A Love of Math and Canada

In the dynamic world of actuarial science, professionals often find themselves traversing borders and accumulating diverse experiences that enrich their careers and broaden their perspectives. As part of The Actuary Canada’s August International issue, we delve into the story of Jennifer Dickson, FSA, FCIA, FIA, whose career trek has brought her from Europe to Toronto as a pricing actuary for Hannover Re.

Jennifer was raised and educated in Northern Ireland. She attended Queen’s University-Belfast and graduated with a bachelor’s degree in actuarial science and risk management (First Class Honors).

Here, she details starting her career in Dublin before relocating to Toronto:

What motivated you to pursue a career in actuarial science, and how did your journey lead you to Canada?

Jennifer Dickson: I wish I had a more unique answer to kick off with, but I will have to be honest and start with the stereotypical “I liked maths in high school.” I was educated under a UK-style education system, where it is typical to only study three or four subjects in your last two years of high school. I decided to take on a new subject—economics. Only studying a couple of subjects means that you really dive into each one. I ended up loving economics, and I decided that I wanted a career where I could use my maths skills in the exciting business world rather than the purely scientific one.

Actuarial science has a reputation for being difficult, and I was attracted to the challenge. I knew there were various roles and practice areas within actuarial science to keep things interesting. I also knew there would be immense opportunities for learning, continuing on after the exams throughout my whole career.

One major factor for me was the global opportunities. I have always wanted to expand my horizons, and I knew that I wanted a career where I could become qualified in a field, and it would open doors globally. Although each country has its own particularities (e.g., the market, products and regulations), I knew the actuarial skills and principles I would learn would be transferable.

Since I wanted to work as an actuary abroad, I had to look for an opportunity to facilitate such a move. (Jennifer found this opportunity with Hannover Re’s Irish entity, landing a role as an actuarial analyst with its Valuations team in 2020). Hannover Re Ireland offers an International Actuarial Graduate Programme (IAGP) that guaranteed a secondment (temporary transfer of an employee to another role, department, business, or office), but I didn’t know where that secondment would be. I took a leap of faith! I definitely had a more risk-averse nature back then, and it was a big personal push for me to accept the unknown. It ended up being a great example of accepting the risk and being rewarded in return.

Tell us where your work focus is currently, or share a project that you’re excited to be involved with.

JD: I have been happily working in Toronto for the past three-and-a-half years. I am now a permanent member of the Canadian Life Branch, no longer on secondment. I am working as a Pricing Actuary on Hannover Re’s Global Longevity Team, and my primary focus is the Canadian Pension Risk Transfer (PRT) market.

The Canadian PRT market is an exciting, growing market, so there is always something to do. In terms of volume of transactions, 2024 was a record year for the market, breaking into the double-digit billions CAD for the first time. The deals amounted to $11 billion CAD, a 40% increase from the previous record. There were a number of larger transactions, and it was exciting to be involved as these happened live on the market. There has also been a lot of buzz in the market around Mortality Improvement (MI) assumptions as a new table was released by the Canadian Institute of Actuaries last year. MI is a topic that I own for our Canadian Branch, so it has been interesting to discuss this with clients and to compare against our internal assumptions.

Since Hannover Re is a global organization, I have the opportunity to connect with colleagues all around the world. I really enjoy having these global connections and learning about other markets. It is interesting to get potential ideas for the future of the Canadian market. The Global Longevity team is centralized in our home office in Hannover, Germany, so I also work closely with people in the German work culture. I feel that many aspects of my own culture are somewhat in the middle between German and Canadian cultures, so I am able to bridge the gap.

For my day-to-day responsibilities, I am responsible for pricing new deals, inforce management and the client relationships. In terms of technical pricing work, this involves modelling, assumption setting, and ultimately creating the structured solutions to meet the client’s needs. Aside from completing the technical work, I also spend time meeting with clients, completing industry research, attending conferences and preparing presentations.

Can you share some of the challenges you faced when adapting to the Canadian work environment and culture?

JD: The culture shock was not too large for me. The country I come from is not too culturally different from Canada, so it was quite a natural transition overall. I did not see stark differences like the examples you typically read about of cultures colliding. Instead, I discovered some communication nuances and work environment differences that created only some small challenges.

I appreciate that I avoided the challenge of having to learn a new language when I moved to this country. However, just because the language is the same, does not mean there can’t be communication issues. No, I am not talking about my “funny accent” or the British English spelling (e.g., I cannot lose that second “l” in “modelling”). I am talking about differences in the style of communication rather than the words themselves. Although now that I think about it, I am remembering my confusion from the first time that I was asked to “stickhandle” (navigate a complex situation skillfully, much like a hockey player manoeuvring the puck) a task.

