News Type: CAS Profiles

School: New York University 

Current Employer/Title: Vice President Actuary, Head of US Reserving at Ascot Group 

Why would you recommend a career in the insurance industry to current college students?
The insurance industry is exciting because insurance products are always changing to keep up with the world.  For example, we get to see how cyber risks or wildfire risks change year to year or even quicker.  Actuaries also play important roles in interpreting data to help insurance companies make good, informed business decisions. 

Why did you become an actuary?
When I was in college, I knew I wanted to be in a more quantitative career, and one of my academic advisors pointed me to actuarial science.  I liked how the exams provide an initial structure and career trajectory that I found helpful starting out.  I’ve also been able to make work/life balance a priority throughout my career.  For example, I’ve been able to balance an engaging career while also participating in rec sports leagues throughout the year.  

What drew you to a career in property and casualty insurance?
I’ve always found property and casualty insurance to be a little more interesting than life insurance because of the nature of the risks compared to the standard life insurance products.  We have uncertainty around loss frequency, severity, and timing.  

What can students do now to prepare for a career in the industry?
It’s become more and more of a necessity for actuaries to be comfortable working with large data sets, so I would recommend students take a computer or data science course if that’s available.  I would also recommend students try to talk to working actuaries.  Both actuarial societies have set up events and resources to help facilitate this, such as this month’s Be An Actuary events. 

Name of college/university attended: Brigham Young University with a degree in Actuarial Science 

Current employer/job title: Actuarial Analyst at the American Family Insurance Group 

Why would you recommend a career in the insurance industry to current college students?
Insurance is a great career for anyone interested in applying statistics you’ve learned in class or seen in real life. Insurance is nothing more than a complex series of probabilities, and that’s an interesting realm to work in with near boundless applications. 

Why did you become an actuary?
I became an actuary after some advice from a high school statistics teacher. I enjoyed statistics and had a good history of exam taking, so figured I’d mix the two. The exams are considerably harder than your high school statistics exams but a whole lot more rewarding.  

What drew you to a career in property and casualty insurance?
I decided on property and casualty for a few reasons, but mostly because modeling mortality sounded a little too morbid. In addition to that, I appreciated the CAS’s exams and their take on the credential process. 

What can students do now to prepare for a career in the industry?
Students can look for statistics in their current interests. Insurance is nothing more than applied business statistics, and statistics isn’t just a field of study but a broader way of understanding events around us and representing them to others. If you’re interested in sports, there’s an easy intro to statistics. Wildlife, music, social media? Statistics heaven. My wife’s even a big bachelor fan, and I have to say @Bachelordata is one of the most interesting things I’ve seen in a long time. Not my cup of tea personally, but it just proves again that statistics are everywhere, just dig into what you’re already interested in and it’ll serve you greatly down the road. 

 

Name of college/university attended: University of Notre Dame  

Current employer/job title: Managing Director at Deloitte  

Why would you recommend a career in the insurance industry to current college students?
Working in the insurance industry is a way to be on the front lines of making a social impact. The industry is designed to help individuals and businesses manage life’s uncertainties, by responding with services and financial support when people are impacted by unexpected events. It is also a stable industry, which has operated without significant disruption for hundreds of years!

Why did you become an actuary?
I wanted to find a career that would allow me to apply math and problem solving in the business world. I’ve always liked puzzles, mysteries or detective stories, strategy games… being an actuary is kind of like applying those skills to figure out what to do in a business scenario. That’s what makes the actuarial exams both rewarding and sometimes frustrating – it’s not just about memorizing facts and formulas – they also train you in critical thinking and synthesizing information to find a solution.

What drew you to a career in property and casualty insurance?
I loved the variety and fast pace of change in the property and casualty insurance sector. I sometimes joke that P&C is the “everything else” insurance industry. We cover things from cars and buildings… to doctors and lawyers… to satellite launches and hole-in-one golf contests. And the risks faced are constantly evolving, like cyber risks or weather patterns or workforce shifts, which makes for interesting problems to solve as an actuary.

What can students do now to prepare for a career in the industry?
In addition to a strong math and statistics foundation, complement your schedule with a mix of business classes, and get involved in activities that build your communication skills. Great actuaries aren’t just good at technical work, they translate their analysis into insights that stakeholders can understand and act upon with confidence. My other advice is to network, network, network! Seek out and take advantage of any and all opportunities to interact with working actuaries – that is the best way to get a better understanding of what it’s like to be an actuary, and what type of employers might be a good fit for you.

