Why did you choose to apply to the Markel International placement year?
With the use of analytical and statistical methods, a calculated prediction can be found and used to improve the economic stability of a company. This is what excites me about the prospect of becoming an Actuary. After 2 years into my course, I wanted an introduction to what actuarial work entails in the local general insurance industry. I applied to Markel as it has a strong, long-standing presence in the global insurance industry. I was interested in the fact that Markel has a syndicate at Lloyd’s of London, as the risks insured are substantial and the way in which business is transacted is traditional. Overall, I felt that a placement at Markel would give me the opportunity to gain experience in order to provide me with further information to decide which field of the actuarial service I would like to be a part of in the future.
What attracted you to the insurance industry?
The London Insurance Market is a relatively private industry. Some of the biggest names in the market have never been heard of by the general public. I wanted to learn about how the industry works and what makes it so different to other insurance industries. The London market also deals with and insures unique risks, such as, Christian Ronaldo’s legs and natural catastrophes. I felt that the actuarial work behind risks of this kind would be more stimulating and niche.
Describe a typical day for you at Markel international?
My daily work at Markel consists of carrying out varies actuarial tasks in the capital team. This includes, sensitivity testing of the capital model, market research, and helping to make some parts of the model more time efficient. I have also given presentations on these tasks and have set goals with my manager to ensure my work for the rest of my time here is structured and offers me the opportunity to maximise my exposure to various actuarial methods. I have also taken part in training sessions, both industry-based and actuarial specific.
What has been the highlight of your placement so far at Markel International?
The highlight of my placement so far was presenting the proposals of our intern project. As we worked on the project cohesively for 6 weeks, we were able to pull together a diverse set of concepts and ideas from the experience we each gained from our departments. This made for a great combination, as the proposals within our report and presentation were well received.
What advice would you give to someone considering an actuarial internship at Markel International?
Go for it!
1 tip: Make sure that your CV and cover letter are in line with the role you are applying for, not just in terms of academics, but also in regard to extra-curricular/volunteering/interests/soft skills.
What would you say was the biggest benefit of doing an actuarial internship so far?
The biggest benefit would be the exposure to the London Insurance Market and to a global company such as Markel. I have gained key insights into the operation of the Markel syndicate at Lloyd’s and how it differs to the insurance cover Markel provides outside the London Market. I have also encountered some inspirational individuals from the industry and have been given the opportunity to gain invaluable advice from people who have reached the peak of their careers. The placement has also provided me with valuable training concerning the industry and actuarial skills, which has allowed me to bridge the gap between what I’ve studied at University and what Actuarial work truly consists of.
How did you find the recruitment process?
The recruitment process was well organised, and feedback between stages was given promptly. This meant that there were no undesirable surprises, and preparations for the next stage were executed in time.
What advice would you give to someone preparing for their application and assessment centre at Markel International?
Research the role you’re applying for – what it entails and what you will be doing during your time at Markel.
Learn about the company – what are their core values and what does the Markel brand represent
Be yourself and don’t be scared to ask questions!
What was it like to work in the city of London?
Amazing, I wouldn’t want to be anywhere else. The London Insurance Market is like no other, and getting exposure to such a unique industry is sought after.
Describe your placement in one word.