The International Graduate Trainee Programme - Locations and Application - London

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Graduate Opportunities

We understand that choosing your career path can be a difficult decision, therefore we hope that from the information provided, you can decide whether a career at Munich Re is for you.

Munich Re’s UK businesses take on only a small number of exceptional graduates each year within different business entities and divisions including; Actuarial, Finance, Claims and Underwriting. To maintain our leading position we are selective about both technical aptitude and wider leadership skills.

The successful candidates join our 2 year International Graduate Programme. The programme will prepare you for the diverse challenges of the reinsurance business, and lay the foundations for your continued development in one of the most varied and fascinating industries.


What we expect?

  • An above-average university degree (2:1 or higher)
  • Practical work experience, ideally in the insurance/financial industry i.e. internship, part-time position, shadowing, volunteering
  • Sense of responsibility and open mindedness proven by social activities and team work
  • Global mindset i.e. keen to obtain international experience and broader perspective
  • Excellent English language skills and ideally another foreign language
  • Skills such as; Excellent communication ability, strong numerical and analytical skills, empathy and willingness to learn and a proficient user of Microsoft Office software


UK graduate opportunities for 2018 will be advertised on our website from September 2017.

The application process involves three stages; completion and submission of an application form online (within 4-7 days you will receive a link to complete our online ability test, once received you have 6 days to complete otherwise your application will not be accepted), a one-day assessment centre and a second stage interview with the recruiting manager.

Disciplines recruited from include; actuarial or other numerical degrees, business studies, economics, law or accounting/finance related degrees.

What we offer you:

  • Competitive salary
  • Competitive and supportive study policy
  • Non-contributory pension
  • Private Healthcare
  • Travel insurance
  • Discretionary bonus
  • 25 days holiday
  • Season ticket loan/leisure scheme/employee discounts
  • Flexible benefits options


Simple steps for a successful application

The more pertinent your application is, the better your chances of success. Have you found a position that matches your profile on our website? Do the requirements correspond to your experience? Does the task reflect your professional expectations and goals? If so, then we look forward to receiving your application.

For positions in the UK, we prefer an online application so that your documents are examined and processed promptly. When completing the application form, ensure that every section is completed.  Please make sure that you prepare each one of your application documents with the due quality and care.

Your online application must include:

  • Completed Application Form
  • Curriculum Vitae
  • Covering Letter (optional)
     

Within 4-7 days of applying you will be sent a link to complete our online ability testing, you will have 6 days to complete this otherwise your application will not be accepted.


Next steps

Our application process closes on the 30th November. We then spend the next few weeks sifting through the applications. We hope to let you know before Christmas if you have been invited to one of our Graduate Assessment Centres, which will be held on the 15th January 2018.
 
Assessment Centre

Our Graduate Assessment Centres run for a full day. The day will include a high level introduction to the Munich Re business from a senior representative and further info on our graduate programme before beginning the exercises. You can expect the following assessments throughout the day


  • Aptitude tests e.g. actuarial test, verbal reasoning, case study exercise etc
  • Group exercise
  • Individual interview with 5 minute pre-prepared presentation


There will also be opportunities to meet previous and current graduates and other representatives within the business.

Further Information

For further information regarding our UK businesses, please visit:
http://www.munichre.com/en/career/jobs-and-applications/contact-for-applications/europe/united-kingdom/index.html

All recruitment vacancies can be found on our Careers page on the Munich Re website:
http://munichre.hrdepartment.de/munichre/de/search?lang=en-US&language=Weiter


Alternatively, for further queries, please email our UK Graduates mailbox:
MRUK-Graduates@munichre.com.

Case Studies

Underwriting/Actuarial Trainee - Tim Marshall

Tim joined the UK General Branch as an Underwriting/Actuarial Trainee in 2014 and is currently working on an exciting Cyber Project.


What’s good about being part of the International Graduate Programme?

