Want to do an actuarial internship? Here, Natalie, an Actuarial Summer Intern at RSA tells us all about her role and what to expect…
Having studied Mathematics and Statistics at university, I was keen to understand how I could use the analytical skills I had developed in an insurance field. Carrying out an insurance internship with RSA gave me great exposure to the industry. An internship seemed like a great way to get real-life work experience, whilst also making connections within the industry. The internship also presented me with a number of opportunities to speak with current graduates. I found receiving advice about the actuarial exams from students with similar backgrounds highly valuable in determining whether it was a career path I wanted to take. Completing an internship provided me with a great platform of business skills to build upon during my final year of university and throughout my career.
What was the application process like – any advice for other students?
Firstly, I completed an online application form. This consisted of a number of questions about my interest in the role and the company, some competency-based questions where I could showcase my skillset and details of my qualifications to date. I was then invited to complete some online-based assessments, assessing my numerical and comprehension skills. Shortly after this, I had a telephone interview, which included some competency-based questions. The last stage of the process was an assessment centre. I was given a number of tasks here that included: an interview, a group activity and a case study. It was also a fantastic opportunity to network with like-minded graduates. Throughout each phase of the process, I was well informed by RSA, which helped me feel at ease.
My advice to other students would be to research the role you are applying for and to think about how your capabilities fit with the role. I would suggest thinking of a couple of examples which best illustrate your assets; this will help you if you get stuck under pressure. Most importantly, try your best to be calm and composed so you can showcase yourself.
What attracted you to your role?
One of the key driving factors was the opportunity to develop my technical skills and softer skills. For example, I was able to use my analytical skills, whilst still developing my communication skills. Another attraction to the role was the diversity of the organisation. RSA has many different lines of business and this role offered me to the opportunity to expand my wider insurance knowledge. For example, RSA provided me with a number of opportunities to understand more about other teams within commercial pricing, in particular the reserving and case pricing teams.
What were your main duties?
Throughout my eight-week internship, I was based in the SME commercial pricing team. I was able to work alongside members of the team based in motor and property. This gave me exposure to different sides of the business, which was useful for understanding more about the different types of insurance. I was able to develop my technical skills by learning new computer software. This was invaluable as having a good foundation of computer skills was extremely useful in my final year of university and when I started my graduate role. During my internship I supported the pricing team by beginning to set up rating specifications, automating the importation of data and carrying out some analysis into first year renewals.
What were the most important things you learned from the internship?
Throughout the internship one of the key things I noted was the importance of communication and networking with colleagues. The people I worked alongside had a lot of knowledge and experience, which they were more than willing to share. I also found learning about how to work in a fast-paced office environment highly beneficial. It made it a lot easier to begin my graduate role.