News Type: CAS Profiles

Rachel Hunter is a Career Changer.

In what field or actuarial concentration do you work in now?
I most recently worked in pricing for small commercial lines.

What job did you do or industry did you work in before becoming an actuary?
During the late 90’s, I was part of the dot-com boom building websites at a handful of different startup companies.

Why did you decide to change careers and become an actuary?
Working in technology wasn’t a career choice for me as much as it was a very easy job to get at the time if you had the basic skills to do it and ability to learn more.  At first I only planned to do it for a while deciding whether to go to graduate school in some field of Biology (my undergraduate major).  In 2001, after leaving a startup in CA and moving to Seattle, WA without a job, I started looking at long-term career options.    I took an online version of the MAPP career assessment and it suggested I be either a writer, architect or actuary.  I had been considering both writer and architect but knew it would be a lot of time to get to the point of having a stable income and that both required continually selling my skills.  So I decided to take the first actuarial exam and apply to the local companies in Seattle that had actuarial entry level roles.  Within the first week on my job at Safeco insurance, I already had respect from senior executives and it was such a welcome change in terms of culture  from my technology jobs.

What advice do you have for others who are considering a similar career change?
The hardest part of the change for me was exams.  Be ready to set progress goals for yourself and try to find a study group to keep you on track.

Where do you work and what is your position?
I have been part of Travelers Insurance for 16 years. Currently I am an AVP in Corporate Actuarial where I lead our work on annual and quarterly financials related to reserves, catastrophe reporting and competitor analytics.

Why did you decide to become an actuary?
During my senior year of high school, I was invited to attend Travelers’ first annual high school day, which introduced the actuarial profession to top math students from around Connecticut. The event featured senior leader speakers, an actuarial student panel and a presentation by BeAnActuary.org. At the time I was just looking for a day off of school; little did I know the day would introduce me to an exciting career! Travelers continues to hold the event annually and I’m proud to have been involved with the event in numerous roles over the years, including as a past chair of the event.

What aspects of the field do you love?
I’m lucky that I get to work and volunteer with the most talented and innovative people day in and day out. My position is unique in that I get to work with reserving actuaries across all areas and facilitate the exchange of ideas and information between them; ultimately drawing out the bigger picture to help guide management’s decisions.

What is the best career advice you have ever received?
Both in life and at work, always leave things better than how you found it. People will notice and respect you even more for it.

Do you have any advice for those just starting out?
Work on refining what studying method works best for you and gives you the best shot at passing. For me, I learned that exams are tough, but they are especially tough to do alone. Find a group to study with to supplement your individual efforts. You’ll notice that it helps fill the gaps in your studying that you didn’t know you had. Also, the exam process is rewarding but it can be mentally exhausting. Make sure to take time for yourself. I always tried to take some time off to travel after each exam as a mental break and to help pass the time waiting for results.

Why would you recommend a career in the insurance industry to current college students?
When I was nearing the end of my college career, I wasn’t ready to stop learning but at the same time I didn’t want to continue on for a Masters or PhD. A career in the insurance industry offered the perfect amount of continuous learning, growth and development for me. There’s a wide range of diverse opportunities with a mix of analytical skills, innovation, technology and communication. I also enjoy the community aspect that insurance companies share by being able to make a meaningful impact by helping individuals and businesses manage risks.

What can students do now to prepare for a career in the industry?
There are so many things students can do now to prepare; networking with professionals, attending industry events (CAS, GIS, etc), gaining relevant skills through courses, internships, staying updated on industry trends and so much more. My biggest advice though is don’t go in and try to tackle them all. It’s a lot and you’ll end up getting burned out. At the same time my second piece of advice is to do something, anything. Pick a few with the goal of really committing to them and getting everything you can out of the experience. Don’t treat them as a check box.

Melissa Huenefeldt is a Career Changer.

Where do you work and what is your position?
Consulting Actuary, Milliman

In what field or actuarial concentration do you work in now?
Property & Casualty reserving for large deductible/self-insured organizations.

What job did you do or industry did you work in before becoming an actuary?
I double-majored in math & psychology, hoping to find a position in quantitative research.  After a year, I started on my master’s in applied math.

Why did you decide to change careers and become an actuary?
After I couldn’t find a position in my initial field of choice, I took a job with the Missouri Department of Health and Senior Services.  After almost two years there, I had a friend send me a newspaper clipping for an Actuarial Specialist position at Missouri Farm Bureau. I got the position, and I started taking exams at the age of 26! (I finished my Master’s while taking exams).

What advice do you have for others who are considering a similar career change?
It’s never too late!  While a degree in actuarial science may have been nice, I feel like my circuitous path has made me a well-rounded actuary.

Where do you work and what is your position?
I work as a manager in the Insurance and Actuarial Advisory Services practice of EY.