You are given a good overview of the Group as a whole and all the different areas it is active in, as well as detailed experience in the area you are placed.  You also spend 6 weeks training with all the other Grads around the world, so I have friends across the world I can call.

What’s it like working in the London Office?

It’s interesting as we deal will such a broad range of companies, insurances and countries, everyday something different will come into the team. As a small versatile setup in London there is a chance to come in contact with a wide range of companies, deals and types of insurance. Plus the office layout means you hear some of what the other teams are doing.  I actually walk past some of the big clients we insure on the way to the office.  Location wise we are right in the heart of the city so there is always something going on, such as the lunch time lectures held in Lloyds.  The London market is very sociable as most of the business is done face to face, this really makes every day varied.

What opportunities have you had within your role(s)?

I have visited Munich both on training and for business meetings, meeting both other trainees and colleagues.  I will be working in the US office early next year which is a fantastic opportunity.  Also, I am part of a working group split across Munich and London, offering the chance to travel and meet many new people, in addition to making a contribution to how we tackle the emerging cyber insurance in our unit.

How have you progressed since joining Munich Re?

Munich Re has really supported my progress through the exams both financially and with time off to study. As well as attending courses related to my role.  I have been taught my area of insurance thoroughly from the basics of insurance and fundamentally understanding the coverage’s offered, up to current issues of the day.  I have started taking German classes which the company provides.

Actuarial Trainee - Douglas Scott

Doug joined the UK Life Branch as an Actuarial Trainee in 2014.  He is now considered a team expert on certain areas of work.


What’s good about being part of the International Graduate Programme?

I’ve been given the opportunity to work beside market leading experts and learn from the best. I’ve also been given fantastic opportunities for learning, development and also the opportunity to be involved in the Graduate Reinsurance International Development (GRID) programme which has enabled me to learn about a wider range of the business that I may not have learned about within my daily work.

What’s it like working in the London Office?

It motivates you to know that you are working in the centre of the most important insurance market in the world.

What opportunities have you had within your role(s)?

I’ve had great opportunities and have been given a lot of responsibility very quickly. I’ve been able to work on very large and important projects and despite being a relative newcomer to the business I have been able to influence some important decisions within my team.

How have you progressed since joining Munich Re?

I feel like I have progressed very well and I’m even considered the team expert in certain areas of our work. This is due to the responsibility that I’ve been given and being able to learn from the various experts around the office.

Underwriting Trainee - Megan Shephard

Megan joined Munich Re in 2014 as an Underwriting Trainee in CIP London.  After rotating for 10 months Megan is now working within the FI team.

What’s good about being part of the International Graduate Programme?

Coming into the programme with very little experience in Insurance, the Munich Re International Graduate Programme has given me an overview of the different areas and helped me to make an informed decision about where I would like my career to head. Through the rotations, I have been able to experience different lines of business which many people don’t get the chance to do, and I have been able to get to know many different people at the same time.

What opportunities have you had within your role(s)?

There are so many opportunities to learn at Munich Re, it is a great foundation for a career in Insurance. I have rotated between the different lines of business, attended the GRID modules in Munich and have the module in Princeton to look forward to. There is also the opportunity to spend time abroad, something which many people in the company do, showing that Munich Re truly is an international company. The company offer great support with professional qualifications as well, helping to maintain a work-exam-life balance.

Underwriting Trainee - Jack Stow

Jack joined Munich Re in 2014 as an Underwriting Trainee in CIP London and is currently working towards his ACII professional qualification.


What’s good about being part of the International Graduate Programme?

Being part of the international graduate programme is great because you are immediately part of a large network of people from all over the world to meet and share experiences. This means one can explore the breadth of the company and quickly learn about different parts of the business. This is helped by the training weeks in Munich and Princeton where graduates from different areas of the business can share knowledge.  As part of the international graduate scheme there is the opportunity for an overseas placement. This is really valuable for development as it gives the opportunity to learn about different areas of the business.

What’s it like working in the London Office?