Name of college/university attended: University of Notre Dame

Current employer/job title: CNA Insurance, Actuarial Consultant

Why would you recommend a career in the insurance industry to current college students?
The insurance industry has rewarding work. New graduates can immediately see their work helping clients recover after accidents or catastrophes. In addition, it has a great job outlook.

Why did you become an actuary?
I’ve always wanted a career that used statistics and mathematics. I knew I wanted to work in business, and so I was drawn to pursue an actuarial career.

What drew you to a career in property and casualty insurance?
The property and casualty insurance industry is always changing. It’s a field that is strongly data driven and requires one to stay up-to-date on industry trends. In addition to being an exciting field, it is also a necessary field and impacts the lives of most everyone with whom we interact.

What can students do now to prepare for a career in the industry?
I would recommend networking with individuals already in the insurance industry. I would also recommend subscribing to an insurance newsletter.

Name of college/university attended: Arizona State University 

Current employer/job title: Allstate, Actuarial Analyst  

Why would you recommend a career in the insurance industry to current college students?
When I first started, one of the things that surprised me most was the strong sense of community present in the insurance industry. The amount of support and resources out there for college students is, in my opinion, unparalleled to any other industry. 

Why did you become an actuary?
When I was a student, I had three main criteria I was looking for in a career: I wanted to use advanced mathematics in a role that was not education or engineering related, I wanted my career to grow with me and offer a continuous challenge no matter my years of experience, and lastly, I didn’t want my job to take first priority over my personal life. Becoming an actuary ticked all those boxes! 

What drew you to a career in property and casualty insurance?
I was attracted to the P&C side of insurance because of the flexibility it could offer. There are so many areas within the industry that can be explored; it is very difficult to get bored or caught up in the repetition of things. 

What can students do now to prepare for a career in the industry?
Learn a programming language! Computer sciences was not my favorite class in college, but I am so thankful I had it. Having a programming language on your resume will help distinguish you and give you a head start in whatever 1st job you get! 

 

My name is Chelsea Adler and I’m an FCAS passionate about changing the narrative around insurance. After graduating from Ohio State University with a major in Actuarial Science, I spent the first 5 years of my career pricing Homeowners insurance at State Farm. I then transitioned to my current role as Senior Manager, Pricing and Actuary at an InsurTech start-up called Root. I love what I do and recently launched a blog to help and inspire future actuaries.

Why would you recommend a career in the insurance industry to current college students?
Growing up I got to witness firsthand how amazing insurance can be. My father is a State Farm agent and he has always gone above and beyond to be “like a good neighbor.” After a devastating storm, he’d be the first person on the scene to help a homeowner clear debris off their home. After the loss of a loved one, he’d drop everything to be there to comfort the grieving. Unfortunate life events can devastate individuals and families. Getting to love and support others during these difficult times is immensely rewarding. If you want to work in an industry that helps people and makes a positive impact, insurance is where it’s at.

Why did you become an actuary?
Initially I was drawn to the actuarial profession because I loved math and problem solving. However, what really sold me was the collaboration and variety of work. No day is the same and I love getting to partner with individuals throughout an organization to accomplish our goals.

What drew you to a career in property and casualty insurance?
Technology is rapidly changing the world. As cars evolve and smart homes emerge, the insurance industry must adapt to the changing needs and expectations of society. Working in P&C insurance, I get to be at the forefront of some exciting developments. It’s rewarding to develop innovative solutions to diverse and challenging problems.

What can students do now to prepare for a career in the industry?
Spend time in an insurance agent’s office! Whether it’s a job shadow or a summer internship, what you’ll learn on the front lines will be invaluable as you progress in your career. It’s important to understand the mechanics of how insurance works, but even more critical to understand how the consumer experiences insurance. You must always keep the policyholder in mind, as the decisions you make as an actuary will have a direct impact on them.

My name is Dan Post, and it is hard to believe that I have been an FCAS for 19 years!  I graduated from Lebanon Valley College with a degree in Actuarial Science (and a minor in music) and have held a variety of actuarial positions at several insurance companies.  I have spent the last 16 years at The Hartford, and my current job is a non-actuarial position as a Product Manager for Personal Auto/Homeowners insurance.  Outside of work, my wife and 4 kids keep me busy, and I enjoy editing our home movies and developing game tournaments for the family.  I also have fun hiking with my dogs and training for obstacle course races.

