Ep. 94: How Actuaries are Embracing the Insurtech Revolution

Erik Wenzel is an InsurTech enthusiast and actuary. He describes himself as someone who has the brain of an actuary and passion of a Silicon Valley entrepreneur, and firmly believes the actuary profession is more than capable of leveraging opportunities presented by InsurTech. He currently works at CNA Insurance, a commercial property and insurance company that provides a range of insurance services for different sectors including construction, financial institutions, and healthcare. 

Erik joins us today to shed light on the subject of actuarial science and how it interacts with the insurance industry. He describes how he dreamed about being an actuary and how it enables him to become an efficient insurance analyzer. He discusses the aspect of health, the real cost of insurance, and some of the associations he’s a member of. He also explains why he chose LinkedIn as his primary platform when it comes to sharing knowledge about the actuary profession.

“Insurance is a trillion-dollar opportunity for Silicon Valley to come in and disrupt it.” - Erik Wenzel

Today on Spot On Insurance:

Why Eric studied actuarial science and how he ended up in the insurance industry. How being an actuary affects the way he analyzes insurance. His thoughts on the current health trajectory our society is going through. The cost of insurance from the perspective of agents and clients. The progress of actuaries in the InsurTech space. Why he uses LinkedIn as his platform to communicate with other actuaries. The insurance industry associations he belongs to and how they helped his career. His advice to young actuaries on how to become an expert.

Key Takeaways:

You can't search Google and learn how to become a good actuary. A lot of an actuary’s work is using data over the last several years to determine what is going to happen over the next sixty years.

Resources Mentioned:

Society of Actuaries

Connect with Erik Wenzel:

CNA insurance LinkedIn

This episode was brought to you by…..

Insurance Licensing Services of America (ILSA), America’s Premier Insurance Compliance and Licensing experts. To learn more about ILSA and their services, visit ILSAinc.com.

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