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6 Best Insurance Companies for an Actuary to Work For – Updated!

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Our 2017 blog on the 6 Best Companies for an Actuary to Work For was wildly popular. In trying to figure out why it was so popular it became clear there aren’t very many top ten lists for actuarial employment concerns. Insurance companies get lumped in with financial services firms and as critical as actuaries are to insurance companies their needs don’t get highlighted in best of lists. Here is our update on the 6 Best Insurance Companies for an Actuary to Work For.

Allianz

For the tenth year in a row Allianz made the Fortune 100 Best Companies to Work For – across all industries, not just insurance and finance. Fortune cited its commitment to company culture, employee development and diversity and inclusion. “Investing in an exceptional employee experience is a top priority, and we are very proud to be recognized as a great place to work and employer of choice,” said their President and CEO, Walter White. According to GreatPlaceToWork.com over 95% of their U.S. based employees say it is a great place to work. It made our best insurance companies for an actuary to work for in 2017, too.

Progressive

Energage released their first ever Top Workplaces in the USA list in 2021 which relied on an anonymous employee survey to rank companies and Progressive was second among companies with 2,500 or more employees. Progressive has over 43,000 U.S. based employees and over 94% say it is a great place to work…94% of 43,000 employees! The feedback from their GreatPlaceToWork.com survey was focused on how the employees wanted to highlight the honest and ethical management at Progressive and how “OUR” executives embody the best characteristics of “OUR” company. Progressive also plans to make 6400 new hires in 2021.

American Fidelity

Making the Fortune 100 Best Companies to Work For for the fifteenth time, Fortune cited American Fidelity for the way it kept employees engaged and in “high spirits” while working from home during the pandemic. “The company has hosted a slew of virtual teambuilding activities and giveaways, including an Easter egg hunt, a Halloween costume contest, a lip-synch battle, and more. In a testimonial, one employee expressed amazement in the corporate communication team’s ability to put out so many materials over the course of the pandemic.” Over 93% of employees are proud to tell others they work here and 92% feel employees are given “a lot of responsibility.”

USAA

USAA offers a variety of insurance and financial products to U.S. military members and veterans and their families. It also prides itself on providing those customers with financial advice for major life events like buying a home and saving for retirement. While supporting some of our country’s best, people who serve our country, they have dropped in the Fortune rankings recently. No #20 In Fortune Best Workplaces in Large Financial Services and Insurance for 2021, they were #14 in 2020. Only 82% of employees say it is a great place to work.  That said, though, they are the top insurance company for actuarial compensation at $130K per zippia.com. (The only company ahead of them in actuarial average salary is McKinsey at $143K.)

Nationwide

The highest ranking insurance company in Fortune’s 2021 Best Workplaces at #7, achieved this all while transitioning to a 100% independent agency distribution model in the middle of the pandemic. Since the transition, new written premiums have increased 35%. On Fortune’s overall list, Nationwide moved up from #91 in 2020 to #25 in 2021. Nationwide was one of the first companies to move to a nearly 100% remote work environment. Nationwide also put into place a multi-year commitment to support local and national programs dedicated to social justice continuing Nationwide’s strong track record of commitment to diversity, equity, inclusion and social justice. Their Board of Directors is 25% diverse and 31% female and its C-suite is 20% diverse and 20% female.

New York Life

Based on revenue New York Life Insurance is the largest mutual insurer in the United States and has the highest financial strength ratings from S&P, A.M. Best, Moody’s and Fitch. It has also been in business 175 years with 54% of corporate employees women and 42% of corporate employees people of color. 94% of employees feel “people care about each other here.” Actuarial turnover is very low at New York Life. A big part of that is due to their rotational program being available beyond achieving your FSA. Most insurance companies offer these programs for actuaries to get experience in and assess their personal fit and preference for different actuarial tracks up until they receive their ASA or FSA. Then the programs stop. New York Life keeps this option open for your entire career.

Interested in talking about working for one of the 6 best insurance companies for an actuary to work for? Contact Smith Hanley Associates’ Actuarial Recruiter, Rory Hauser, at rhauser@smithhanley.com.

 

 

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