This July-August issue includes articles on:
The Casualty Actuarial Society is offering a Student Program at this year’s Casualty Loss Reserve Seminar (CLRS) in Anaheim, CA on September 6, 2018. Members of CAS Student Central are invited to participate in this FREE one-day program!
Attend the CAS Student Program for the opportunity to:
If you would like to register to attend the CLRS Student Program, please contact Tamar Gertner, CAS University Engagement Manager at Tgertner@casact.org. There are a limited number of spaces, so we recommend you reach out early!
Location:
Anaheim Marriott
700 West Convention Way
Anaheim, CA 92802
Last month the CAS participated in a webinar hosted by Canada’s Actuarial Students’ National Association (ASNA), on the topic of Excel and R for Actuaries. The webinar was presented by CAS members Derek Wong, FCAS, Analytics Senior Consultant at CNA Insurance and Brian Fannin, ACAS, CSPA, CAS Staff Actuary.
The presentation provided an overview of each software package and featured live demos of common uses and functions of each software that are most relevant to actuaries.
Check out the webinar recording available for viewing on the ASNA website, to expand your knowledge and sharpen your skills in Excel and R!
ASNA presents a monthly webinar series for actuarial students at its member universities. You can view the list of past webinar recordings hosted by ASNA. Since 2013, the CAS has participated as a sponsor of the ASNA Convention held annually each January. The CAS has also contributed two case studies for the ASNA Case Competitions held in conjunction with the convention. To learn more about ASNA,  visit their website.
As part of the Insurance Careers Movement, a campaign was released to give college students advice and a variety of perspectives on the value of a career in insurance. As you know, many actuaries end up working for insurance companies, and with that come many advantages and opportunities to make an impact. Insurance leaders from across the globe wrote letters sharing their insights on what the industry can offer you, addressed: #OpenLetterToCollegeGraduates. Read along for some of the highlights from the campaign!
In this letter, Larry G. Mayewski, President and CEO at A.M. Best, explains why right now is an exciting time to join the insurance industry – “Insurance is a purpose driven industry and you can make a positive impact on individuals, businesses, and communities around the world.” In addition, he shares how the use of data analytics and the impact of emerging technology are driving significant change.
Watch this video featuring David Bell, President and CEO of ALPS, who believes that through a career in insurance, “you can work in a stable, intellectually challenging industry and pursue the life that you want to build.” Read Sean Kevelighan, Insurance Information Institute CEO’s  letter, which states that “insurers invest in their workers by building corporate cultures that embrace diversity and inclusion, offer outstanding work/life balance, and serve their communities.”
CAS President Brian Brown will tell you! Refer to this letter outlining the benefits of an actuarial career, stating, “From job satisfaction to growth opportunity, hiring outlook to high average pay – actuarial careers provided math-minded individuals with outstanding benefits as well as unparalleled opportunities to grow their skills.” Brian also states that property and casualty actuaries serve a critical role in their companies by providing trusted information that helps ensure that risks are assessed accurately. Additionally, “property and casualty actuaries, in particular, are increasingly in demand in the insurance industry, and beyond.”
President of Valen Analytics, Kristin Marr shares why the insurance industry is one of the hottest tech industries in her letter. According to her, “The overall insurance industry is a trillion dollar annual market, which is more than three times the 2017 revenues of Facebook, Amazon, Netflix and Google combined; and over 10 times the amount of Venture Capital that was invested in tech in 2017.”
President and CEO of the Hanover John C. Roche shares that the property and casualty industry employs about 2.3 million professionals and generates more than $500 billion in revenues each year in the U.S. alone. With baby boomers retiring in record numbers, “P&C companies offer an incredible number and range of opportunities… the industry is on a hiring spree, hoping to fill tens of thousands of jobs by 2020.” Read his letter to learn more.
The CAS Trust Scholarship Committee is pleased to announce this year’s winners of the CAS Trust Scholarship: Ann Pogrebitskiy, Kristen Marshall and Adam Lathan.
Ann Pogrebitskiy, a junior at The University of Nebraska – Lincoln double majoring in actuarial science and finance and minoring in computer science, mathematics, and statistics, is this year’s recipient of the $10,000 CAS Trust Scholarship.
