Josh Spencer

Austin Brislen: From Graduate Recruiter to Associate Director at Sellick Partnership

We spoke with Austin Brislen, who has recently been promoted to Associate Director, about his new role within Sellick Partnership and how his exciting career journey has developed so far. Back to the start Following his graduation in 2010, Austin decided to start looking for work straight after completing his degree. After spotting a job advert for a graduate scheme to become a headhunter, Austin fell into the fast-paced world of recruitment – a path that would take him all the way to becoming Associate Director at Sellick Partnership. Commenting on the early stages of his career journey, Austin said: “For me, it really was an organic process. When you find something that you really enjoy work-wise, before you know it, you’ve been doing it for a long time. Being a recruiter came quite naturally to me – I love that it’s one of those roles where you can drive really tangible results from the effort and passion you put in. “I realised quite early that I had a lot of the traits that are well suited to a successful career in recruitment. I was really resilient, naturally hard-working and driven, and had that appetite to push myself. I think by being naturally inquisitive and having a desire to want to understand things, I learned to take my recruitment skills to the next level and began gathering the necessary information to strive for success.” The move into Actuarial Over the years in the recruitment industry, Austin’s biggest area of expertise has been Actuarial – a sector that involves plenty of highly technical work and complex problem-solving. Actuaries are professionals that measure the amount of risk and uncertainty within a business to assess the next steps for moving forward with their strategies. For Austin, this involves working with General Insurers, Life Insurers, and Consultancies all across the UK to hire Actuaries on a permanent and temporary basis. In sharing what he loves about recruiting in the Actuarial space, Austin said: “The market for recruiting actuaries has been really interesting. It’s incredibly fast-paced and competitive which means there’s never a dull moment. For me, it’s one of the most exciting sectors in the economy. “I think many candidates feel the same. I’ve placed several candidates in my career who have gone on to become integral parts of the companies they were placed in. I really love watching candidates grow in their careers and helping my clients to secure candidates who are as passionate about this space and will drive really strong results for their businesses.” Exciting times ahead With several successful years behind him, Austin continues to look forward to his future in Actuarial recruitment and reflects on the unique draws of his career path. “It’s the human aspect of recruitment for me. I’ve built so many great relationships with candidates and clients – it’s amazing to revisit them later down the line and see where they are at with their careers and lives. I have also built great relationships internally here at Sellick Partnership with people from across the business. As I’ve progressed, I’ve had the opportunity to work more closely with different teams internally which has been fantastic. "Whether I’m running training sessions with our permanent consultants or working with Finance and Marketing departments at one of our regional offices, it’s great to work collaboratively with different areas of the business.” Since joining Sellick Partnership, Austin has worked hard to build a highly successful Actuarial recruitment team, but it didn’t happen overnight – here, Austin reflects on the unique challenges of expanding this area of the business and how he managed to build such a fantastic team that he now leads as Associate Director: “Building a team has been one of the biggest challenges of my career. Winning clients and building relationships with big companies is something that I’m now well versed at, but the real challenge is taking on those who may have never done that type of relationship-building before and really nurturing those skills. Anyone can be successful in recruitment – it just takes passion, inquisitiveness, and drive to get there. “I love seeing team members come in with lots of enthusiasm who are keen to develop their skills. I really enjoy sharing my knowledge and experience to help others succeed on their own career paths.” New beginnings Here, Austin outlines what this new and exciting step will mean for his career journey: “This role will give me the opportunity to further develop my skills whilst leading and upskilling the great team that I have. The wonderful thing about growth is that, the more we grow, the more we can offer services to new clients we haven’t worked with before – that’s the really exciting part. "I’ll always want to be as hands-on with securing the right candidates for my clients. Taking on those new clients is where I really get to learn more about the industry and add it to my bank of knowledge. However, I am excited for the continued opportunity to grow my team and nurture skills in others.” Sharing on why he will always want to recruit for his clients, Austin said: “The most exciting part of dealing with a new client is getting to know them on a human level, and