies start and finish later in the year.
As the course is quickly coming to the end of our first term, Cass organised an MSc party for us where they kindly booked a venue and provided the food and drink. This was great fun, after seeing everyone work so hard and finally break free.
So our classes are coming to the end and we are breaking up for Christmas. I have about three or four weeks till the exams. Now it's time to work hard while enjoying the holidays.
30/11/2010 - Why graduate programmes in insurance? Well, see for yourself.
Hi everyone, this week it will be Aleksandar blogging. Last week Amit gave you some tips on how to apply for banks. As I'm more enthusiastic about insurance companies and global brokers, I will share my experience in applying for graduate programmes.
Why graduate programmes? Graduate programmes are specifically designed for the needs of people with a lot of theoretical knowledge, but little experience, i.e. university graduates. These programmes are an invaluable way of setting your foot inside the insurance industry. With their rotational basis they provide you with a solid understanding of the whole spectrum of a company's business. It's worth noting, however, not all graduate programmes have rotations so to really research the programme before you apply.
For example, on a rotation programme you spend six months at the claims department learning everything you need to learn about the claims handling process. Starting at that department is the best way to learn the mechanism according to which everything is done, because from my modest experience I can confirm that an insurance company is build on the interaction between the underwriting and claims departments.
Afterwards you would probably be assigned to the marketing department or go on a small trip to another country to explore the ways of insurance in other parts of the world. And finally you will be able to learn more about how to price insurance contracts and how to create a profitable insurance pool, i.e. underwriting.
The rotational basis of these programmes gives you the unique chance to learn while getting paid and develop a global understanding of every aspect of a company's business. What's more, most companies will cover your expenses for sitting exams towards the ACII and allow time to study before the actual exams.
When I first started applying for graduate schemes in insurance, reinsurance companies and brokers I found out that application form deadlines come a bit later than the ones for bank graduate schemes. Most of the assessment centres are held after New year.
A few useful tips:
1. 1. Research the companies you target and try to learn as much as you can about their current positions in the market and what exactly they do. (Lloyd's of London is not a Bank!)
2. 2.University career fairs are an excellent opportunity to talk to people from insurance companies, ask relevant questions and make a good impression.
3. 3.When you are preparing your application form, take your time to answer the questions. It is not worth submitting an application form unless it is perfect! The 'spray and pray' approach does not work, trust me!
4. 4.Most companies require you to complete a numeracy or a verbal reasoning test or both, so practice these as much as possible. They may seem hard at first, but with time you see that you get very good at them.
5. 5. Use the specific company's website to look up the skills they expect a good candidate to posses and think about examples you can give in order to prove you have these qualities.
6. 6. Do not wait until the deadline, apply early! Most companies run assessment centres once they have enough suitable candidates.
So, how successful have I been in applying? Well, so far I had no positive answers, but I had no negative ones either. I guess it is too early to say, but I am hopeful.
22/11/2010 - Work hard and believe in yourself
Hello everyone, this is Amit and I will be blogging this week. This week involved submitting our first coursework. For the finance module, the class had to get into groups of five and financially analyse a company. This was a great experience to learn and apply the theoretical knowledge gained from the first few weeks of lessons.
After much debate, we chose a company and started to work as a team. Cass has one of the biggest financial databases which consists of Datastream, Bloomberg, Thomson ONE Banker and Reuters 3000 Xtra software packages. It was great fun learning how to use these software packages, as they are used in the industry and allow you to add another skill to your CV. We submitted our coursework minutes before the deadline!
To be honest, coming from an engineering background, I was shaken from day one. I remember in my first finance module at Cass, the teacher asked "who hasn't studied accounting before?". I put my hand up and looked around, and to my amazement no one else put their hand up. Through hard work and applying myself, I contributed to the team and have learnt so much. The moral of the story, work hard and believe in yourself.
So far applying for jobs within the finance industry has been very competitive. I am starting to realise it's a game of numbers, but vitally, the more time and effort you put into a quality application the more chance you have of being noticed by an employer. I will briefly explain a typical application process, if you do not know about them.
Once you have researched your chosen finance role, you can complete an online application form through the bank's website. The next stage normally consists of a numerical, verbal and/or logic test, followed by an interview and/or assessment day/s.
After talking to friends and family who have worked in finance, graduate roles are an excellent way to start your career, but internships can give you a valuable insight into the industry that can develop into a graduate role, whilst gaining valuable contacts through networking.
My one tip on filling in application forms is to write something original, unique and relative, which will make you stand out from the crowd.
