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Academic Trip to AXA Affin General Insurance

On the 5th June, SUAS have organised an academic trip to AXA Affin General Insurance.

This event is aimed to gain insight into the Actuarial Department in AXA Affin General Insurance Berhad. As some of the SUAS members will go for internship at the end of this year, it would be a great chance for them to have an image of what working in an actuarial department is like. Due to the limited space in the actuarial department for a group of over 40 students, we were accommodated in their training centre instead which is in a separate location from their office. This unfortunately means that we are unable to visit their work stations. However, their company has promised us to try to include a demonstration using their software.

We arrived at AXA Internal Training Centre by 8:30 am and was greeted by Mr Alvin Choong, Vice President of Actuarial Team. Mr. Sylvain Ducros, CFO of AXA Affin General Insurance Industry started off the event with a welcoming speech. Light refreshment was served and members had the opportunity to interact with the employers in AXA Affin General Insurance Berhad.

From left: Chief Financial Officer - Mr. Sylvain Ducros, Vice President – Actuarial - Mr. Alvin Choong

After the refreshment, we continued our session with “Journey of Discovery” by Human Resources department from “birth” of AXA in France to the current AXA Affin General Insurance in Malaysia followed by the operation and roles of different departments in AXA Affin General Insurance Berhad.

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Mr. Alvin Choong gave an overview about the actuarial team and presented the career opportunities in the company

Mr. Anand (pricing team) briefly introduced the application of Generalized Linear Model (GLM) and Excel Heat Maps in pricing products

Lastly, Mr. Joshua Koh (reserving team) demonstrated the usage of IBNRS software in determining the amount of reserves in the company

A group photo of all the participants and employers in AXA Affin General Insurance Berhad

Lecturer's Appreciation Day

Recently, SUAS held a Lecturer's Appreciation Day (LAD) as a celebration to appreciate and acknowledge the hard work done by actuarial lecturers. It was the first of its kind to be carried out by SUAS. The event was held on a Friday, 22nd May 2015. It involved all SUAS members and all lecturers from Department of Financial Mathematics and Statistics. Besides the main aim of appreciating lecturers, LAD also aimed to strengthen the relationship between students and lecturers and also to provide a bonding session among actuarial students from different intakes. 

LAD started off with speeches given by SUAS president, our society's advisor and a marketing representative from SUAS. Following the speeches, participants including the lecturers were divided into groups to start the games session. After being much active in the games, we had a break with some refreshments served. Moving on with the event schedule, we started the performances which consist of interesting collaborations between students and lecturers. Then, gifts were given to the lecturers with a special mug mini game which involved the lecturers to rearrange their mugs to form a phrase saying "NO 1 LECTURERS". Lastly, the event was ended with a photo session. 

It was indeed a fun-filled day with lots of laughters resounding in the hall. Most importantly, the event was successful especially when the lecturers gave feedback that they felt appreciated throughout this event. We have captured and compiled all the exciting moments during the events into a video. Check it out below!

 

You can also check out the individual performances below:  

 

 

 

Post Internship Experiences

Previously in January, an article on the Interview Experiences for Internship was posted, this article serves as a follow up to the post. Recently, the first batch of Sunway University Actuarial Studies third year students who underwent a 3-month internship between December 2014 and March 2015 have returned to the campus. In this article, we have compiled the post internship responses of 3 students who were attached to companies in various industries. The first student is Hazel Hiew who was attached to Actuarial Partners. Next is Megan Tee who interned in an investment bank, Hong Leong Investment Bank. Lastly, we have Queenie Woon who went to ML Reinsurance, a reinsurance company. They were required to answer 4 questions and their responses are as follows:

        

                 Hazel Hiew                             Megan Tee                             Queenie Woon

1) How do you feel about your internship experience?

Hazel:I feel that this experience gave me useful insight into the actuarial industry, as far as consultancy firms go. I was exposed to real-life insurance products and actuarial asset management, and I got to see how actuarial and financial theories are applied in the real world.

