UCAI Presentation November 1, 2012

Consulting Actuarial Internship at Aon Hewitt

How I got my Internship½ - 1 hour time commitment per dayNetworking

Linked In Join Groups and connect to people from your email account Write personalized connect invitations Complete your profile with picture and recommendations Profile = Online Resume

Events where you can meet actuaries International Association of Black Actuaries (IABA) Gamma Iota Sigma (GIS) Society of Actuaries (SOA) Chicago Actuarial Association (CAA) Risk and Insurance Management Society (RIMS) International Association of Insurance Professionals

Personalized letters of inquiry to Actuaries soa.org advanced search to get contact information

How I got my Internship Contd.Research before interviewing

Company Recent Mergers or Acquisitions CEO and other executives Culture Reviews see glassdoor.com Typical Interview Questions see glassdoor.com What the company looks for in their candidates

Interviewers Name From where Hobbies

Actuary Career Type Recent changes in the law Which products are most important Recent issues

How I got my Internship Contd.Prepare Stories

SituationTaskActionResult

Google Search YourselfEverything is positiveSomething comes up

Let the Companies competeApply online

Always create a personalized cover letter

Consulting In a NutshellCompanies helping Companies

Retirement and Health are the biggest segmentsWork is done on client teamsNot as much travel as you would think

HR services companies hire the most actuariesAon HewittTowers WatsonMercerMillimanBuck

Advanced search on soa.org to find others

RetirementDefined Benefit (DB) VS. Defined Contribution

(DC)Defined Benefit

Benefit is defined by a formula Contribution is not defined Investment risk is on the company More actuary work Your grandfather’s pension

Defined Contribution Contribution is defined by an agreement Benefit is not defined Investment Risk is on the employee Less actuary work 401(k)

Retirement IssuesLow Interest RatesLongevity RiskLegislation

ERISA (1974)Pension Protection Act (2006)Pension Relief Act (2010)Map 21 (2012)

Liability Settlements

Health and BenefitsSelf Insured Vs. Fully InsuredStop loss or ReinsuranceLeverageRecent Legislation

Patient Protection and Affordable Care Act (PPACA) 2010

My Internship at Aon HewittClient work on day 1Very collaborativePlan Design ModelingIncurred but not Reported (IBNR) analysisNon-Discrimination Testing of Cafeteria PlansCompiled Non-discrimination test data for

last 3 years to create benchmarks by industryPresentation on the relationship between

premium credits and penalties in the PPACA

Consulting Vs. InsuranceConsulting

More seasonalMore hoursMore people/client/team orientedLess technicalMore salary

InsuranceLess seasonalLess hoursLess people/client/team orientedMore technicalLess salary

Questions?