that’s something I love. As a team, we really enjoy building those relationships, all the while remaining professional and providing a great service. Some of the best client relationships we have are the ones where we can talk about the business and get the job done, but also enjoy a good laugh here and there. I believe that the human aspect of recruitment is so important.” Finding inspiration During his career journey, Austin cites plenty of supportive mentors that have inspired him to get to where he is today. In addition to his professional relationships, Austin credits his parents for giving him the drive and work ethic that he has now: “My mum and dad have always been great at instilling the importance of working hard to get to where you want to be. I’ve always worked little jobs here and there – for example, on a Saturday morning growing up I would go to the garage and get £2 for brushing the floor. I learned at a young age that hard work produces good outcomes.” Austin said he has also been inspired by his colleagues and peers, particularly Managing Director Jo Sellick who has inspired his management style and approach with his Actuarial team: “The biggest thing I learned from Jo is the ability to trust people, delegate responsibilities, and allow them to make their own decisions. Jo is incredibly good at trusting people to do their job. Giving people the freedom to work and be creative usually drives the best results – it’s something I’m continuously trying to instil in my team.” A piece of advice Finally, when asked what advice he might share with an aspiring recruiter (or anyone who is unsure what career path to take), Austin said: “Pick a career that genuinely gets you excited – you need to be passionate about what you are doing in order to be happy. Having said that, it’s important to be realistic and level-headed where possible; every career will have its ups and downs, with periods where you feel like you're flying and others where you are in a trough. "When you are in that trough, seek out advice from the best people around you. Become an ‘information sponge’ and soak up as much knowledge as you can. Ask questions and be proactive. By asking for and accepting help, you will always continue to learn and become better.” Find out more about what it's like to work at Sellick Partnership in the Work for Us section of our website. Or browse our internal vacancies now to start your career in recruitment.

FCA pricing practices report – what it could mean for Insurers and pricing talent

The Financial Conduct Authority (FCA) has recently published an interim report on its market study into the pricing of home and motor insurance. The final report – which is expected in Q1 2020 – looked at the current pricing practices of insurers and what needs to be done to make pricing fairer for all consumers. Actuarial & Pricing recruitment specialist Austin Brislen recently sat down with pricing expert Steven Ward to discuss the new interim report. Steven has worked in General Insurance for over 25 years and shared his thoughts on what this could mean for the industry, consumers and job market. Unfair pricing for a large number of consumers The Interim FCA report has identified pricing practices, widely used across the market, which they consider to be detrimental to loyal customers. Insurers often sell policies at a discount to attract new customers and increase premiums when customers renew, targeting increases at those less likely to switch. Firms also engage in a range of practices that could make it more difficult for customers to make informed decisions and could raise barriers to switching. This means that customers who switch or negotiate their premium can get a good deal, but those that fail to shop around, or are unable to do so are often out of pocket through higher prices at renewal. The FCA regard the practice of ‘price walking’, where insurers increase their margin and thus the renewal price year on year, as unfair, particularly where it targets loyal and/or vulnerable customers. The FCA is also looking to regulate the barriers consumers often face when switching at renewal, such as the use of auto-renewal. Historic pricing practices The car and home insurance markets are very competitive for new business, with price comparison sites in particular focusing on the lowest prices offered. This encourages insurers to offer discounts to attract new customers. The new business will often be sold with a small or negative margin, giving customers very good deals. Prices are increased at renewal as a result of removing the new business discount and to achieve a sustainable pricing level. Typically, new business discounts are funded from the margin insurers make on renewals, giving an acceptable return across the whole portfolio. However, the margins insurers apply at renewal are not the same for all customers. The process of optimisation sets renewal prices to maximise growth or profitability, taking into account customer characteristics that identify how likely they are to renew at different price levels. Customers who are more price sensitive are likely to pay less, while those who are less price sensitive are likely to pay more. It is this practice that can penalise loyal customers if appropriate rules are not applied. The need for insurers to price