Another key factor in applying for jobs is displaying commercial awareness, this will separate you from your competitors. You can develop this through reading financial newspapers, magazines, websites and attending free seminars. Last week a company called Kleinwort Benson came to Cass to talk about the economy, which made me more aware of what's going on in the world.
I had a surprised phone call this week to be interviewed for the Chartered Insurance Institute (CII) journal. At first, I was thinking it was a prank email from my course friends, but realised soon afterwards it was not. This was a great experience to talk about the course and my journey though finance. If you receive the journal, have a read a let me know what you think.
17/11/2010 - The Cass Experience
Hi everyone its Alexander again and this week I will try to give you a viewpoint on the Cass Experience. Studying in the heart of the City is a lot more than just going to university, attending lectures, passing exams and getting a degree. There are plenty of opportunities waiting for you out there and with every passing day I start to appreciate more and more the great location of Cass.
Here is a small example. Me and a few of my peers have come up with the idea to start the first ever Insurance and Risk Management Society here at Cass and through that society we are able to do a lot more than just strengthen our CVs. We are able to show to the wider public that there are active students out there, full of wonderful ideas and eager to make them come true.
This week, with the wonderful support from the Insurance Institute of London and the CII, our society members were allowed access to Lloyd's Lunchtime Lectures. We are talking about Lloyd's of London-the 'cradle of insurance' with over 300 years of history, where some of the world's biggest and most complicated risk are underwritten. We had the chance to visit their amazing building at One Lime Street at the heart of the City. The lecture we attended was held at the Old library, which stunned me with its interior. It is hard to describe how privileged I felt to be at the place where insurance history was written (and underwritten J ).
Patrick Thiele, the President & CEO of PartnerRe Ltd. Bermuda gave us his view on the topic of 'Investment Risk Management - An Integrated Approach' and I felt I managed to learn a lot and apply that knowledge in one of the course assignments we have to submit at the end of term.
But that is not all. This week our Society is hosting Willis, which is one of the biggest insurance brokers in the world, for the first time at Cass Business School. But I will stop here with the serious bit and tell you more about how you can have fun and enjoy London while you are studying.
What I like about London is the diversity of people you can meet here. I have made a lot of friends from all over the world and for me personally this is an experience that has widened my perspective of different nationalities and cultures. And of course if you want to enjoy your free time there are many places to do so in London. And this can range from visiting museums to partying hard in one of the amazing night clubs they have here.
So when you consider where to study for your postgraduate diploma, don't just think about how prestigious a university is, but consider what it has to offer you in terms of the experience you will be part of during that special year of your life.
08/11/2010 - No matter how hard you work, always make time to socialise
Hello everyone, this is Amit and I will be blogging this week. Every day I come to Cass I learn something new about the course and myself. The Insurance and Risk Management course covers, on average, 18 hours of lessons per week, with numerous additional careers services and lessons available. But, the most important lesson I'm starting to learn is, how much do I want to get out of this course? (Answer: as much as I can handle!)
So far, I'm getting used to my lessons and the word 'coursework', thinking I would never hear that word again after graduating from my first degree! I've hit the ground running from day one and started lessons. The first week has been excellent, as lessons are taught by well-respected academics who bring their personal work experiences, which have provided valuable insights into Risk Management lessons. The teacher explained his slides linking them to industry events, which has helped in understanding the information. For example, the teacher explained what an insurance captive is, while refereeing to the BP oil leak. So far I'm really enjoying the finance lessons as the teacher is explaining the topics very well and has a great sense of humour. It helps when the lessons are jammed packed with information and you're trying to write down everything he says! (not just the jokes)
The Careers Services have been fundamental in the first few weeks at Cass. We have had the opportunity to attend numerous company presentations. So far UBS, Ernst & Young, BNP Paribas have presented, which made me more aware of what they do and how I can apply, because sometimes it's hard to understand types of roles from a company website. After the event Cass sets up a networking event where we can ask further questions with free food & drink, which is another incentive.
These events have helped me to understand how to become more 'attractive to potential employers', whilst gaining valuable company information that ranges from a company/department structure to a typical "day in the life" profile. This has helped paint a clearer picture of what is going on in the industry and what to expect. For example, companies have explained what key skills they require and application hints & tips. This helped me think of how to approach applications, to standout from the crowd. The best company presentation I've attended was for Bank of America Merrill Lynch. One of the Risk Managers explained risk management and a typical day of work. This opened my eyes and made me more aware of what to write in those tricky application questions.
