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60 Second Interview – Insurance Underwriter
Fantastic colleagues, good work-life balance and interesting work – three great things about working in insurance, according to underwriter Max Mallen. Read on to find out more about insurance careers and how to get there…
Name: Max Mallen
Company: Liberty Specialty Markets
Industry: Insurance
What is your job: Assistant Underwriter
How long have you worked here: Two years
Education
University: University of Warwick
Degree subjects: English and theatre, master’s in business management
A-levels: English, drama, economics, maths
What was your very first job?
I had a paper round one summer, which was a lot tougher than expected. I had to be up at 4am six days a week and would scooter around for three hours with a bag of papers bigger than me.
I can’t say I enjoyed it very much, but I guess besides being an early morning workout, it was an experience. I also saved up enough that summer to buy my first iPod!
What did you want to do when you were at school?
When I was really young I wanted to be a vet, but being terrible at biology put a stop to that pretty quickly. I also think I told my teacher in primary school that I wanted to be Batman…I had an outfit and everything, but I was told to reconsider my options.
As I went into secondary school I really had no idea what I wanted to do. There are so many different jobs out there and you have so many different subjects and things to think about. I think it’s important to focus on the subjects you enjoy and then look at the different jobs that go with those skillsets.
What made you want to do your current job?
After I had completed my master’s degree, I entered a graduate scheme for an investment bank for two years. Though it was an incredibly valuable experience, I didn’t feel that it was a career that would keep me interested for 30-40 years, and didn’t fill me with much enthusiasm.
I started to look at alternative industries and was recommended to take a look at insurance underwriting. I think some people are quick to assume insurance is boring, but that tends to be because people don’t know enough about it, and they couldn’t be further from the truth.
When I discovered the nuances of the industry and the skillsets required, I felt that it was a perfect fit for what I was looking for. Insurance is everywhere you look, and is more tangible than the financial products I previously worked on.
A big factor was that it offered a more social element than the bank, with most deals and correspondence with brokers and clients taking place face to face.
How did you get there?
I was sent a job spec by a friend, decided to send my CV in and underwent two interviews. I was lucky in that my prior experience fitted well with the requirements of an underwriter.
I had a diverse set of work experiences from the financial world to a TV production company and even spent time at a beer company, but I identified the skills I learnt from each one and related them to the role of an underwriter.
The postgraduate degree was also useful to set myself apart in the application process, but that being said, insurance is an industry that doesn’t necessarily demand a degree.
There are people from all educational backgrounds and ultimately, hard work will get you where you want to be. I was once told “the only place ‘success’ comes before ‘work’ is the dictionary” and from my experience, that definitely rings true!
What is a typical day at work like?
My primary role is to assist my team with the underwriting of their book of business. As I work in reinsurance, we are taking on insurance risk from other companies and so we need to come up with a price or premium for that risk.
So on a daily basis I will be involved with the data collation, pricing and reporting for our accounts to help the underwriter price the risk correctly.
I am lucky to work in the Lloyd’s of London building, where all the insurance syndicates rent desks called ‘boxes’. Lloyd’s of London is a marketplace where brokers come round to speak to the underwriters about deals taking place.
You could see nine or 10 brokers in one day about different accounts so it keeps you on your toes. Every day tends to be different from the last and that is part of the reason I enjoy it so much.
What’s the best thing about your job?
For me it is the people in the industry. It is very important you get on with the people around you and I’m lucky in the sense that my team, brokers and clients are like-minded people.
This is a job where you are meeting new people every day and it just means that even the quiet days are good fun.
Also I think the industry as a whole has the work-life balance spot on. It is important to work hard but you’ve got to enjoy your life while doing so. Liberty is a great place to work because of the atmosphere and culture it has created which stems directly from people enjoying what they do.
What is the most challenging thing about your job?
For me personally, trying to increase my knowledge is challenging as my department is one of the more complex.
The knowledge and understanding doesn’t come overnight and can’t necessarily be taught in a textbook, so the only way to progress is through experience. You have to be patient and trust that you are learning more every day, even if it doesn’t feel like it.
I think as you become more senior, the most challenging thing is managing the expectations of your brokers, clients, bosses and juniors. It can be tough when each party has their own agenda and you need to balance those expectations against your own best interests without people getting too confrontational.
What advice do you have for people who want to do what you do?
I think self-belief is a huge factor in getting to where you want to be. If you don’t believe in yourself and have confidence that you can do the role, then why should an employer?
Every person is different and there are different personalities required for different roles, but as long as you are aware of your strengths and weaknesses and don’t give up on it, eventually you can find the right role.
Work experience is definitely beneficial if you want to enter insurance. It not only shows a desire to learn about the industry, but helps you understand how it operates. It can be hard to get a company to take you on so be proactive and contact people at different companies. They can only say no and often admire the effort.
You need to make the most of the work experience though – just turning up isn’t enough. You need to ask questions and be genuinely intrigued about how things work to ensure that it is worthwhile. It may even result in the company offering you a permanent role in the future so make the most of the time you have.
What things do you wish you’d known before starting your career?
I wish I’d known it’s good to think independently from the outset. Obviously it’s important to listen and learn all you can from your superiors, but it’s also important to develop your own independent ideas. Be bold. Don’t sit on the fence.
Also, there’s no such thing as a silly question. If you’re thinking it, ask it!
Where would you like to be in five years?
This question is always an awkward one. Five years ago I didn’t think I would be in insurance so who knows what opportunities will arise, but I’m an ambitious character so let’s say I’d like to manage my own portfolio of business.
That’s pretty boring I know, but it sounds a bit more professional than wanting to be Batman doesn’t it…
