News Type: CAS Profiles

Marla Strykowski, FCAS, MAAA, is an actuary at Plymouth Rock Assurance. She graduated from Bentley University with a double major in Mathematical Sciences and Liberal Studies, with a concentration in Actuarial Science.

Why would you recommend a career in the insurance industry to current college students?
Learning about the numerous aspects of the insurance industry is fascinating, relevant, and a satisfying component of being an actuary. I love knowing that my work in this field ultimately provides people with help, and the support they need for the unexpected circumstances in their lives.

Why did you become an actuary?
I’ve always liked math and when I discovered actuarial science in college, I knew it was the profession for me. Besides the work itself, the uniformity and structure of the exam system, which measures all candidates on the same scale, really appealed to me.

What drew you to a career in property and casualty insurance?
Property and casualty insurance is so essential to everyday life that it’s easy to overlook, but that doesn’t make it any less important. From drones to earthquakes, there is a lot of variety. There’s always something new to discover, which coincides with my desire to be a lifelong learner.

What can students do now to prepare for a career in the industry?
Gaining an understanding about the insurance industry in general, such as becoming familiar with standard insurance policies, is a great place to start preparing. For actuarial students in particular, passing some of the actuarial exams is definitely an advantage. I’d also recommend taking a variety of statistical, computer/coding, and economics classes to gain a broad modeling and analytical background.

Allie Rexroat, ACAS, MAAA, works as an Actuarial Analyst at State Farm in the Specialty Lines Pricing Unit. She is a graduate of the University of Central Missouri.

Why would you recommend a career in the insurance industry to current college students?
The insurance industry today is changing very quickly. There are so many new technologies that didn’t exist even 5 years ago that impact insurance, such as ride-sharing, autonomous vehicles, and advanced smart home technologies. As our industry and the types of risks we insure change, actuaries have to think creatively to solve new problems and have a forward-looking perspective for what else the future may hold.

Why did you become an actuary?
I became an actuary because I had a skill and passion for math and learned that applied math was appealing to me. It’s nice to be able to actually use the fundamentals that we learn through the exam process to apply to our work and the real world. Actuaries also have the opportunity to be involved in many areas of an insurance company from pricing and reserving to risk management to executive leadership. Actuaries can easily hold roles in multiple areas, so we’re not restricted to doing the same thing for our entire career.

What drew you to a career in property and casualty insurance?
I like the property and casualty side of insurance because it feels tangible. We are protecting the assets of people and caring for them in their time of need after a catastrophe or auto accident. These events can happen multiple times throughout one’s life. Being involved on the pricing side of insurance is rewarding, knowing we’ve priced or created a product that has helped someone.

What can students do now to prepare for a career in the industry?
I would recommend taking insurance courses during college, if they’re offered. Understanding how our products work is an important first step to any actuarial work. Of course, sitting for and passing exams while in school is becoming an industry standard when applying for internships. Really, getting any exposure to what an actuary’s work is like through things like job shadows is a great way to prepare for your career.

Madison Bemis studies actuarial science and music at the University of St. Thomas. She previously held the title of Co-President of the Beta Pi chapter of Gamma Iota Sigma and currently serves as the concertmaster for her school’s string orchestra. Madison is also currently interning at Travelers, where she will be working full-time after graduation.

Why are you interested in pursuing a career in the insurance industry?
I want to be a part of an industry that helps people. Insurance often gets a bad reputation, but in the face of tragedy, insurance is the first step to help people get back on their feet. It is imperative that we have caring people that work in the industry to remember what insurance is really all about: the people that we serve.

Why did you decide to study actuarial science?
Like many actuaries, I decided to pursue actuarial science because of my love for math. When I first started college, I still wasn’t even sure what an actuary really did. However, as I began my studies and internships, I fell in love with actuarial science and the challenges actuaries face every day. The industry is fast-paced, meaning new problems are popping up all the time, and actuaries have to come up with creative solutions.

What advice would you give to someone interested in studying actuarial science?
Don’t underestimate the power of coding! Models are becoming increasingly complex, and it is becoming more important than ever that actuaries are able to both build and understand them. Whatever experience you can get now in any coding language will be incredibly helpful for any position you have in the future.

Kristen Marshall studies actuarial science at Illinois State University. She is the vice president of membership for Toastmasters International Club on campus, the finance coordinator for Christian Business, and the current trip leader for the 2018 Honors Program Alternative Spring Break Trip to New Orleans, where she will partner with Junior Achievement to visit low-income schools to teach students about finance and running a business. Kristen currently interns at Pinnacle Actuarial Resources and has accepted a full-time offer at the company.

1. Why are you interested in pursuing a career in the insurance industry?
   I am interested in pursuing a career in the insurance industry because the challenge of insuring assets in an evolving, technological society is fascinating to me. The great diversity of work in the actuarial field will make each day exciting in a quest to adapt to the changing risks and regulations caused by new technologies. I love being able to have a positive impact by contributing to the effort of worker safety and economic stability provided by insurance.
2. Why did you decide to study actuarial science?
   Growing up, I was passionate about taking care of animals and my favorite subject was mathematics. After realizing I do not like blood or needles, I made the decision to pursue a career relating to mathematics. I was led to actuarial science after researching college majors and discovering that the career fit my skillset. The exam process was intriguing as I crave challenges to keep myself on a path of continual development.
3. What advice would you give to someone interested in studying actuarial science?
   My best advice to someone interested in actuarial science is to jump in with both feet. There are endless opportunities in college for personal and professional growth. Do not be afraid to participate in internship fairs and networking events as a freshman because the experience is beneficial in preparation for landing an internship as a sophomore. If possible, I recommend taking insurance classes to learn about the vast insurance industry outside of the actuarial field

Jake Akstins studies actuarial science at the University of Illinois at Urbana-Champaign. He is president of the university’s actuarial science club, and was selected as a 2017 CAS Trust Scholarship Winner. Jake has spent the last two summers interning at CNA and will begin working there full time after graduation.

1. Why are you interested in pursuing a career in the insurance industry?
   I believe in the mission of insurance – insurance is a social tool which indemnifies others to make them financially whole after experiencing a loss or accident. Insurance is a concept that allows people to help others through the insurance company which serves as a liaison. I want to help make these connections smooth and fair.
2. Why did you decide to study actuarial science?
   I would’ve never ended up in this field if it wasn’t for the Illinois Mathematics and Science Academy (IMSA), my high school. Here, I was exposed to professors who taught me about the power of mathematics and what you can do with it. I am very interested in diversity and inclusion and social justice, and I find ethical questions regarding pricing and reserving (quantifiable discrimination vs. more accurate pricing) to be fascinating. I am particularly interested in confounding variables.
3. What advice would you give to someone interested in studying actuarial science?
   Do your research, learn the lingo, and read-up on the industry. What’s a loss ratio? What’s a loss? What’s a claim? Use these questions to help you dig deeper to find your “why”. Studying to be an actuary is a lot of work, and I really, really wouldn’t recommend to do it just for the money.