After years of working in stable and developed countries, Watson Teo felt like he needed a change, and at that very same time, an opportunity presented itself before him. Although he considers Cape Town a relatively soft landing, it is certainly outside of the first world bubble he had found himself in
Stepping out of the comfort zone
After years of working in stable and developed countries, Watson Teo felt like he needed a change, and at that very same time, an opportunity presented itself before him. Although he considers Cape Town a relatively soft landing, it is certainly outside of the first world bubble he had found himself in
Explain what motivated you to seek employment overseas.
I had worked in the UK for 4 years and had worked in valuations with Swiss Re for the past 2 years. It felt like the right time to move on and broaden my actuarial skill set. I also wanted to get out of my comfort zone by experiencing a developing market - I am very fortunate to have grown up in a stable country like Singapore and to have worked in a developed UK market.
How did you find the role you are doing?
I spent a few months speaking to different teams within Swiss Re to get a better idea of what they did before deciding that pricing was the logical next move. Coincidentally, a senior manager whom I spoke to had a vacancy in Cape Town opening up, and asked if I would be interested.
What attracted you to the particular country that you are working in?
South Africa felt exciting - something I never dreamt would happen. Swiss Re is also expanding more widely into Africa, so there's potential to be involved with that. My gut instinct told me I would regret it 10 years down the line if I didn't take up the opportunity!
What were the main challenges you faced when moving overseas?
Most challenges are actually adventures to me! Cape Town is a relatively soft landing- it has elements of both first and third world.
I have made good friends and colleagues in UK, and starting all over again meant I had to learn to deal with loneliness. I had left Singapore 8 years ago to study/work in the UK, so the transition was less difficult this time round. I'm certainly thankful for the invention of Skype and Whatsapp. My first challenges included finding accommodation and buying my first car.
Work-wise it has been a steep learning curve but South Africa is a fascinating market to work in.
What are the main differences you have found to working overseas compared to working in the actuarial profession in the UK?
There is certainly a wider variety of work in South Africa, which is driven by team size. Work/life balance is similar - my view is that the onus is on oneself to achieve a comfortable balance.
What is the most topical industry issue facing actuaries in the country where you work?
As South Africa is an established insurance market, companies have to focus on innovation to generate higher profits. A key challenge is product development against headwinds of fraud and anti-selection. Innovation is happening across a product's entire life cycle - leveraging banking data, reducing HIV underwriting, varying funeral packages and whole of life income protection (disability insurance).
What is the best thing about where you work?
In a foreign place, your work colleagues become family to you. Most weekends are spent with them - and you get to know them very well.
There is a huge poverty gap and lots of opportunity to get involved in the community more, rather than living in the first world bubble in Cape Town.
And the worst?
Missing my Boris bike - not being able to cycle to work!
Give an unusual fact about the country in which you work.
324kps internet is considered broadband. It is common to grow up not having internet.
What are the key attributes an actuary or actuarial student would need to work overseas, and what advice would you give to someone taking that step?
Remain curious, don't stick to any set ideology and thinkfrom a business owner's perspective. Embrace new ideas.
Weigh up the pros and cons of moving for both your career and personal life - and make sure you're comfortable with it. Speak to contacts in the overseas country to understand their challenges. Be prepared to look for a job again if everything fails - there is no shame in that. This helped me prepare mentally for the worst eventuality, and it meant I slept well at night.
Where do you call "home"?
Singapore!
Have you learned a new language?
I tried to pick up a few phases of Afrikaans but my pronunciation has generated a great deal of laughter.
Have you taken up a new sport / pastime?
I try to do some hiking every weekend. The weather is amazing here - sun shines most days. I had to learn to tell the difference between a good and bad sunny day when I first arrived.