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  #1  
Old 05-16-2019, 11:19 PM
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Default How is working at an insurance company different from a consulting/brokerage company?

Day to day tasks.
hours.
type of technical work.
career path.
etc...
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Old 05-17-2019, 10:13 AM
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For EL or experienced?
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Old 05-17-2019, 11:11 AM
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There's a search function. I don't usually invoke that, but we don't need another thread on the topic.

/gatekeeping
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Old 05-17-2019, 11:17 AM
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http://beanactuary.org/what/do/?fa=day-in-the-life
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Old 05-17-2019, 02:49 PM
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Quote:
Originally Posted by somewhere View Post
Day to day tasks.
hours.
type of technical work.
career path.
etc...
These are all too general but i will try some generalities.

1) Consulting tends to be focused on fees and hours and advancement. Market to get the project, finish the project and make the client happy, do more projects. But you get tons of different projects so more exposure. Insurance is no marketing, some project work, make your boss happy, more administrative stuff.
2) usually more hours in consulting ranging from a little busier during busy season to holy crap where is my life.
3) Way too vague to answer.
4) Almost too vague to answer. Consulting is shoot for Partner while insurance is shoot for C-Suite? Ceiling is higher in consulting. .
5) "etc..." Dunno. I guess if you are technical and want to be a backroom guy i would start at an insurance company. But consulting firms need those too. If you are social and like to travel and such try consulting. But there are plenty of those folks in the insurance world.
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Old 05-17-2019, 04:06 PM
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Very ,very, very high level answers:
Consulting will get you breadth, insurance will get you depth.
Consulting will get you technical exposure and intensive peer review and technical writing skills; insurance will get you business and community knowledge, interaction with areas outside of actuarial, and the negotiation element of a lot of actuarial work.

If you have the opportunity, do both.
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Old 05-17-2019, 04:10 PM
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Quote:
Originally Posted by Helena Lake View Post
Very ,very, very high level answers:
Consulting will get you breadth, insurance will get you depth.
Consulting will get you technical exposure and intensive peer review and technical writing skills; insurance will get you business and community knowledge, interaction with areas outside of actuarial, and the negotiation element of a lot of actuarial work.

If you have the opportunity, do both.
is that really true though?

Many large insurance programs will put you in a rotation program where you get some pricing, modelling, and reserving experience.

Many consulting firms focus on reserving (so it might be hard for analysts to get pricing or modelling experience).
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Old 05-17-2019, 04:16 PM
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is that really true though?

Many large insurance programs will put you in a rotation program where you get some pricing, modelling, and reserving experience.

Many consulting firms focus on reserving (so it might be hard for analysts to get pricing or modelling experience).
Depends on the practice area, and the size of the insurance company, I guess.

At the consulting firm I worked at, I got a huge variety of experience. Some of it was reserving, but I also did pricing, filing, product development, and a host of other random stuff... Like apportioning value for the demutualization of an insurance company.

The regional insurance company I worked at after that didn't have a large enough collection of actuaries to do rotations on a regular basis. People got some variety exposure, but it was kind of piecemeal.
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Old 05-18-2019, 10:25 AM
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is that really true though?

Many large insurance programs will put you in a rotation program where you get some pricing, modelling, and reserving experience.

Many consulting firms focus on reserving (so it might be hard for analysts to get pricing or modelling experience).
Even if they focus on reserving (and I would be surprised if that was the sole focus for many, because it tends to be concentrated on certain parts of the year), most consulting firms will give you exposure to a variety of clients. So you still pick up different ways of working, and alternative approaches to similar issues. And of course that wider generic knowledge is where you can add value for clients.
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Old 05-18-2019, 02:05 PM
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...
4) Almost too vague to answer. Consulting is shoot for Partner while insurance is shoot for C-Suite? Ceiling is higher in consulting. .
...
Depends on how you define ceiling, but I would say the handful of actuaries that are CEOs of large public companies are often making millions in base salary, which is higher. Maybe that's rare enough to be a unicorn. Certainly is very rare for an actuary at an insurer to make as much as a partner at a large consultant.


The big difference for me is the extent to which a consultant has to bend their work away from the pure analysis, to fit what a client wants to see. Reserves, pricing, strategy, modeling - the people that hired you always have an agenda, and will ask you to show a result that supports that, and this occurs across almost all levels.

Chief Actuary at an insurance company has similar issues, but the vast majority are just trying to get to the right answer, so the analysis is more "pure", or at least that's my experience.
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