Month: March 2023

My name is Sebastian Czerwinski and I am a senior at Illinois State University. Currently I am an actuarial intern at COUNTRY Financial on their pricing team for commercial lines of business and I have accepted a full time position with them in the same position. An interesting fact about me is that I can speak in three different languages: Polish (native), English, and German.

Why would you recommend a career in the insurance industry to current college students?
Insurance industry seeks people with various backgrounds. It is an ever-evolving industry especially on the property and casualty. There is high demand for the skills and knowledge that actuaries have. The technological innovation is another reason to work in the insurance industry since there is a need to overcome this stigma that insurance is behind the technological advances and methodologies to collect and analyze data.

Why did you become an actuary?
I wanted to become an actuary because this profession connects my passion for math with a very practical application which is the property and casualty insurance. At first, I was not sure which path to choose SOA vs CAS, but the choice became obvious once I started learning more about the insurance industry. The P&C is more intuitive for me and I can easier see how the actuarial principles apply to the property and casualty insurance products. On top of that, the variety of fields of study that I get learn about such as business, law, insurance, and programming make this profession very interesting and broad enough for me to find something that I like the most and specialize in it.

What drew you to a career in property and casualty insurance?
The property and casualty insurance products are more intuitive for me, and it is easier to see how the actuarial principles apply in practice. P&C is a fast-changing industry and with the technological innovations there is always something new or a need for an insurance. I can see the impact of my work very fast, and I feel that I can make a direct impact in businesses and people’s lives.

What can students do now to prepare for a career in the industry?
I would say that students should along with their actuarial exam preparation, they should attend as many different conferences as they can to network with industry professionals and learn more about the insurance industry to see what they are interested more. The reason for developing interest in insurance itself is that with the understanding of how the insurance works and how it is regulated, it will be much easier to see how the actuarial principles apply on a daily basis. Also, once you understand how insurance works, it will be easier to adjust the pricing and reserving methodologies or even create models. On top of that, learning at least one programming language will be a huge advantage as almost all companies require candidates to know programming. Even if it is not one that a given company uses, it will be much easier to learn a new one fast since the idea of programming does not change no matter what language you use.

Name of university attended: The Wharton School at the University of Pennsylvania

Current employer/job title: Senior Actuary at New Energy Risk

Why would you recommend a career in the insurance industry to current college students?
Insurance is so dynamic and interesting!  I graduated from college in 2014, and while we were talking about “big data”, we didn’t talk much about data science. Now, data science is a big part of insurance companies and something that actuaries can get involved in.  During my time as an actuary so far, I’ve had the chance to work internationally as well as in newer industries like telematics and clean energy.  There are lots of opportunities to try new things in your insurance career, and I think that’s part of what makes a career in insurance so satisfying.

Why did you become an actuary?
In high school, I discovered that I really enjoyed math but wasn’t sure what to do with it. I considered engineering or accounting, but neither seemed like the right fit for me. After meeting a friend of a family friend who is an actuary, I decided to consider the career. I liked the idea of taking exams while working (“learn while you earn”) and also spoke to some actuaries who had worked internationally, which appealed greatly to me. So far, I’ve been very happy with my career choice!

What drew you to a career in property & casualty insurance?
The opportunity to work on a variety of projects and to work internationally were what drew me to a career in P&C insurance.  So far, I’ve been fortunate to experience both.  I worked in Zurich Insurance’s Sao Paulo, Brazil, office for two years as part of their international rotation program and had a wonderful experience.  I’ve also had the chance to work in telematics and clean energy, both of which I’ve found very interesting.

As I’ve gained more experience, I’ve also been able to see how insurance can improve lives.  For instance, in my current role, I help price risks for companies that are rolling out new clean energy technologies.  Without an insurance policy, they might not be able to secure financing from lenders – the insurance policy helps to pay back some debt in the event that the technology doesn’t perform as expected, and some lenders require such a policy before they will agree to provide financing.  It’s interesting to see that insurance can play an important role in not only keeping people financially secure when disaster strikes but also in helping new life-improving technologies hit the market.

What can students do now to prepare for a career in the industry?
I think having some understanding of statistics is very helpful for a career in the insurance industry. Even if you don’t work as an underwriter or actuary, it’s helpful to understand some of the technical foundations of insurance.  This helps you understand the product we work on and will also facilitate your conversations with your technical colleagues.

I would also say that it’s important to understand solving business problems.  For example, sometimes a client or colleague may ask for a particular analysis, but once you understand their problem, you see that they might not be asking the right question to solve their problem. If you can help them figure out what that question is, that helps to put everything else on track.