Are you looking for an employee with a specific skill set? Have you ever considered reaching out to one of the local colleges or universities to tap into their best students? That’s exactly what London Life does when they are in need of actuaries.
An actuary is a certified professional who uses mathematics, statistics, and financial theory to assess and manage the financial risk of ventures involving a measure of uncertainty. Some examples are insurance policies, pensions programs, and financial investments. It can take up to 10 years to become certified and most students work while completing their studies and exams.
Karen Data, an actuary herself and Individual Insurance Pricing Manager at London Life, started out at the insurance company as an actuarial intern from Western University and has worked in varying actuarial areas within the organization through their 2-year rotation program. She is now involved with the recruitment and hiring of both full-time and temporary staff (co-ops and interns) actively pursuing their actuarial designation.
“Because the skill set is so specific, we partner with different universities in Ontario and across Canada to find candidates for our co-op and internship positions. This offers students the opportunity to gain valuable actuarial experience prior to their graduation and also gives London Life the opportunity to discover the candidates for full-time employment”, says Data. London Life retains actuarial staff by the support offered through their Actuarial Program which provides study time, study material, covers exam fees, and also has a significant focus on the ongoing development of their staff. Members of the Actuarial Resource Pool participate in a variety of team-building activities, conferences, and professional development activities that help strengthen the skills and knowledge of employees and build strong relationships among the actuarial staff. Full-time actuarial staff also benefit from their 2-year rotation program which offers the opportunity for staff to gain actuarial experience in different areas within the organization.
Several years ago, Brandon Wallace, now an Actuarial Associate at London Life, was a high school student, considering university. With a little research and direction from his parents he spotted the Statistics and Actuarial Science program at Western University.
Brandon was accepted into the Statistics and Actuarial Science program at Western. While he was studying, a professor informed him about the London Life Actuarial Scholarship at Western, which came with a paid summer placement. “It was a great opportunity,” explained Brandon. “By gaining some experience through the summer job placement, I knew the job was for me.”
After spending two summers with London Life while studying at Western University, he was hired on full-time in 2014. Data says, “London Life recognizes the need to seek and retain strong actuarial candidates and continues to develop partnerships with universities to attract the best talent.”