We’re shining a spotlight on Paul Warren, a key member of NPRe’s executive director team. We sat down with him to learn more about his background, leadership approach, and what drives him in his role at NPRe.
Can you tell our readers more about your background and work in insurance and actuarial science?
I have spent nearly 30 years working across Europe and the Middle East in the insurance and reinsurance sector, both as actuary and management and regulatory consultant.
I started my career in the UK where I qualified as a Fellow of the Institute of Actuaries. My duties then expanded into financial reporting, product development, and acting as a regulatory advisor within Europe and the Middle East. I’ve held senior roles at Prudential, Sun Alliance, and American International Group, and I’ve advised insurance regulators independently, and as a senior expert for consultancies PwC and EY.
I have always enjoyed “numbers” as they provide a useful tool to understanding any business. But you need to be very careful with their use, and the conclusions you might draw from them. That naturally leads to seeking a deeper understanding as to what’s behind the “numbers”; how reliable are they as an indicator of the present and for future direction.
At NPRe the actuarial team are integrated into the nuts and bolts of the business. We are all benefitting from “deeper” insights that not only makes us more comfortable with our reserving practices, but leads to invaluable management reporting to guide the business going forward.
How have you adapted your management approach from working with very large financial institutions to a much “nimbler” organisation like NPRe?
Well, I started working with large organisations but then as a management consultant I became fascinated with start-up operations. When creating something new you must grasp the essentials of how companies work and evolve.
My regulatory work in the EU, where I was a trainer to regulators on risk management and governance, has also given me a deep appreciation of governance. There are some very sound principles behind good governance and it’s a shame that these principles have been translated into a burdensome ticking box exercise for many in the industry.
At NPRe we are continually improving our sound governance according to solid principles, because we believe it’s the right way forward. We are aware that our “nimbleness” could be severely impaired by extensive reporting requirements in certain environments. However, it remains incumbent upon the NPRe Board to demonstrate sound governance to all our partners.
You have worked with top financial consultancies such as PwC and E&Y. How has your experience there shaped your vision for NPRe?
I think the main positive I take from large consultancies is their commitment to quality project management. Project managers are the glue that hold projects together and as such they require a workable understanding of everyone’s role; knowing how to deal and communicate with very different types of professional; and apply discipline to the project.
At NPRe we do get involved with projects that can be exciting and often challenging. Solutions usually require a team approach. The first thing we have to ask ourselves is can we handle the project management? We are building good multidisciplinary teams but quality project management will always be the key to success.