“I am incredibly honored to be selected as one of the scholarship recipients this year,” she said. Pogrebitskiy is currently interning at Cigna, within the Group Healthcare Expense Pricing sector. Her internship allows her to analyze the expense allocation factors to determine how expenses are included in group case premiums, as well as communicate with various matrix partners to learn how financial reporting currently allocates expenses. “Becoming an Actuary is no easy feat, but having the support of an organization like the CAS simplifies the process and makes a complicated career path understandable. I have worked very hard to get to where I am today, and this award means that I am heading in the right direction. I hope that winning this award inspires other young aspiring actuaries to take the chances they think are impossible.”
Kristen Marshall, a senior at Illinois State University working towards a major in actuarial science and a minor in risk management & insurance, has been awarded a $5,000 CAS Trust Scholarship. “As an aspiring Fellow of the Casualty Actuarial Society, I am truly honored to be chosen as one of the recipients of the prestigious CAS Trust Scholarship. I am blown away by the generous support from the industry through scholarships, internships, and conferences that foster the next generation of leaders,” Marshall said. Senior year, Marshall will serve as Co-President of the Actuarial Club and Treasurer of Christian Business Leaders. Throughout the remainder of her college career, she will continue to gain experience through her internship at Pinnacle Actuarial Resources, where she has accepted a full-time offer after graduation. “I look forward to the opportunity to meet actuaries from across the nation at the Annual Meeting in the fall. For my senior year at Illinois State University, I am excited to help improve participation in the Actuarial Club and to pay it forward by taking the time to help younger students find their way in the competitive field of actuarial science. Finally, I would like to thank my family, co-workers, professors, and classmates who supported me in pursuing my passion.”
Adam Lathan is an actuarial science, data analytics, and information systems major, and rising junior at Drake University. He has been awarded a $5,000 CAS Trust Scholarship. “I am incredibly honored to be selected as one of the scholarship recipients this year,” Lathan said. Lathan recently completed an actuarial internship at the Iowa Farm Bureau where he contributed to the creation of automated reporting tools to be used across multiple departments, as well as worked on automation, reducing runtime by over 50%, or roughly 20 hours. Prior to his internship at the Farm Bureau, Lathan worked as a project associate at Bridge Solutions, studying historical pricing methods for microinsurance products, among other tasks. “Receiving this scholarship helps me with more than just paying for school—it gives me the confidence of knowing that there is a wealth of support and resources for aspiring actuaries like myself.”
To learn more about the CAS Trust Scholarship, and to apply for next year, be on the lookout for the 2018-2019 announcement and application! Coming soon – fall 2018.
Future Fellows: What was your career path prior to working abroad?
Celeste Bremen:Â After graduating from University of Pennsylvania with a degree in Economics from the business school, I started my career with Zurich North America, in a Reserving function.
Lucia Batista:Â I did three internships during my time in college, with the last one being with a P&C insurer. After graduation, I worked for that insurer in North America for over 4 years, for most of this time in Pricing, but also in the Corporate team for 6 months.
Future Fellows: What prompted your decision to work abroad?
Celeste Bremen: I was always interested in international experiences. While I had an opportunity to travel quite extensively during college, I felt that I wanted an even more immersive international experience of living and working abroad. I’ve even taken language courses to prepare myself for such an opportunity. So when I heard that Zurich had a 2-year international rotation program, I couldn’t pass up that chance and applied.
Lucia Batista: I’ve always wanted to work in Europe at some point in my career, for both professional and personal reasons. My initial plan was to get my FCAS first, then explore opportunities in Europe. However, when I got the chance to work in Spain, I just couldn’t say no! While it may sound like a cliché, I think I felt a little too comfortable in Montreal given the work I was doing, and I wanted to get out of my comfort zone and try new things. I felt I needed that for my own development and growth.
Future Fellows: What has your experience been like so far in this role?
