Actuarial Outpost
 
Go Back   Actuarial Outpost > Actuarial Discussion Forum > Careers - Employment
FlashChat Actuarial Discussion Preliminary Exams CAS/SOA Exams Cyberchat Around the World Suggestions



Reply
 
Thread Tools Search this Thread Display Modes
  #11  
Old 12-13-2018, 11:38 AM
FCASorGoHome FCASorGoHome is offline
CAS
 
Join Date: Dec 2018
Posts: 6
Default

Quote:
Originally Posted by act_123 View Post
I don't think it is hard to go to reserving. Maybe for positions VP and higher.

Going from reserving to pricing can be challenging.
That sounds promising, thank you.
Reply With Quote
  #12  
Old 12-13-2018, 11:43 AM
Westley's Avatar
Westley Westley is offline
Member
 
Join Date: Nov 2001
Posts: 29,442
Default

Quote:
Originally Posted by therealsylvos View Post
In P&C while there's all sorts of consultants, I think the lion's share of consulting work is doing reserve reviews for companies who can't do it themselves.
Or who can do it themselves but they need/value an outside view. The rest of your post was good too imo.


Quote:
Originally Posted by act_123 View Post
I don't think it is hard to go to reserving. Maybe for positions VP and higher.

Going from reserving to pricing can be challenging.
Early in your career, I think it's relatively easy to go either way. Later, less so. While
p-->r
is prob easier than
r-->p
I don't think there's a huge difference.

For traditional pricing, I really don't think there's any difference. For lines that are integrating more sophisticated predictive models, there is a bit of a barrier (but still not huge IME - if you have the skills, they want you). I'd also say the predictive modeling affects the higher turnover mentioned above.
Reply With Quote
  #13  
Old 12-13-2018, 11:52 AM
act_123 act_123 is offline
Member
CAS
 
Join Date: Dec 2013
Posts: 4,846
Default

It might depend on geographic location. In tri-state area even at early stages in ones career it can be very challenging to get into commercial lines pricing. I think this is primarily due to the fact that employers can wait until they find a candidate that they minimally have to train, since there are so many candidates out there.

From personal experience. I had a lot of trouble going from personal lines pricing to commercial lines pricing. Honestly, they have a lot of similarities. Just tri-state companies don't necessarily have to take a risk when there are plenty of candidates with commercial lines pricing experience.
__________________
ACAS 7 8 9
Reply With Quote
  #14  
Old 12-13-2018, 11:53 AM
DataDan's Avatar
DataDan DataDan is offline
Member
SOA
 
Join Date: Feb 2012
Location: East Coast US
Posts: 3,482
Default

Quote:
Originally Posted by Westley View Post

Early in your career, I think it's relatively easy to go either way. Later, less so. While
p-->r
is prob easier than
r-->p
I don't think there's a huge difference.
Agree with this. I went R->P early career without much issue. just went from one low level job to another so my lack of P experience wasnt a big deal.
Reply With Quote
  #15  
Old 12-13-2018, 11:53 AM
act_123 act_123 is offline
Member
CAS
 
Join Date: Dec 2013
Posts: 4,846
Default

Plus, TRS didn't you have a lot of trouble switching into pricing...
__________________
ACAS 7 8 9
Reply With Quote
  #16  
Old 12-13-2018, 12:14 PM
FCASorGoHome FCASorGoHome is offline
CAS
 
Join Date: Dec 2018
Posts: 6
Default

Speaking of commercial pricing. How transferable are your commercial pricing skills to personal lines pricing?
Reply With Quote
  #17  
Old 12-13-2018, 12:29 PM
act_123 act_123 is offline
Member
CAS
 
Join Date: Dec 2013
Posts: 4,846
Default

Depends on role. If you are doing traditional pricing, then indications/profitability studies are the same. Rate Monitoring reports are probably similar. Admitted lines filings are similar with less regulation in commercial lines.

Segmentation is logically the same, just may have different ways of getting there. In personal lines pricing if you want to target a niche you may only be able to achieve it by changing your rate algorithm and factors. Maybe you change Coverage A to be more competitive for homes between 250K-500K because you assume those are more traditional families who put down roots or something. Or you offer package discounts to get consumers who are less likely to switch carriers.

So traditional pricing is fairly similiar. Personal pricing will have territory studies and more regulation. Commercial lines might have more outside the box type of thinking due to having a lot less data.

If you want to switch into a personal lines pricing role that has a strong emphasis in predictive modeling then that probably depends on how much experience and knowledge you have in those areas. I am not referring to roles that require predictive modeling.
__________________
ACAS 7 8 9
Reply With Quote
  #18  
Old 12-13-2018, 12:38 PM
therealsylvos's Avatar
therealsylvos therealsylvos is offline
Member
CAS
 
Join Date: Mar 2014
Posts: 17,629
Default

Quote:
Originally Posted by act_123 View Post
Plus, TRS didn't you have a lot of trouble switching into pricing...
Reverse that. All my experience is in pricing, but I interviewed for a few reserving positions to no avail. Feedback was almost always the same. They liked me, but ended up hiring someone with more reserving experience. This was all post-ACAS.
__________________
Quote:
Originally Posted by ao fan View Post
i like laying in the tube and pretending that i'm dead.
Reply With Quote
  #19  
Old 12-13-2018, 12:48 PM
Westley's Avatar
Westley Westley is offline
Member
 
Join Date: Nov 2001
Posts: 29,442
Default

Pretty good summary by act_123 if you are looking at most commercial lines. Pricing for large accounts is very different tho.

Would add that his final statement is key. Predictive modeling for personal lines will continue to get more important and more sophisticated. Longer-term, you won't be able to be in personal lines without a pretty good high-level understanding of the modeling, at a minimum. Will continue to penetrate commercial lines as well, but the amount of variability in those segments will result in much slower penetration.
Reply With Quote
  #20  
Old 12-13-2018, 01:12 PM
act_123 act_123 is offline
Member
CAS
 
Join Date: Dec 2013
Posts: 4,846
Default

Large account pricing uses a different skill set. However, it can be similar to profitability reviews.

I guess in cases for excess or complex policies where you have to use simulation or other techniques it could be quite different. I feel like the biggest difference in Large account pricing is the stress level, having to constantly quote accounts with fast turn around times.
__________________
ACAS 7 8 9
Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off


All times are GMT -4. The time now is 08:58 PM.


Powered by vBulletin®
Copyright ©2000 - 2019, Jelsoft Enterprises Ltd.
*PLEASE NOTE: Posts are not checked for accuracy, and do not
represent the views of the Actuarial Outpost or its sponsors.
Page generated in 0.42641 seconds with 9 queries