I find that overall, the stereotype that Canadians are nice is usually true, and this comes through in their communication. Although this also creates a small challenge; it is sometimes difficult to tell if somebody is really interested in building a relationship or simply being nice and friendly to be polite. When I first moved, it was more difficult to tell how somebody really felt compared to communicating with people from my own culture. It is not that my own culture is necessarily more direct; it is just that I am more used to the nuances of the communication.

On the other hand, I found there to be less hierarchy and more willingness to question the status quo in Canada compared to some other cultures. This is an aspect of the Canadian culture that I enjoy, as I feel very comfortable speaking with senior leaders and voicing my opinion.

Building up a professional network was a large challenge I faced when I first moved, especially as it was during COVID times. My colleagues had built their networks up through their studies in Canada or from previous roles in Canada, neither of which I had. When I first started working in Canada, I wasn’t in a client-facing role, so I really only knew my colleagues. I remember when I started attending conferences, my colleagues would have many people they knew to catch up with, whereas I did not.

How has your international background influenced your approach to actuarial work in Canada?

JD: In terms of the technical actuarial work itself, I actually approach it in a similar way. I uphold the same standards around completing high-quality work with appropriate checks. Of course, when completing my work, I have to consider the Canadian-specific regulations, market environment and product particularities, and ensure I separate these from other markets I have seen. However, most of the actuarial work itself should be similar. For example, if I am creating a mortality table to use for pricing, yes, the numbers will be different for one created for project X in Ireland vs project Y in Canada, but the actuarial process of deriving the assumption is mostly similar.

Where my approach to work has changed is on the nontechnical side. I work in Toronto, which has the reputation of being “the world’s most diverse city,” and many colleagues and clients of mine were not born here, either. Having an international background has enabled me to be somewhat “culturally fluid” with them. I am able to adjust my working style and communication and, hopefully, at least meet in the middle with people from another culture. For example, I adjust how direct my communication should be and endeavor to understand what different people prioritize.

In terms of personal conversations and building relationships, I try to have an awareness of what is important to my colleagues. For example, if there is a particular holiday coming up for their culture that is important to them, I would love to know and to give them well wishes. It is also important to remember that it is not only what you say and do, but also how you interpret situations. For example, question yourself on whether your colleague was really trying to be “rude” or if they are simply used to a more direct communication style than you.

I have a genuine interest in other countries and cultures, which seeps into my work world. I enjoy catching up with colleagues in other offices around the world and sharing news and learnings. I then provide feedback to my colleagues here, allowing us to discuss other markets and what could be applicable to Canada.

Having gone through an international move and losing my local network, I now appreciate the people aspect of my work even more. I am always happy to see a new face as part of my actuarial work. It is nice to get to know new people and expand my network. I enjoy getting to know the people I am working with personally, and I have found that this also makes work easier. It opens up the communication and makes it easier to see other points of view.

What differences have you noticed in the actuarial profession between practices in your home country and Canada?

JD: The actuarial profession is quite similar between the two countries. Both have established actuarial professional bodies and globally respected designations. The bodies seem to have similar standards (e.g., completing high-quality work, getting appropriate peer reviews, upholding high levels of professionalism, continuous professional development and so on).

The profession seems more diverse here in Canada compared to the people I met when I was working in Dublin. I notice more international students and international actuaries here in Toronto. The Actuary Canada article “Stronger Than Ever” states that “roughly 30% of actuaries credentialed over the past five years in Canada did not obtain an actuarial degree at an eligible Canadian university.” Some attained degrees in other subjects, but many also obtained actuarial degrees outside of Canada. This creates a vibrant actuarial community.

What advice would you give to other actuaries considering a move to Canada for their career?

JD: My top advice to newcomers is to push yourself to go outside of your comfort zone. Making the move to Canada will be a big decision, and there will be a lot of change in your life. There will be a lot of learning and growing, but this will build up your adaptability and resilience, which will be great for your career.

Before making the move, I would advise researching the Canadian market. Some practices may be different than those from your home country, and it will be useful to have these differences in mind when completing work in Canada. I do believe it is easier to learn on the job, but it always helps to have some knowledge before jumping in.

After you make the move, I would advise you to focus on not only the technical upskilling required to work in a new country but also your personal growth and development. As I mentioned, one of the top challenges for me was building my professional network. I would advise other actuaries who are moving to Canada to ask for their employers’ and colleagues’ support with this. “If you don’t ask you won’t get,” so ask to attend the conference you found online, ask your colleagues to introduce you to their network, and ask for that coffee catch-up!

Even though the reason for the move may be your career, it will ultimately impact your whole life. There are many things to see and do outside of work which may be outside of your comfort zone. Trying new things, even though it may be difficult at first, is usually worth it, in my opinion. Get to know the new environment you are living in and try some local activities. Sharing local experiences with those around you will also allow for natural conversations and make it easier to build relationships.

Statements of fact and opinions expressed herein are those of the individual authors and are not necessarily those of the Society of Actuaries or the respective authors’ employers.

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