Why did you decide to become an actuary?
When I was applying for college, I had no clue what I wanted to do but I knew that I wanted it to be math-related. I had originally planned to be a high school math teacher, but the field was saturated in my area at the time. One of my family friends recommended looking into actuarial science, as the field at the time was ranked consistently in the Top 10 jobs for low stress, high pay, and high job satisfaction. I looked into it and liked the balance of analytical, technical, and communication skills that are required on a daily basis.

What aspects of the field do you love?
My favorite aspect of the field is the variation in the type of work you can do. At first, it may seem like just pricing and reserving but as you progress you realize there’s also a need for actuaries in other areas like regulatory, ERM, or catastrophe modeling. And then there are nuances based on line of business, what company you work for, or who your underlying insureds are. And once you really think you understand everything, there’s something that comes along (Covid-19, inflation, unprecedented CAT event, legal/social changes) and you need to react, many times without a blueprint because it’s the first time the issue is arising. I really love that it doesn’t just come down to the data, but the story underlying the data and how you address that story. My other favorite aspect is the amount of different avenues to volunteer. Whether it’s mentorship, participation on a multitude of working groups or task forces, exam writing/grading, or speaking at an event, there’s so many ways to get involved. You’re bound to find something that you’re interested in and can network with others who share that interest. The CAS has a lot of members who really want to give back, and I’m proud to be a member of a group with those values.

What is the best career advice you have ever received?
I’m probably butchering the original quote, but it was something like “People will forget you saying you don’t have time for an extra task, but you’ll certainly remember failing your exam because you took it on.” Basically, learning to say no when you have too much on your plate is a great skill to learn early. I found that most of my exam fails while working came from accepting a lot of work leading up to the exam and not wanting to decline or offload anything. When I changed my mindset and got better at communicating, I was able to strike a nice balance between being available at work while also getting my study time in. It was difficult at first, but I found my co-workers very receptive and understanding to my study time needs; after all, most of them had to go through it too.

Do you have any advice for those just starting out?
I would strongly recommend forming a study group with your peers for each exam sitting. It of course helps if you’re taking the same exam, but even if you’re not, the group can help keep you honest about the hours you’re putting in to study each week. I feel like there’s also a stronger camaraderie built when you’re struggling together to memorize this formula or understand that solution. It’s also nice to have a team to cheer you on through the passes and cheer you up through the fails.

Why would you recommend a career in the insurance industry to current college students?
I’d recommend a career in insurance because it’s a constantly evolving industry, which keeps your work interesting. As time goes on, new risks emerge and insurance for those risks follow shortly after. When building these products to help protect against risk, you get to balance the analytical side of quantifying the cost of risk with the creative side of creating a product that people want to buy. Also, there’s plenty of opportunity for professional development, whether that’s learning about a new line of business/geography/market or gaining a deeper understanding of your own.

What can students do now to prepare for a career in the industry?
One thing I would suggest is to start reading about what’s happening in the industry. This doesn’t have to be completely comprehensive, but once a month I’d recommend spending an hour looking at new companies entering the market, legal changes and their effects, trends, emerging risks, etc. This can help students to build up their knowledge early on and start them off with more insight when they’re beginning their career. This also has the added benefit of being something you can speak to in an interview when applying for a job.

Where do you work and what is your position?
I currently work remotely out of Dallas, Texas as a Pricing Actuary for GuideOne Insurance.

Why did you decide to become an actuary?
My introduction to the profession began as a senior in high school spending an afternoon with a Chief Actuary working for a life insurance company. At that particular time, I recall being very confused on the things he relayed to me about his role as an actuary. Although I was eager to sit down with him that afternoon, I barely knew what questions to ask or things to say to contribute to the conversation, so I just listened with the occasional nod and smile to signal I was still present in the dialogue.

Despite those feelings, what I do remember from that interaction was the level of excitement he had for his work. It seemed to just ooze out of him in a way that was contagious.

It was at that point I decided to lean into the actuarial profession.

I wanted to have that same contagious feeling about my work and career.

I suppose it also helped that I enjoyed math in school and was fascinated by problem-solving, too.

What aspects of the field do you love?
I love the business facing aspect of the actuarial profession. It’s a nice feature of the actuarial role that I enjoy, and it has been an important part of nearly every role I’ve had over the last 12 years in the actuarial field.

As actuaries, we are in a unique position to be at the forefront of insurance problems, and our skillsets afford us the opportunity to approach these problems through a different lens. It’s both a privilege and exciting to be part of, particularly as the world around us becomes more complex and involved.

I also love the mentorship aspect that comes with working in the actuarial field. I have met a number of people through volunteerism and have been fortunate to work with some great people over my career. This has had a positive impact on my personal and professional development. I enjoy giving back to others through coaching and mentorship as well.