Celeste Bremen: I moved to São Paulo almost a year ago and am about half way done with my international rotation program. While I worked in a reserving role back in the US, I joined a pricing team when I arrived in Brazil. Besides having to adjust to a new team and work tasks, I’ve also had to get used to some of the cultural differences. The work environment here is much more collaborative and encourages more frequent personal interactions. While my coworkers back in the US would email me if they had a question, here my coworkers just come up to my desk to ask that question. We also don’t have cubes in the office, which makes the work setting so much more different from what I was used to back home.
Lucia Batista: I moved to Barcelona 8 months ago and I am currently working in pricing. Although one could think that is the same role I had before, the experience is very different. Not only have I moved from one country to another, but I’ve also changed employers as well. Although actuarial concepts are the same, the market is very different, and therefore the application of concepts does vary. I find myself thinking about the logic behind some analyses that back in Canada were done without much thought. This is one of the things that I like the most about my new role – I have to constantly think and make sure that what I am doing makes sense actuarially. The role is also a bit different from back home. Over here, the actuarial team works a lot with other departments, while back home we were a bit more isolated. Whereas the technical part is a bit more developed in Montreal, the actuaries in Spain have a lot more business and market knowledge. The cultural difference that is taking me a long time to adjust to is not work related…it is lunch time! People usually have lunch past 2pm…and the break lasts for almost an hour and a half! The first few days I was starving!
Future Fellows: How are you handling taking actuarial exams while adjusting to a new work environment?
Celeste Bremen: São Paulo doesn’t have any CAS testing locations, so I have to travel to Buenos Aires, which is a 2.5-hour flight away, to sit for my exams. I’ve done it for the first time this past fall and it definitely made the experience a bit more challenging. This gave me a new perspective on the benefits of the TBE and I look forward to it being implemented for more exams in the future!
Lucia Batista: My current colleagues don’t emphasize their exam passing as much as some of my previous co-workers, and the current study program is definitely not as generous as the one back home. Therefore, I have to be a lot more self-disciplined to pass exams here. It is definitely harder!
Future Fellows: What about social setting? How are you adjusting to living abroad while also handling new work experiences & exam prep?Â
Celeste Bremen: As back home, it’s all about managing your time effectively. I’ve always enjoyed jiu-jitsu and was able to meet people through it in Brazil as well.
Lucia Batista: When I moved to Barcelona last August, I didn’t have any fall exams remaining, which gave me some time to adjust before having to start studying again. That helped a lot with the settling down!
Future Fellows: What experiences do you think helped you prepare for working abroad?
Celeste Bremen:Â Learning Portuguese back in the US! But also keeping an open mind and trying to be positive and adaptable to help navigate a new environment.
Lucia Batista: I think it was helpful to fully understand what I was doing at work, so I was able to apply my knowledge in other situations. This sounds obvious, but I feel like sometimes we do some work mechanically, without fully thinking if it makes sense, is correct or can be done differently. These elements combined with “thinking outside of the box”, helped me a lot in the transition.
Future Fellows: What are your plans for your career in the future?
Celeste Bremen: Being almost half way done through my international rotation, I’m really looking forward to shifting my work focus from primarily learning to application and decision making. I’m excited for new interesting projects that are to come in the next year. I’m not exactly sure what’s in store after the rotation program ends but I know that I definitely learned a lot about a different area of actuarial work as well as a new market that I hope to take with me wherever I end up in my career.
Lucia Batista: For now, I would like to stay in my current position, as I still have a lot to learn about pricing techniques and the Spanish market. I first thought that I’ll spend 2-3 years in Spain before coming back home, but at this point I don’t know for sure if/when I will return to Canada. I plan to grow both personally and professionally from what I am experiencing now in my current role and location, and only time can tell if I will stay in Spain, go back to Canada, or go work somewhere else. But wherever I will be, I definitely would like to get my FCAS!
Future Fellows: What advice would you give to the Future Fellowreaders who are interested in working abroad? When in their career would you recommend they do that? Â Â Â Â Â Â Â Â Â Â Â Â Â
Celeste Bremen: Being able to spend the past year working abroad was such a rewarding experience for me and I would highly recommend it to anyone, if they are interested in such an opportunity. There is a lot of to learn and to adjust to if you decide to work abroad, but the benefits you gain from it, both professionally and personally, outweigh the challenges that you may experience in the beginning. If you are thinking of working abroad, don’t let the fact that you are still taking CAS exams deter you: it’s definitely possible to keep successfully taking them in the new environment as well. Talk to other people who worked abroad to gain additional perspective on the experience and apply!
