Pádraic, Consultant - general insurance
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PádraicPosition: Consultant - general insurance |
When and why did you choose an actuarial career?
During my final year of school, I considered many career options across many different fields, however I chose to study mathematics at university since it was a subject I enjoyed and it left the door open to many career paths.
While in my first year of university I learned about the work of actuaries, namely how they used mathematics to solve real business problems, and it immediately appealed to me as a career which was both practical and challenging. I proceeded to complete an internship within the pensions department at Mercer, and quickly realised that pensions was not for me. However I did not let this put me off becoming an actuary, as one of the beauties of this profession is that there are so many different areas in which you can practice. After my final year of university I joined Allstate for a three month internship, and I have been here since.
What does your work involve?
I work within the Rating Plan Development team of one of the largest general insurance companies in the USA. Our main role is to use all previous claim experience combined with the claimants' characteristics to build predictive models to calculate the likelihood of future claims for different cohorts of customers.
In order to do this we use powerful statistical programs to analyse datasets containing millions of records, to come up with a range of risk factors for customers/vehicles/households according to their individual attributes. Some examples of things we differentiate by include: age and gender for customers, by engine size and body type for vehicles, and by size and monetary value for homes. The end result is that we come up with a tailored premium to charge each customer, which is appropriate to cover the inherent risk.
Which skills do you consider to be essential for your job?
To be successful in this career, an analytical and numerate mind is a must, but this has to be combined with an attention to detail and an ability to present complex ideas clearly and concisely to non-technical peers. Additionally having the capacity to draw a clear line of sight between the statistics and the business problems posed provides a definite advantage.
What do you like most about your job?
While I may be working on a project for several months, no day in this job is the same. I like to be motivated and to learn something new every day, and this job provides this in abundance. I also get the opportunity to network with experienced and highly skilled people on both sides of the Atlantic, which is an essential factor in terms of career development.
There are also opportunities to travel to the USA regularly for training, meetings and special projects.
How do you achieve a work/life balance?
I enjoy a great work/life balance through a variety of ways. Allstate organises many team-building events and recognition outings which are a great way to get away from the office and get to know your colleagues in an informal setting. Additionally, I play Gaelic football, so I dedicate at least two evenings per week and an afternoon at the weekend to sport, which is great way to relax.
Future plans?
The actuarial team in Allstate's Belfast office is still in its infancy, so over the next few years, as well as becoming a qualified actuary, I hope that I can work with other members of our team to build an actuarial centre of excellence, which will work closely with Allstate's actuarial team in the USA.
Any advice you may have for others considering an actuarial career?
I would recommend a career as an actuary to anyone who enjoys practical problem-solving, wants to work in a challenging but enjoyable environment and craves a career which offers something new every day.
While from the outside the actuarial world looks like a very niche market, which it is in terms of the skills required, one great thing about this career is that actuaries are in demand in many different fields, so there are multiple opportunities to work in many different businesses and industries.
