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  #1  
Old 01-11-2019, 12:42 PM
CowboyGuy CowboyGuy is offline
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Default Approached by a recruiter for a Silicon Valley job

Its been a few months so I think it would be safe to post this. A few months ago I was approached by a recruiter for an actuarial position with a company in Silicon Valley. Recruiter said it was an insurance brokerage. It caught me off guard as I wasn't sure insurance brokerage could hire actuaries too. Anyway it seemed to be one of those companies who hire data scientists to do predictive modeling. They still needed actuaries to assist with pricing, valuation, filings and coordinate with the data scientists.

Recruiter said that this company has been growing exponentially since last couple of years. The owner sold first two of his companies to Google.

Another thing that I found interesting (and honestly a little weird) was that the recruiter said this company focuses a lot on health, even for the employees. One of the considerations in their interview/job application is that what is the candidates view on fitness/health in general. After doing a google search, I realized they're one of those companies who reward policyholders with premium discounts if they do certain fitness activities such as running or cycling. I heard somewhere that even traditional companies are now exploring to adopt those business models in their underwriting.

The comp that the recruiter quoted seemed to be quite good too, although I wouldn't be surprised as a lot of these young tech companies and new ventures in SV are often making billions in no time. A good part of the total comp would be equity (makes sense for a new company), but the base was pretty high too.

Anyway I passed on the opportunity considering that it required a move to SF, together with all the unknowns and uncertainties such a position would come with (at least for me). I wanted to see if anyone here knows about such companies or business models and have insight to share.
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Old 01-11-2019, 12:51 PM
Enough Exams Already Enough Exams Already is offline
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If the brokerage were assuming some of the risk of the business they sell/underwrite through a retrocession, they might need actuaries to handle the reinsurance aspects.

As for the fitness/health opinions of their candidates, it sounds like the HR equivalent of "no fatties", maybe with the excuse goal of keeping the company's health insurance premiums low.
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Old 01-11-2019, 12:54 PM
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NormalDan NormalDan is offline
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"no fatties"
RN? (Little Britain anyone?)
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Old 01-11-2019, 12:56 PM
Enough Exams Already Enough Exams Already is offline
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RN? (Little Britain anyone?)
Never saw it. It wasn't a reference to any movie/TV show in particular.
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Old 01-11-2019, 01:25 PM
Fracktuary Fracktuary is offline
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Do they write life ?

I have a feeling that this is one of a handful of companies that my current employer keeps a very close eye on.
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Old 01-11-2019, 01:35 PM
CowboyGuy CowboyGuy is offline
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Do they write life ?

I have a feeling that this is one of a handful of companies that my current employer keeps a very close eye on.
Yes.
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Old 01-11-2019, 01:53 PM
Westley Westley is offline
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Saw a Bloomberg (I think) article a few months ago, on insurtech and fintech, whose point was mostly that there is a lot of money going into disrupting current ways of marketing/selling/operating financial companies (which are archaic). And mostly the fintech startups look at how companies currently operate and see how inefficient they are, and get excited about how much money there is to be made off of increased efficiency through technology. And they're pretty flabbergasted by the fact that nobody has bothered to do this already. And then they raise money and start operating and they find out how difficult it is to meet all of the regulatory requirements, and what they have to do accomplish that. And then they understand why the incumbent players did things the way they did.

Not sure this matters to the company in question.
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Old 01-11-2019, 01:59 PM
CowboyGuy CowboyGuy is offline
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Saw a Bloomberg (I think) article a few months ago, on insurtech and fintech, whose point was mostly that there is a lot of money going into disrupting current ways of marketing/selling/operating financial companies (which are archaic). And mostly the fintech startups look at how companies currently operate and see how inefficient they are, and get excited about how much money there is to be made off of increased efficiency through technology. And they're pretty flabbergasted by the fact that nobody has bothered to do this already. And then they raise money and start operating and they find out how difficult it is to meet all of the regulatory requirements, and what they have to do accomplish that. And then they understand why the incumbent players did things the way they did.

Not sure this matters to the company in question.
Change is hard.
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Old 01-11-2019, 02:15 PM
Westley Westley is offline
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While that's true, wasn't the point I was trying to make. More like change is hard, but sometimes looks easy from the outside, to somebody who isn't aware of the details of why it is hard.
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Old 01-11-2019, 03:59 PM
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The_Polymath The_Polymath is offline
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Quote:
Originally Posted by Westley View Post
Saw a Bloomberg (I think) article a few months ago, on insurtech and fintech, whose point was mostly that there is a lot of money going into disrupting current ways of marketing/selling/operating financial companies (which are archaic). And mostly the fintech startups look at how companies currently operate and see how inefficient they are, and get excited about how much money there is to be made off of increased efficiency through technology. And they're pretty flabbergasted by the fact that nobody has bothered to do this already. And then they raise money and start operating and they find out how difficult it is to meet all of the regulatory requirements, and what they have to do accomplish that. And then they understand why the incumbent players did things the way they did.

Not sure this matters to the company in question.
We have a few like that in Europe. They eventually get bought out by the bigger players.
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