fairly and differentiate themselves In these circumstances, customers that are able to switch insurance providers regularly will benefit at the expense of customers who stay with their insurer for a number of years for whatever reason, be that an inability to shop around or loyalty. The FCA is considering a number of options to address these unfair practices. This is likely to reduce or remove price discrimination at renewal based on a customers’ likelihood to renew. It may also result in a narrowing of the differentials between new business and renewal pricing to address the concerns regarding ‘price walking’. As Steven explained: “The main changes the report is likely to bring about will be to stop companies applying higher margins to loyal customers at renewal and using them to subsidise more price sensitive customers. We may also see higher new business prices if companies are restricted in the price increases that can be applied at subsequent renewals.” Given that we may see a harmonisation of new business and renewal rates at some point in the future, companies that rely on offering substantial discounts to attract new customers will have to review their pricing strategy, and look at other ways they can differentiate themselves from their competitors. But what can insurance firms do to differentiate themselves? This is a hard question to answer. In essence, most companies offer similar products, and it can be very hard to stand out, however there are a number of ways that this could be achieved. Firstly, greater transparency could be an excellent way of winning trust amongst consumers. Some companies are already starting to offer multi-year fixed price deals or renewal price guarantees to reward loyal customers. We may see more of these type of propositions coming to the market. Increased governance and a need for knowledge One thing that is certain as a result of the market study is that insurance firms of all shapes and sizes will need to put greater emphasis on pricing governance and fair treatment of customers. This is not a new requirement, but the FCA feels it has not had the attention that it should have had. Steven expects that the FCA will be looking for greater transparency of customer outcomes and companies will be expected to evidence that they are treating all customers fairly. This may call for more talent in this space to help insurers navigate the new regulations. Steven explained. “Candidates that have a good understanding of the regulatory framework will be increasingly important as pricing professionals will be required to explain how their proposals satisfy the new requirements. I advise any pricing professionals currently looking for new opportunities in the market to up-skill on the market study and new regulations to ensure they have a good working understanding of what constitutes fair pricing.” The need for talent with a broad range of skills In terms of talent demands within the insurance sector as a whole, I believe it will largely be business as usual, with a possible increased need for candidates with experience or knowledge in governance. One change I do foresee happening however is a much greater push towards candidates with a multidisciplinary skillset, i.e. pricing and data science are becoming a lot more closely aligned, and Steven agrees. “Insurers are already looking to make greater use of data science skills within pricing and this will continue to be the case. Any FCA remedies are likely to refine existing practices, rather than making wholesale changes.” From a pricing perspective it will be a case of evolution rather than revolution. Companies are already reviewing their pricing practices and making changes where required to come in-line with FCA expectations, so I think these changes will be somewhat organic and bedded in during 2020. What does the future hold? It is still a little unclear what the final report will say, so it is hard to predict what the future looks like. What we do know is that the FCA has not been prescriptive in how insurers should behave, which gives some room for interpretation. When asked about what will happen after the report is released, Steven said: “Some insurers will be more in-line with the FCA's requirements than others, although I expect they will all have room for improvement in different areas. However I do believe that discounts will continue to be offered to attract new customers, and those discounts may be subsidised by existing customers to some extent, but I expect existing customers to get a fairer deal at renewal.” The element of competition within the General Insurance market in my opinion is essential, and if we regulate the sector too much, we could see some of the innovation that the market has produced start to be stifled. I therefore hope that the FCA remedies help to protect consumers who need protecting, without removing the element of competition. I also think that a greater awareness of the need for consumers to shop around on a regular basis would help ensure they are getting a good deal. Can we help? What do you think the new FCA regulations will mean for the pricing sector? Let us know in the comments below, or get in touch with me to discuss. Alternatively, if you are looking for a new opportunity within the pricing sector check out our latest jobs here.