Why did you become an actuary?
Growing up, I always enjoyed math and statistics and wanted a job where I could apply those skills to solve problems.  I was fortunate to hear about the profession early on and focus my education on building those skills.  I met a couple of actuaries along the way who shared their perspectives and helped me realize that this would be a good fit.

What drew you to a career in property and casualty insurance?
I had the opportunity to work as an actuarial intern over two summers – one with a Life insurance company and one with a Property & Casualty (P&C) company.  I was drawn to a P&C role by the creativity needed to solve problems in a constantly changing world.  Vehicle safety features and driving patterns change every year, climate change impacts the severity of catastrophe events, workplace safety evolves over time, and legal patterns change for each local market across the country.  A P&C actuary needs to say on top of these changes and adapt their calculations and decisions.  Covid-19 is the latest challenge that we are facing in the industry, since 2020 patterns look like nothing we have observed in our history.  Actuaries need to adjust their data and forecasts as we come out of the pandemic to appropriately set insurance rates and reserve enough money to pay claims.  If you enjoy using math and data to problem-solve and innovate, a P&C role might be for you!

What can students do now to prepare for a career in the industry?
Take classes in math, business, finance, and economics to learn about topics on the exams and the concepts you will deal with on the job.  Seek out leadership experiences in school or outside of school – this will help you work with others toward a common goal, a valuable skill for an actuary.  Also, connect with people in the industry – this is easier than ever with social media, and you can talk to a teacher or professor if you need help getting started.  BeAnActuary.org has some great information and resources, as well.  Each perspective that you gain can help you determine whether the profession is right for you.

Susana Gisele Zelaya, FCAS, FCIA, works as an Actuary at ICBC in the Product Pricing Team. She graduated from Université du Québec à Montréal (UQAM) with a bachelor degree in actuarial sciences. Born in El Salvador, her parents moved to Canada where she grew up as French Canadian and recently moved to British Columbia. She recognizes her background as being an advantage and now wants to encourage more diversity in the P&C industry.

Why would you recommend a career in the insurance industry to current college students?
Why would I not? The insurance industry is in constant evolution. In the past few years, the industry has been coming up with new ways to provide and sell insurance, it has been immersed in the world of big data and predictive analytics and keeps on releasing products that better corresponds to the new and increasing needs of customers. This industry is even gaining more and more attention from outsider companies such as Tesla and Amazon. Not only that, the recent pandemic has shown us that the insurance industry provides a safe and stable work environment as many countries deemed it an “essential business” and many organizations quickly pivoted to a work-from-home model.

Why did you become an actuary?
I always had good grades at school and I particularly enjoyed math and science. As many children from immigrant parents have experienced, the career options that were often proposed to me were the classics: doctor, lawyer, engineer, or accountant. Ugh! So boring. One day my math teacher talked about actuaries and the fact that no one around me seemed to know what it was just got me hooked. Don’t worry, I did some research after that and got attracted by how actuaries used math and applied them to real-life issues. Also, the fact that you have to go through a series of exams to obtain your designation appealed to my goal-driven competitive side.

What drew you to a career in property and casualty insurance?
Even through my research of “what is actuary?” I was quickly drawn to the P&C industry because of the range of risks that can be covered. Knowing that actuaries could predict the cost of a natural catastrophe or how much it costs to rebuild a house burned down by fire seemed pretty cool to me. But it was really getting my first internship with a P&C company that cemented my choice. I really loved the atmosphere at work and how much I learned in such a short amount of time that I just couldn’t get away from that.

What can students do now to prepare for a career in the industry?
Learn how to communicate your results to non-technical audiences. It is harder to do than you think and the sooner you learn, the better. Actuaries tend to build great models or perform intricated analysis, but often fail to clearly communicate the result and impacts to others. Another suggestion is to learn to code in as many languages as possible. This skill will be particularly useful in your first few years working as an actuary.

My name is Denise Olson. I currently work at Zurich North America as the Head of New Programs leading a cross functional due diligence team. I graduated from the University of Nebraska – Lincoln (Go Big Red!) with a double major in Actuarial Science and Math. In my 30-year career, I’ve spent about 20 years as a pricing actuary. The other 10 years, I’ve been in multiple non-actuarial roles including underwriting, product development and leading a large systems project. I am a Fellow of the Casualty Actuarial Society (FCAS) and Chartered Property Casualty Underwriter (CPCU).