What is the best career advice you have ever received?
I’ve received good career advice from a variety of people over the last 12 years. One of the more consistent themes has been:

Allow your interests and/or passions to dictate your movement in your career.

I have found that the more we embrace this, the more we end up leading fulfilled careers. We are more engaged in our roles and more likely to add significant value through our work. The ripple effects are powerful and can have a lasting impact on the people and things around us.

Do you have any advice for those just starting out?
My advice centers on two things:

First, try as many things as you reasonably can early on in your actuarial career.

For example, if you are interested or curious about data programming, find people and other resources that allow you to explore that particular path or interest. The more you try different things in your career, the more well-rounded you will become and the more likely you will find what motivates or energizes you at work (what I like to call: “finding your jam”). Not only will this expose you to a variety of work in your career, but it will also help influence projects, roles, and other potential opportunities that come knocking at your door.

Lastly, seek out someone who can mentor and/or coach you in your career.

At times, this may happen naturally with people we go to for work advice outside of our boss/manager. In order for you to optimize this type of relationship, you have to be intentional. Ask questions, be curious, reflect on your strengths and what you want to do in your current or future role, etc. Having a small, diverse network of people that you trust and can lean on for guidance can have a significant impact on your professional life.

It certainly has on mine up to this point in my career.

Why would you recommend a career in the insurance industry to current college students?
Insurance is one of the most stable industries in the country. There will always be a real demand for insurance in the U.S. With that said, you can build a long career in insurance and develop a wealth of experience and skills tackling a variety of problems.

What can students do now to prepare for a career in the industry?
Find time to connect with others in the industry. The industry is huge, use that as an opportunity to start building a network and learning more about different fields and practice areas.

Where do you work and what is your position?
I’m currently Group Chief Risk Officer at Everest, a global P&C insurance and reinsurance company headquartered in Warren, NJ.

Why did you decide to become an actuary?
I majored in actuarial sciences in college because I really enjoyed math and wanted to eventually be in the financial sector. But I decided to start my career as a teacher before I moved into the actuarial field. Teaching was a passion of mine and I loved my years teaching, but ultimately the actuarial career path did provide greater stability and long-term viability for me and my family.

What aspects of the field do you love?
I love the problem-solving nature of what we do. While I can geek out with math problems all day, I more so enjoy putting the tools to task and making a strong business impact.

What is the best career advice you have ever received?
Don’t view your career path as linear. Many entrants into the field think that career trajectories are clearly defined paths where each subsequent step is perfectly predictable. I’ve found my career takes many different forms from insurance to reinsurance, reserving to pricing, and individual contributor to departmental oversight. But the steps weren’t necessarily down a specific pathway that I traversed through and sometimes the opportunities arose in my peripheral vision. It’s important to be at a company that supports non-linear career paths and ultimately can give you the most opportunities. I’ve personally spent over ten years working at Everest within which I’ve had many different zigs and zags, included moving away from being the Chief Pricing Actuary into roles beyond traditional actuarial such as Chief Operations Officer and more recently Group Chief Risk Officer.

Do you have any advice for those just starting out?
Always offer to be involved with different projects at work. Raise your hand if someone needs assistance with something and if they don’t need assistance then raise your hand anyway! Opportunities don’t just fall onto your desk and sometimes you need to put yourself out there to find them. This includes being willing to stretch outside your comfort zone to be involved with new types of work which may require new skills or doing work which may not seem as exciting but will allow you to see aspects of your company that you wouldn’t have seen in your role otherwise.

Why would you recommend a career in the insurance industry to current college students? 
The insurance industry is constantly evolving as the world’s risk environment constantly shifts and the method of transferring risk via insurance also changes. This offers great opportunities for future actuaries to blend strong technical skills with creativity for problem solving and innovation.

What can students do now to prepare for a career in the industry?
Since actuaries work with people across many parts of a company, it’s good to complement your math skills with other important business needs like finance, economics, programming, and communications.

CAS Profile – Allison Barnes
Allison Barnes is a Career Changer.

Where do you work and what is your position?
Actuarial Analyst, CNA Insurance

In what field or actuarial concentration do you work in now?
Specialty Pricing, Financial Institutions

What job did you do or industry did you work in before becoming an actuary?
I was a high school math teacher for 5 years.

Why did you decide to change careers and become an actuary?
While I loved being a teacher, I knew I was seeking more in my career than teaching the same material and lessons over and over again. I was seeking a greater challenge in a career where I could use the skills I had for math and problem solving to make actual changes in the business world, a topic I would often discuss with my own students. Through investigating the actuarial field and talking to other actuaries, I came to see this is a profession with highly intelligent and motivated professionals who are applying those problem solving skills every day. In this career, I have the best of both worlds in which I experience growing in my technical skills, completing projects that I put my hard work into, but also communicating with business partners, giving presentations, and interacting with a great group of coworkers. It is truly a career for all sorts of personalities which I had never known before I met a wide variety of actuarial professionals.

