For those who don’t know what an actuary is, an actuary compiles and analyzes statistics in order to project insurance risks and thus calculate premiums. I have a strong interest in mathematics, projections, and business, so I would like to pursue an actuarial career after college. As such, I wanted an actuarial co-op position for my first co-op experience.
My team’s proposal was 1 of 3 chosen (out of 10) to present to senior management, and they selected our proposal as the most creative and potentially viable.
After several weeks of searching and applying to different job postings, I received an interview from the Medicare Pricing team of the Actuarial Department of Independence Blue Cross (IBC). That interview went very well, and they offered me a co-op position. I was excited to take this opportunity to learn firsthand what working as an actuary was like, and it developed into an excellent co-op experience. My boss found a good balance between giving me the freedom to work on my own and checking on my progress with different projects, and he was always available to answer questions. He also made sure that I understood how each project I worked on fit within the company’s overall strategy – he didn’t just give me tasks to complete.
I learned how to approach actuarial problems, use actuarial best practices to develop a solution, and present my conclusions to a diverse audience, as well as developing my technical skills with Excel, SQL, and VBA. IBC also has an intern program where they divide the interns into teams and ask each team to develop a proposal for one of IBC’s strategic goals. My team’s proposal was 1 of 3 chosen (out of 10) to present to senior management, and they selected our proposal as the most creative and potentially viable. Overall, this was an excellent work experience – I stayed on part-time during the school year and will be returning for my second co-op.