Actuaries Working in New Fields

In the first article of this series that explores these members and their personal stories, we speak to Hugh Karp and Nafiz Farnaz, who are using their actuarial training in new and exciting ways.

Hugh Karp, founder of Nexus Mutual, started his career in life insurance roles but has successfully made the transition to build his own company focused on building a mutual insurance business using crypto-currency technology.

Nafiz Farnaz, national product and marketing manager at Harvey Norman, took his actuarial degree in a different direction from the start of his career.

A broad skillset

Both Nafiz and Hugh credit the broad-ranging toolkit underpinning their actuarial studies and work experience as a driving force in their success. There is a common underlying foundation of strong analytical skills and ability to confidently deal with data, combined with other complementary skills, such as communication and negotiation skills, that allow them to have a meaningful impact in what they do.

Nafiz credits his actuarial degree for equipping him with a diverse set of skills, “from technical competencies like data science and programming, to soft skills such as negotiation and conflict resolution” that has enabled him to stand out in his field.

Looking back on the skills honed over many years of core actuarial roles, Hugh believes that “the breadth of the actuarial skill set from detailed analytical work to strategic business focus” was crucial to getting his business off the ground and making it a success.

Charting their journeys

Hugh and Nafiz have very different stories, demonstrating that there are many varying career paths outside of core actuarial areas.

Hugh started his career on a life insurance trajectory and was successful in navigating senior leadership roles both in Australia and abroad. After experiencing some disillusionment with the time he was spending on meetings and the politics in corporate life, Hugh decided to try something different.   

He had the idea of building a mutual insurer from scratch using blockchain technology.

“The tech was fascinating to me and it aligned with my view that insurance is fundamentally a social product where communities share risk together,” Hugh said.

“It triggered the question: ‘How could we do it better and more scalable with community-driven technology?’ That question led me to founding Nexus Mutual.”

For Nafiz, an international student who graduated from university during the pandemic, found obtaining a traditional actuarial role particularly challenging as he had no local experience.

“With a double major in Finance and Accounting and a postgraduate degree in Actuarial Practice, I found myself with a wide range of capabilities but limited opportunities that aligned perfectly with my career goals,” he said.

Nafiz initially secured a part-time role as a Finance Analyst at a venture capital firm. Obtaining this work experience opened the door for more opportunities and led to him joining Harvey Norman as a Data Analyst. In this role, Nafiz discovered his passion for working with data and was rapidly promoted to the National Planning and Operations manager within six months – a role he describes as enabling him to combine data-driven insights with operational strategy. 

What you need to succeed

So, what are Nafiz and Hugh’s top tips if you have an actuarial qualification and are considering career opportunities in new fields?

Nafiz passionately believes in the skill of adapting.

“Practicing adaptability has been key for me. Whether it was adjusting to life in a new country or transitioning to a non-core actuarial role, adapting to different environments has always paid off.”

One could argue that with the rapid change of technology, which is only expected to accelerate, this practice will only become more important, regardless of where actuaries choose to practice.

He also talks about the value of keeping an open mind and expanding your network early in your career. “My active involvement in the Actuarial Students’ Society at Macquarie University and participation in the Global Leadership Program further broadened my perspective. Engaging with such a wide array of people not only expanded my professional network but also deepened my understanding of how to navigate cultural nuances in communication and teamwork.”

Hugh reflects on the importance of trusting your skills when trying something new, whether it be a new or existing field. “If you have a toolkit of skills and a willingness to give something a go, you can achieve a lot by just starting and progressing, one step at a time.” 

The unique value of actuarial science

When asked where the actuarial profession is heading, Hugh noted that the profession has transitioned over time from being almost exclusively mathematically-oriented to including more of a general risk management and business focus. In terms of where it is heading, he states,

“As technology continues to improve, I see the profession further leveraging its risk management skills. I believe the strong analytical foundational skills of actuaries will remain critical.”

He sees the role of the actuary as very valuable in having the ability to balance the perspective of the shareholder and the customer. “As technology takes over more of our lives we will need guardians to make sure it operates correctly and the balance between company and customer objectives are upheld. The actuarial skill set is quite unique in this aspect and can hopefully play a meaningful role here.”

Nafiz believes the critical thinking and structured problem-solving skills gained in his actuarial training, alongside data-driven methodologies, can play a valuable role in a broader range of areas. This is especially true as technology and access to data becomes more prevalent. “This ability to analyse problems from diverse perspectives has enabled me to drive more efficient decision-making processes, challenge traditional methods, and optimise operational performance.”

The key theme in both Nafiz and Hugh’s reflections: the actuarial skillset being grounded in using “data for good”.

Hugh talks about being confident in your actuarial skills and ability to apply them, especially when exploring a new field where no one is an expert. “Be Brave”.

It is clear that both Nafiz and Hugh have found a passion that allows them to combine their mathematical and data-driven foundational training with problem solving and a higher purpose. For Hugh, it is a combination of exploring new technology and building something that goes back to the community-based principles of insurance. For Nafiz, it is about using his data and problem-solving skills to challenge the status quo and continue to explore new fields.

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