Lucinda Webb, Actuarial Sciences student
As part of the UEA degree programme 2nd and final year Actuarial Science students spend some time at global insurance giant, Aviva, where they receive teaching from practicing Actuaries and gain an insight into the life of an Actuary. Lucinda Webb, 3rd year Actuarial Science student, reports on her experiences below.
I found the sessions at Aviva really helpful as they not only gave me a much deeper insight into the insurance industry, but also enabled me to see how the theory that I had learnt was used in practice.
I got an insight into the different types of areas where actuaries can work, including general insurance, life assurance and pensions; the type of work actuaries undertake, from pricing to reserving, and talked about the current issues facing the industry. Furthermore, the sessions were very engaging as we were faced with many different questions and tasks that are faced by actuaries on a daily basis, and often worked in small groups, before presenting our ideas back to the whole group and discussing them.
I found the material about general insurance particularly interesting as we learned about the different types of insurance products and how they vary, together with the factors that affect how they are priced. Also, we built on the theory that we had learned, such as loss ratios and developments factors, and saw examples of how they are used in practice. This provided me with a very good understanding which gave me advantage when undertaking an internship at Zurich Municipal this summer, working in the Commercial Lines Pricing team.
Another vital area we learned about was the code of conduct, which actuaries must follow, and behaviour in ethical dilemmas. Again, I felt that this was very important for my internship and this area can often get overlooked. Finally, it was great that each week we were taught by different actuaries who were currently working in the industry, across a range of business areas. It was great to get their views and we had the opportunity to ask them lots of questions.