Megan: The internship experience was very rewarding in terms of exposure and life experience. It was a precious chance to be able to work in non-actuarial related industry (investment banking) and got exposed to the real world financial market and meeting top managements of public listed companies. I have learned a lot of soft skills throughout my internship.

Queenie: It was a great experience for me. I’ve improved my software skills and learnt a lot of new things from my internship. My internship experience made me a better one. Last but not the least, this experience will definitely be useful in my future.

2) Does internship help you in determining your future career path?

Hazel: Yes, because the internship allowed me to experience a portion of work life in the actuarial industry.

Megan: The internship did not really help me to decide where I really want to be but I have at least 'tested waters' in the investment banking industry and know what it takes to be in that industry which is useful for future consideration.

Queenie: Internship offers me a chance to experience a prospective career path. By the time of graduation, I will have confidence that the degree I am receiving is the right one.

3) What is the difference between study and working environment?

Hazel: In terms of the work itself, the main difference is the fact that in university/when studying, all the relevant information is provided to us, ready to use. However, in reality, most of the information needed to do actuarial calculations and analysis is not easy to obtain. So, there is a heavy reliance on assumptions when modelling.In terms of environment, university students have much more freedom as they usually have breaks in between classes. They are not required to stay in an office for most of the day. Overall, student life is much more easygoing than that of a working adult.

Megan: Study environment is more relaxing compared to the working environment because as a student, we have more free time for various activities. As for working environment, it is more mentally and physically exhausting as you would need to be in the office for at least 8 to 9 hours a day assuming you don't need to go out for meetings with clients/field trips. You'd have lesser time for personal matters and you'd appreciate your weekends more.

Queenie: In real working environment, we couldn’t expect to have full supervision on certain task. Most of the time, we have to solve the problem by ourselves.

4) Does internship motivate you to study when you are back to campus?

Hazel: Yes. Through this internship, I saw how the theories we learnt were applied. This shed a new light on the actuarial studies subjects. Also, there were some new theories and assumptions that I learnt of during the internship that pique my interest.

Megan: Internship does motivate me to study more in uni to build up more knowledge and well equip myself for workforce. Furthermore, internship does motivate me to do more readings regardless of subjects/topics to enhance general knowledge.

Queenie: After experiencing working life, studying is better and easier compared to working. Hence, I will appreciate my remaining time as a student and it motivates me to study harder. 

'Actuarial Today 2015'

Actuary Today 2015 is organised by the UTAR Actuarial Science Society and supported by the university's Centre for Mathematical Sciences. This event was well-designed into four categories - Actuarial Exposition, Actuarial Challenge, Actuarial Competition and Actuarial Conference.

The Actuarial Exposition aimed to expose the parents, students and general public to comprehensive information regarding the actuarial profession. It meant to help students to fathom about Actuarial Science, develop and enhance their knowledge in Actuarial Science. Booths that have been set up offered tremendous help to those who are planning to study Actuarial Science. Besides, the undergraduates that attended get to have a better insight in their future job prospects, the uncertainties and challenges they might face in the future.

On the other hand, the Actuarial Challenge was an intervarsity competition that provided an opportunity for actuarial science undergraduates to demonstrate their prowess in actuarial skills. Meanwhile, the Actuarial Competition particularly targeted those secondary schools leavers especially students who are undergoing Pre-U courses such as STPM and UEC to spark their interest in Actuarial Science.

Lastly, the Actuarial Conference was introduced as a new programme in Actuarial Today 2015 whereby professionals were invited to share their knowledge and auspicious experiences from their expertise to the participants through various talks.

Sunway University Actuarial Studies students were proudly invited to take part in this event and below are the comments from the students who participated in Actuarial Challenge.

