P&C companies hosted a virtual information session about the property and casualty side of the actuarial field. Actuaries from Guy Carpenter, Ernst & Young, and Erie Insurance informed students about the difference between CAS and SOA, career opportunities for CAS actuaries, and trends within the industry. This event helped students who haven’t been exposed to the CAS side gain insight on the different lines of business, such as fire damage, bodily injury, cyber risk, financial options, and more.
Moreover, the individual companies explained their primary roles in the industry. EY is a global company in 154 countries working on different engagements, such as actuarial litigation support, mergers and acquisitions, predictive modeling, actuarial risk and capital management, etc. Erie insurance is a Northeast/Mid-Atlantic insurer on the Fortune 500. As the 11th largest personal lines insurer and 20th largest business insurer, it’s no wonder this insurance juggernaut has earned an A+ Rating from A.M. Best. Guy Carpenter is one of the four businesses within Marsh McLennon that has contributed to the company’s success. Because of its broking expertise, industry-leading analytics, and strategic advisory services, the company takes great pride in its impact. The company’s strength and resilience is unparalleled within the industry.
The Actuarial Science Club thanks Atharv Gupta, Brandon O’Hara, Margo MacKenzie, Shannon Cikowski, and Peter Hohman, for taking the time to inform students on the P&C industry and giving them the opportunity to network. For more information about the event, reach out to Max Cohen (email@example.com).
Top Sponsors Come To PSU
Top sponsor, Cigna, still managed to host an incredible event for Penn State students, despite all the challenges COVID-19 has thrown at us. The company generously held a “Virtual Coffee Chat” to give students the opportunity to have casual conversations with Penn State Alumni and employees to discuss topics such as health care, resumes, interviews, business writing, and more! This was a valuable opportunity, especially for underclassmen, to network with a top company and learn more about the health care side of the actuarial field.
PSU Alumni and Cigna actuaries informed students of Cigna's Actuarial Development Program, which is a 10–12-week program featuring an executive speaker series, volunteer events, and career development workshop. This internship gives students insight into the actuarial industry while preparing them for a full-time career. For more information on the internship program, visit https://jobs.cigna.com/us/en/summer-internship-program.
Top sponsor, Prudential Financial, hosted their annual spring event for the Actuarial Science Club. Penn State Alumni generously gave insights to Penn State students on the Actuarial Success Awareness Program (ASAP), Actuarial Internship Program (AIP), and Actuarial Leadership Development Program (ALDP). Prudential continues to recruit from Penn State because of the strong partnership with the actuarial science program.
Prudential enables students to get a jump start on the actuarial career path with its 1-week Actuarial Success Awareness Program for freshman and sophomores. ASAP provides students the opportunity to be exposed to the actuarial science field and potential early consideration for the Actuarial Internship Program. AIP is a 10-week summer internship program with a plethora of roles. Students are provided with a mentor for guidance throughout projects. This is also a segue to be considered for the ALDP. ALDP is a 6-year program, with four 12-month rotations and a 2 year capstone. Graduates entering the workforce with Prudential are provided with exam support, leadership opportunities, professional guidance, and training. For more information about internships at Prudential, visit https://jobs.prudential.com/us-en/early-talent/programs/internships#talent-network
Case competitions are one of the many ways that actuarial students can get involved and learn more about the industry. They are often a great way to apply some of the concepts you learn in actuarial courses, as well as meet other actuarial students and actuaries. Over the past few weeks, we have had two of our club members win at case competitions! Nevin Kara participated in the Travelers case competition on the CAS team and Daniel Berlin participated in the Deloitte case competition. Here are some of the comments they have about their experience, and the benefits of doing case competitions.
“Before I participated in the Travelers Case competition, I had a difficult time understanding what a day in the life of an actuary would look like. During the competition, I leveraged Google Sheets to analyze data related to Loss Development Factors in the P&C industry before and during Covid-19. It was exciting to be able to use some of the knowledge I acquired from Excel classes and Risk Management classes. I found that participating in the competition reaffirmed my decision to major in actuarial science and made me more confident in my abilities. I also got to meet a lot of amazing people. I would definitely encourage students to at least try out one case competition during their college career.”
“The case my team was trying to solve was how to safely bring back employees to the workplace for a mid-sized software company. Even if the work I did was not quite work an actuary would do, I had the opportunity to problem solve and present my findings on a team. These skills will prove to be valuable in any line of work, as we will always be given tasks and work with other members of a company. In addition, developing the skill of presenting your findings to others who may not be as knowledgeable in a certain field is something that is important to an actuary. I was able to practice this skill by presenting to a panel of judges and answering a few questions at the conclusion of the presentation. Overall, the case competition was a great learning experience and I was proud to represent Penn State as the winning team.”
PSU Actuarial Science Club
Articles are written by various executive board members, found here.