Space

“If someone had told me when I left school that I would be working in the space industry five years later, I would have said they were mad”. Harry works with satellite operators, manufacturers and launch service providers to make sure that if something goes wrong with their technology, often worth hundreds of millions of dollars, then their businesses will not also crash financially.

Harry started his career working on the insurance of large cargo vessels and has also been involved in insuring aircraft, but three years ago he decided to specialise in space. As a space underwriter he works in a team that provides insurance for disasters occurring when a satellite launches, or if anything goes wrong once it is in orbit. “The frontiers of space are amazing and hearing what businesses are trying to achieve with satellites or through space exploration makes you realise how much we rely on the technology they deliver. But without someone to insure them against a launch or satellite failure, no one would ever invest in them. Insurance literally gets them off the ground.”

Harry left school after completing his A levels in 2012. Since then, he has learnt an enormous amount from others and from spending the time to understand the complexities of the risks. Harry also sees the value of professional qualifications, so is working towards his Chartered Insurance Institute exams which will give him a strong grounding in wider aspects of the insurance industry.

Getting to meet and understand the clients’ businesses is a vital part of understanding the risks they face, so there is a fair amount of travel involved. Harry says: “The most critical skill is the ability to build strong interpersonal relationships, not just with your team but with customers and brokers who bring in the business. That is what sets you apart and it also makes business a lot more fun.”

After completing a Masters’ degree in Physics at Imperial College, London Jack knew that he was looking for a job where he could use his technical expertise in a business environment rather than being focused purely on engineering or manufacturing. “I had not thought about insurance and, if I had, I would probably have thought it a bit dull” he confessed. Nevertheless, a job advert for Occam Underwriting for their space team caught his eye and rest as they say is history.

“The great thing about this job is that it is not just about sitting at a computer – it is as much about the people and the business.” In order to get under the skin of the risks that space businesses face you need to see their facilities and understand what they are trying to do. In space insurance this means getting to visit world leading engineering facilities and learning about the latest in rocket and satellite technology. Jack’s most memorable trip was to Svalbard in the Arctic Circle to see a ground station communicating with satellites in polar orbit.

He joined the business seven years ago and has worked his way from an initial role looking at renewable energy to being part of their market-leading space team. “For me, joining a small business was really important so that I felt really part of the business and could not only see how it took risks, but also how you grow and develop a company.”

Jack started his career as an analyst so his background in maths and science meant he was able to look at the statistical analysis of an accident occurring to a satellite launch, or something going wrong once it was in orbit. This gave him experience understanding what price to charge for the insurance policy. It also gives him the confidence to talking to businesses who are at the cutting edge of modern engineering and technology.

Being part of a place like the London insurance market that specialises in risk makes for a dynamic working environment. “London is all about meeting people face to face, really building strong relationships with your business partners and having fun as well as working hard. Finding out how much it is about people as opposed to technology was a big surprise for me, but it was a good surprise!”.