To further develop myself and experience more at Cass, I've joined a number of clubs and societies, which include the Insurance and Risk Management and Trading societies. I've also signed up to the badminton and basketball clubs, which have been great. But, I forgot how much running around there was. Another club I want to start is the running club. I hear they meet outside Cass then go for a run, which is a good sign. But I'll let you know how that goes!
All of these clubs and societies are a great way of networking. One thing I've learnt in life is no matter how hard you work; always make time to socialise. If you think about it, all these extra interests and hobbies shown on your CV, will make you stand out from the crowd and make you more employable, helping you to secure that important job you want. This shows you have ambition to achieve other things. To be honest, when I was applying for my previous graduate role, I put down on my CV that I was a private pilot and could fly light aircraft. My interviewer noticed that and during the interview we ended up talking about flying, which was a strange experience, and the best thing was...I got the job.
02/11/2010 - It's time to shine!
Hello everyone, it's Alexander and I will be blogging this week. Have you ever asked yourselves: "How much do I really know about insurance?" I know I have, and a year and a half ago the answer was - "Not much."
Today however, I feel more confident in my knowledge of insurance and the more that I learn, the more I start to enjoy it even more. This is why being part of the biggest faculty of actuarial sciences and insurance in Europe is a great privilege for me.
An exciting event that really made a huge impression on me was the visit of the Insurance Institute of London. We had the chance to speak to Mr Walter Mayers who gave us an insight on what it was like to work in the industry. From what Mr Mayers said, despite the developments in communication and technologies, insurance is still a people's business. This sounds very appealing to me because of the prospect of meeting intelligent ambitious people in my every day work.
I also learned that the Insurance industry is open to people from different backgrounds and has promising career opportunities for a wide range of professions. There is no need to be a "star" underwriter or broker to make it big.
Alongside Mr Mayers, I was able to talk to four young people who chose to pursue a career in insurance and risk, and I was able to imagine myself in their position in the future.
Knowing what you want to do in life is vital, but not necessarily a straight-forward decision. This is why talking to people from the industry is very important.
During our welcome talk, one of the things that were highlighted to us was the importance of the Career Service and that we should start looking for a job as soon as possible. The people here at Cass are absolutely dedicated to help you find the job of your dreams by developing your strategy, honing your skills and getting your CV right.
Every Wednesday we also have Professional Development where we are taught how to make ourselves more attractive to potential employers.
So, what does "attractive to potential employers" mean? Well it is simple. We are taught valuable skills like how to make our CV and cover letter stand out from the crowd, and how to develop the soft skills that may make the difference between getting employed and not.
A world of experience
One thing that I really enjoy about the MSc Insurance and Risk Management is its truly global nature with people literally from every part of the world. There are people on the course who are very experienced in industry, there are people for whom this is a second - or even third - degree, and of course there are boys and girls like myself who chose to pursue a career in insurance right after graduation.
After the two weeks of induction into the course, it was time for us to enter the lecture theatres.
26/10/2010 - The start of a journey in the world of risk
Hello and welcome to our blog. Our names are Aleksandar Ubchev and Amit Misra and we are part of this year's MSc Insurance and Risk Management at Cass Business School. We will keep you updated through our weekly blogs hopefully giving you a better understanding of our journey through Cass Business School.
Aleksandar
I hold a BSc in Marine Engineering from the Naval-Academy in my home country, Bulgaria. After graduation the logical step would have been to follow the family tradition and pursue a career in the Maritime industry, but I was lucky enough to meet a professor in insurance who inspired me to take a different path.
This led me to Cyprus working as a trainee underwriter in one of the local companies. My strong mathematical background gave me an advantage and with each passing day I was given more interesting and complicated tasks to do.
I became extremely enthusiastic about marine insurance and, Cass Business School with its strategic position in the City of London, was the next step to fulfilling my dream of becoming a marine underwriter.
Amit
I graduated from Brunel University in 2006 with a Masters in Mechanical Engineering and have been working ever since graduating. The recession made me think about what I wanted to achieve in life, and I decided to study for an MSc in Insurance and Risk Management.
Before I knew it, I was a student again and was getting ready for my two week induction. I thought I would be the oldest in the class, but the course has a diverse age range and people come from all over the world.
I chose Cass Business School due to its reputation and location in the heart of London. The risk management part of the course appealed to me as risk management will become a key role within insurance and banking, due to the recent economic climate.