The Munich Re office in London has several different functions and is always busy with visiting employees and guests. This makes for an exciting atmosphere and the opportunity to meet new people both from the group and outside. It is a diverse workplace, which is interesting as one can learn different ways of doing business as well as understand the (re)insurance business in a global context.
 
What opportunities have you had within your role(s)?

In my role I have had the opportunity to meet the other half of my team in Munich for events. I have also been given the opportunity to begin learning the trade of underwriting by meeting brokers and clients and being part of underwriting assessment. Munich Re is often represented at conferences and I have been given the opportunity to be part of the planning team. This involves marketing, event planning and stakeholder communication which has been useful to me as I have developed some of my weaker skills. I have also become a committee member of the Munich Re sports and social group.

How have you progressed since joining Munich Re?

Since starting at Munich Re I have progressed through learning about the business and underwriting. I have begun my professional qualification exams towards the qualification ACII and am part of several insurance clubs and associations, such as NGIN, the CII IIL and the  Lloyds Squash Club.

Deputy Underwriter - Thomas Lott

Tom joined the UK General Branch as an Underwriting Trainee in Contingency in 2012. He is now a Deputy Underwriter.


What’s good about being part of the International Graduate Programme?

You are part of a wider network of graduates, including overseas employees. There are opportunities to travel to the Munich office and now Princeton. Also, the training in insurance/reinsurance/the company as a whole provides a great foundation of knowledge to build on during early stages of your career.

What’s it like working in the London Office?

Personally, I very much enjoy working in the City of London. It is a very sociable/face to face market – therefore business relationships are very important. I am also surrounded by experienced and approachable colleagues, with a wealth of knowledge to take advantage of.
 
What opportunities have you had within your role(s)?

I sit over at Lloyd’s on a daily basis, I have also had various opportunities to visit Munich throughout the year, as well as various opportunities to attend market events.

How have you progressed since joining Munich Re?

I have been fortunate enough to progress very quickly – from Graduate Assistant, to Assistant Underwriter, to Deputy Underwriter in less than 3 years. I have progressed from a predominantly admin focussed role to assisting in the writing of a worldwide book of business over at Lloyd’s, with the ability to manage my own risks up to my mandated authority.

Experience Analysis Manager - Ross Stevenson

Ross joined the UK Life Branch as an Actuarial Trainee in 2012. Three years later he is managing a team of four.


What’s good about being part of the International Graduate Programme?

GRID (formerly INTOP) was a great opportunity to meet other graduates from the global business during three two week trips to other Munich Re offices (Munich and Princeton). These training sessions taught me about all aspects of the company’s business – not just those I would work on day to day, but those far outside of my field – which was very interesting and something I otherwise wouldn’t have had the chance to see. There was also high-quality training on key skills (presentation, negotiation and communication), some great enjoyable organised excursions (and a ski trip) and the chance to experience the local culture, restaurants and bars while socialising with our international colleagues.

What’s it like working in the London Office?

The London office is a friendly and sociable environment. It is demanding but supportive, with lots of knowledge sharing and opportunities to learn about what the different teams do. The is no culture of ‘face-time’ and no pressure to work late unless there are urgent deadlines.

There are also plenty of opportunities for development with rotations into different teams and through performing more demanding tasks within your current team. There is a strong culture of looking for ways to improve systems and processes to remove inefficiencies and so innovative ideas are taken from people of all levels.

Recruitment mostly comes from within, so talented individuals seem to move up quickly through the ranks.

What opportunities have you had within your role(s)?

In my first role, I was involved in a high visibility project involving a major systems update from day one. I moved into a new team after six months and was given the opportunity to learn from a technical expert in our risk capital calculation system, and eventually become that expert. This second role also offered visibility to senior management through my participation in large deal reviews.

After being at the company for almost 2.5 years I was offered the opportunity of managing a team of four people.

How have you progressed since joining Munich Re?

I have been given fantastic support in my studies allowing me to make very fast progress through the actuarial exams. I have been able to work on interesting projects and tasks to develop my technical skills.

