Crafting an Actuarial Career

If you ask Jill Hoffman what drove each of her actuarial career moves to date, she would likely deadpan “warmer climate,” pause for impact, then burst into laughter. Jill laughs a lot. She doesn’t take herself seriously, in a good way. As the regional head of internal audit for Munich Re Asia Pacific, Middle East and Africa and a member of the Executive Committee at the International Actuarial Association (IAA), Jill belongs to the exotic species who can take on multiple obligations, do each well and make it look easy.

There is some truth to her yearning for warmer weather. Raised in Winnipeg, Manitoba, Canada, Jill was not foreign to minus 40 Celsius and a cold blast to the face when she opened the front door. She attended the University of Waterloo and worked in Toronto for a few years before jumping at an opportunity to move to the Bahamas. Four years later, with a toddler in tow and 10 weeks pregnant, she moved to Singapore with her husband, Joe, and has been based there ever since.

I recently sat down with Jill to gain her long-term expat insights, get tips on how to manage a full plate and collect her thoughts on what a “future actuary” might be.

Besides warmer weather, what drives your career decisions?

It is the opportunity to work with and learn from people with different backgrounds, cultures and experiences. On the personal and professional side, it is also to travel.

After graduating from the University of Waterloo’s co-op actuarial program, I started my actuarial career working in life insurance companies in Toronto and ultimately landed at a consulting firm, Eckler Partners. At the time, Eckler was expanding into the Bahamas, and Colina Insurance was my primary client. Enticed by sunshine and beaches, I switched teams and took up a position as Colina’s resident actuary.

A few years later in 2007, I was recruited to join Munich Re in Singapore. At Munich Re, I’ve had a variety of roles, including head of pricing, chief operating officer and my current role, regional head of internal audit of Asia Pacific, Middle East and Africa.

For those not familiar with the function of internal audit, what is it?

Internal audit is the third line of defense of the company. The first line of defense is the business; for example, your pricing actuary who makes sure the risks are managed. Risk management is considered the second line; they (risk managers) help define the risk appetite of the company and how it should be managed. Internal audit is the third line of defense; we check how well the risks are being managed. We differ from external audit, which is focused on whether the financial statements are correct. Internal audit checks the effectiveness of the company’s contols to make sure the risks are being managed properly.

If you had to credit one thing to your career progression and mobility, what would it be?

Being an actuary has been pivotal to my career progression. Having the qualification allows you to knock on the door. When I was in the Bahamas, there were only two qualified actuaries in the country, of which I was one. Sometimes, when we are surrounded by actuaries, we don’t always recognize, or we take for granted, how unique and special the qualification is.

For my mobility, all the credit goes to my husband. If you don’t have a supportive spouse, then you can’t move abroad. He has always been game to move new places and try new things.

Do you consider yourself a generalist or specialist, and why?

I see myself as a generalist, more like a “Jill of all trades, master of none.” This has been useful when moving out of technical roles such as pricing and valuation. In my COO role, I described it as “solving difficult problems that cross multifunctional lines.” It was knowing just enough to know who should be at the table to answer questions, and realizing that you don’t know enough to answer them yourself.

Luckily, actuaries can choose how much of a specialist or generalist they wish to be. Both paths are open to us.

What are your thoughts on artificial intelligence (AI) and its impact on the actuarial profession?

I think of AI as another tool, and it will be as impactful as Excel and the increased computer power for modeling. My interest is piqued regarding the governance of the tool and the growth of modeling such that it is more of a black box and reflects our behaviors—and not always our best behaviors. An actuary is a professional with ethical standards, and there should be a guide for the development and proper use of AI.

You are the chair of the IAA’s Future Actuary Task Force. As you see it, what will a future actuary need to do?

I asked the question, “What is the future actuary?” and the IAA Strategic Planning Committee agreed it was a great question and that I should answer it. Honestly, the question still overwhelms me, and I’m not sure we can ever really answer it.

However, in our (task force) attempt, we split the question into a five-part cycle:

1. Complete a Risk and Opportunity Radar.
2. Conduct gap analysis. The IAA’s education committee is currently focused on AI.
3. Advance skill development. Once again, the IAA’s education committee is focusing on AI.
4. Promote demand. We have two stakeholders: traditional employers and nontraditional employers. Obviously, traditional employers know who actuaries are, but are we being used to our full capacity? For those who want to break out of traditional roles, for some, this is more possible as a sidestep in a traditional employer. For example, I work in internal audit, which isn’t usually seen as an actuarial role, though there are actuaries there. For nontraditional employers, how do we tell people what we do? Everyone has their own definition of an actuary, which changes multiple times a day and depends on the audience. How can we help in the climate change space, for example, if people don’t know to call us?
5. Develop supply. Supply equals students and “gatekeepers.” The gatekeepers (teachers, parents, neighbors) are the adults in the student’s life. Actuarial science is still heard of mainly through word of mouth; we aren’t a well-known profession like accountants, doctors and lawyers.

By spotlighting actuaries in nontraditional areas through marketing and branding, we can demonstrate to the public and newer generations of actuaries that our skill set is invaluable.

How has your experience as an avid volunteer in the actuarial profession been?

I started volunteering with the Singapore Actuarial Society (SAS) shortly after moving to Singapore in 2007. Soon, I was named honorary secretary, as the current one wanted to step down. After doing that for two years, I became president for four years. I then remained on the SAS Council (equivalent to the Executive Committee at the IAA) for a long time.

I started volunteering with the IAA after it held its council meeting in Singapore. I have volunteered on a number of committees, most notably the Advice & Assistance: Asia. I was on the Strategic Planning Committee, representing the SAS, and I’m currently on the Executive Committee and chairing the Future Actuary Task Force.

I find that with volunteering you get back out of it so much more than you put in.

Do you enjoy mentoring? How do you measure the success of mentoring or coaching?

I love mentoring because I get asked interesting questions that make me think. So, I learn a lot.

I don’t know if you can measure success. Success for the mentor means that they (mentees) come back for more advice. However, the true measure of success is the impact you have on the person you are mentoring. Have they not only solved problems, but have they grown and now have a more solid footing for facing their next challenges?

You are very crafty. What is it about sewing, cross-stitching and knitting that gives you satisfaction?

A question crafters get asked a lot is, “Do you like the process or the product?” I like both. Sure, in some projects, the process isn’t as fun, or the final product isn’t as great, but I like both. I find it is my “moment of Zen.” I get cranky if I don’t have that quiet, focused time to do crafts. I can maybe go one to two days without doing something crafty, but that’s about it. You also learn not to be a perfectionist. No one but you knows that a stitch is wobbly, and frankly, after a couple of days, not even you can find that mistake. Mistakes get relabeled as “design features.”

This is also why pragmatism is a core value of mine. I view “done is better than perfect,” but the level of “done” depends on the situation.

What type of person do you think of yourself as?

I’m a results-oriented, task-focused person. I have to-do lists for not only work but also home life and even craft life. But getting results by running over people is not my style. I view myself as collaborative, and I want to bring the right people to the table to make sure it can be done in the best way possible.

Statements of fact and opinions expressed herein are those of the individual authors and are not necessarily those of the Society of Actuaries or the respective authors’ employers.

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