- What drew you to a career in property and casualty insurance?
Once I realized that I wanted to become an actuary, I spent some time trying to figure out whether property and casualty or life/health was right for me. In general, I was drawn to the diversity of the work in P&C, as well how it is a perfect blend of my three greatest areas of interest in college – math, business, and political science. We are using math to analyze many different options for how to better match price to risk. However, in the end you have to make business decisions balancing implementation cost and complexity with the ability to match price to risk within a heavily regulated environment.
- Why would you recommend a career in the property and casualty insurance industry, specifically an actuarial career, to current college students?
Being an actuary is much more than crunching numbers – it is a career that presents you with unique problems to solve, blends many disciplines, and has many opportunities for personal growth and development. I have also found that it is a very intrinsically rewarding career, because we are really trying to do the right thing for our customers so that we will be able to support them when the unexpected occurs.
- What can students do now to prepare for a career in the industry?
Study more than actuarial science and get involved in more than just the actuarial science club. Add a minor or double major in a different field, such as statistics, political science, business, or communication. Get involved in something outside of your comfort zone – like Model United Nations, a business consulting group, Greek life, or a sport. Having more diverse skills will help you be able to find synergies with other areas of the company, better understand the business environment, develop leadership skills, and hone your communication skills so that you can connect with business partners and explain the math to non-math people.
CAS member Meghan Goldfarb, FCAS, MAAA, CPCU, MBA is an Actuarial Research Manager at State Farm Insurance Companies.
The Casualty Actuarial Society (CAS) is proud to support the launch of Insurance Careers Month, a major multi-phased collaborative effort designed to help raise awareness of insurance as a compelling career choice. Throughout the month of February 2016, the CAS will feature profiles of millennials in the property and casualty insurance industry on www.CASstudentcentral.org.