Andrew Mackenzie
MSc Course: MSc Insurance and Risk Management
Graduation year: 2023
“I’m using my master’s to tackle real-world problems in the Marine Insurance industry”
“When I was researching my options, the Bayes master’s appeared to have the best offer in terms of what I was looking for, which was to develop my insurance expertise and professionalism. Alongside Bayes, I also considered a couple of distance learning courses with other providers, but I didn’t see the merit of those when comparing them with the offering put forward by Bayes.”
Andrew Mackenzie is talking about what attracted him to the MSc Insurance and Risk Management at Bayes Business School.
“I was particularly drawn to the partnership Bayes has with the Chartered Insurance Institute, which recognised my prior learning and the credits I had earned. The ‘classic’ university master’s can be very academic and theoretical, without the connection to real-world application. Bayes understands the essential need to partner itself with the relevant industry.”
“I joined the fast-track part-time course, because I already had the CII Fellowship. That gave me the requisite credits needed to be able to do the course in 20 months, rather than two years, and I studied in tandem with my existing day job. The structure and delivery of the programme assignments and assessments gives you the flexibility to study and work at the same time.”
“My motivation for taking the course was to explore thought-leadership and academic publishing, and I felt that the master’s would help me move in this direction.”
“Prior to the course I was working as a Marine Claims Adjuster for Atrium Underwriters, which I did for six years. In September 2024, I moved to Clearwater UW Limited, to become Head of Claims. Clearwater UW Limited came into being in early 2024, with a goal to disrupt the marine insurance industry with innovative technology and digital solutions, to invigorate the existing market.”
Researching the issues affecting the industry
Students on the MSc Investment and Risk Management can undertake a detailed research study on a topic of their choice. Andrew thought this option aligned with his overall goal for taking the master’s.
“The Business Research Project (BRP), as daunting as it was, felt like an excellent way to delve into what I hoped to get out of the course in terms of thought-leadership. I wanted to tackle an existing problem, or a problem I foresaw for the industry and look at exploring it. I particularly enjoyed working directly with my supervisor Dr Cormac Bryce, who is a major academic figure in the Insurance and Risk Management sector.”
“I focused on sustainability, looking at decarbonisation initiatives put forward by the International Maritime Organization (IMO). I considered what would happen if interested parties, such as vessel owners, were failing to comply with the latest IMO initiatives. What bearing would that then have on the associated risks for marine insurers?”
“In the past, sustainability and ESG have been seen as a bit of a tick box exercise. In today’s market I see it as becoming an increasingly necessary requirement. Insurers need to have sustainability in their mindset when developing products, settling claims, or offering terms to insurers as brokers. It has the potential to be the competitive differentiator in a more sustainability-focused industry.”
“I think the insurance industry can assist and facilitate the move towards greater sustainability, in what they offer clients. For example, that could be by providing attractive terms for more efficient and more sustainable fuels or modes of operation.”
“For many, it remains a very challenging prospect, and that’s where I think the insurance industry can really help.”
Outstanding support from faculty
“Working with Cormac made the project really enjoyable – he made it much less dauting in scope. If there were potential hurdles, such as balancing work and life commitments, he was able to help me navigate those effectively. Overall, the support from Bayes and the faculty and course staff has been excellent. I always knew I could rely on their support.”
Andrew’s project was a success – it was awarded the 2023 Lockton Prize for the best Business Research Project, and he received the Bayes Alumni Rising Star Award in 2024. It also motivated him to pursue his academic interests further – he is currently undertaking an Executive PhD at Bayes, under the supervision of Dr Bryce once again.
“I have harnessed the skills obtained through the BRP, developing them further and driving new research within this field. The insights gleaned from this updated research focus have been consolidated into an academic paper, which should be published in a journal soon, and will form the first of three papers required for my Executive PhD programme.”
“Doing a PhD has always been a life goal of mine. Originally, this was meant to be years down the line, potentially a retirement project, and possibly not even in actuarial science, but in history, my other field of interest. But given the opportunity to progress it now, having done one of the papers already, it was an obvious decision for me to pursue it at this time.”
Advice for prospective students
“My advice would be to really think about who you could partner with within the industry – be it clients, peers or service providers. They are the ones who can help you with real-world primary research for your assignments. It will do wonders, both for your own learning, but also for the overall wider pursuit of learning in that field. I think having an idea of who might already be in your network, or who you could introduce yourself to, is integral to completing project work.”
“The master’s programme is a great opportunity to expand your professional network. It was very readily apparent that I could talk to other insurance individuals from around the world, and from different insurance markets, as there were many practitioners pursuing this qualification. It was really easy to discuss our research and talk about trends.”
“For those who aren’t yet in the industry, the course is a great springboard. You’ll have an immediate network of people within the Insurance sector doing the course, and you also have the academics and visiting lecturers from industry who have great connections.”
Looking to the future
For now, Andrew’s academic focus remains on his Executive PhD, and juggling this alongside his day job and personal responsibilities.
“For those that undertake a PhD, it really is a labour of love. For me, I’m very excited to continue learning from that, and taking it forward into the future. I really want to develop my thought-leadership. I don’t think I will stop at just three papers – I think I’ll continue to undertake research projects where I feel there is a problem that we need to tackle in my industry. The thought of discovering solutions to real-world problems is very exciting to me.”
“With the industry relationships I have built from my time at Bayes, I think that’s a very natural next step.”