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  #1  
Old 12-27-2006, 09:00 AM
jonbon jonbon is offline
 
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Default consultancies Vs. reinsurers

Hi All

I work as an Actuarial Analyst for an insurance company. I am at crossroads where I have to decide to move to either a major consultancy or a reinsurance company. I think I can get into both. What I can't decide is what will be best suited for me from career perspectives. few pros & Cons i could think of:

Consultancy:
- Good experience on latest regulations and products but loads of travelling which i don't relish at all.

Reinsurers:
- Mainly pricing or valuation experience. nothing much different to insurance company. But no travelling i suppose which is good for me.

Any suggestions?

Cheers.
Jon.
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  #2  
Old 12-27-2006, 09:03 AM
jonbon jonbon is offline
 
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oops.. and i forgot to mention the salary factor which is a definite plus for the consultancy.
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Old 12-27-2006, 09:12 AM
DW Simpson DW Simpson is offline
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Which actuarial discipline? Which countries? How many exams do you have? How many years of experience? How long do you expect to be at your new employer?
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  #4  
Old 12-27-2006, 09:18 AM
jonbon jonbon is offline
 
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I don't want to move now as such but just contemplating on options. here's the detail:

Which actuarial discipline? >> Life
Which countries? >> UK
How many exams do you have? >> 10 out of a total of 17.
How many years of experience? >> 2.5 years + 4 years IT (programming c++ et al..)
How long do you expect to be at your new employer? >> 2 to 3 years
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  #5  
Old 12-28-2006, 08:32 AM
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Happy Hour Happy Hour is offline
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Quote:
Originally Posted by jonbon View Post
Reinsurers:
- Mainly pricing or valuation experience. nothing much different to insurance company. But no travelling i suppose which is good for me.

Any suggestions?

Cheers.
Jon.
The scope of the pricing and valuation experience will be a lot wider in reinsurance than a typical life company. You get to see a lot more, you need to pick up on things quickly, etc. This is a good thing - it keeps the job more interesting for longer. At a reinsurance company, you also seem to avoid alot of the less interesting work that direct companies have to deal with, like filing policy forms with states (here in the US)and having to deal with insurance agents and making their compensation fair. You primarily get to focus on the risks of a product and the interesting aspects of it when deciding the reinsurance.

Also, there is some travel done in reinsurance - meeting with clients just like in consulting. In some ways, reinsurance it like a blend of a typical life company and a consulting firm. At least, that has been my experience.
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  #6  
Old 12-28-2006, 09:28 AM
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Maine-iac Maine-iac is offline
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Quote:
Originally Posted by Happy Hour View Post

Also, there is some travel done in reinsurance - meeting with clients just like in consulting. In some ways, reinsurance it like a blend of a typical life company and a consulting firm. At least, that has been my experience.

Just from observation (I've never worked for a reinsurer) I'd agree with that assessment.
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  #7  
Old 12-28-2006, 10:16 AM
DW Simpson DW Simpson is offline
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Quote:
Originally Posted by jonbon View Post
I don't want to move now as such but just contemplating on options. here's the detail:

Which actuarial discipline? >> Life
Which countries? >> UK
How many exams do you have? >> 10 out of a total of 17.
How many years of experience? >> 2.5 years + 4 years IT (programming c++ et al..)
How long do you expect to be at your new employer? >> 2 to 3 years
We're seeing more demand on the life consulting side in the UK than the life reinsurance side. And the life reinsurance side might continue to consolidate. So that might sway your decision.
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  #8  
Old 01-28-2018, 08:10 PM
fastcount fastcount is offline
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Quote:
Originally Posted by Happy Hour View Post
The scope of the pricing and valuation experience will be a lot wider in reinsurance than a typical life company. You get to see a lot more, you need to pick up on things quickly, etc. This is a good thing - it keeps the job more interesting for longer.
Say you're in an insurance company and you're in a group that prices traditional life products such as term and whole life.

Now say you're in a pricing department of a reinsurance company. Does what you're saying mean that pricing at a reinsurance company look at all the products that are brought to them by insurance companies? So they'd have to look at term/whole life/UL/VUL/Par/etc. and give them YRT quotes?

Another thing I heard from a friend who works in reinsurance pricing is that pricing is also a bit easier since you aren't bogged down in the nitty gritty details of the product features of the individual products you're reinsuring
Could anyone comment on this?

Yes, another old thread that I've decided to revive.
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  #9  
Old 01-28-2018, 08:25 PM
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Quote:
Originally Posted by fastcount View Post
Say you're in an insurance company and you're in a group that prices traditional life products such as term and whole life.

Now say you're in a pricing department of a reinsurance company. Does what you're saying mean that pricing at a reinsurance company look at all the products that are brought to them by insurance companies? So they'd have to look at term/whole life/UL/VUL/Par/etc. and give them YRT quotes?
The YRT scale is often standardized. You would look at the product design if you are quoting Coinsurance or Modco. See my comments in this thread: http://www.actuarialoutpost.com/actu...d.php?t=329592

Quote:
Another thing I heard from a friend who works in reinsurance pricing is that pricing is also a bit easier since you aren't bogged down in the nitty gritty details of the product features of the individual products you're reinsuring
Could anyone comment on this?
Also addressed in the thread noted above.
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