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Old 01-10-2019, 04:54 PM
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yoyo yoyo is offline
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Originally Posted by PeppermintPatty View Post
Speaking as someone who has done ceded and assumed P&C insurance, and also non-reinsurance, there is plenty of interesting work in the non-reinsurance arena. And while there's plenty of interesting and challenging work in reinsurance, I had some pretty tedious stuff, too.
+1, although my experience isn't as broad as PPs

get up high in the reserving chain in P&C and you might find yourself helping run the company. this is a plus if you want to do more than straight up analysis and actuarial work, a minus if quant only work is what floats your boat
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Old 01-10-2019, 06:49 PM
Canadiens Fan Canadiens Fan is offline
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I've worked full-time in Life (both Pricing and Valuation) so I'll only comment on that.

If you have the prelim exam LTAM passed then that will give you the basics behind life insurance mathematics. The FSA exams teach you a lot more about the work/business side of life insurance.

Valuation is repetitive where you follow the same procedure every month/semester to calculate reserves and other regulatory requirements. If you have experience working with Excel, Access and Txt files, the work basically comes down to downloading txt files containing the policyholder data, then uploading it in a commercial valuation software, clicking buttons that calculate the reserves for you. You also calculate some reserves manually in Excel cause the model hasn't been set up yet in the valuation software. When you're not calculating reserves/required capital, you can work on correcting/building models. The department you mostly interact with is Accounting cause you give them the reserves which go on the balance sheet as liabilities. If you like technical work that doesn't require much interaction with people, Valuation is a good department for that.

Pricing is more varied where you never really know what to expect on a day to day basis unless you are working on some project. You can price products by updating assumptions based on company data and industry studies, and then comparing the product premiums to those of competitors and decide where you want to stand. You can compare product features and underwriting tests to those of competitors and adjust your product accordingly. You interact with other departments such as Underwriting, Marketing and Sales. If you like less technical work, but more interacting with people, then Pricing is a good department to be in. You still need good technical skills.
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