CAS Profile: Jack Richards
Why did you decide to become an actuary?
One of my neighbors is an actuary and introduced me to the field in high school. I was always good at math but wanted a career in business – and his job as an actuary sounded like a perfect fit! As I learned more about the profession and built my actuarial network, I felt more and more at home.
What aspects of the field do you love?
I really enjoy the level of expertise that every actuary has in our industry and their willingness to share it with the broader actuarial community. No matter which actuary I’ve talked to, I have loved the ability to learn from their unique expertise and perspectives that they bring from their career. To be a recent addition to that community as a new associate of the class that hit 10,000 CAS members is rewarding, and I look forward to continuing to grow our actuarial community in the future.
What is the best career advice you have ever received?
Early on in my career I had a mentor share that it is important to be purposeful about making an impact in the activities and projects you commit to. I’ve taken that mindset on various projects, committees, and other initiatives both at work and as a volunteer with the CAS. I feel this mindset has helped me focus my efforts and really drive towards making an impact on everything that I do.
Do you have any advice for those just starting out?
My advice to candidates and new members would be to build your network not only within the actuarial community, but also build your network with other professionals (non-actuaries) in the insurance space. My colleagues who are not actuaries bring a totally different perspective to problems we work together to solve – and this network has helped me understand where they are coming from and how we can amplify our impact on our organization.
Why would you recommend a career in the insurance industry to current college students?
The insurance industry has such a wide breadth of potential careers for you to pursue – and you are able to explore new things constantly! With my background as an actuary, I’ve built new cyber insurance products, evaluated unpaid claim reserves, advised underwriters on how to better assess risk, and a whole lot more! As you enter your career, be prepared to adapt and learn new things every day.
What can students do now to prepare for a career in the industry?
As you prepare to enter the industry – focus on learning about how macroeconomic / broader societal trends can affect the insurance industry. You could learn more about potential bias in pricing and rating plans, evaluate how climate change may impact the affordability and accessibility of insurance, or explore how Generative AI and other advanced analytical methodologies can transform the end-to-end insurance ecosystem. Learning about how these broader macroeconomic trends impact insurance will give you a broader understanding of the insurance sector and enable you to have conversations with insurance professionals of all backgrounds.