Paloma Quiroga Arias, a former particle physics scientist, currently leads the Risk Consulting & Analytics department at Swiss Re’s Reinsurance Solutions division.
Quiroga’s journey from the world of scientific research to the insurance industry has been both dynamic and impactful. Prior to transitioning into business, Quiroga pursued a distinguished scientific career, including a position at CERN in Switzerland, home of the largest particle physics laboratory in the world.
Her move from academia to industry was driven by a desire for a dynamic environment where she could have a more immediate impact in the “real world”. She began her career in insurance at Aon, where she spent a decade in London’s bustling insurance market, primarily within the Inpoint insurance strategy consulting division.
Now with a global mandate and based in Madrid, Quiroga specialises in providing consulting and analytics services to insurance companies, with her expertise also extending to other sectors. At Swiss Re, her mission is to enable insurers to make more accurate and less risky data-driven decisions, enhance risk selection processes, and boost efficiency as well as effectiveness in underwriting.
In addition to her professional accomplishments, Quiroga is a dedicated mother of two and a passionate advocate for career opportunities and flexible working conditions for parents.
Your background is in theoretical physics. Can you tell us about that?
I’ve always been naturally inclined towards mathematics. In school, I found maths and other technical subjects not necessarily easy, but intuitive. One of the key factors in my decision to pursue physics was a high school teacher I had. He wasn’t particularly well-liked because he was tough and very demanding, and he kept a bit of distance from students. But I found him inspiring. He pushed me, taught me a lot, and played a big role in my decision to study physics at university.
Just walking through the corridors [of CERN] and occasionally passing Nobel Prize winners—it was an unforgettable experience, like being part of something truly historic.
After completing my degree, a couple of professors approached me with opportunities to pursue a PhD, which was another turning point. Of course, I found the subject itself interesting, but I’ve always been a curious person. I’m driven by the chance to learn more and push myself further. The people around me have also been a huge influence at every stage of my journey — they’ve inspired me to continue exploring and growing.
After university, your career progressed and you found yourself at CERN. What was your role there?
I was completing my PhD at a university in Spain when my advisor suggested I apply for a European grant that allowed students to spend a year at CERN. I was lucky to be at CERN during an incredibly exciting period. It was right when the Large Hadron Collider—the biggest particle physics experiment ever—was being prepared to go live. The machine was built, and they were, metaphorically speaking, about to “flip the switch” and turn it on. It was an amazing moment to witness.
Although I wasn’t directly involved with the experiments, as I was focused on theoretical physics rather than experimental, being there at that pivotal time was still incredible. Just walking through the corridors and occasionally passing Nobel Prize winners—it was an unforgettable experience, like being part of something truly historic.
Reflecting on your career at CERN and your scientific background, how has that experience influenced your approach to problem-solving? Do you find that your focus on the micro details in physics has been beneficial in your current role?
That’s an interesting perspective. My background in science and academia provided me with a rigorous mental framework and a systematic approach to problem-solving. This has been very beneficial in my current role.
When working with my team to address client problems or develop strategies, I apply that analytical and methodical mindset. This systematic approach has proven to be a transferable skill.
Another aspect of my scientific background that has been useful is the ability to communicate complex ideas effectively. During my time as a physicist, I frequently presented at conferences and published papers. This required me to distil intricate and dense analyses into concise messages and key takeaways. In my current role in insurance, where there is an overwhelming amount of data available, being able to sift through it and extract actionable insights is crucial.
Can you share some of the key lessons you learned while progressing from an analyst to Managing Director? How do those experiences apply to your current role?
One of the most important learnings for me has been the focus on client needs. I have always been in client-facing roles, and I believe that applies even in internal roles — you can always think of your stakeholders as clients.
My team and I focus on truly understanding our clients’ challenges, listening to their needs, and designing solutions that bring meaningful value.
I focus on delivering value to clients so they speak positively about the work I do. This approach is fundamental to unlocking new opportunities and advancing my career. This is also central to what I do now at Swiss Re. My team and I focus on truly understanding our clients’ challenges, listening to their needs, and designing solutions that bring meaningful value.
Your career path spans academia and high-level roles in the insurance industry — both traditionally male-dominated fields. As a woman, have you encountered any obstacles due to this?
