Douglas Hung graduated from Ohio State Undergrad in 2016. He graduated with a major in Actuarial Science and completed minors in Business, Economics, and Statistics. He currently works for Grange Insurance as an Actuary. Previously, he had various actuarial titles at Cincinnati Insurance Companies. Feel free to contact him at douglas@douglashung.com.

How did you first become interested in actuarial science?

My high school Statistics teacher mentioned this profession on the first day of class and how it's math-heavy and has a promising earning potential. Between submitting my application to Ohio State and orientation, I did some light research and decided to pursue this career path.

How did Ohio State's program stand out to you?

The faculty hands down. The support, advising, mentorship, and guidance I received from my professors here made me aware of and motivated me to apply for internships and begin taking actuarial exams early on.

What do you love most about Ohio State?

The program maintains strong relations with employers of this profession, of which there are many in Columbus, my employer included. This makes internships and entry-level positions more visible and accessible to students. Oh, and the football obviously.

What did you think about the faculty in the program?

They're fantastic. Although I wasn't a student under the current faculty, I've gotten to know them through events between the program and my employer, along with occasionally encountering them at actuarial society meetings and conferences. It's clear that the values that I benefitted from as a student are continuing to be passed between the professors.

How were your interactions with other students in the program?

The friendships I made with classmates in this program allowed us to motivate each other with applying to jobs, taking exams, and navigating the rigorous coursework of this program. We also frequently shared knowledge in getting started on the long actuarial tracks, a process that doesn't end once you land your first job. Between the exams, fulfilling VEE requirements, job applications, and making it to graduation, that's only the start. Beyond those pieces, there are ongoing continuing education (CE) requirements with each society and job-specific learning and development in general.

What role did OSU's program play in tackling the SOA or CAS exams?

OSU's program prepares you for quite a few of the preliminary exams. Although it's not required to take them all, the more you set yourself up to pass early on, the fewer the exams you'll have remaining post-graduation.

Tell us about your internship experience.

It was intimidating at first but so rewarding. My first internship was a Property & Casualty role with Grange Insurance, and was a large part of why I was so eager to return to the company a few years ago. The following summer, I went to a life carrier to "see the other side." Not only did I pick up plenty of job-specific and technical skills as an intern, but some skills that also apply to life beyond work. I walked in on the first day as an intern worried that I wouldn't know how to do anything. Keep in mind that the actuaries that you're working with were in your shoes at one point, some fairly recently, so the people who are training and directing you are understanding. Don't ever hesitate to ask questions!

In what ways did the program challenge you that you weren't expecting?

The classes that are tailored towards the exams went beyond merely teaching how to solve exam problems. The mathematical theories that we worked through have served as good practice for dissecting and solving business problems. Spoiler alert: you won't be solving multiple-choice probability problems for work.

What has been your biggest takeaway from the program? Was there any class or skill that stood out? How did the content prepare you for your role?

The ability to learn from a diverse offering has been incredibly valuable. Practicum in Actuarial Science is a class you'll want to pay attention in. It's less structured and unlike other classes you'll take, but you'll learn many soft-skill items from the diverse set of actuaries instructing you. I still leverage many of the skills I picked up in this class today. 

How would you describe your work in actuarial science, and what excites you about the field?

I work specifically in the pricing of Personal Homeowners insurance. We need to ensure that our rates are adequate (but not excessive) to cover our future losses and expenses. It's daunting but exciting that the cost of what we're selling is not known at the time of sale. The pandemic, inflation, and climate change are a few things that have introduced new challenges to our profession and industry lately, but it's never a boring day.

Is there anything about actuarial science that might surprise someone new to the field?

You're never finished learning. Yes, the exams may seem like a never-ending process, but even beyond that the societies have CE requirements each year to maintain your membership/credentials. There are many roles within each track that are so different from one another. You'll briefly feel like a new intern again if you ever rotate into a new role after a few years or more, even at the same company.

Can you elaborate on your current role and typical things you encounter on a day to day basis?

In my role, we're constantly updating and leveraging rate level indications (an instrumental process of calculating rate need in the Property & Casualty insurance industry) to guide our rate level recommendations and decisions. Premiums and losses are the most important components of this calculation. Often times rate adequacy and profitability objectives are at odds with the ability to sell policies and grow our business, so the math is only one piece of a large puzzle.

What advice do you have for current and future students?

Keep your mind open. It's impossible to fully understand what a career in each track (e.g., life and P&C) will entail through just some internet research. An internship will help to better paint that picture, but keep in mind there are differences between companies that are unrelated to the actuarial track of the position. Don't limit your options from the start just because of something you saw on Reddit.

Do you have any advice for international students?

Don't hesitate to network. Gather information from each company about their willingness to provide visa sponsorship and if so, what their requirements and limitations are. For example, one of my former employers would only sponsor PhD students.