Young actuarial and risk professional of the year: Catherine Drummond, LCP
Since joining LCP as a consultant in 2005, Catherine Drummond, InsuranceERM's young actuarial and risk professional of the year, has risen to become a partner in the organisation with responsibility across a variety of technical areas.
The past year has seen her take a key role in bringing LCP InsurSight, the firm's automated trend identification tool, to market and she was instrumental in organising the Institute and Faculty of Actuaries' annual GIRO conference.
She previously pioneered LCP's pillar 3 report, which analyses the solvency and financial condition reports for 100 non-life insurers across the UK and Ireland. This is now in its fourth consecutive year and widely recognised as an industry standard.
Drummond attributes her success to three key areas; having an open mind, a willingness to learn and the ability to be flexible.
"So-called black swan events happen more often than people think and being open to every eventuality and thinking widely rather than narrowly makes you a better actuary and risk professional," she explains.
"It doesn't really matter how experienced you are, there's always going to be gaps in knowledge. Being willing to build on existing knowledge and learn new skills will stand anyone in good stead."
On the issue of communication, she explains this is a crucial area which shows how roles within the risk and actuarial function have evolved.
"Gone are the days when actuaries were simply technical number crunchers. It's essential we must be good not only at communicating with each other but also with the wider business.
"We're seeing new trends and risks emerging all the time, so it's more important to use statistical analytic skills to help firms manage the risk going forward – and also communicate these issues clearly."
Outside of her daily roles, Drummond founded, and is now partner sponsor of, LCP's LGBT+ network in 2018 designed to provide support to LGBT individuals within the organisation.
"On the business side of things, working in a supportive and inclusive culture that encourages everyone to be themselves and pursue ideas of interest they might have outside core areas of their day jobs makes me strive to be the best ambassador for LCP," says Drummond.