Personally, I don’t believe I’ve encountered significant obstacles specifically due to my gender. However, I have experienced situations where being a woman did have an impact. For example, when I was an analyst and junior consultant, I often found myself as the only woman in meetings with clients or internal stakeholders. Even though I was usually closest to the topics being discussed, senior stakeholders would frequently address my male peers or bosses rather than me. This was an interesting dynamic that required resilience, though it could sometimes affect confidence.
In more senior positions, I’ve had instances where I was asked to take notes in meetings instead of my male colleagues. These situations didn’t hinder my opportunities, but they did highlight some persistent gender dynamics.
I always tried not to let these experiences undermine my motivation or confidence. Speaking up about such instances helped me address them and move on. Overall, I don’t consider these to be major obstacles in my career. If anything, I might have had to work harder at times, but I don’t think that’s specific to being a woman.
Balancing a high-stakes career and motherhood is a challenge many working mothers face. What strategies do you use to maintain a healthy work-life balance?
I wish I had a magic formula, but I don’t. I get asked this a lot, especially since taking on my current role, which involves a lot of travel. My daughter was just six months old when I started, and I also have another young child. I don’t overthink it because that could be overwhelming.
A strong support network is crucial. I have an amazing partner, and we share responsibilities equally. For instance, we split parental leave equally from the moment our first child was born. When the kids get sick, the first call from nursery or school is often to me, although that’s just a minor anecdote.
Family support is also vital, and we’re fortunate to have adaptable and healthy children. As for self-care, time is limited, but I make time for exercise, which is essential for me. I try to fit in a run or gym session, especially when I’m travelling. Another important aspect for me is baking, which I’ve been passionate about for about ten years. It helps me decompress and manage stress. I find it therapeutic to create something from scratch, like baking bread, and it’s a nice break from the demands of work and family life.
Do you believe women should be more open to exploring roles in insurance, even if their backgrounds are unconventional?
I would definitely encourage young women to explore opportunities in insurance. It’s important for them to consider a broad range of career paths and not limit themselves based on traditional roles. From my perspective within the industry, we greatly benefit from diverse, non-traditional talent. The risk landscape is constantly evolving, and so is the technology and data we use. Fresh perspectives and out-of-the-box ideas are crucial for continued progress and innovation.
My advice to those from non-traditional backgrounds is to stay true to themselves. It’s important not to conform to outdated norms or feel pressured to fit into traditional moulds. Maintaining a unique perspective and approach can be a significant asset in any field.
How do you see the role of women evolving in the re/insurance sector, and what practical steps can be taken to encourage better female leadership?
There has definitely been progress. For instance, I recently attended a global leadership meeting with our new CEO, and the room felt much more balanced in terms of gender representation compared to a few years ago.
the leadership approach needs to support and encourage equal parenting and career re-entry for all genders. We must continue making strides in creating policies and cultures that support work-life balance for everyone.
To further support women and encourage their leadership, companies need to focus on a few key areas. One crucial step is normalising substantial parental leave for men. Until men are equally expected to take parental leave without stigma, the balance will always skew towards women. Creating a culture where both men and women are encouraged to take parental leave without career repercussions is essential.
Another important step is implementing support programs for individuals returning to work after extended leave, whether for childcare or other reasons. At Swiss Re, we’ve recently launched such a program to help people re-enter their careers. This type of support is crucial for ensuring that taking a break for family reasons doesn’t halt one’s career progress.
Moreover, the leadership approach needs to support and encourage equal parenting and career re-entry for all genders. We must continue making strides in creating policies and cultures that support work-life balance for everyone. I am optimistic that these changes will help more women take on leadership roles in the industry.
What can be done to help mothers to stay connected or ease their re-entry into the workforce following a career gap of (sometimes) years spent raising children?
Maintaining connections and keeping up with industry developments is crucial. One practical approach is to have mentoring and coaching programs for those returning from extended leave.
Additionally, creating opportunities for individuals to stay connected with their industry during their absence can be very helpful. Industry events or networking opportunities where they can reconnect with their professional community, even if just for a few hours, can make a big difference. This helps maintain their confidence and keeps them updated on industry trends and developments.
I’ve found these types of initiatives to be incredibly useful and encouraging for people re-entering the workforce. They don’t require significant investment from companies but can make a substantial difference in easing the transition back to work.
Interview by Joanna England
