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Masimba Zata鈥檚 actuarial career sprang, like many others, from a love of maths. But while it had a traditional beginning, he鈥檚 now working in a decidedly non-traditional field.
鈥淢y career started off in pensions, then went into insurance,鈥� he says. 鈥淚 worked for various companies before moving into the technology sector with Moody's.
鈥淚鈥檓 now a subject matter expert in the development of actuarial software, with an active role in the development of software products as well as managing and supporting my team.
鈥淚 bring in industry knowledge from my own experience and from others in the insurance industry. I help to define the needs and requirements for developing and enhancing software products in the insurance space.鈥�
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One of the key challenges of working in a non-regulated space, Masimba says, is that his role and expertise are not protected and understood as they would be in a traditional position.
鈥淚t鈥檚 very different from being at an insurance company,鈥� he says. 鈥淭here, the auditors would say: 鈥榶ou don't have enough actuaries in your team鈥�. It was a protected role.
鈥淗ere, the role isn't protected. I have to show that I'm relevant to the business. Not because I'm an actuary, but because of the value I'm bringing to the table. That means I need to keep my training up to date and keep bringing something to my role that other people aren鈥檛 able to bring.鈥�
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Outside of work, Masimba stays engaged with his professional community. 鈥淎s well as attending and speaking at industry conferences, I鈥檓 a member of the IFoA Council, the IFoA Foundation and several working groups,鈥� he says. 鈥淚 actively work to remain part of the community.
鈥淚n other roles I had actuarial colleagues in the same building, so we could talk about exams, study together, that kind of thing. So you're surrounded by other actuaries, other IFoA members.
鈥淣ow I鈥檓 in an organisation which doesn't have that wide support base. I think if I hadn't deliberately looked for ways to stay connected I'd feel quite isolated now.鈥�
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“Being an actuary has allowed me to push the boundaries of what I thought I knew, what I thought I was capable of.” – Masimba Zata, Chartered Actuary
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Working outside a traditional field has its rewards as well as its challenges. Masimba鈥檚 current project involves creating a new product that will help insurers to manage risks and operate more efficiently. It鈥檚 a project that has brought him a lot of satisfaction.
鈥淭his is one of the areas that really interests me,鈥� he says. 鈥淚 have a PhD in Business Administration, with a focus on finding efficiencies within the insurance industry. So working on solutions that are doing that fits well with me.
鈥淭here鈥檚 no guarantee the product will succeed. But even if only one client buys it, we have added value to that client, and to their policy holders. So the customer benefits too. I find that meaningful.鈥�
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Masimba was one of the earliest adopters of Chartered Actuary status. For him, it was another way to stand out in a non-protected space and educate people about his skill set.
鈥淲hen people hear 鈥榗hartered鈥�, they get the impression of a high degree of qualification,鈥� he says. 鈥淧eople are familiar with the concept. So for me it鈥檚 beneficial, particularly because our profession isn鈥檛 yet fully understood in the wider arena. Just being able to begin with 鈥榗hartered鈥� gives it that weight.鈥�
Being an actuary has, says Masimba, been rewarding in many ways. 鈥淚t has allowed me to push the boundaries of what I thought I knew, what I thought I was capable of,鈥� he says.
鈥淲e鈥檙e entering a space now where there's competition for the sort of things we do. There are powerful technologies coming through. They鈥檒l never replace us. But we need to always move with the times and develop the profession, so we remain relevant for the future.鈥�
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We鈥檒l be sharing member stories from around the world on a regular basis, so keep an eye out for updates. If you鈥檝e chosen to adopt Chartered Actuary status, or if you鈥檝e employed an actuary who is helping to transform your organisation, we鈥檇 love to hear from you.
