Month: February 2022

School: New York University 

Current Employer/Title: Vice President Actuary, Head of US Reserving at Ascot Group 

Why would you recommend a career in the insurance industry to current college students?
The insurance industry is exciting because insurance products are always changing to keep up with the world.  For example, we get to see how cyber risks or wildfire risks change year to year or even quicker.  Actuaries also play important roles in interpreting data to help insurance companies make good, informed business decisions. 

Why did you become an actuary?
When I was in college, I knew I wanted to be in a more quantitative career, and one of my academic advisors pointed me to actuarial science.  I liked how the exams provide an initial structure and career trajectory that I found helpful starting out.  I’ve also been able to make work/life balance a priority throughout my career.  For example, I’ve been able to balance an engaging career while also participating in rec sports leagues throughout the year.  

What drew you to a career in property and casualty insurance?
I’ve always found property and casualty insurance to be a little more interesting than life insurance because of the nature of the risks compared to the standard life insurance products.  We have uncertainty around loss frequency, severity, and timing.  

What can students do now to prepare for a career in the industry?
It’s become more and more of a necessity for actuaries to be comfortable working with large data sets, so I would recommend students take a computer or data science course if that’s available.  I would also recommend students try to talk to working actuaries.  Both actuarial societies have set up events and resources to help facilitate this, such as this month’s Be An Actuary events. 

Name of college/university attended: Brigham Young University with a degree in Actuarial Science 

Current employer/job title: Actuarial Analyst at the American Family Insurance Group 

Why would you recommend a career in the insurance industry to current college students?
Insurance is a great career for anyone interested in applying statistics you’ve learned in class or seen in real life. Insurance is nothing more than a complex series of probabilities, and that’s an interesting realm to work in with near boundless applications. 

Why did you become an actuary?
I became an actuary after some advice from a high school statistics teacher. I enjoyed statistics and had a good history of exam taking, so figured I’d mix the two. The exams are considerably harder than your high school statistics exams but a whole lot more rewarding.  

What drew you to a career in property and casualty insurance?
I decided on property and casualty for a few reasons, but mostly because modeling mortality sounded a little too morbid. In addition to that, I appreciated the CAS’s exams and their take on the credential process. 

What can students do now to prepare for a career in the industry?
Students can look for statistics in their current interests. Insurance is nothing more than applied business statistics, and statistics isn’t just a field of study but a broader way of understanding events around us and representing them to others. If you’re interested in sports, there’s an easy intro to statistics. Wildlife, music, social media? Statistics heaven. My wife’s even a big bachelor fan, and I have to say @Bachelordata is one of the most interesting things I’ve seen in a long time. Not my cup of tea personally, but it just proves again that statistics are everywhere, just dig into what you’re already interested in and it’ll serve you greatly down the road. 

Name of college/university attended: University of Notre Dame  

Current employer/job title: Managing Director at Deloitte  

Why would you recommend a career in the insurance industry to current college students?
Working in the insurance industry is a way to be on the front lines of making a social impact. The industry is designed to help individuals and businesses manage life’s uncertainties, by responding with services and financial support when people are impacted by unexpected events. It is also a stable industry, which has operated without significant disruption for hundreds of years!

Why did you become an actuary?
I wanted to find a career that would allow me to apply math and problem solving in the business world. I’ve always liked puzzles, mysteries or detective stories, strategy games… being an actuary is kind of like applying those skills to figure out what to do in a business scenario. That’s what makes the actuarial exams both rewarding and sometimes frustrating – it’s not just about memorizing facts and formulas – they also train you in critical thinking and synthesizing information to find a solution.

What drew you to a career in property and casualty insurance?
I loved the variety and fast pace of change in the property and casualty insurance sector. I sometimes joke that P&C is the “everything else” insurance industry. We cover things from cars and buildings… to doctors and lawyers… to satellite launches and hole-in-one golf contests. And the risks faced are constantly evolving, like cyber risks or weather patterns or workforce shifts, which makes for interesting problems to solve as an actuary.

What can students do now to prepare for a career in the industry?
In addition to a strong math and statistics foundation, complement your schedule with a mix of business classes, and get involved in activities that build your communication skills. Great actuaries aren’t just good at technical work, they translate their analysis into insights that stakeholders can understand and act upon with confidence. My other advice is to network, network, network! Seek out and take advantage of any and all opportunities to interact with working actuaries – that is the best way to get a better understanding of what it’s like to be an actuary, and what type of employers might be a good fit for you.

Name of college/university attended: University of Notre Dame

Current employer/job title: CNA Insurance, Actuarial Consultant

Why would you recommend a career in the insurance industry to current college students?
The insurance industry has rewarding work. New graduates can immediately see their work helping clients recover after accidents or catastrophes. In addition, it has a great job outlook.

Why did you become an actuary?
I’ve always wanted a career that used statistics and mathematics. I knew I wanted to work in business, and so I was drawn to pursue an actuarial career.

What drew you to a career in property and casualty insurance?
The property and casualty insurance industry is always changing. It’s a field that is strongly data driven and requires one to stay up-to-date on industry trends. In addition to being an exciting field, it is also a necessary field and impacts the lives of most everyone with whom we interact.

What can students do now to prepare for a career in the industry?
I would recommend networking with individuals already in the insurance industry. I would also recommend subscribing to an insurance newsletter.

Name of college/university attended: Arizona State University 

Current employer/job title: Allstate, Actuarial Analyst  

Why would you recommend a career in the insurance industry to current college students?
When I first started, one of the things that surprised me most was the strong sense of community present in the insurance industry. The amount of support and resources out there for college students is, in my opinion, unparalleled to any other industry. 

Why did you become an actuary?
When I was a student, I had three main criteria I was looking for in a career: I wanted to use advanced mathematics in a role that was not education or engineering related, I wanted my career to grow with me and offer a continuous challenge no matter my years of experience, and lastly, I didn’t want my job to take first priority over my personal life. Becoming an actuary ticked all those boxes! 

What drew you to a career in property and casualty insurance?
I was attracted to the P&C side of insurance because of the flexibility it could offer. There are so many areas within the industry that can be explored; it is very difficult to get bored or caught up in the repetition of things. 

What can students do now to prepare for a career in the industry?
Learn a programming language! Computer sciences was not my favorite class in college, but I am so thankful I had it. Having a programming language on your resume will help distinguish you and give you a head start in whatever 1st job you get!