CAS Profile: Rafael Costa, FCAS
I have almost 20 years of experience as an actuary. Throughout my career, I have worked in three different countries and have had roles in pricing, reserving, and catastrophe modeling. I worked at two large insurance carriers, one ride-share company, and one autonomous vehicle technology company.
Where do you work and what is your position?
I am an Associate Director at WTW.
Why did you decide to become an actuary?
At the time, I was deciding between being an actuary and a math teacher/researcher. The decision to pursue the actuarial path was driven by my desire to apply math to real-world business problems, as well as the expectation of a more stable and richer (yes, I mean monetarily) career prospect.
What parts of the profession do you love the most?
I really enjoy the fact that we get new problems to solve as the world around us evolves. We influence and respond to technological advancements as well as regulatory, economic, and even geopolitical shifts. The other aspect that I like is that we are a tight community of professionals with great opportunities for networking, development, and volunteering.
What is the best piece of career advice you have ever received?
Early in my career I had a mentor who helped me create my very first individual development plan. He encouraged me to think big and push the limits of what I considered “possible” at the time. Writing down ambitious plans on a piece of paper was surprisingly powerful to push me to stick to them.
Why would you recommend a career in the P&C insurance industry to current college students?
I recommend it because our work drives clear and strong societal benefits, as we enable measured risk-taking. From a practical perspective, it’s a career with a well-defined path to designations and a strong reputation.
What can students and early professionals do now to prepare for a career in the industry?
Be curious and entrepreneurial. Curiosity helps you see beyond the mechanics of actuarial work, and an entrepreneurial mindset pushes you to turn that curiosity into value for your team, your company, and your career.