10 MINUTES WITH... Chris Cowen, Head of Actuarial at Capita

EACH quarter we thrust one of our clients into the limelight to showcase their current focus, discover market insight, and learn how they go about their business turning the wheels of industry.

In issue 4 of our ?????????????????? ?????????? ???????????????????????? magazine, Graham Butler, caught up with Chris Cowen, Head of Actuarial at Capita, to understand Chris’ thoughts on the current?Actuarial market and his expectations for the challenges ahead…

1.??????Hi Chris, thank you for taking the time to talk to us, can you tell us a bit more about your background?

I spent a few years at the start of my actuarial career in a pension consultancy in Bristol, where I qualified. Shortly afterwards I moved to Capita and into insurance and since then I’ve held a variety of roles across the team, covering transformation, operations and projects. I currently lead our life and general insurance actuarial teams.

2.??????What does the team at Capita Actuarial look like today?

Our team at Capita has grown to around 80 over the past few years. Half the team support our operational outsource activity, dealing with complex policyholder queries and managing our clients’ products and systems. The other half of our colleagues form a flexible resource and delivery function.

We provide our clients with an agile and cost-effective solution to managing key deliveries, by placing our colleagues to work alongside our clients’ actuarial teams. Placements usually last from a few weeks to a few months and help directly on a specific project, or support BAU teams so they can release others to deliver project activities.

3.??????What challenges are your clients facing currently?

Actuarial teams are looking to optimise their mix of permanent employees, interim support, and niche experts for a team that’s flexible, resilient to changes and able to deliver effectively. ?Individuals across the industry are seeking new and varied opportunities both within traditional actuarial roles, but also now exploring wider fields. So, with rapidly changing requirements and demand for actuaries at an all-time high, this can be a real challenge.

It looks likely that the challenge of resourcing actuarial teams will continue for some time and so it’s important to maintain access to a range of resourcing and delivery options that offer flexibility and expertise. ?

4.??????What do you envisage will keep the actuarial market busy over the next 18 months?

There’s obviously a lot of focus on IFRS17 right now, and that looks set to continue into next year as processes are embedded and improved. There’s also lots of activity around wider transformation as insurers look to enhance their customer experience and make best use of technological advances, particularly around the use of data. Solvency II reforms are also on the horizon and, of course, all of this is being supported alongside BAU activity.

We’re looking forward to the IFoA GIRO and Life conferences in November, which will no doubt provide further invaluable insight into the future of our profession. We’re sponsoring both conferences and look forward to catching up with many across the industry – and in person for the first time in a while!

5.??????How do you currently partner with IGA?

We’ve always worked with IGA as recruitment ????????????????, rather than simply as a supplier. Peter Knowles, Graham Butler, and their team really understand our business and can therefore match us with great candidates who really fit our roles and team culture.

Alongside this, we also recognise that working together we can offer actuarial teams holistic solutions to the challenges of maintaining an appropriate mix of delivery support, covering recruitment, interim resourcing and managed delivery.

For further information on how Capita and IGA Talent can support your project delivery, please contact Graham Butler at [email protected].

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