NAME: Leah Major

POSITION: Actuary, Colina Insurance Limited

EDUCATION & TRAINING:

• Fellow of the Society of Actuaries

• Bachelor of Business Administration, summa cum laude, actuarial science, Fox School of Business, Temple University

CAREER: Actuary, life and health Insurance

What attracted you to the sector?

At St. Augustine’s College, I excelled at mathematics and the sciences, but found mathematics more enjoyable. On the advice of my teacher, I decided to research actuarial science. While the discipline seemed a “black box” at the time, it was apparent that it merged my interest in business and my affinity for mathematics and, therefore, appeared to be an ideal fit.

Having graduated from university with a degree in actuarial science, I sought employment in the industries that most readily engage the services of actuaries – one of them being the insurance sector. The insurance industry is built on quantifying and managing risk, which is the core of actuarial science. I was therefore excited to be starting my career in an industry that had an appreciation for the profession and would be positioned to provide development for me in that regard. It has since proven to be the best decision I could possibly have made.

How long have you been involved in financial services? What keeps you motivated?

I have eight years of experience in the life and health insurance industry, carrying out various pricing, valuation and solvency responsibilities. I began my career in life insurance and currently I manage the Health Unit of Colina’s actuarial department which supports the company’s group and individual medical business. Among other things, this involves:

• Developing premium rates for Colina’s group and individual medical products which are both competitive and profitable; and

• Ensuring that Colina makes sufficient provision for claims.

The insurance industry is a very competitive space, and there are constant changes in regulation, technology and international best practices. This fosters an environment of continued learning and growth which keeps me motivated.

Why do you think you have been successful?

My philosophy is to focus more on the journey rather than the destination. That being said, there is an unmistakable destination that an actuary must reach in order to be “successful”, and it is to become a fellow of one of the international professional actuarial bodies. In my view this is the single most important credential that an actuary receives, and is earned over many years of post-university independent study and a rigorous examination process. There is no short-cut; I persevered through dedication, hard work and self-motivation to get through the many hours required to prepare for each examination and ultimately achieve the designation.

Credentialing aside, I think I have been successful by committing to give my best and remaining focused on finding ways to help my team and the company achieve its goals. Perhaps what aids this most is that I have been fortunate enough to have found a career that I absolutely love and remain passionate about.

Did mentoring play a part in your success?

Mentoring has played a vital part in my development as a professional and as a person. I have learned a great deal from other actuaries and professionals from other disciplines with whom I have worked. People often automatically think that mentors come in the form of those you work with. It is important, however, not to underestimate the influence of family and friends. Through the sharing of experiences and receiving counsel, a symbiosis develops that makes those relationships even more enriching. As these persons have invested in me, I hope to do the same for others.

What qualifications do you feel are the most useful in helping you perform in the sector?

Being a Fellow of the Society of Actuaries is by far my most important qualification.

What has been the biggest challenge in your career and or industry? How did you overcome it?

There were instances in my career where I felt stuck in a rut and was searching for remedies. Through those experiences, I learned that I was not only a recipient of work assignments, but I shared in the responsibility of crafting how I could best contribute to an organization and had a duty to take more initiative and ownership of my path. I also learned the value of patience and taking a long-term view of my career and life in general. Having done so, both have become more enjoyable and fulfilling.

What advice would you give young people just starting out in the industry?

The insurance industry is very diverse and houses many different types of professionals. I would, therefore, urge individuals first to consider each of those careers and identify an area that seems best suited to their skills and interests. Secondly, note that certifications are highly valued in today’s world; therefore being committed to attaining qualifications that will add value to your career is vital. Lastly, soak up knowledge and wisdom wherever and from whomever you can; travel a path that is your own and be sure to enjoy it.