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VIII | THURSDAY, SEPTEMBER 25, 2008 THE DAILY TELEGRAPH CAREERS IN INSURANCE AND FINANCIAL SERVICES DEVELOPMENTS The Daily Telegraph IT’S A FUNNY OLD LIFE Woody Allen once asked: ‘Have you ever spent an evening with an insurance salesman?’ and antiquities from Afghanistan. Modern lifestyles have also created a need for special areas such as Zurich Private Clients service, which provides prestige home insurance for high-net worth individuals. Today, policies on stately homes may include provisions for stalking and aggravated burglary, while clients may want to insure against car jacking and air rage. And, as it has become such a global business, a career in insurance today may also GETTY MILLION DOLLAR BODIES The list of celebrities who have insured parts of their bodies is about as long as Betty Grable’s legs, who did indeed have her pins insured with Lloyd’s of London. But the stories are often myths. Jonathan Thomas, accident and health underwriter with the Lloyd’s syndicate, Watkins, developed a policy to cover the chest hair of an unnamed celebrity in 2004. It was widely reported that Tom Jones had taken it out. But DOLLY PARTON $600,000 KEITH RICHARDS £1m Thomas insisted the Welsh singer had nothing to do with it. Likewise, Jennifer Lopez didn’t insure her backside, as speculated, but Dolly Parton did insure her breasts. And Ugly Betty star America Ferrara did insure her teeth for $10 million with Lloyd’s. Such policies, though, are often done for publicity. “The only people who really need to insure body parts are hand, foot and leg models,” says Thomas. Generally, stars have their body parts covered in a standard disability policy, which is how Keith Richards claimed against a finger he injured on a Rolling Stones tour. David Beckham did insure his foot during the 2002 World Cup, however: having previously broken it, it had been excluded from his standard cover. BEATING THE CHEATS A CAREER IN INSURANCE FRAUD COULD INVOLVE BEING TRAINED IN POLICE-STYLE TACTICS SUCH AS LIE DETECTION, SAYS ESME MCAVOY K expect after a traumatic event such as a crash or theft.” Such information flags up anomalies for investigation while fasttracking honest claims. Now that 98 per cent of the UK general insurers are members of the IFB, their collaborative might is showing. Over 200 people have been arrested for motor insurance fraud since the bureau’s inception. ‘‘ eeping an eye on insurance fraud is quite a task, as it has many guises. At one end, policyholders exaggerate their claims but at the other it involves large-scale, organised crime. Motor insurance is where the biggest fraudsters are found, with criminal gangs working together to induce, stage or invent a car accident in the hope of obtaining a hefty payout. “Crash-for-cash scams are a growing problem,” explains Sue Jones, head of the Insurance Fraud Bureau (IFB). “They will pick their victim carefully, inducing a crash with commercial vehicles that will definitely be insured or lone drivers who are too intimidated to put up a fight.” By pulling in front of a vehicle and suddenly braking sharply, the victim crashes into them from behind leaving their insurers liable. The IFB was established in 2006 precisely to detect and prevent this kind of premeditated, organised fraud. “Staff are trained in fraud analysis, using sophisticated software to identify trends across huge volumes of data,” says Jones. “Every insurance company logs their claims and we’re able to gather that information from our members and use powerful software to analyse it.” Data such as addresses, birth dates and claims histories are mined by the software to identify connections between individuals. Often a complex web of people involved in every stage of a fraudulent claim is unravelled. “We pass on that intelligence to our member companies, government organisations and the police,” says Jones. The bureau puts together investigation ‘‘ packages for the police as well as operating a ‘Cheatline’ for members of the public to call up and expose fraudsters. The technology used to uncover scams is developing all the time. Absolute, a UK specialist in insurance fraud detection, launched its Flatliner solution in June. It combines forensic evidence with techniques such as cognitive interviewing that can reveal telltale linguistic and behavioural signs. “Cheats show up as ‘flatliners’,” says Tony Jones, client services