Q&A: Standard Life’s UK MD of corporate business on why variety can take you a long way in insurance

Stephen Ingledew, UK managing director of corporate business at Standard Life joined the firm in 2007, after more than 20 years in the industry. During that time, he’s deliberately tried to gain as wide a variety of experience in different sectors. This, he says, is the key to success.

What made you decide to enter the insurance industry?

It was 1984, I was set to graduate with a law degree from the University of Sussex and at the time, not unlike now, the financial sector’s image wasn’t great. However, the Gower report was published, and later the Financial Services Act in 1986, and it was clear that there was an effort to try and improve the situation. It captured my interest and, rather than going into law, I signed up to a job at Friends Provident. They wanted me to apply my knowledge to the world of pensions and investments.

How has it changed for people trying to break into the industry now? What advice can you offer?

The main difference today is that insurance firms are willing to consider people from different backgrounds – you no longer have to be a legal expert or a mathematician, for example – but it’s also a lot more high profile. Insurance had been known for being a little dull, but I think that’s changed as financial services generally has been thrust into the headlines.

You really need to take an active interest; not just what’s happening in the headlines, but what it means to you to work in the industry. It’s important that you know your personal motivations for wanting to work in insurance, because it’s something you will be asked about.

What matters most, talent or hard work?

Hard work. Everyone has talent of some sort, but you need to combine that with commitment and drive in order to distinguish yourself from those not willing to put in the requisite level of effort.

Has your career been conventional or capricious?

Capricious. I’ve made an effort to expose myself to a wide variety of roles and employers. Over the years, I’ve worked at Schroders, Barclays, wealth management group AMP and even a time working at the regulator. I’ve worked in corporate cultures and within the more relaxed environment of a smaller firm.

This has helped me as I can draw on a diversity of experiences that I think has broadened my influence over a range of financial services sectors. Some people get this by working in a number of countries, whereas I’ve done it by exposing myself to a variety of sectors in the UK.

What do you know now that you wish you’d known 15 years ago?

I’m much more questioning and no longer take things at face value. When you start out, it’s easy to accept that conventional wisdom is the right way to do things, but the more experienced you become the more you realise that there are alternative solutions. Unfortunately, it’s quite difficult to challenge the mainstream when you’re relatively junior.

Imagine I want to work for you, what three qualities could I exhibit that would make you hire me?

Well, the first thing is that people need to be client-focused, and this applies to any element of insurance, not just the customer facing roles. Secondly, you need to be able to get along with diverse range of people and understand their strengths and weaknesses. It’s tempting for sales staff just to get along with their team members, for example, but they also need to know how to get the most out of technical and IT divisions. Thirdly, you just need to demonstrate that you have a drive to succeed inside you.

What would you advise people to do before stepping into an interview with you?

Bear in mind that you’re likely to be one of a series of people being interviewed that day, so what’s your standout selling point? Find out as much as you can about the organisation – not just company and financial reports, but information about the culture and current concerns of the company.

Get inside the head of your interviewer. If you know who’s interviewing you in advance, you can easily find out information about them and their career and use it to relate and bring some commonality to the conversation. Half the challenge of an interview is finding some empathy with your interviewer.