Harry, Ivan, Chong Yu Yun, Li Chin, Khai Wen and Jia Wen(from right)

“First of all, two most important things that I learned to use in the competition are @Risk (Microsoft Excel’s add-in) and Monte Carlo Simulations (credits to Mr. Seow Fan Cheong and Mr Adrian Nathai). When it comes to analysing historical data, both proves to be very useful items.Secondly, I am aware that we need to be able to foresee the risks within the policy and take it into accounts when we are pricing it. I have also learned how to work in a team. Although each of us have different roles and perspectives, we were still able to meet a deal and present our ideas.” (Harry Lee)

“Even though we only got the 4^th place in the challenge, we get to leave a good impression to the externals as one of the judges actually still remember us and gave us comment after a few weeks. It is very important to give your best for everything you do. The result is not important, but the progress is important for one’s development and learning experience. We learnt to accept failure and strive for better future.” (Ivan Chan)

“I think that teamwork is the most important in the Actuarial Challenge as we have to complete the task within 24 hours, which in real life, the same task may take a few days to complete. So, I totally understand how important teamwork is and this will be very useful in the future, especially in the workplace.” (Tan Khai Wen)

“Unfortunately, what we’ve gained in lectures was not enough because in this challenge, we were asked to do pricing which is in our year 3 syllabus. Due to this reason, Mr. Adrian was willing to conduct an intense training for us in one month prior to this challenge. This training indeed provided essential skills and techniques that we have to master before participating the competition. Other than that, Mr. Seow also shared his knowledge and some recommended books to us. The sharing from both lecturers were indeed useful, I strongly believe that without their help, we would definitely not able to do pricing and write a report.” (Chong Yu Yun)

“It was definitely a very challenging task. In a given timeframe of 24 hours, we had to perform calculations, write report and email before giving a presentation. Since we were inexperienced, there were moments of frustration where things were not working out well and everyone had different opinions on certain issues. We overcame those barriers through teamwork. Throughout the whole process, we learnt to perform Monte Carlo simulations using Microsoft Excel and @Risk, write a pricing report and an email that was clear and free of jargon as the receiver might not have the specific knowledge or expertise. During the presentation, we learnt to convey the messages precisely and confidently.” (Tan Li Chin)

“In this competition, we need to act as an actuarial team to solve a real-world wise problem. Solving a real-world wise problem is different from solving tutorial questions because the winner is not evaluated based on how accurate the final answer is or how fast you can solve the question. I believe every actuarial student is able to perform the calculation. What makes a team stands out are their presentation skill and reporting skills. Nevertheless, this competition has enhanced my communication skills and report writing skills. I think such skills are useful in the future as these are what our future employer are looking for. With the advancement of technology, calculation could easily be done with software. However, it requires an employee with good presentation and reporting skills to analyse the result of the software and present it to his or her client.” (Yap Jia Wen)

Interview Experiences for Internship

~Interview Experiences for Internship~

PUI YIK SHEN; March 2013

Dear juniors and readers,
Greetings!

I am honoured to have this opportunity to share my interview experiences with you.

I will start by introducing myself, I am Yik Shen from March 2013 intake. Firstly, I am really excited when I received internship offers from AXA Affin Life Insurance Berhad, AON Malaysia, Ernst & Young, JPWall Consulting Partners (JPWall) and Malaysian Life Reinsurance (MLRe). After much consideration, I chose to be an intern in JPWall starting in January 2015!

From our experiences (my peers and I), a good progression in SOA/CAS professional exams is very important in helping us to get to the stage of interview. To be an outstanding candidate, it is also important to have good academic results and extra-curricular activities records in the cover letter and resume. In addition, we need to make sure that our cover letter and resume are well organized and error free. Any minor mistakes can be a big turn off!

A good preparation is crucial in leading to the actual interview. Some knowledge in the background of the company is essential to impress the interviewers. (However, both JPWall and MLRe did not stress on this part). Moreover, we have to make sure that we can explain all the details written in our cover letters or resumes. In doing so, the interviewers are more convinced of our abilities and credibility.

Here are some tips and tricks that could possibly make you the ‘right’ candidate:

1) “Tell me about yourself” is the most common but also the most important question to attract the attention of your interviewers. It is advisable to share your hobbies which are related to having certain interactions with people. For example, according to a Director of Audit from KPMG, he said that playing pool and clubbing are the hobbies that he likes to hear the most from interview candidates!

