Masimba Zata’s actuarial career sprang, like many others, from a love of maths. But while it had a traditional beginning, he’s now working in a decidedly non-traditional field.
“My career started off in pensions, then went into insurance,” he says. “I worked for various companies before moving into the technology sector with Moody's.
“I’m 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.
“I 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.”
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.
“It’s very different from being at an insurance company,” he says. “There, the auditors would say: ‘you don't have enough actuaries in your team’. It was a protected role.
“Here, 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’t able to bring.”
Outside of work, Masimba stays engaged with his professional community. “As well as attending and speaking at industry conferences, I’m a member of the IFoA Council, the IFoA Foundation and several working groups,” he says. “I actively work to remain part of the community.
“In 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.
“Now I’m 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.”
“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
Working outside a traditional field has its rewards as well as its challenges. Masimba’s current project involves creating a new product that will help insurers to manage risks and operate more efficiently. It’s a project that has brought him a lot of satisfaction.
“This is one of the areas that really interests me,” he says. “I 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.
“There’s 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.”
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.
“When people hear ‘chartered’, they get the impression of a high degree of qualification,” he says. “People are familiar with the concept. So for me it’s beneficial, particularly because our profession isn’t yet fully understood in the wider arena. Just being able to begin with ‘chartered’ gives it that weight.”
Being an actuary has, says Masimba, been rewarding in many ways. “It has allowed me to push the boundaries of what I thought I knew, what I thought I was capable of,” he says.
“We’re entering a space now where there's competition for the sort of things we do. There are powerful technologies coming through. They’ll never replace us. But we need to always move with the times and develop the profession, so we remain relevant for the future.”
We’ll be sharing member stories from around the world on a regular basis, so keep an eye out for updates. If you’ve chosen to adopt Chartered Actuary status, or if you’ve employed an actuary who is helping to transform your organisation, we’d love to hear from you.
