Mathematics Alumni in Acturarial Analysis Careers
Edward Hakey '11
I am currently employed by National Life Group, a life insurance company in Montpelier, Vermont. I was originally hired as a Corporate Actuarial Intern during the fall of my senior year at St. Michael's College. After graduation, I was hired as a Business Analyst in the Product Development department. As a Business Analyst, I work closely with the actuaries in my department to assure the proper working order of our life insurance products and systems. When the company designs a new life insurance product, I work with my team to test the integration of the new product into our computer systems and databases. When a sales agent has a request to see a potential change on a client's policy, my team and I illustrate these changes and their effects in specifically made excel spreadsheet tools. Throughout my average workday, I regularly use excel spreadsheets which require me to maintain and restructure complex formulas and functions. Because I work so closely with actuaries, my job is ideal in that I am able to work and learn the insurance business while at the same time studying for actuarial exams to further my career. In the future, I can look forward to paid study time as well as financial support to help pay for exam sittings and study materials.
My time at St. Michael's certainly prepared me well for my career in the insurance industry. Each course I enrolled in on my way to completing my mathematics degree has played a role in my preparation. CS111 was especially helpful in exposing me to computer programming languages that I use on a regular basis. It was also helpful to pair my mathematics degree with a degree in economics. The second major has helped me to better understand the insurance industry as a whole.
Gordon Hines '05
I am a Commercial Accounts Actuarial Analyst for Travelers Insurance in Hartford, CT. I’m in the Actuarial Leadership Development Program, offering rotations throughout the company while giving time and support for passing exams. My first year-long rotation was in Personal Lines working with Auto and Homeowner’s Insurance, and currently I’m working with Boiler and Machinery Accounts in Commercial Lines. In Fall 2005, I took and passed Exam 1/P (a three- hour, 30-question exam covering Probability Statistics and some insurance applications). In Spring 2006, I passed Exam 2/FM (covering annuities and basic interest theory). In November 2006 I took Exam 3 (covering life contingencies [basically interest theory and the probability of death] and actuarial mathematics). My program gives 120 hours of paid study time per exam, provides all materials, and pays all expenses for one seminar per sitting. The seminar in Fall 2006 was a week long at Georgia State University outside Atlanta and covered the full syllabus of the exam.
My mathematics degree from Saint Michael’s has helped me with my job in many ways: from the Calculus and Statistics background for passing exams, to the way in which the small classes were run. Being at a small school, classes were much more interactive than they would have been at a larger university. That has really helped with working in groups here at an insurance company, or in any business someone may choose. There is also the occasional presentation I’ll have to give, which we got a lot of practice with in our math classes at college.
Megan Tatro Christensen '06
I work as a Risk Analyst on the Catastrophe Management team at Travelers Insurance. I do statistical modeling of catastrophic risks at Travelers and help create initiatives to reduce that risk. For example, I have been doing extensive research on earthquake risk that I will use to build a tool that will help Travelers determine their potential losses in the event of an earthquake. The loss estimated by this tool will be used for reserving estimations so that enough money is set aside to pay for the losses. I also plan to enroll in graduate school in Spring 2009 at the University of Connecticut to get a M.S. in Applied Financial Mathematics.
My education at Saint Michael's has helped me by not only giving me the fundamental knowledge in mathematics that I use in my job every day, but also it has given me the confidence needed to succeed in a large company. Without the knowledge I gained at Saint Michaels, both inside and outside of the classroom, I do not think I would be working at Travelers Insurance today.