Career Case Study: Simone Collins FIAA – Chief Actuary, Picnic Labs

Simone has 14 years’ experience in the insurance industry, focusing on various aspects of actuarial work, including extreme event modelling, insurance pricing, claims reserving, reinsurance, and financial modelling. 

She is currently Chief Actuary at Picnic Labs, a start-up seeking to overhaul the current insurance business model. 

Prior to joining Picnic Labs, Simone was the Head of Corporate Actuarial for Youi Insurance. She is a Fellow of the Actuaries Institute and holds a Master of Business Administration from Queensland University of Technology (QUT).

Awards won: 

• MBA Director’s Award for Academic Achievement. 

Why did you become an actuary? 

I applied for Actuarial Studies at university because my favourite school subject was maths. Once I graduated from this, I got a job in the Actuarial Services department at APRA. I enjoyed the work and continued with my studies to become an actuary. 

How did you find out about this career?  

I first heard the term “actuary” in a career book given to me in 10th grade. My brother pointed it out because he’d heard that actuaries “do maths and get paid well”. It sounded like an interesting career, which is why I went on to apply for Actuarial Studies. 

However, it took about 18 months into my Actuarial Studies course before I had an idea of what an actuary does.

Prior to this, all the classes had been generalist maths, economics, finance etc. It was in an “Introduction to Actuarial Studies” class that they described what role actuaries have in insurance and superannuation companies. I was most interested in the general insurance path and went on to work in that area. 

How did you land your first job? 

My first actuarial job was at the Australian Prudential Regulation Authority (APRA). I already worked in the APRA call-centre part-time while I was completing my actuarial degree, mostly answering calls from people seeking early access to their superannuation.

I graduated in the middle of the GFC so it was a very tight job market. But already being employed by APRA helped me to get a foot in the door to their head-office and my graduate job. 

What helped you build your career/progress? 

The things that have helped me most are:  

From your experience, what advantages does being an actuary offer in the professional world? 

Actuaries can help any organisation translate their data into insights and business decisions. Our skillset straddles business and data analytics, which is very valuable in today’s data-rich world. 

What are the top five skills that an actuary should have?

• Communication skills – actuaries need to communicate complex concepts across all levels of the business. 

• Technical skills – a solid grounding in a mathematics/data analytics/actuarial field. 

• Adaptable and eager to learn – businesses and technology are changing rapidly, so actuaries need to keep up. 

• Entrepreneurial – my background is in high-growth businesses, so it helps to have actuaries who want to push boundaries and think differently. 

• Business acumen – being able to understand the wider context of the business. 

What exciting projects or work locations have you been exposed to? 

My current role in a start-up company has been the most exciting part of my career. I joined the company before it was making any revenue and had only a handful of employees.

I’ve helped to grow it into a multi-million-dollar business. We’ve launched seven products over the three years that I’ve been working for the company and have established relationships with large, global brokers and reinsurers.  

What are the three highlights of your career to date?  

• Becoming the Appointed Actuary for my employer and providing actuarial advice to the board and executives. An Appointed Actuary is a role designated by APRA. Each insurance company must nominate one person to be an Appointed Actuary. That person is responsible for providing independent advice to the Board of Directors and signing off on aspects of the company’s financial accounts. It is a senior role that provides key inputs into business decisions. 

• Joining an early-stage start-up company and being part of building and scaling it to succeed. One of my favourite parts of this so far has been getting reinsurers to agree to support a novel product that would be completely new to the market. We’re about to launch it with lots of enthusiasm from customers and brokers.