Understanding client’s needs

IAN CLARKE JOINED the ICBL team as vice-president and head actuary in one of the most unique times that businesses around the world have endured. In the midst of the pandemic, Clarke began his endeavours in April 2021. “It was an absolutely intriguing opportunity,” he shared.

At the time, ICBL had already been in the fray of hybrid work where few people were entering the building. “Even within the executive team, it took a while before I had actually met everyone in person,” he added.

In speaking about his role at ICBL, he pointed out that the actuary is the individual charged with pricing insurance products and quantifying and managing the liabilities associated with new and existing business. As a composite company, ICBL sells Property and Casualty Insurance as well as Life Insurance. A major reason for Clarke joining the ICBL team was to grow their relatively small Life Insurance segment.

“ICBL did not have a qualified life actuary previously. The life area was underserved in terms of technical resources. When I joined, my vision was to build the company’s first fully functioning actuarial team. The first phase was restructuring what the existing resources were doing day to day. The junior actuarial resources were pulled in several different directions that weren’t necessarily actuarial in nature. So, part of the initial process was establishing an idea of what an actuarial team should do within an insurance company and providing the tools for those individuals to reach their full potential,” he added.

“We have junior team members working towards being fully qualified actuaries. They support our day-to-day reporting and product development functions in addition to trying to progress their studies. The actuarial qualification is itself a selfstudy programme. Many universities offer support for the first few exams, and most employers offer some level of study support. It is a series of 12 or 13 exams overall,” said Clarke. “I became fully qualified in 2020. I left university in 2009 and qualified in 2020, so it took me about 11 years. It was a tough journey, humbling at times and balancing personal and professional commitments was extremely challenging. I’m thankful to have seen it through and extremely grateful for the support, guidance and mentorship I received along the way.

“When I joined, ICBL did not have an actuarial study programme, but it is now seen as a necessary tool for student development. In rolling out a competitive programme, as we have recently done, we are positioning ICBL as a place of choice for local actuarial talent.”

The study programme combines time off, financial support for study materials and exam costs, and coaching sessions. There are also merit incentives for passing exams along the way. ICBL is now training actuarial talent and providing opportunities for career progression within the field.

The long-term goal for this programme is to have an internal team that can manage all required actuarial functions. “Establishing in-house technical expertise improves operational efficiency and allows us to support strategic planning in real-time, in addition to a host of other knock-on benefits,” said Clarke.

Speaking to strategy, Clarke said, “Due to the pandemic, the availability of disposable income for the everyman has declined.” As a result, the team was forced to re-evaluate their product suite and develop a stronger understanding of the needs of today’s clients.

“Clients are now looking for products which address certain things. We have a situation where the options to save are very limited in our own local context but also in a global context as well. Clients are looking for products that can provide some level of savings to them and I’m not just referring to savings that accrue to their relatives in the event of death. Clients want to see products with living benefits, investments that can be accessed and enjoyed during their lifespan,” Clarke shared.

He continued, “Another major element of shifting client needs is the desire for income security after retirement. Clients are looking for products that can ensure that when they leave the employment arena, they can adequately support themselves without having to rely on less secure channels.”

ICBL is establishing a suite of products to address the needs of individuals planning for specific retirement goals, such as retiring early, maintaining a certain level of income in retirement, or augmenting other retirement streams of income.

“We have a very insightful and technically adept research team at ICBL; niche identification is a key feature of our market research. Once we have these insights, we can leverage them to reach out to clients and educate them as to what their needs could be in the future,” said Clarke.

Part of the team’s strategy is to focus, not just on the individual client but on the needs of the family as well. “If a young person has a child, ICBL has products that allow them to save for when that child goes to university. Our sales model is all about educating our clients while understanding their current and future needs, allowing them to chart their best path forward; we have the products to support them on the entire journey. At ICBL, you are our partner for life,” shared Clarke. (NN)

Extends congratulations & best wishes to on the occasion of their 45th Anniversary.

Established 1955

Consulting Structural, Civil, Environmental Engineers & Project Managers

Tel: (246) 426-5930

Email: concept@caribsurf.com www.cep.com.bb

UNDERWRITING, BUSINESS DEVELOPMENT, COMMERCIAL SALES, AND INSURANCE SPECIALIST TEAMS:

(Back row, from left), Russell Clements – Insurance Specialist, Sonia Bovell – Senior Underwriter, Jo-Anne Bryan – Insurance Specialist, Sherry Sobers - Commercial Sales & Business Development Specialist, Mitchell Blades – Commercial Sales & Business Development Specialist, Landu Coppin – Group Insurance Specialist (Front Row, from left), Gaylene Riskbrook – Insurance Specialist, Althea Hoyte – Business Development Associate, Nakira JnCharles – Insurance Specialist, Deborah Skeene – Underwriter.

FINANCE TEAM:

(Back row from left), Glyne Pilgrim – CFO, Ryan Spooner, Danisa Craigg, Raheem Small, Cherisse Greene, Katherine Alleyne, Matthew Blackman, Kyle Cobham, Mechelle Pierre.

(Front row from left), Donnette Howard, Nicole Garnes – Senior Manager reporting and Planning, Alanna Marshall, Shanice Worrell, Shamara Gill. Missing – Jerry Jordan, Senior Manager Cost Management. (SLD)