Q&A Australia: Ilan Leas

What attracted you to Australia?

The lifestyle and the glorious sunshine stand out as the key reasons - we spend most weekends at the beach!

What were the main challenges you faced moving overseas?

This was our second time moving countries, so I won't bore anyone with the typical administration hassles. From a personal perspective, making new friends and becoming part of the community is always the most difficult part, but we were lucky that my wife could take six months off work to get the family settled and make some great new friends. In terms of work, coming to grips with the Australian market, the work environment and the subtle difference in cultures has been interesting. There are a lot of expats here so we've felt in good company, which has made the move easier.

What are the main differences you have found working overseas compared with working in the UK?

I find Australians work as hard, if not harder, than their counterparts in the UK - it seems to be a common misconception that if you live close to the beach you get to finish work earlier. Having said this, a lot of my colleagues get out and exercise during lunch, which I've been drawn into - running alongside the harbour has a certain appeal. Australia also hasn't really struggled through a UK-type recession, so the business mood is more upbeat.

What is the most topical industry issue facing actuaries in Australia?

Generally, the issues seem quite similar to the UK - implementation of risk-based capital standards, sustainability of pricing in some market segments, new regulations, a strong regulator and general persistency concerns.

What is the best thing about where you work?

There is a frequently stocked fruit basket and we are offered a massage in the office once a month - simple needs! Also, I can take a ferry home on a good day and get to have dinner with my kids on the beach.

And the worst?

I'm still in that honeymoon period where I can't find too much wrong with the place. The spiders and bugs take a little getting used to.

Tell us an unusual fact about Australia.

Australia has the fourth largest pensions market in the world, which is particularly interesting given the size of the population. On a lighter note, one of Australia's ex-prime ministers still holds the Guinness World record for beer drinking - 2.5 pints in 11 seconds - but he achieved this as a student, not as part of his prime ministerial duties.

Do you have any advice for others looking for overseas work?

It might be pretty obvious stuff, but I would say the first step is to visit the country and find out if it is a place where you could see yourself settling down. Chat to people in the industry to understand some of the market and job challenges. If you are still serious about moving, don't be discouraged if a door shuts!

Would you describe yourself as a global actuary and why?

I've had the good fortune to live and work in three continents throughout my career, so I'm sure this allows me to use the 'global' title.

Have you learned a new language?

Australians have their own abbreviations, which I could almost classify as a different language. 'Arvo' (afternoon), 'ripper' (sensational), 'ankle biter' or 'nipper' (kids), 'barbie' (barbeque) and 'thongs' (sandals) are all terms that take some getting used to.

Have you taken up a new sport/pastime?

If you classify exercise in general as a new sport for me, then yes. The one thing that will keep me exercising through winter is my plan to complete a 15km race called 'ToughMudder', which is an obstacle course designed by the SAS that involves fire, electric cables and mud. It's worth checking out online as they are held in a number of cities around the world, but readers may want to wait and see whether I survive first!

What have you noticed that is different to the UK from an insurance market perspective?

A few of the interesting differences include:

• Nearly all risk insurance premiums are reviewable and step up each year with age. Clawback periods for advisors are typically only one year.

• There is a compulsory requirement to contribute to your pension fund (hence the massive pension fund market) but no compulsory requirement to buy an annuity.

• Aggregators haven't taken off here in the same way as the UK yet, nor has bancassurance been as successful as in the UK, although IFAs do write a substantial amount of business through banks.