High demand for talent in life insurance industry

Bermuda’s life reinsurance was a $539 billion business in Bermuda in 2021 and is only projected to get stronger.

Yet, it is an area that people sometimes forget when they are making career choices, according to Natasha Scotland Courcy, Athene Life Re chief executive officer and general counsel.

"It is a part of the insurance market that a lot of people are less familiar with, but there is a demand for talent,“ Ms Courcy said.

Registration closes on Friday for Athene’s first Life Career Expo to be held next Tuesday.

“We are really hoping to be able to educate people around why joining our industry is a good thing,” Ms Courcy said. “We want to explain what career opportunities are available.”

The event will include young Bermudians speaking about their experiences in the industry and a round table on topics such as candidate branding and networking.

Speakers will include Malika Cartwright, the director of the Department of Workforce Development; Lorene Phillips, the founder and CEO of Clarendon Wallace; Megan Deshields at Martello Re and others.

“Colin Rego, founder of the Sargasso Sea delivery app, will be the keynote speaker,” Ms Courcy said. “He is not in life and annuity but we thought it would be a cool for Bermudians to hear his success story.”

Athene is expecting between 250 and 300 people at the expo; 200 have registered already. Ms Courcy urged anyone left who wants to attend to register soon. The expo is free.

The event targets young people at the end of their high school years, college students and also older people who are looking at a career change.

Ms Courcy, the chair of Bermuda International Long Term Insurers and Reinsurers, said there was no shortage of talent entering the life insurance industry in Bermuda.

“We have gotten better over the years through Biltir as well, and through Athene,” she said. “Biltir has its insurance internship programme and Athene has had its internship programme for quite some time. So we are getting the word out about life insurance. We are in the high schools. Athene has also partnered with the Bermuda College to develop a scholarship programme.”

She said there was a need for job candidates in actuarial science, finance and accounting, and also in supporting roles such as administration and human resources.

She said life insurance was an alternative to property cat, which sometimes got more notice.

“It is a completely different need and demand that we are servicing,” she said. “In life insurance, our contracts are longer. There is also a different need in terms of how to assess the risk when you are trying to book a transaction. The talent that is required looks different as well. Our underwriters are our actuaries. I think if you have a real passion for mathematical science, this is something you should look into.”

She thought the achievements of life insurance companies in Bermuda would draw others.

“Success begets success,” she said.

She also thought that the regulatory environment in Bermuda, and the Bermuda Monetary Authority’s efforts to strengthen the regulatory framework, are part of what is drawing more life insurance companies to Bermuda.

“There has always been a benefit to being in Bermuda because of the strength of the framework,” she said. “The capital framework backs it up as well.”

The Athene Life Career Expo will be held on Tuesday from 9.45am to 6.30pm at Pier 6 on Front Street in Hamilton.

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