I have been given a management role which has given me a greater responsibility and has allowed me to develop my delegation and organisational skills.

Senior Actuarial Assistant - Reinis Melbardis

Ray joined the UK Life Business in 2012 as an Actuarial Trainee.  Since joining Ray has had the opportunity to work in the Financial Reporting team and has since moved into Structured Reinsurance.


What’s good about being part of the International Graduate Programme?

The graduate roles are a relatively recent introduction to the UK business, and (within UK life at least) strongly championed by senior management. This, along with the relatively low numbers of people actually taken on each year, gives the new graduates very high visibility within the business.  In addition, the 6 weeks of trips to Munich (and now Princeton) are a unique opportunity amongst UK-based graduate schemes (especially actuarial ones) and have been some of my most positive work-related experiences.

What’s it like working in the London Office?

In UK Life, it’s a great environment to work in. The specialist business-to-business nature of what we do means there are not actually that many people in the office, meaning the work you do is varied, relied upon and always utilised.  There are no set ‘jobs’ for graduates within the company, so you’re always working on a relevant, current issue or deal, along with the senior members of your team.  The people are lovely as well. Everyone I have worked with has been very welcoming and colleagues always have time to answer any question you may have. There are regular social events within teams, departments and office-wide which are great fun.

What opportunities have you had within your role(s)?

In UK Life, as a student you’d spend 1-2 years in one department before rotating into another. I started in Financial Reporting where I did actuarial calculations to determine the value of the UK branch, as well as worked with external programmers to develop several systems to improve our processes.  I now work in the Structured Reinsurance team, where I’ve had a chance to get involved in the commercial side of the business, pricing deals and coming up with specific solutions for our clients’ problems.  There are also plenty of opportunities to develop outside of work within the graduate programme – there have been courses for negotiation, communication, presentations. There was a day where we helped out in a careers day in a local school, and another where we generated ideas for Mind, the mental health charity, on a specific issue they had.

How have you progressed since joining Munich Re?

In my 3 years here I’ve been promoted twice and now work in a role where I have regular exposure to business clients.  I have passed 11 of my 15 actuarial exams thus far, all first-time, due in no small part to the study package and support provided from actuaries and other students within the branch.

Senior Actuarial Assistant - Helgardt Basson

Helgardt joined the UK Life Branch as an Actuarial Trainee in 2012.  He loves travelling and the prospect of working for a global company was one of the key reasons for applying to Munich Re.


What’s good about being part of the International Graduate Programme?

The part of the International Graduate Programme I most enjoyed was the orientation and training sessions at the head office in Munich. Over the course of six weeks, we had the opportunity to meet colleagues from all over the world, learn about Munich Re’s global operations and the wide range of areas wherein the company specialises. We even managed to find time for a trip to the Oktoberfest!

What’s it like working in the London Office?

Our office is in the heart of the City of London, with all the hustle and bustle you’d associate with this important financial centre. I get to work in a great team, with some of the smartest people I’ve ever met, in a work environment that encourages and values hard work.

What opportunities have you had within your role(s)?

I love travelling and the prospect of working for a truly global company was one of the key reasons for applying to Munich Re. Highlights of my time at Munich Re include the six weeks of training we spent in Munich over the course of my first year and a secondment to Singapore in my second year. I’ve had the opportunity to live and work in different countries, learn about the different and exciting markets in which Munich Re does business and to meet colleagues from all over the world.

How have you progressed since joining Munich Re?

I started in UKLB’s Structured Reinsurance team in 2012, straight after graduation. I spent two years as part of this team, pricing and developing interesting and novel solutions to our insurance clients’ needs. The scope of financial reinsurance is vast and I enjoyed the variety and problem solving aspects of the job. Munich Re value employees with a broad knowledge base and job rotations are fairly common. I next moved to the Financial Reporting team, where I’m now in charge of Projects. It goes to show that UKLB offers people the opportunity to develop, acknowledges hard work and rewards this by promoting even more junior employees into positions of responsibility.


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