Career Profile of an Actuary

The rewarding and challenging nature of an actuarial career was first revealed to me some years ago, between sips of coffee with an actuary who was then a director at New Ireland Assurance. After some further investigation of my own, I discovered that (among other things) actuaries use their extensive mathematical repertoire to quantify and control financial and actuarial risk. For someone who enjoys applying maths and problem solving, this was an enticing attraction.

Becoming an actuary does require commitment and perseverance, but just remember that what you reap is what you sow!I started working for Norwich Union in September 2001, having done two summer placements there during university. Our department is part of the Finance function and comprises of several smaller teams. I work in the Commercial Non-Motor team and we deal with the reserving for business risks like properties and the different types of liability that businesses are exposed to. I don’t really have a typical day or week, which is part of the attractiveness of the job.

Friday

I love Fridays! I arrive to lots of unread emails after my half-day study on Thursday. Emails generally equate to work, only this time it’s a bit different. In our department each of us has a lateral responsibility. It is a little something extra to broaden your skills base. Mine is law and legislation, so it’s my job to keep track of landmark rulings, new legislation and monitor test cases. All these factors can have a significant impact on claims costs and it is important for us to be able to quantify this.

Each quarter I write a report on the claims legal environment and also get the opportunity to contribute to working party research into this area. This morning I’ve got to search some legal websites for the rulings on some cases that we have been monitoring. When I find what I’m looking for, I write a summary version to be included in our quarterly report. Where possible, I try to tailor the summary to include the impact these rulings may have on Norwich Union in particular.

The next valuation period is fast approaching. I make some updates to a model we’ve been developing to produce our reserves. We write our own models in-house using Visual Basic code. It makes the valuation more meaningful because to edit the model you have to understand the processes from start to finish. Getting involved in the development of this model has been very beneficial to my technical development. My updates have to be can be used, not least because failure to do so would mean a "pie offence". That is, forking out for treats from the local bakery for the whole department!

After lunch I get knuckled into some work on a company we co-own, which underwrites aviation insurance in the London Market. Each quarter we need to form a view on how the fund is performing to report to our Finance Director. I update the data we currently hold based on movements since the previous valuation. I am generally most concerned with our position after allowing for reinsurance treaties as this is what will impact on the fund. I then produce outputs, both graphical and numerical, for our Finance team.

I have to meet with some of the Finance team to discuss the figures I’ve arrived at. Before I do this I need to run my work by a senior actuarial manager for approval. The work gets the thumbs-up and the Finance team is happy with the output.

The traditional exodus to a local drinking establishment takes my fancy this evening and I’m happily swept along in the five o’ clock torrent. Anyone for a nice, refreshing orange juice to start the weekend? Something stronger, I expect.