director. “They show no natural peaks and troughs in their memory recall or any sign of the emotions — hurt or anger, for example — that you would GETTY BECAUSE THEY’RE New detection solutions combine forensic evidence with techniques such as cognitive interviewing WORTH IT MANAGING THE ACCOUNTS OF ULTRA-HIGH-NET WORTH INDIVIDUALS IS AN AROUND-THE-CLOCK JOB. BUT, AS ESME MCAVOY DISCOVERS, LOOKING AFTER THE INTERESTS OF THE MEGA RICH IS NOT SHORT ON REWARDS A ccording to this year’s Capgemini World Wealth Report there were more than 10 million individuals worth $1 million (£507,000) or over in 2007 — 600,000 more than in 2006. But the ranks of the super-rich — people with $30 million or more to invest — are swelling even faster. Known in banking circles as ultra-high-net-worth individuals, their increasing numbers are good news for private banks and wealth-management firms. Most global banks such as Barclays and Credit Suisse have separate private banking arms devoted to such clients but many now tier their wealth management services so that there are specialist teams dealing exclusively with “ultras”. Coutts, the private banking arm of the Royal Bank of Scotland Group, established a private office exclusively for their ultra clients three years ago and it has been expanding fast. “Our team has grown from four private bankers, each with a dedicated assistant, to seven in just the year and a half I’ve worked here,” says Camilla Stowell, a senior private banker at Coutts Private Office department. Private office managers are naturally coy about revealing the precise funds needed to qualify as an ultra. “Every bank has a different way of banding or pigeon-holing their clients,” says James Penny, team leader of the private bank for UHNW individuals for Barclays Wealth. “We don’t have prescriptive labels, as every client will have their wealth tied up in very different ways. We prefer to look at our range of services and band our clients according to what they need.” However, it’s not hard to guess the particular type of individual these private managers are dealing with: “Typically, our clients are very international. They live in three or four places in the world and conduct cross-jurisdiction business,” says Penny. In essence, the UHNW manager’s job is about wealth protection — advising clients on how to keep their money safe and how to get the most out of it. “I really enjoy the wealthpreservation element of my job,” Stowell admits. “It can be more challenging. It’s about problemsolving and researching how a ‘‘ W ‘‘ oody Allen once famously quipped: “There are worse things in life than death. Have you ever spent an evening with an insurance salesman?” “The insurance industry is much maligned,” admits Adrian Colosso, chief executive of insurance broker Heath Lambert. “In in the old days, the general perception was of a person with a satchel knocking on your door, taking your money, and then never paying out on any claims. But it’s not like that any more.” Careers in today’s insurance industry are highly regulated and can involve playing a big part in glamorous events . Joshila Tailor, senior underwriter of Fine Art and Specie with Zurich provided insurance cover for the recent Cy Twombly exhibition at Tate Modern, London. The O2 Arena, meanwhile, had to wait for her to give the all-clear before it could display the ancient relics central to its Tutankhamun and the Golden Age of the Pharaohs exhibition last year. Tailor, a former business graduate, has also underwritten diamonds in transit from the Democratic Republic of Congo, THOSE WORKING IN INSURANCE WERE ONCE THE BUTT OF COMEDIANS’ JOKES. BUT THE NOTION OF A SECTOR STAFFED BY PEDANTIC SORTS OR DOOR-TO-DOOR SALESMEN IS OUTDATED, SAYS MARK BALLARD. IN A WHOLE NEW WORLD, THE SPOTLIGHT HAS SHIFTED beating competitors to major deals, such as the broking business he won for the £15.9 billion Crossrail project in July. The industry also employs actuaries as well as other mathematicians who make computer models that try to predict the future and minimise risk. Globalisation has forced the industry to become more dynamic, so it is hungry for business Art forms: left, Ferragosto by Cy Twombly (detail); above, Woody Allen involve travel, with employees getting the opportunity to work in specialist international sectors. The Special Risks department at Hiscox, for instance, might involve employees travelling across the globe to