Advice needed - Want to move from pensions to GI

Hello,

I have been a pensions student for nearly 3 years and want to move into GI. How can I can increase my chances of moving? Are there any particular websites/magazines that I can read regularly to keep me informed of issues in the GI sector?

Has anyone recently moved from pensions to GI with a similar level of experience to me? How long did it take to move? How much was the salary drop?

I am really desperate and need to move as I have nearly finished the CTs and have already passed CA1 and ST4.

Thanks in advance!

 

Hi Foi.

There have been quite a few posts around this topic before. Here is a good place to start with them.

Things to read:
*A lot of people in the london market seem to read Insurance Day - http://www.idnewscentre.com - I'm not sure how much if it is subscription only.
*The Institute also has regular some updates - http://www.actuaries.org.uk/practice_areas/general_insurance/gi_newsletters - the current issues newsletter is probably the best way to keep uptodate without too much effort.
*GIRO is the UK GI conference - it might worth reading some of the past GIRO papers. The GRIP (pricing) and GRIT (reserving) reports are both really good. You could also try to read up on ICAs/Solvency II as that's very topical at the moment.

IMO having some knowledge of current issues etc. in GI would help but I'd recommend focusing on highlighting and developing your transferable skills (office, vba, presentation, communication etc.)

I moved about 3 years ago with about 2 1/2 years pensions. It was hard but not impossible - I don't know how much has changed since then. In my experience (both for me and others I knew who moved at the same time) there wasn't a pay drop - the opposite in fact.

 

Thanks alot.

I better brush up on my VBA skills. Will keep you posted.

 

I was the same as you (although a bit less experienced) 6 months ago. Had most CT's and DESPERATE to get away from pensions (and consultancy although im not sure if you want to do that). I personally found it pretty hard to get GI interviews and when I got them it was pretty much 'we'll keep you in mind if we don't get a better candidate with GI experience'.

Any way enough of me moaning; being better at VBA would have got me one of the jobs I reckon, so thats really good advice - rather you than me though, I'm rubbish at it! I ended up at a life company and am really glad I did - I'm happy at work for the first time in ages Good luck

 

Hi, I started off in GI, so I may not be able to advise you on moving from pensions, but have a few comments.

Push for interviews and use the right recruiter, one who seems to have lots of GI experience.

On your CV, make sure you have something that appeals to the GI employers - think of the skills you've learnt in your job and how they might appeal to GI. All my employers have valued someone who can communicate difficult concepts to senior management in a very simple way. If you can demonstrate this in your work at the moment, that's a good step. Other important issues are motivation, independence and being proactive - get some examples of these ready.

Another thing is to read around issues in GI - maybe even get the core reading for ST3 and SA3? If you can show that you understand current issues, you're going a long way already. ICAs, Solvency II, Catastrophes are a few things to read up on.

Another thing would be to decide which area of GI you would like to work in - insurance cos (personal or commercial lines), Reinsurance cos, Brokers. This should help tailor answers to interview questions.

Good luck, not sure how much that has helped you!