INSURANCE: Diverse, Dynamic and Rewarding Careers

Black Collegian, Apr 2005 by Green, Marvin V

The job of actuary is one of the specialized positions in the industry. Ollie Sherman, managing principal at Tillingast business of Towers-Perrin in Arlington, Va., says achieving certification as an actuary is a career maker.

"I think that the designation is very well respected within the financial industry. It's kind of opened doors. It probably provided opportunities that would have been challenging at the time I came through. The insurance industry in particular and the financial industry in general are pretty conservative. So having that credential made it easier to move into the industry," Sherman says.

Sherman said that he had been a math major in college and kind of fell into the industry after seeking career opportunities. Actuaries don't have to be math majors, "but it certain requires some aptitude for math. The types of issues actuaries address tend to be business issues," he says.

Salaries vary - Independent agencies in some areas want to bring college grads in at the upper 20s (not enough). Small insurance companies in some areas do also. The larger national companies typically hire at the mid to upper 30s (35-39).

In recent years, the industry has undergone numerous changes within the financial arena as insurance companies can market products other than insurance, and non-insurers, such as banking companies, can sell insurance. The Financial Services Modernization Act of 1999 changed the manner in which financial and insurance firms compete.

John Robinson, a senior actuary at Nationwide Mutual Insurance Co. in Columbus, Ohio, says many insurance careers do not always correlate with a student's focus in college but there is a growing awareness of opportunities the industry offers. Robinson says that in many respects professionals in the industry have a special calling.

"If you look at a company like Nationwide, one of the things of getting into a field like insurance is that you are helping people protect their livelihoods. In a way you are doing something which provides a social good. If you have that approach in what you're doing, you can make a mission of your career in insurance," Robinson says.

Marvin V. Greene contributes frequently to THE BLACK COLLEGIAN Magazine.