issue insurance claims against ransoms. They have already dealt with 46 kidnap cases this year, most of them business people in places such as Mexico, Nigeria and Iraq. Then there is the big business sector. According to Colosso, brokers get a real thrill from people who can help it adapt, and experts who can give it an edge. But it’s not all about the big boys, admits Colosso: “It’s an industry where people can join at the bottom and rise to the top.” Which goes to show that anyone choosing a career in insurance today could be insuring buildings one day and a diamond-encrusted artwork the next. JOBS ONLINE: jobs.telegraph.co.uk/ careers-insider @ BETTY GRABLE $1m DAVID BECKHAM $70m AMERICA FERRARA $10m client can best utilise tax structures to safeguard the wealth they’ve generated.” But the manager’s remit is broad. “We are an advice-driven service, so it’s not simply about supplying financial products,” says Stowell. “We get involved in all aspects of our clients’ lives, so we have had some odd requests.” Penny recently helped a client find a nanny, while Stowell organised a personal shopper to buy all the furniture for a client’s new home and ship the purchases abroad. Such clients have enough clout to demand a 24-hour service. “It’s definitely not a nine-to-five job,” says Penny. “If a client situation arises, they want to talk only to you so you give out your mobile number. I’ve had to take important calls on holiday and at weekends.” But such dedicated bankers wouldn’t want it any other way. As Stowell explains: “I’ve had calls from a client in the Far East on Christmas Day but then as a trusted adviser, you’re their first port of call, which means you want to know what’s going on.” Of course, there has to be an upside for any private manager forced away from turkey and all the trimmings in the call of duty. Apart from earning extremely competitive salaries, the perks can be uniquely rewarding. “We have a great client entertainment team that has the challenge of organising once-in-a-lifetime trips and events.,” says Stowell, who recently joined a client on a four-day trip to Saint-Emilion, visiting private vineyards and chateaux. “My clients are interesting people often with fascinating life stories. They are such a varied group that I never know what I’m going to find on my BlackBerry when I wake up.” THE DAILY TELEGRAPH financial services After the storm: All bets are off: THE FINANCIAL CAREERS FORECAST Page 2 THE CHANGING FORTUNES OF HEDGE FUNDERS Page 5 This is the modern world: HOW THE INSURANCE INDUSTRY GOT SAVVY Page 8 MILES DONOVAN AT PEEPSHOW insurance CAREERS IN THURSDAY, SEPT II | THURSDAY, SEPTEMBER 25, 2008 THE DAILY TELEGRAPH CAREERS IN INSURANCE AND FINANCIAL SERVICES OVERVIEW The Daily Telegraph WHAT HAPPENS NOW? ONE CITY RECRUITMENT EXPERT EXPLAINS WHY ALL IS NOT LOST FOR JOBHUNTERS IN THE DOWNTURN Those people who work in the backroom, facilitating deals rat THE DAILY TELEGRAPH THURSDAY, SEPTEMBER 25, 2008 | III The Daily Telegraph FACE-TO-FACE BUSINESS CAREERS IN INSURANCE AND FINANCIAL SERVICES RIGHT MOVE PERSONAL FINANCE ADVISERS ARE FINDING WAYS TO WEATHER THE STORM. BY MICHAEL DREWETT T THE NOVICE Jennifer Noakes, executive mortgage adviser, IV | THURSDAY, SEPTEMBER 25, 2008 THE DAILY TELEGRAPH THE DAILY TELEGRAPH THURSDAY, SEPTEMBER 25, 2008 | V The Daily Telegraph FOCUS CAREERS IN INSURANCE AND FINANCIAL SERVICES holds-barred attitude to investing. Hedge funders could predict anything from the prices of live hogs to interest rates. “Investment management has traditionally been base VI | THURSDAY, SEPTEMBER 25, 2008 THE DAILY TELEGRAPH CAREERS IN INSURANCE AND FINANCIAL SERVICES PEOPLE The Daily Telegraph WINNING THE FINANCE SECTOR IS NOT SHORT ON DYNAMIC ROLE MODELS, PROVIDING GRADUATES WITH PLENTY OF INSPIRATION. BY PENELOPE RANCE admits. “I also like the fact that th THE DAILY TELEGRAPH THURSDAY, SEPTEMBER 25, 2008 | VII The Daily Telegraph THE BIG INTERVIEW CAREERS IN INSURANCE AND FINANCIAL SERVICES FINANCE GURU ALVIN HALL HAS SEEN SEVERAL BOOM AND BUST CYCLES, BUT HE THINKS A JOB IN THE SECTOR IS ALWAYS A SAFE BET. HERE HE TELLS ESME MCAVOY WHY A GOOD CAR VIII | THURSDAY, SEPTEMBER 25, 2008 THE DAILY TELEGRAPH CAREERS IN INSURANCE AND FINANCIAL SERVICES DEVELOPMENTS The Daily Telegraph IT’S A FUNNY OLD LIFE Woody Allen once asked: ‘Have you ever spent an evening with an insurance salesman?’ and antiquities from Afghanistan. Modern lifest