As head of life and financial services at consultancy Hymans Robertson, Emma McWilliam spends much of her time advising on mergers & acquisitions, product development, risk and capital optimisation, investment/ALM and longevity risk. But she has also been involved in developing and implementing internal initiatives such as the 'Consulting Roots' programme, which supports young professionals within the firm to get a broader range of experience across the practices early. McWilliam was formerly chair of the financial reporting practitioner group of the Investment and Life Assurance Group, and joined the trade association's board in 2016. She is also editor of the book Longevity Risk.
What do you enjoy most about your job?
Seeing our youngest stars rise to the challenge of stretch opportunities and the smiles on their faces reflecting a personal sense of achievement.
Who and what has had the largest influence on your work?
I'm lucky to have worked with many inspirational people all over the world, reinforcing my belief that diversity of both team and thinking is key to business success.
My dad has always been a huge influence in making me believe I can achieve anything. Soon it will be my turn to share my experiences with my three children. Through a joint commitment with my husband, we are living the future for our kids, where both men and women successfully work flexibly, enjoying fulfilling careers and sharing parenting.
What is the biggest issue you are dealing with right now?
There are many big issues – the ageing population, low interest rates and volatile markets, regulatory and political change, increasing competition and margin pressures – but the biggest is helping insurers to achieve their growth plans.
How do you expect the insurance business to evolve in the coming years?
With the race on to get funds under management, there will be a blurring of lines between investment management and insurance. Further consolidation is inevitable as players identify and optimise which risks they prefer post Solvency II.
Growth will be fuelled by bulk annuity transactions as well as defined contribution pensions and new retirement savings products. Heritage blocks will be managed separately from new business to create further value to fund innovation, growth and distribution as well as deal with any emerging legacy issues.
Insurtech – using big data techniques, artificial intelligence and machine learning – will lead to profound change, with the fundamentals of insurance risk management remaining critical to success. Faster processing, more predictive modelling, more personalised customer experiences and new insurance markets will open up too.
What interests do you have outside work?
Family, friends, tennis and most recently, rediscovering my golf swing and windsurfing skills now my kids are old enough to join me so we can get wet together! I also enjoy some quiet time with a jigsaw puzzle.