The 3 rd Younger Members Convention November 2004, The Chessboard Grange Hotel, Kenilworth

WORKING IN THE CARIBBEAN Andrew Long, Watson Wyatt 29 November 2004

AGENDA  Introduction and Background  Main Employers, People  Range of work  Skills required and gained  Challenges  Study Support and Incentives  Returning to the UK  Q&A

BACKGROUND - MAP OF REGION

BACKGROUND  Historical and Geographical facts  General statistics  Language barriers/challenges  Actuarial Hot Spots: Jamaica, Trinidad & Tobago, Barbados

INDUSTRY PLAYERS ConsultanciesInsurers Jamaica  Eckler Partners  Watson Wyatt  Guardian Life of the Caribbean  Sagicor (formerly Life of Barbados & Barbados Mutual) Trinidad & Tobago  Bacon Woodrow & De Souza  Eckler Partners  PWC  Guardian Life of the Caribbean  Guardian General (formerly NEMWIL & Caribbean Home)  Colonial Life (CLICO)  Sagicor  Trinidad & Tobago Insurance  American Life & General Barbados  Eckler Partners  Sagicor  Royal Bank of Canada (Reins)  First Caribbean (Reins)  CLICO Other countries

PEOPLE / CLIENTS People  Senior actuaries – very experienced, UK/US/Canada/Caribbean  Junior staff – Caribbean graduates of local and overseas universities  Warm, friendly, professional  Some things happen as quickly / some things happen more slowly Clients  Demanding  Include: - Traditional (Sugar; Oil; Bauxite, Shipping etc) - Government- Banking (Offshore) - Multinationals- New industries (Tourism)

WORK  Pensions - DB/DC schemes, Accounting, Mergers, Communications, Legislation  Life Insurance - strategic planning, financial reporting, product design and pricing, appraisal and embedded values, mergers, demutualization  Investment - offshore business for the financial services industry

WORK (cont)  Government - social security, healthcare, pensions, compensation, budgeting  General Insurance - assessments of general (non-life) insurance tenders of various government agencies  Other - risk management for local organizations, lecturing at University of the West Indies

SKILLS  REQUIRED - Newly/Nearly qualified, good technical knowledge - Willingness to learn, effective communicator - Flexibility, patience  GAINED: - Client meeting exposure, varied work (cross disciplines) - People management skills, increased responsibility - Practical, Pragmatic - doing things differently

CHALLENGES  Little legislation to guide in some aspects  eg Cayman, Barbados and Jamaica have recently enacted pensions legislation, others have none  Unions and industrial action (Strikes, sit-ins, no shows, walkouts!)  Technology  Cultural  Languages (Dutch, Patois and Carib)

STUDY SUPPORT / INCENTIVES  Study support varies between insurers and consultancies and generally includes: - study materials - study time (more generous for later exams) - residential UK Acted courses for later exams  Incentives: - lower cost of living, better quality of life - similar salary to the UK, allowances for housing/car - non-salary perks - life in the Caribbean!

COMING BACK TO THE UK  GAINS: - wider experience, more opportunities - problem solver vs compliance officer - diverse contacts - unforgettable experience  LOSSES: - changes in UK specific legislation whilst away - coming back to the UK

More information  Caribbean Actuarial Association  Websites for companies, consultancies listed  Your colleagues

Q&A