Why would you recommend a career in the insurance industry to current college students?
Insurance is endlessly fascinating and constantly changing. During my career, I’ve worked on taxis, crop insurance, lawyers professional liability and entertainment insurance just to name a few. There is no end to the variety of roles and types of insurance to learn about.

Why did you become an actuary?
From a very early age, I knew that math was my strongest and favorite subject. As I entered high school, I really didn’t know what I could do with a math major, but knew it was my passion. I talked with my high school calculus teacher and told her I knew I didn’t want to teach. She suggested Actuarial Science. Since I grew up in Nebraska and UNL has such a strong Actuarial Science program, my future was decided. Talk about a life changing 10-minute conversation.

Why did you take a non-actuarial role?
I was fortunate to work with another actuary who moved into a business lead position and thought I’d really like to try that if the right opportunity came along. I was terrified to move into my first underwriting manager role, but knew that I could fall back on my actuarial background if it didn’t work out. Taking that risk has paid off in so many ways for me.

What drew you to a career in property and casualty insurance?
I had no idea that Property and Casualty Insurance even existed when I was in college. We had a very Life/Health heavy curriculum. When I interviewed on campus for full time positions (back before the days of lots of internships), I interviewed with CNA in Chicago. They had a life division and I asked to be placed there when they made me an offer, but they said the offer was only for P&C. My thinking was that at worst, I could switch to Life/Health later if I wanted to. My first pricing role was in Entertainment Insurance and I was hooked on day 1 when I read the underwriting guidelines.

What can students do now to prepare for a career in the industry?
First, be curious – what questions do you have about every situation? Ask. Ask more than one source. Meet people that aren’t like you to find out their perspective. Go deep on what interests you and never stop learning. Second, learn how to communicate in a simple, straightforward way without using technical jargon. I used to practice explaining concepts to my mother, who is a retired dental assistant. No one cares about all the hours you spent or the details of how you did something. They want to know what they should do with the information you’re providing. Finally, learn to fail. You will make mistakes. How will you learn from them? What can you do better next time? How resilient can you be?

My name is Matthew Cairo and I work as an Actuarial Analyst at State Farm in the Homeowners Pricing Unit. I graduated from Florida State University (Go Noles!) with a double major in Actuarial Science and Risk Management & Insurance. I held the title of Vice-President of the Iota chapter of Gamma Iota Sigma while I was in school.

Why would you recommend a career in the insurance industry to current college students?
I recommend a career in the Insurance Industry because it is constantly changing. Every day new risks are emerging and it is up to insurance professionals to come up with solutions to deal with these risks. Especially in the actuarial field, this opens the door to innovation and creativity which creates an environment where you can use your knowledge and skills to make an impact. Along those same lines, the insurance industry has so many different professions within it, such as, Underwriting, Finance, Claims, Sales, etc. which leads to opportunities where you can learn new things and enhance your career.

Why did you become an actuary?
While in college I knew that I wanted to end up in the insurance industry because of the great opportunities that were available, but I wasn’t sure what field to focus on. I actually had no clue what an actuary was until I was a sophomore in college sitting in an Insurance Operations class. Through the course I learned the basics of what an actuary did and this caught my interest. I decided to meet with the head of the FSU Actuarial Department to see if it was a good fit for me. After the meeting I knew this was the career for me. I knew I would be challenged to continue developing my skills and that I would be involved in all of the different areas of insurance.

What drew you to a career in property and casualty insurance?
I chose the property and casualty side because I felt that’s where my studies primarily focused with my Risk Management & Insurance degree. Beyond my studies, I think I also felt more connected with the property and casualty side of the business especially coming from a catastrophe prone area in Florida. I was excited to be a part of an industry that is constantly driving innovations in safety for people and their assets. Having the opportunity to learn and utilize technology such as drones to assess damage after a hurricane, or models to help predict the path of a storm really drew me to this field. Knowing that my work is helping people protect their assets and caring for them when disasters happen is a rewarding feeling.

What can students do now to prepare for a career in the industry?
I believe building insurance knowledge is the most important part of being successful in this industry. Despite being an actuary, I think I use more knowledge that I gained in my Risk Management & Insurance courses on a day to day basis than what I learned in all of my math courses. Being able to learn different roles in an insurance company and how they all come together will go a very long way when starting a career. On the actuarial side there is a big focus on the exam track which is very important, but I think it is equally as important to gain actual exposure to the day to day work. Internships and shadowing opportunities are abundant and I think they are a great way to prepare for a career in this industry.