As the Tuesday comes to an end here in NYC, I have decided to reflect on my past week here at TransRe.
On Monday we had another networking event with other companies and their interns. This time we played a Bingo game which encouraged us to talk to other interns. This was much better for meeting others. I learned that most of the interns in the city are from surrounding small schools, I don’t hear the mention of any large schools. It kind of makes me wonder where all the big schools send their interns… After talking with the other interns, we sat down and two men discussed their careers within the reinsurance/insurance industry. I, of course, had my shining moment where I asked a stellar question. They hold these networking events for the benefit of the interns meeting others their age and to bring young people into the industry (or so I thought). My question was something along the lines of “If you want young people to come into this line of business, then why isn’t reinsurance offering a job after an internship? Other industries are doing that, so all the young and smart college grads are going to run to those fields.” One of them had mentioned before that most interns don’t get a job, maybe only one or two, it made me wonder why they were even targeting our age group. Their answer seemed to almost contradict the reason for the event. “We want people with experience, 5-10 years.” I think my question helped them reevaluate their target audience for getting younger people interested in reinsurance.
In addition to researching companies, I have recently been assigned a project from the actuarial department that requires me to take old data and market projections to predict loss development ratios for the years to come. I was assigned two categories and finished one in 2 days (this is a 3 week project). Tomorrow I plan on beginning the second category. It is fun to do the number crunching because that’s where final decisions come from for insurers and re insurers.
My boss and I get along very well. Today, we had a great conversation going over small details within a specific company that would make it perform that way it is. Although broad and sometime hypothetical questions came up, it helped me grasp a better understanding of how reinsurance premium works and how modeling plays a large part in deciding those figures. Too, the modeling, done by different parties, come out with different numbers because they made exclude certain exposures.
Til next time,