IAN BUCHANAN
PROFILE
A highly experienced financial services executive and consultant, with significant experience in both the mutual and non-mutual sectors, who has a successful track record in the development and implementation of strategic business initiatives. An actuary, who is an effective influencer and communicator, with a strong focus on business performance and governance, experienced in leading multi-skilled teams and managing change in dynamic environments, now looking for NED roles in the mutual sector where his skills can add value.
CAREER HISTORY
BUSINESS DEVELOPMENT CONSULTANCY 2000 to date
Established own consultancy in 2000. Major client work to date has included:
LIMRA: 2001 to date
Developed and have subsequently run LIMRA’s Financial Strategies Executive Development Programme in the UK and abroad. Combining formal presentations and a business game, which uses a specially developed life office simulation, the programme aims to improve management effectiveness by increasing understanding of the financial operations of a life company, the key drivers of financial performance and the implications of business decisions.
MetLife: October 2011 – November 2012
Ireland Actuarial Lead – Project LESS. Assignment with MetLife in Dublin, initially until April 2012 and then extended. Appointed to role to provide wide ranging support to the Chief Actuary of MetLife Europe Ltd (MEL), based in Dublin, to meet the demands imposed on Actuarial in general and on the Chief Actuary in particular by Project LESS. Project LESS is the major corporate restructuring programme established by MetLife following their acquisition of Alico in 2010 and through which Dublin will become the corporate hub for MetLife’s operations in Europe. This involves the legal and operational rationalisation of MetLife and Alico corporate entities in the UK, Ireland and continental Europe.
Key areas of responsibility included:
· Acting as the Chief Actuary’s deputy and the Dublin Actuarial lead, as required, on various Project LESS and other business initiatives.
· Working with other members of Actuarial management and other internal and external stakeholders to ensure appropriate Actuarial contribution to various initiatives to enable Project LESS and other deliverables.
· Providing support to the Chief Actuary on planning.
· Leading Dublin Actuarial recruitment.
Achievements included:
· All key Project LESS corporate changes to November 2012 delivered on schedule.
· Significant increase in Dublin Actuarial resources to enable delivery of increasing responsibilities.
Lincoln Financial Group: March 2008 – January 2009
Interim role leading Lincoln’s Product Actuarial team. The engagement was initially until June 2008 and was subsequently extended three times.
Key areas of responsibility included:
· Membership of the Product Development Steering Group, with oversight of product strategy and its implementation.
· Product governance and risk management, with particular focus on pricing, profitability and Treating Customers Fairly.
· Actuarial support for product development, including product design, pricing and profitability, illustration systems, reassurance tendering and treaty negotiations.
Achievements included:
· Improved governance, addressing audit and risk management matters, including the introduction of more robust processes.
· Successful delivery of enhancements to Lincoln’s i2Live suite of retirement plans.
· Support for other product initiatives including a development scheduled for launch in 2009, leading the associated reassurance tender process and treaty negotiations.
Resolution plc: November 2006 – September 2007
Interim Head of Business Development for Resolution’s Life Division North (the UK life business acquired in September 2006 from Abbey/Santander and best known for the Scottish Provident branded protection business). Recruited to the newly created role within the recently established Resolution management structure pending a permanent appointment to the position. The engagement was initially until March 2007 and was subsequently extended several times.
Key areas of responsibility included:
· Delivery of appropriate governance and business efficiencies, through the identification of causes of poor performance and articulation of business risks.
· Implementation of effective risk management, resource management and business process improvements.
· New business pricing, reassurance relationship management, treaty negotiation and implementation.
Business Development achievements in 2007 included:
· Successful execution of a number of pricing and reassurance initiatives, including new reassurance contracts which increased annual profits by an estimated £50m, with the contract tender process being reduced from 5 months to 8 weeks.
· Introduction of a new business governance framework and a range of standardised processes and business improvements to improve governance and operational efficiency.
· The new governance framework, together with the streamlining of the Business Development team and the associated staff development, enabled a significant reduction in planned resource requirements (e.g. resources allocated to BAU activity reduced by 50%). The resulting improvements in risk management also had a favourable impact on capital requirements.
Liverpool Victoria Friendly Society: 2000 - 2006
Provided advice to the Society on M&A activity and also ongoing and wide ranging consultancy services to support the development of the Society’s Intermediary Division following its launch in 2000 (After sales of £28m APE in 2000, sales averaged over £60m APE in 2001 and 2002, more than double the initially projected volumes, with profitability also significantly exceeding target). Services to the Intermediary Division included advice on business and product strategy, financial management, market and product research and analysis, product development and related communications and training.
LIVERPOOL VICTORIA FRIENDLY SOCIETY 1995 – 2000
Group Director, Life: 1999 - 2000
Appointed to Group Executive with responsibility for the performance of the Life business, whilst retaining Actuarial and Technical Services responsibilities, including product pricing and profitability. Achievements included:
· Establishment of Life Executive Committee, creating a sharper focus on the business, leading to improved financial performance and a significant increase in new business.
· Key role in strategic project leading to the Society’s successful entry (in terms of both sales and profitability) into IFA market in 2000, with sales of £28m APE achieved in 2000 v. plan of £8m.
· Successfully led the Group’s two Pensions Review teams (for the Friendly Society and the Frizzell IFA company).
Sales and Marketing Actuary: 1996 - 1998
Provided significant strategic input to the Executive, as well as having responsibility for product development, including pricing and profitability and the provision of Technical Services to the business. The role encompassed:
· Support to the Executive on M&A activity.
· Development of Actuarial and Technical Services to support the enlarged group (following the acquisition of the Frizzell business in 1996), including the Frizzell IFA Company.
· Significant input into development of distribution through introducing financial modelling, resulting in more effective planning and business performance monitoring and a better understanding of the profitability drivers.
· In 1998, with the Managing Director and Head of Sales, carried out a strategic review of tied sales operations, resulting in Board approval for the implementation of a new sales strategy.
· Chairmanship of the Frizzell IFA’s Best Advice Panel committee, introducing a much more robust selection process.
Marketing Actuary: 1995 - 1996
· Recruited by Liverpool Victoria to strengthen product development capabilities, take on responsibility for the Actuarial function and increase the role of Actuarial within the society.
· Following strategic review was appointed to manage major product development initiative leading to the replacement of all Ordinary Branch products with modern competitive products on new systems by 1997.
PROLIFIC LIFE & PENSIONS 1972 – 1993
Various roles, culminating in appointment as Pensions Actuary in 1988 and then Marketing Actuary in 1991. As Marketing Actuary, the role involved major strategic work with the Executive, as well as operational responsibility for life and pensions product development, product profitability, pensions research and corporate pensions administration.
GROUPS & ASSOCIATIONS
Associate Member of the Investment & Life Assurance Group (ILAG), a trade body representing members from the Life Assurance and Wealth Management Industries, including membership of ILAG’s Distribution Practitioner Group.
QUALIFICATIONS
Fellow of the Institute of Actuaries
BA Economics - First Class Honours
PERSONAL
Ian Robert Dean Buchanan
2 Quaintways, Hartford, Northwich, Cheshire, CW8 1GA
Tel: 01606 782848
Mobile: 07801 547997
E-mail:
Status: Married with sons aged 16 and 15.
Interests: Family plus, when time permits, rowing, fell walking, cycling, skiing, golf and playing the saxophone (very occasionally and extremely badly).
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