Women in Hamilton
Women in Hamilton
Nicole Mitchell
Chief enterprise architect, SiriusPoint
Give us a snapshot of your career to date.
I began my IT career as a software developer in financial services before transitioning into the re/insurance space. I have had the opportunity to work for a number of leading reinsurers, each time progressing in my career to eventually become head of IT. This was a pivotal role in my career and also a steep learning curve.
I’ve been able to apply my experience to my current role at SiriusPoint as chief enterprise architect. It’s without doubt my most strategic role to date; I work closely with the leadership team to align our IT strategy to what SiriusPoint is seeking to achieve on both a short and a long-term basis. I’m looking at how I can drive business value and make the right decisions for the business.
What attracted you to re/insurance?
Growing up in Bermuda, I always knew about the strength of the re/insurance market here. The complexity of reinsurance is a very interesting problem to solve from a technology perspective. There is new technology being developed all the time so ensuring you’re up to date and applying the latest advances is a challenge you must overcome repeatedly.
Re/insurance is an ever evolving market, whether that’s creating new products such as cyber, or looking at different ways to price catastrophic risk. Nothing is static about this industry and that is attractive to me. I enjoy working with so many of our entrepreneurial partners, some of which are new startups—understanding the nuances of their businesses means I can advise them on the best technology for them. It also means I get to work with so many genuinely entrepreneurial people.
Do you feel this sector is attuned to D&I?
I’ve seen a lot of discussion within the industry over the last few years to engage and address DEI initiatives with conferences such as Dive In. Working for a company like SiriusPoint which actively promotes, encourages and celebrates diversity is very encouraging.
Is there anything you would like to improve or change?
I’d like to see more diversity in senior level positions across the industry generally. In the tech space, we’re much more aware of the importance of diversity; even from a young age I was engaged in conversations promoting women in IT roles. To bring about any change you have to employ people with a growth mindset—people who are open to change and who realise the difference a diverse employee base can bring to an organisation.
“I have a real opportunity in my role to seek out and apply new technologies to streamline business processes.”
Have you encountered any D&I-related challenges?
When I took on an IT leadership role in a previous organisation, I was initially the only woman at the board’s table, and the youngest member. Some thought this meant my input was less valid because I didn’t have the experience. It’s something I’ve always remembered and it’s shaped how I approach those I work with. Regardless of experience, it’s important to listen. You might find your next best business idea comes from one of the youngest people on the team.
Would you encourage other women to consider this sector?
Definitely, it’s an interesting and fast-paced sector. There is a lot of opportunity for growth, and you don’t have to be an underwriter or actuary to make a difference to a re/insurance company. In tech, we are always looking for new ways to streamline the business.
Robotic process automation for claims is one example which I’ve seen implemented. It’s a form of technology which can support existing teams, helping them spend more of their time on value-adding analysis that makes a difference to the company and clients and reduces some of the standardised, repetitive tasks.
What are your ambitions?
I’m six months into the role at SiriusPoint and have a big opportunity to optimise our systems and processes post-merger. Being in a group role, learning more about the insurance & services side is a real opportunity for growth for me. There are so many products and slight nuances between each region. My short-term ambition is to continue to build out our tech team, embedding them into the strategy and streamlining our processes.
In the longer term, it’s continuing to grow, understand and adapt the IT team’s strategy to support the business as it develops. Ultimately, I’d like to develop into a CIO role in the future.
I have a real opportunity in my role to seek out and apply new technologies to streamline business processes. There is also opportunity for the industry to collaborate towards adoption of the same data standards and messaging platforms like ACORD to drive forward increased efficiencies across the whole sector.
Michelle Moloney
Chief risk officer, Pacific Life Re
Give us a snapshot of your career to date.
I would describe my path to being the chief risk officer for Pacific Life Re as anything but straight. I started in engineering, but my passion led me to finance early on and I pursued my actuarial designation and CFA. Over the last 30 years I’ve worked across multiple verticals: e-commerce, management consulting, investment banking, and retail insurance, as well as reinsurance.
While my background is unconventional for a CRO, the diversity in my career provides me with a broad foundation to help spot problems early. It also offered a platform to never stop learning which I’d encourage any young professional to pursue for success as well as happiness.
Have you encountered any DEI-related challenges?
I was the first woman in the world to work in a sulphur gas plant. This was new territory for the company. They were so worried how men and women could work together in that environment that they built an entirely separate building for my office. Fortunately, things have improved for women.
In engineering or finance, early in my career when issues arose there was generally no person or place to go to. Women’s options to influencing change were sadly limited to leaving. This is an area where we’ve made big inroads. Not only is there a platform, but I see women and men both valuing equality and wanting to address biases.
How is the Bermuda life sector doing in terms of DEI?
One of the reasons I moved to Bermuda was the amazing female presence in the industry, with strong voices who have a seat at the table and who advocate for other women. It is by far the most inclusive and diverse work environment in my experience.
This is a strong asset for the Island. It’s hard to attract diverse talent if you are starting from zero and it is evident the current culture is inclusive enough to build and maintain this level of diversity across gender as well as ethnicity.
I see diverse role models in boards as well as leadership which is a vital component to ultimately solving this complex issue.
“I see it as a key responsibility to be a sounding board, advocate, and friend for other women.”
How have you encouraged the promotion of women in this sector?
I see it as a key responsibility to be a sounding board, advocate, and friend for other women at all points of their careers. I believe Madeleine Albright said it best when she said there is a special place in hell for women who don’t help other women!
Until quite recently there has been only a few of us and it can be lonely, so access to networks and opportunities, along with leadership awareness of their contribution, is vital.
I believe a women’s network is a powerful tool. I have formed and sponsored a women’s networking group at three corporations, including Pacific Life Re. Their impact never ceases to surprise me and how they indirectly decrease unconscious biases because we create awareness of opportunities, but also increase our mindfulness about broadening our lens to more diverse quality candidates when filling opportunities.
Where do you see the future of the Bermuda life sector?
Bermuda’s economic regulatory environment has provided a foundation to support growth in the life reinsurance segment which we’ve seen over the past several years. This coupled with other features ensure future growth. BILTIR provides an invaluable voice toward ensuring industry concerns can be understood, with an eye on long-term sustainability including developing our next generation of talent. Additionally, being a reinsurance hub means access to other experts and resources for professional services: legal, actuarial consulting, and accounting.
I’m confident that DEI will only improve. We are starting from a strong position and perhaps even more important leaders, whether in my company at Pacific Life Re or peers, see this as vital for success.
What makes the life sector in Bermuda unique?
The combination of three features makes Bermuda highly attractive as well as unique. First, the Bermuda Monetary Authority (BMA) has a robust regulatory framework and is recognised as a qualified jurisdiction by the NAIC and as equivalent under Solvency II. Second, the jurisdiction’s economic framework contributes to better alignment with the economics of a reinsurance transaction and generally sound management decisions.
Third, the BMA is highly accessible to discuss regulatory approvals for non-standard transactions and will provide a decision in a matter of weeks. The decision will be prudent and economic. This approach is especially valuable given the speed required for transactions today.