2) Share stories based on your own experiences or vision which could show the interviewers that you are determined and willing to work hard to achieve your goals. Those old stories like growing up from a poor family and you needing to support your family financially is no longer an effective story to impress them. Show your interviewers some knowledge related to the actuarial field that you know while other candidates might not know. It will help you gain some extra points for the interview. For example, the implementation of Financial Services Act, de-tariffication of motor insurance starting in 2016, and how does it affect the insurance industry.

3) Always be sincere and honest in your interview! Tell them honestly that you do not know about the things or do not master the skills that they required. From my past interview experiences, I was honest to JPWall and MLRe, telling them that I am still a beginner with very little basic skills that they mostly require such as Microsoft Excel VBA and Microsoft Access. However, I was surprised when they told me that they are willing to teach me rather than being lied to that I have mastered those skills but actually I have not.

Please be reminded that the interviewers are looking for people to work for them, not those straight As students who are not equipped with any computer skills. So, it is important to learn those important skills like Excel VBA, R Programming, Prophet, Access beforehand!

Last but not least, I am aware that I might not the best but I hope my advices based on what I have gone through can portrait an image of a real life interview. It is all mine, my friends’ personal experiences and advices from seniors or speakers from forums.

Thank you and all the best people!

MANDY LEOW; March 2013

Hi everyone! I am Mandy Leow from March intake 2013. I am honoured to be invited by SUAS to share my experience in the internship interviews which I had recently.

First and for most, I received internship offers from CIMB Investment Bank Berhad, AXA Affin Life Insurance Berhad and Hong Leong Bank Berhad. However, I have decided to serve as an intern in the Treasury Unit of Hong Leong Bank Berhad starting from January 2015 to March 2015. I was lucky enough to receive an offer from the most wanted company on my list and this would definitely grant me an opportunity to have a first-class sneak peek into the working world.

There were a lot of preparations to be done in order to get me an interview opportunity. Resume and cover letter are the only tools that you can rely on to get you that interview. Therefore, I have to do a lot of research and look through tonnes of good examples as the guidelines for me to write my cover letter as well as my resume. Before applying for any internship position, I seek my mentor for advice to make sure that there are zero mistakes in my writing, the format is appropriate and the content is attractive to grab the attention of hiring manager. There is one saying which sounds like this: ‘A good resume and cover letter should be like a lady’s skirt. Long enough to cover the important parts, but short enough to grab attention.’

Coming to the stage of interview, it is very important to get yourself ready and be fully prepared before you go for an interview. You can search for some FAQs for an interview on the website and prepare your answers for those questions. Some examples of FAQs are “Tell me about yourself.”, “What is your strength and weaknesses?”, “What makes you a better intern compared to the others?”. However, from my interview experience with CIMB investment bank, they asked questions such as “What do you think a good leader should and should not do?” and “Have you faced any failure when you are achieving your dream?”. If you are considering to working in CIMB investment bank, be prepared to get questions like these as CIMB are known to be very picky when they choose their interns.

Bear in mind that interview is the key to success for you to get your desired position. To create a good first impression to the interviewers, we must behave in a good manner and dressed up with formal attire. Never forget to greet the interviewers once you meet them. Do not be nervous and make sure the flow of the interview is good. Try your best to appear confidently with respect when answering the questions. Highlight your unique strengths that might not be found from others which will be an additional points for you.

Lastly, just be yourself in the interview. This is the time to show them that you are well-prepared and you are the one they are searching for! And not to forget to prepare some questions for the interviewers, for example, “How do you assess your interns during their internship period and decide which interns to be taken as your permanent staffs?”, “What is the culture in your company? (e.g. parking, lunch)” and “Is there any professional body/papers that I should join or take to improve myself if I’d like to continue my career in your company?”.

That is all from me. I hope my past experiences and advices may help you in the future.
Best of luck guys!