What advice do you have for others who are considering a similar career change?
Don’t be afraid to network with people in the profession. The actuarial community is incredibly supportive. These conversations can show you what this career offers.

Where do you work and what is your position?
I am President and Consulting Actuary at Liscord, Ward & Roy, Inc., a property/casualty actuarial consulting firm located in Manchester, NH.

Why did you decide to become an actuary?
A week before I finished college, a recruiter from Aetna Insurance was on campus talking to students about the actuarial career. I was intrigued by what I heard and thought it would be a good fit for me. Prior to that, I knew very little about the actuarial career. This is what has driven my passion to help students learn more about the career at an earlier stage than I did. That is why I have volunteered with the University Liaison program, the University Engagement Committee, and mentoring students at CAS meetings.

What aspects of the field do you love?
I have spent most of my career in consulting. I love the diversity of assignments and clients that I have had the opportunity to be involved with. I get to work on several different projects, for various types of clients, covering many casualty lines of coverage. It keeps it interesting and makes me want to go to work every day.

What is the best career advice you have ever received?
My first job was with a consulting firm, and it was stressed that accuracy and attention to detail is paramount. Making sure that things get done right is important to maintaining the respect of the clients. But when mistakes are made, and everyone makes them occasionally, it is also important to own them and make corrections as soon as the mistakes are found.

Do you have any advice for those just starting out?
Network! The actuarial profession is relatively small, and it is surprising how often your path crosses with those of other actuaries throughout your career. An actuary’s network is useful in many ways – from lifelong friendships, to future job opportunities, to sources for advice on projects, to recommendations for committee assignments, to dinner companions at CAS meetings, and many others.

Why would you recommend a career in the insurance industry to current college students?
Insurance provides a safety net that allows businesses and individuals to participate in activities that they might otherwise refrain from.  As such, insurance touches many aspects of our lives and is an important part of society.  The insurance industry is dynamic, ever changing, and an exciting place to work.  The Property / Casualty insurance industry in particular provides a wide range of positions and careers for someone to find their niche, aligning their interests, skills, and qualifications, because of the ever expanding need for coverages to adapt to a rapidly changing world.  I may be biased, but I think a career as a casualty actuary provides the greatest opportunities to be involved – interacting with people from many disciplines, solving challenging problems, and being a part of an industry that is integral to the economy as a whole.

What can students do now to prepare for a career in the industry?
Improve your communication skills.  Great oral and written communication is essential to making your thoughts, solutions, and ideas understandable to others who are in positions of acting on them.  Be well rounded.   Having knowledge in multiple areas makes you more valuable and more adaptable to change.  Be comfortable with math and statistics.  In a world immersed in data, people who can analyze that data, and people who can understand what that analysis means, are the people who will guide the decisions that change the future.

Where do you work and what is your position?
I’m a pricing actuary with Ryan Specialty.

Why did you decide to become an actuary?
I went to a math and science high school (for NUS High we fight!), but I was definitely better at/more interested in math than sciences. I was looking for a math-related major and actuarial science popped up serendipitously.

What aspects of the field do you love?
I love that there are many flavors in the actuarial profession. Even though I have only been in the industry for less than 5 years, I am lucky enough to have worked at an insurance company, in consulting and now in the MGU space. Each role taught me so much about the different aspects of the actuarial profession, and helped me identify my strengths and areas for growth.

What is the best career advice you have ever received?
Be your authentic self. I have always been described as a very bubbly and sweet person, and occasionally it can feel like I’m the odd duck in the corporate world. We all have unique backgrounds and voices, and there is nothing wrong with adding your own shine and sparkle into the profession. Even in the face of unpleasantries, it’s important that we stay true to our values, be humble and respectful expressing our views, while being our stupendous selves!

Do you have any advice for those just starting out?
It’s great to ask a lot of questions and it’s okay to make mistakes. Questions help you understand both the technical and the business aspect of your work, and mistakes help you identify your blind spots. What’s truly important is that you learn from your mistakes, focus on your own growth, and grow into the professional that you aspire to be.

Why would you recommend a career in the insurance industry to current college students?
The concept of insurance has always been fascinating to me, since we rarely think about risks or fortuitous events when the days are good. It’s about thinking ahead, which can be a new and interesting concept. A career in insurance gives you more insight into such events and the strategies used to handle risks, allowing creative thinking and development of problem-solving skills. It could be both challenging and rewarding at the same time!

What can students do now to prepare for a career in the industry?
Speaking through the lens of an actuary, internships can offer significant insight and provide more specific context on the day-to-day work of an actuary. Connecting with fellow students in your major, sitting for exams, and going to networking events can also all be great opportunities!

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.