CAS Profile: Gaganjit Saini, ACAS

I have been working as a property and casualty (P&C) actuary for the past five years, and I continue to explore the vast range of actuarial specialties. From working on modernizing the Rating Algorithm from prior legacy systems to rate segmentation and portfolio steering to working on core actuarial indications, I enjoy exploring the vast range of actuarial specialties.

Where do you work and what is your position?

I currently work at Intact Financial Corporation in Toronto as a Senior Actuarial Analyst.

Why did you decide to become an actuary?

Back in high school, I was in my final year and had an interest in pursuing a career in finance or accounting. I did have a very keen interest in mathematics and wanted to do something challenging, and my teacher at the time had mentioned a career as an actuary, which at the time was unknown to me.

Learning about it being in the applied mathematics realm and also that they were compensated quite well, I decided to venture to a career path in actuarial science at the University of Waterloo. From there I kept exploring deeper into the career path through courses, examinations, and internships.

What parts of the profession do you love the most?

As I have grown through my career, I love how there isn’t one definition of an Actuary. We do surprisingly many things! Hearing about the career paths actuaries have taken, listening to career panelists at the CAS Annual Meetings, and reading about the various career paths in Actuarial Review shows that actuarial science is truly a multidisciplinary career. This gives assurance to those wanting to pursue a P&C career that they can find pathways that interest them the most and venture to non-traditional roles, if they so desire!

My favorite part of this profession, however, is how humble actuaries are. We all know the pathway to becoming an actuary is challenging, and I am blessed to have supportive peers that uplifted and help each other tackle the many issues faced day to day.

What is the best piece of career advice you have ever received?

“Why?” This advice was given to me by my mentor at my first internship at a life insurance company. This is not only useful as an actuary, but in any career. Being curious about what is being taught through examinations or projects at work allowed me to develop a better understanding of the complex nature of insurance.

Reflecting back to my undergrad, I was focused on just getting good grades, not fully appreciating the knowledge taught at the time. As I progressed through the higher exams, the related concepts that they built on at first were difficult, since I had developed a “passing mentality.” Once I started to explain and ask why a topic was useful, it made it so much easier to understand some of the complex issues and allow me to see how it was used in real world scenarios.

Even in my career, I have used this advice to improve deliverables to stakeholders and challenge myself to go beyond the normal expectations for projects. I have continued to carry the importance of asking “why” to various interns and mentees, and I have come across to help them continue to challenge themselves.

Why would you recommend a career in the P&C insurance industry to current college students?

An actuarial career may seem like it’s only about insurance, but once you explore the various functions that actuaries are involved in — like risk management, banking, investing, strategy, pricing, reserving, computer science, etc. — there is a pathway that will definitely interest almost any candidate. As the insurance world evolves, actuaries are always at the forefront of tackling new challenges and using new technologies to advance the industry. The exam pathways and recent flexibilities offered by the CAS have made it more accessible for aspiring actuaries to become an actuary. There are great resources available, from the Student Central Summer Program to reading the Actuarial Review to gain insights on issues related to insurance and the future of the industry.

What can students and early professionals do now to prepare for a career in the industry?

The examinations are technical and challenging — it is best to be able to not only understand these technicalities, but also be able to communicate them. In the real world, all the fancy AI models will need to be explained to business stakeholders, customers, and your peers. Being able to articulate ideas and thoughts will set up early professionals for success, with the curious mindset to shape the future of actuarial work.

Remember that AI can make 90% of the work easier in the future — but there is still that 10% that is governed by decisions and ideas that you bring to life, and cannot be replaced.