Mentorship, Risk and Reinvention

In this world with sometimes too many, but at other times too few choices, career planning can feel like navigating a jungle. There’s no shortage of stories to tell about these career navigations, and one I’m pleased to bring to The Actuary is my conversation with actuarial consultant Scott Allen, FSA, MAAA. Here, Scott discusses pivotal moments in his career and shares advice pertinent to aspiring actuaries and professionals alike.

Could you please share pivotal moments from your career and how you would think about those moments in hindsight?

Scott Allen: One of the pivotal moments in my career was accepting a position as Chief Actuary with a private equity-owned health plan in Puerto Rico. Initially hesitant, I realized this might be a once-in-a-lifetime opportunity to immerse myself in a different culture and expand my professional horizons. Over the course of four and a half years, I pushed my boundaries and learned to grow comfortable with being uncomfortable. The experience elevated my career to new heights, allowing me to take on nontraditional roles for an actuary, including serving as a company president, leading a sales force and heading acquisition teams. The cultural differences were challenging, but I learned to adapt to the work environment, learned some Spanish along the way, and embraced local traditions, such as the island’s elaborate Christmas celebrations. This experience not only broadened my skill set but also provided invaluable insights into cross-cultural business practices.

Another pivotal moment in my career came when I started my current independent consulting practice. After dedicating nearly two decades to working for health plans, I made a bold decision almost 12 years ago to embark on a new journey by starting an independent consulting practice. Despite having no actuarial consulting experience, I took the leap into this unfamiliar territory, which for a normally risk-averse person was admittedly daunting. This career shift, though, allowed me the freedom to choose the types of projects I wanted to pursue and those I preferred to avoid. For example, I have expanded my expertise to include serving as an expert witness in litigation matters, further diversifying my professional portfolio.

We recently discussed the motto “helping others helps you.” Do you have any thoughts or stories you could share about that?

SA: One of the aspects I’ve enjoyed most as a leader in the actuarial field is the opportunity to develop talent and mentor younger actuaries. I take great satisfaction in helping them hone their professional skills and watching their careers flourish. Over the years, many of the individuals who worked under my guidance went on to become chief actuaries or take on other leadership roles within the actuarial profession. It’s been incredibly rewarding to see their success and know that I played a part in their professional growth. This ability to shape the next generation of actuarial leaders has been one of the most fulfilling parts of my career. Investing in others’ development has also helped my consulting practice, as many of those I mentored have become decision-makers within their organizations and have retained my services as a consultant.

Is there any advice you could share with actuaries who are in the first 10 years of their career?

SA: Realize that you need to push beyond comfort zones to broaden your experiences. It’s crucial to start thinking like a chief actuary early on, developing a big picture view from the executive perspective, even as an actuarial student. Understand the importance of grasping not just traditional actuarial concepts, such as pricing and reserving, which are critical, but also gaining the perspective of other areas in an organization, such as Sales, Underwriting, Finance, and Operations. To achieve this, actively seek ways to gain this exposure. Consider creating your own opportunities, such as volunteering for projects that involve working with other areas.  This may also require moving to another company if the opportunities are not available where you are. Ultimately, I believe that by taking initiative and volunteering for diverse tasks, you can build a well-rounded skill set that will serve you well in your actuarial career, whatever your career goals are.

In closing

As American novelist Gregory Maguire notes, “All paths lead to the same place, and that place is whatever comes next.” No matter what your career path, I am sure there are insightful lessons you could take from Scott’s experiences.

Statements of fact and opinions expressed herein are those of the individual authors and are not necessarily those of the Society of Actuaries or the respective authors’ employers.

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