Our Cass experience so far
The two-week induction was excellent, the classes include mathematics and economics. The teachers taught each subject from a basic level to advanced, to bring everyone up to speed, so everyone could hit the ground running from day one.
The three-day MSc Careers Fair was our first opportunity to network with people from Insurance companies and Banks. This was when we started to really appreciate the amazing location of Cass and how tightly linked it is with the City. A lot of the companies we were interested in attended the fair, and we got the chance to introduce ourselves and ask valuable questions.
So far, the experience has lived up to our expectations and we're looking forward to our first week. So stay tuned and we will give you a front row seat on our journey through the exciting world of insurance and risk!
26/04/2010 - Learning and Development at Ageas
Welcome to my blog! I'm Vivien and I'm a graduate trainee at Ageas. Since joining the company in October 2009, I've been working with the HR and strategy planning teams. One thing that has really impressed me so far is the level of training available to staff. Have you ever imagined that training could be interesting and inspiring? Let me tell you how interesting it can be!
First of all, I'll tell you a bit about my background. I was born in Hong Kong and had various jobs after graduating from the University of Hong Kong where I studied English, and more recently the University of Warwick where I obtained my Masters degree in Information Systems and Management.
The culture and attitude towards training at Ageas is very different to what I've experienced before. Previously, I've found training sessions to be boring and the trainers were only there to teach us the basic knowledge required. I learnt to work hard without having much personal development. Honestly, I was shocked with the variety of training offered at Ageas when I first joined. Not only have I received business related training, such as technical skills, but I have also successfully achieved the Certificate of Insurance, awarded by the Chartered Institute of Insurance.
I have also attended soft skill sessions, which were particularly useful to equip me to take a future leadership role. I attended a course called 'Thinking to Success' which was very thought-provoking. I've always set myself high expectations, which naturally adds more pressure on me. During the course, the trainer used different learning methods such as group exercises and discussions, which helped me understand how to deal with pressure. During the reflection time, I suddenly realised it was my attitude which controlled my future! Now, I can work efficiently because I understand the mechanism of stress management!
I've even undertaken a virtual training session in the style of 'who wants to be a millionaire'! The session aims to teach new employees about Ageas and is a real example of how the company tries to create interesting ways to learn. It was so simple to use and incredibly memorable. This is not the only e-learning course Ageas provides - in fact all staff can pick and choose from a selection of modules. Recently, I have just gained my certificate for completing the Microsoft Excel module.
These are just a few examples of the interactive training courses Fortis has to offer. Thanks to the training staff, who are approachable and encouraging I am really pleased with what I have achieved so far!
Vivien Chan, Graduate Associate, Ageas
29/03/2010 - Unsure about the future
The year is 2000. I am 16 and ready to leave school. Everybody seems to know what I should do next everybody except me! Apparently I should go to college, I should go to university, I should get a job, I should find an apprenticeship, I should join the forces the list goes on.
Maybe the circus needs a new clown...I would be good at that!
My problem? Where will each option take me? What if I pick the wrong direction? What should I do? Help!
Skip forward 10 years and I am sitting at my desk at Ageas scratching my head. My dominant thought? How did I end up here? Insurance..didn't see that one coming, although I am glad it did.
There is a place for you within the insurance industry, no matter what route you take to get here. That's the beauty of insurance, the possibilities are actually endless.
Think about your favourite subjects. Whether you like Maths, English, Computing, Design and Technology, Languages or Science; there is a career waiting for you in the industry.
So what do I think you should do?
Well I'm not going to join the queue of people waiting to tell you what to do because I'm sure you've had enough of that! Frankly it's your decision and you need to take control.
Instead I ask you to look at the career paths suggested on the CII 'Discover Risk' website and see if any appeal to you. Look at the different companies and what they do, and try to forget what you think you know about insurance - keep your mind and eyes open.
You could work in a role negotiating claims, servicing customers, selling insurance, assessing and underwriting risk, pricing insurance rates, assisting people in trouble on holiday, or even 'out in the field' visiting brokers and partners.
With so much to choose from, it's not all grey jumpers and stiff suits..I promise.
Stuart Keenan, Graduate Associate, Ageas
23/03/2010 - My first 6 months in Ageas - a graduate view
After graduating from the University of Hull in June 2009, like many graduates I promptly encountered the reality of job hunting during a recession.
After three months of travelling up and down the country in search of that perfect opportunity, I found myself being offered a graduate position at Ageas, a major player in the risk sector.
Before I knew it I had packed my bags, relocated to Stoke-on-Trent and had my first day as one of five Ageas Graduate Associates.
