The GIP gave me my first work experience in the insurance industry.
During the 2013 GIP, I did my internship with AXA Singapore's actuarial department. I worked on a pricing project under the supervision of the motor pricing actuary and learnt the technical concepts behind actuarial pricing work. With the collaborative nature of the team and the close links between pricing and reserving work, I had the chance to have a brief look at what my other colleagues were working on. This holistic view of what actuaries do day-to-day is such invaluable learning that we do not get in the classroom.
Furthermore, the GIP had a training week where representatives from different functions and companies shared their professions with us. This was useful insider knowledge and gave me a broad understanding of the different functions in GI (Actuarial, Claims, Underwriting etc), and how a GI company operates.
"The GIP has definitely contributed directly to landing me my first job and subsequently opening up my career path as an actuary."
After the 2013 GIP, I kept in contact with my colleagues while I went on an exchange programme (Aug-Jan 2013). This provided an opportunity for me to secure a part-time internship for Jan-Apr 2014 while I was clearing my final semester at NTU. This internship was focused on actuarial reserving, complementing what I had previously learnt during the GIP internship. And this part-time internship was extremely important in helping me secure my first job upon graduation, which was with the same team and also doing reserving. The GIP has definitely contributed directly to landing me my first job and subsequently opening up my career path as an actuary.
The key advantage of this programme is in its structured learning. The GIP provides a training week where undergraduates are exposed to different functions of the sector, which is vital, particularly for those who have no prior experience in the sector.
There is also a structure to the work done during the internship as the participating companies will draft the internship work plan in advance, with a focus on the intern’s learning and development. This provides a good framework for the internship supervisor to guide the intern along and ensure that the intern’s learning outcomes are met.
"For those seeking a career, this can be a good springboard to provide that first contact with the industry, which will help you pick up key skills and secure a good first job upon graduation."
Another key advantage is the many networking opportunities which the programme has, with both fellow GIP interns and working professionals during the training week and/or the cocktail or networking event. Personally, I benefited immensely from keeping in close contact with the other GIP interns throughout the internship as I learn a lot from their sharing of experiences.
For those seeking a career, this can be a good springboard to provide that first contact with the industry, which will help you pick up key skills and secure a good first job upon graduation. Aside from acquiring the skillsets useful for a fresh grad, you will have the opportunity to assess the function you are more interested in or more suited for (which might be different from what you were initially interested in).
For those who are not specifically looking to work in insurance, this can still be helpful given the importance of insurance in the overall financial ecosystem. Knowing key insurance concepts, and how an insurance company operates, can be useful in other roles in the wider finance industry.