Lucia Batista: DO IT! It is definitely something I do not regret, and I believe it’s a great experience, even if you might not see the benefits of it right away. On one side, I would say it is better to do it after attaining your fellowship, since you do not have to worry about studying and can enjoy the new experience fully. But on the other side, it might also be easier to do it while you are still young and do not have to make the big move with a family and kids, which could get a bit more complicated. Thus, I do not feel there is an ideal time to do it: if the opportunity presents itself, you never know if it will come around again…so grab it!
Thank you so much Celeste and Lucia for sharing your experiences with us!
The CAS is pleased to announce the winners of the 2018 CAS Trust Scholarship. Ann Pogrebitskiy, rising junior at the University of Nebraska–Lincoln is the recipient of the $10,000 scholarship. Adam Lathan, rising junior at Drake University and Kristen Marshall, rising senior at Illinois State University, are recipients of the $5,000 scholarships.
The CAS Trust Scholarship program, funded by donations to the CAS Trust, awards up to three scholarships to deserving students annually. The scholarship’s intent is to further students’ interest in the property and casualty actuarial profession and encourage pursuit of CAS designations. Recipients are chosen by the CAS Trust Scholarship Subcommittee of the University Engagement Committee.
“The 2018 application process was extremely competitive,” commented Silvia Bach, FCAS, chair of the CAS Trust Scholarship Program. “We had a large pool of highly qualified candidates, making the selection process quite a challenge. The three awardees really impressed the committee, and we look forward to celebrating their achievements at the 2018 CAS Annual Meeting in Las Vegas, where they will be recognized!”
CAS President Brian Brown added, “The CAS is dedicated to fostering the next generation of property and casualty actuaries. With programs like the CAS Trust Scholarship, we are able to recognize and support extraordinary actuarial students who will be joining the community of property and casualty actuaries in the near future. I congratulate this year’s winners of the CAS Trust Scholarship and look forward to meeting them at our Annual Meeting.”
To learn more about the CAS Trust Scholarship visit the CAS website or contact CAS Marketing and Communications Coordinator Maha Chaudhry.
CAS President Brian Brown writes about his visit to DePaul University, highlighting questions and topics that came up during his presentation to the actuarial club.
I recently spoke at DePaul University located in the heart of Chicago, and host to the High School Actuarial Day event discussed in a recent LinkedIn update. DePaul is very involved with local high schools, and was a great help in recruiting students to attend the event. DePaul also has a summer program for talented high schools students. These fortunate students spend a week living and going to class on DePaul’s campus to learn about the actuarial profession.
The audience for my talk was the DePaul University Actuarial Club, and the event was organized by its president, Michaela Fossberg, who volunteered and spoke at High School Actuarial Day. Below is a picture of Michaela and me along with many of the other speakers at the Actuarial Day for High School Students.
I spoke to the actuarial club about the CAS’s impressive membership growth rate of between 6% and 8% over the last several years. This clearly implies that employers are valuing the CAS credential. I also spoke about different types of actuarial jobs, the exam process and the CAS Student Central program and resources.
I answered a number of questions on why I chose the casualty profession and what area of actuarial work is in highest demand. I said I chose casualty work as it appeared more statistically oriented and I always loved statistics; additionally I found all of the different types of casualty coverages very interesting. Based on our growth rates, casualty members are in high demand. I also mentioned that based on my general knowledge, health actuaries are also in high demand.
Several students were interested and intrigued by the use of telematics in auto insurance. They thought that this type of information will dramatically change auto insurance products and pricing. I think they are correct.
We had an extended discussion on the number of employers in Chicago that hire actuaries. Chicago actually has over 70 companies that employ actuaries. Allstate and CNA are well known but there are also several large companies that have regional offices and several small and medium size companies. The attached exhibit displays a list of companies that employ actuaries in Chicago.
I appreciate DePaul’s strong support of the actuarial profession and their support for the High School day in Chicago, and I enjoyed speaking with their students. Thank you, DePaul.
