Why choose a career as an actuary in an insurance company?

Question

I'm interested to know what benefits people feel they have gained working as an actuary in an insurance company as opposed to a consultancy. Actuaries.org.uk implies the only differences are working with one customer over potentially many and not having to travel to client sites.

Answer 1

There are lots of pros and cons.

Traditional insurance companies are seen as a safer option, with good final salary pension schemes to participate in but nowadays most insurers and closed final salary schemes to new employees and employement is no more secure than with a consultancy.

With a consultancy, you're likely to learn more by getting more exposure to different areas. With big insurers, you can get stuck within certain parts of the business and limit your experience.

I would go the concultancy route.

Answer 2

If you get with one of the big boys (State Farm, Allstate, Nationwide, Farmers) you will have plenty of job security and job opportunities.  I spent 15 years with one of the big boys listed above and your ability to maintain and work a successful career is unlimited.  The great thing is, you will never loose your tenure and have to start all over again.   I would go with the Actuary job.  I almost did but opted for claims and loved every minute of it.

Answer 3

Working for a large insurance company gives you better job security...