A self-confessed ‘maths geek’, Madhur Gera initially considered a career in accounting or finance as a way to use his love of numbers. Then he discovered the actuarial profession and its breadth of mathematical challenges.
Today, as a reserving actuary at Direct Line Group, he is trained to analyse uncertainty in order to produce business insights.
“One of the most rewarding aspects of my work is knowing that my analysis directly contributes to the financial stability of the company,” he says. “Accurately calculating reserves helps protect the business and the interests of both the company and its policyholders. It’s that sense of responsibility, and the impact of my work, that motivates me daily.
“At the same time, I’m proud of being able to translate the complex work we do into something that helps inform decisions. It’s fulfilling to know my experience is trusted and valued across the organisation.”
An Associate member of the IFoA, Madhur has specialised in reserving. “I enjoy the finance side of actuarial work more than the statistics side, which is probably why I’ve always worked in reserving,” he says.
“I enjoy my day-to-day tasks: analysing claims and policies data, estimating unpaid liabilities, presenting my findings and results, engaging across functions and gathering feedback from senior management. I might also be preparing reports and documentation for internal and external stakeholders.”
“I’m proud of being able to translate the complex work we do into something that helps inform decisions.” – Madhur Gera, Associate
Like any job, Madhur’s comes with challenges. “All actuaries have to deal with data quality issues,” he says. “So ensuring the validity of the data is essential. Having access to well-structured and governed data is the essential foundation to any modern actuarial department.
“I work closely with the data teams to ensure timely updates and data validation, and I adjust assumptions or models to account for any gaps.
“Other major challenges lie in evolving claims patterns and unexpected changes in trends, as well as meeting regulatory and compliance demands.
“Changes in the frequency or severity of claims need to be analysed to distinguish the driver for the change, and ensure that reserve estimates allow for it appropriately. Keeping up with regulatory requirements can also be challenging, especially new and evolving requirements like IFRS17.”
Facing and overcoming challenges is a rewarding experience for Madhur – as is making a contribution to the success of his employer. As a recent addition to the Direct Line team, he is enjoying taking the new perspectives from a different employer and enriching their practices with the skills and knowledge he has picked up from previous roles.
It’s that feeling of making a contribution – and of having that contribution understood – that Madhur particularly relishes. “Some years ago, when I was working for AIG, I was part of a small team in Dubai,” he says.
“It was the first time I had direct involvement in supporting multiple business functions. One of our key projects was in helping the IT team to make improvements in the data systems.
“That work had a lasting impact on the accuracy and efficiency of future actuarial and financial analyses. It helped AIG anticipate and manage financial risks, improve broker engagement, and support underwriters with better risk profiling, ultimately contributing to the company’s success.”
Madhur plans to adopt chartered status as soon as he achieves his fellowship of the IFoA. The ability to flex and work with other business teams or other professional areas is, he says, something chartered designation helps to recognise.
“Chartered actuary status is about the wide variety of work for actuaries in today's world,” he says. “I think the term helps others to understand that we have knowledge of events and developments in their market or industry.
“Someone with the designation might be seen as having expertise that goes beyond traditional actuarial roles, perhaps moving into evolving areas like data science, machine learning, artificial intelligence and so on.
“It definitely enhances the visibility and prestige of our profession.”
We’ll be sharing member stories from around the world on a regular basis, so keep an eye out for updates. If you’ve chosen to adopt Chartered Actuary status, or if you’ve employed an actuary who is helping to transform your organisation, we’d love to hear from you.
