I currently work near actuaries at a small insurance advocacy company (we operate both as a customer service operation and a broker/consulting operation) I help run the broker/consulting side of the business so I’m constantly in contact with the major insurance carriers (Group Health Benefits). My current role is to analyze plan designs from potential clients. Look at their claims, develop a cost, and then work with Insurance companies to obtain the best possible price. Then I make marketing materials, approve costs, and send to the sales team. I’m a hodgepodge of proposals and underwriting; but I am in charge of the unit that does this.
What I was wondering is that I recently went back to school to firm up my math skills. I wanted to learn how to become an actuary. While in my current role I’m considered to be part of senior leadership in the company; I believe what I wanted to do is have something akin to having a trade in this industry. You know something I could reliable fall back into or move over to if something were to happen down the road.
Is being an actuary the right type of skill I’m thinking of? What I really want to be able to do is get a book of claims and analyze them to develop a PMPM cost for a group. I want to be able to look at their assets, look at their claim cost, and develop a pricing model so I can help them get the best possible price for their group.
I’m not sure if actuarial work is what I should be looking into. What I do know so far is when I deal with UW at these companies in often talking directly to the Actuarial teams and the consultants our sales team often works with are actuarial consulting companies. So I figured that it would be a good set of skills to develop and have a formal training in.
Last question here—is there a part time actuarial undergrad program you can enroll into while you work? I’m aware you have to take the exams and it doesn’t really matter what your prior history is so long as you can pass them, but I figured the best way for me to do that is obtain another formal education and move myself forward.
Am I on the right track here or am I missing this entirely?