Career Case Study: Laura Wood FIAA – Head of Reinsurance Youi Insurance
“You can take on many different types of leadership and non-actuarial roles by applying your skillset, which makes for an exciting career ahead of you.”
Laura Wood has 20 years’ experience in insurance, reinsurance broking and reinsurance, spanning most major global markets and many lines of business.
Throughout her career, she has honed her skills in leadership, business development, actuarial & underwriting practices, as well as strategy setting, claims and risk management.
A strong communicator, Laura likes to build relationships, and drive & execute strategies to deliver measurable outcomes. One of her core passions is to develop and nurture talent.
How did you find out about this career (including study to qualify, or any changes in direction)?
Careers advice at my secondary school listed Actuary, Accountant and Stockbroker as a match for my skillset. I was still undecided at that stage and decided to study Maths with Finance at university.
During my second and third years at uni, I was able to choose subjects. I found myself favouring the statistics and finance modules over the pure and applied maths ones.
By the end of university, I knew I wanted to be an Actuary.
How did you land your first job?
I fell into general insurance by accident as many do! While I wanted to be an Actuary towards the end of uni, I was agnostic at that point about which discipline I would work in: Pensions, Life insurance, General Insurance or Investments. I moved back home (near Manchester) after uni for six months while I applied for Actuarial roles in London.
In Manchester I got my first job via a temping agency, handling Home and Motor Claims for Co-op Insurance. I very much enjoyed their three-week training course on insurance wordings, insured perils, handling claims.
By the time I interviewed with Royal Sun & Alliance for an Actuarial Assistant position I had a lot to say about wordings and perils, I genuinely think that three months’ experience at Co-op landed me the RSA gig. At RSA I started my actuarial exams, and the rest is history!
What helped you build your career/progress?
Having a strong internal and external network has helped me get future jobs and settle into new ones well by already knowing some people.
There have been some key training courses and books that have helped me develop my softer skills such as presenting, selling and negotiating.
Lastly, having mentors and sponsors have been key to building my confidence, there’s no better feeling than knowing someone has your back.
From your experience, what advantages does being an actuary offer in the professional world?
Being an Actuary is not only a professional qualification that conveys you are an expert in your field, for me it is very much a state of mind. The problem solving, peer review, integrity and communication skills an Actuary requires are very transferable skills.
Being an Actuary to me means you can take on many different types of leadership and non-actuarial roles by applying your skillset, which makes for an exciting career ahead of you.
What are the top skills that an actuary should have?
- The ability to communicate well – verbally and written – with different stakeholders.
- Having a strong handle on the numbers and detail, while being able to see the bigger picture. – The so-what mindset.
- Seeking peer review and diversity of thought using questions and listening.
What exciting projects or work locations have you been exposed to?
I have been fortunate enough to work in the London Market close to the Lloyds’ Building for close to a decade. I now live and work in Sydney, which, as a Brit, means I always pinch myself.
My reinsurance roles have also taken me interstate within Australia, and to other countries such as New Zealand, Japan, China, Hong Kong, Singapore, Malaysia, Zurich, Austria, New York and Bermuda.
How would you summarise yourself in one sentence?
I’m down-to-earth, energetic, and I get things done.
What advice would you give to young/aspiring actuaries?
Brace yourself for those exams, but also the elation of qualifying and getting your FIAA letters! Network your tail off, surround yourself with mentors and supporters, and be open to job opportunities that might not exactly align to your original intended career path, it’s ok to climb a career gym vs a career ladder.
Check out Laura’s career and qualification timeline
Ready to learn more on beginning your journey to becoming an actuary?
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