3 Ways to Grow as a Leader in the Insurance Industry: Top Advice From a Sr Actuarial Pricing Manager

If you’re thinking of joining (or growing within) the insurance industry, then you’ve come to the right place! Shelby Heinemann, Senior Actuarial Pricing Manager at Openly, has three tips for you.

“The biggest piece of advice I could give to someone in the insurance industry is that it’s a small world,” she tells Fairygodboss. “Everyone seems to know everyone and word travels fast. And, the actuarial community is even smaller!” As such, it’s imperative not to burn bridges while also using this small network to your advantage via networking. In fact, most of the roles Heinemann has gotten have been through industry networks. “It really can be all about who you know,” Heinemann says.

Making connections is not only essential for career advancement, either; it can help you find your voice and passion, too. Heinemann emphasizes the importance of finding the right mentor for yourself: “I believe a good mentor puts aside their interests and helps you evaluate and execute yours. It may suit your career goals to move to a new company or role, and they should help you do that, even if it means they are losing a good resource.” 

In addition to mentors, Heinemann shares that learning from successful women leaders in the insurance industry is also key. Today, we’re doing just that, with Heinemann sharing her advice on everything from being a leader in the insurance industry to her specific role and Openly’s culture.

Three tips for becoming a leader in the insurance industry

1. Speak up. “You were put into your role because you have the skill sets to do so, and the team or company values your perspective,” explains Heinemann. “So, give your opinion, ask questions, and play devil's advocate (even to your own ideas!). It’s okay to be wrong since that’s how we learn. But if you don’t ask the ‘silly’ questions (though no question is a silly question), how will you learn? And how will you teach others?”

   • Heimann learned this herself via a brainstorming technique that involves saying anything—no matter how absurd—because it can spark an idea in someone else, which may, in turn, inspire you! With this technique, you’re able to rely on the diversity of thought of those around you to implement new ways of thinking.

2. Stop apologizing and be direct. “As women, we tend to apologize more and use phrases like ‘I just think,’ and ‘I’m sorry,’” Heinemann notes. Try turning these expressions around, even if it’s a hard habit to break.

   • “When you are late to a meeting, say, ‘thank you for waiting for me’ instead of ‘sorry I’m late,’” shares Heinemann. “Drop the ‘just’ and ‘think’ in your sentences…It may feel scary or too bold to you, but to others, it reads as confident and doesn’t undermine what you are saying.”

3. Don’t be afraid to take a leap. Heinemann did this herself when she left a company she was comfortable at and relocated for an actuarial position. “I was scared this was a bad move for my career since the new company was incredibly small and there was only one other actuary,” she recalls. “However, it turned out to be an amazing experience that shaped my career path. I learned so much about the insurance business as a whole and not just my pricing function.”

   • What Heinemann learned not only shaped how she approaches her day-to-day work, but also enabled her to become more efficient, have a better understanding of her responsibilities, and feel a sense of purpose. Ultimately, this role and learning experience led her to Openly. 

What does a Senior Actuarial Pricing Manager Do?

During her (nearly) three years at Openly, Heinemann built a six-person team that is now split into two sub-teams, one of which she leads as a Senior Actuarial Pricing Manager.

Heinemann says, “my role as a Pricing Actuary is to help price our (homeowners insurance) product as best as possible so that the company can adequately pay out claims, cover expenses, and make a profit.” Heinemann and the three analysts that comprise her team review the pricing across all states Openly operates in, recommend changes, and build actuarial tools and efficiencies for the company (as well as products for new states).

Of course, this is only one aspect of her job. “I’m also a manager,” Heinemann emphasizes, “which means my role involves teaching, removing roadblocks, and developing my team. My day-to-day consists of meetings—both with my team and other teams across the company—focus time to review and provide feedback on work, as well as time to complete my own work while studying for my actuarial exams.”

Heinemann’s role involves a number of different tasks. “There is always something to do and not enough time in the day,” she states. “With a smaller or relatively younger company, there are a lot of processes to set up, decisions to make, and things to do across a wide variety of areas. This makes finding time for all of the things I want to do difficult. I really need to prioritize daily and may have to wait to get back to a side project I’m curious about.”

However, despite the challenge, this is also the element of her work that Heinemann finds most rewarding. “There’s such a wide variety of projects and constant learning in so many different areas within a company and team like this,” says Heinemann. “I feel challenged and heard every day. I feel empowered to make quick decisions and awed that I’m helping to set the foundation for this team and company for years to come.” 

Why you should join Openly.

When asked about her favorite part of Openly’s culture, Heinemann responds that it’s the team of people at the company: “We have built a team that is unlike any I’ve worked with before. We are cohesive, supportive, driven, and curious. I could go on and on, but, ultimately, a great team is a huge factor for me to be successful and happy in a job.” 

In addition, she explains that Openly’s remote life and flexible culture, aided by a leadership team who ensures that everyone maintains a work-life balance, help her excel. “At the end of the day, only I can force myself to shut my computer off and go downstairs out of my office (aka the second bedroom in my apartment),” Heinemann notes. “But knowing that leadership has set a precedent that it’s okay and expected to have a work-life balance helps enable that.” Being empowered to set boundaries is just another way that Openly helps employees thrive!

Want to join Heinemann as part of Openly’s supportive, driven, and curious team? Apply using the link below.

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