I had attended a CII presentation about careers in risk during my final year of university, but apart from that I knew very little about the risk profession before I started.
I quickly realised that it was a dynamic, diverse and extremely enjoyable environment to be a part of. Just in my small team we have undergraduate and graduate students, band members, car enthusiasts and a tennis coach.
The twelve month graduate scheme is designed to provide me with an exposure to as many different areas of the profession as possible, which is exactly what the last six months has been about.
From day one I was given real responsibility and the opportunity to make a difference. I spent my first three months working closely with the call centre managers whilst I conducted a complete review of the call centre bonus structures.
My report quickly became recognised and before I knew it I was in the board room presenting my findings to the Operations director, which was something I really didn't expect to be doing within my first 3 months.
Following on from my early success, I was asked to work on a very important project for the commercial team. This would turn out to be very different from the people focused operations project that I first worked on.
Before I knew it another three months had passed and my number crunching and market research has finished and I was ready to submit my report. The first six months have been a real exciting learning curve and I have met and worked with people from all kinds of social and professional backgrounds.
The risk profession is very people focused and if you enjoy interacting with a variety of people it is certainly the industry for you. With new faces arriving in the business everyday, there is a real buzz and it's all get up and go in the office.
I must sign off for now, but please check back soon for an insight into my working week.
Martyn Leek, Graduate Associate, Ageas
19/03/2010 - Blog goes on tour
Thanks to all who have come to the site to have a look around. I hope you like what you see. You'll have noticed that we've had our first employer, Fortis, using the site as part of its graduate recruitment activity. The first of many, I'm sure.
The site now has around 30 employers on it, and we've just finished some filming with a variety of professionals, from graduate trainee to CEO. These will be up on the site in a few weeks' time, so keep an eye out for them.
You'll see another change to the site from next week, with the first of our guest contributors taking charge of the blog. All part of the aim of getting you up to speed with the opportunities available to you, and the breadth of opportunity the profession offers.
So, over the next few months, you can build your knowledge about the profession. Maybe
Didier Drogba will take a look, eh.
23/02/2010 - Events, dear boy, events
Just a few days to go until the end of the month, and hopefully the start of some half-decent weather.
We're also coming towards the end of our round of university events, which started in Stirling in September, and will finish in Kingston next month.
It's been really good to get onto campus again and talk about what we do. It's something that we have done a lot more of over the last couple of years, and the employers welcome the opportunity to get in front of their future workforce. We've seen a good 2000 students from Aberdeen to Plymouth and Belfast to Norwich.
It's interesting to see how many learners at uni are pleasantly surprised to hear that it's not just about numbers and computer screens. Talking about a people profession and the amount of time away from a desk captures a lot of imaginations. The number of applications to our employers has certainly gone up over the last two years, as more graduates (and school leavers) consider a career in another part of financial services.
We've also been getting out and visiting schools around the country. Two-hour interactive sessions on careers in risk tend to begin sceptically but end up being very lively. The signup sheet for work experience is never blank...
We're always happy to get out and do more, so if you fancy getting your Year 12s tuned into risk, drop us a line at
discover@cii.co.uk
19/01/2010 - Well, here it is - Discover Risk
Greetings, and welcome to Discover Risk. By now you'll have had a good rummage around the site and seen that profession covers an astonishing range of risks, from the everyday to the special and spectacular. It's also global, giving opportunities here in London, across the rest of the UK and in every continent there is.
We're launching this website at the start of what has already been a traumatic year. The devastating earthquake in Haiti put the UK's adverse weather conditions in the shade, and even sport hasn't been immune - Togo's players were shot at before the start of their African Cup of Nations campaign.
The risk profession played its part in the aftermath of both of these terrible tragedies - people who work in risk do their best to mitigate it, and while we sadly can't stop bad things happening, our experts go to great lengths to take as much risk away from the individual, team or business as is possible.
But don't take my word for it - check out the case studies on the site, and find out what people like about the profession: the challenges, opportunities and successes. Everyone has heard someone say 'never the same day twice' - it's absolutely true from where I'm sitting.
You'll be seeing more of the risk profession in schools, colleges and universities this year. Careers staff have their own part of the website and a nifty little leaflet to help them give advice on our sector. Local insight events for students, to complement our movie, website and brochure, all make it easier for you to understand what it is that we do, how large the sector is, and where it can take you.
So watch this space for updates - from university events to employers' recruitment drives and new placement openings to get your first foot on the ladder.
Happy surfing...