The following information regarding actuarial interview questions which may be for Actuarial Analyst or Trainee in a General Insurance company has been compiled from various discussion forums online and by talking to some industry professionals working in GI actuarial role.
GI Role Actuarial Interview Questions:
1.Name a few non-life insurance products.
2. Can you think of a new type of non life insurance product that can be brought in the market?
3. What is the difference between an array and a matrix in R?
4. What are IBNR reserves?
5. What is run off triangle and why is it used?
6. What all non life products would you suggest to an entrepreneur for risks associated with his business , take any business for instance.
7. Why do you want to work in General Insurance?
9. What is discounted mean term and convexity?
10. What are different types of motor insurance products in India?
11. Suppose you are given a large dataset. How will you decide which distribution applies to it?
12. When you receive a large dataset from the client, you find that some of the information is missing in it. Let’s say the Gender of a few members is missing. What will be the correct approach that you will follow next to deal with this missing information? How will you impute values to that missing data? Will your approach to answer the above question change if let’s say, the missing information was quantitative and not qualitative! (for instance, missing age of participants).
13. How do we apply various statistical distributions in our real life?
14. How do we model a. Number of Claims and b. Claim Amounts using statistical distribution?
15.What do you know about Generalised Linear Modelling?
16. What do you know about Regression analysis?
17. What is the difference between pricing and reserving ?
18. What do you mean by pricing basis? Give some examples.
Other Things you should be ready for the General insurance Actuarial interview!
Other than the above specific actuarial interview questions, you should always be ready for the following!
• Questions related to your current role if you are already working somewhere.
• Current Affairs type brainstorming questions like Impact of COVID-19 on Non-Life Insurance sector.
• Questions from personal projects/Research Papers you did and mentioned in your resume. Find some Actuarial Resume tips here.
• Questions related to your family background.
• Questions about that particular company’s products for which you are being interviewed.
• Questions from all the Actuarial exams that you have cleared. (CT3 , CT6 should be prepared carefully for a GI role)
• Briefing the interviewer through your resume.
Some more things to be prepared for..
We have covered many general insurance Actuarial interview questions in this article. Do give them a read!
Puzzles can be asked to test your logical thinking and reasoning skills. For instance, you can find puzzles here.
It is always good to ask any doubts regarding the role you are being interviewed for , feedback of how the interview went, or any other question that you have in mind. This show your curiosity about the role and will make you look good if you ask meaningful questions. Some of the questions you can ask the interviewer can be found here.
Along with GI technical interview questions, make sure the answer to this question is truthful and not made up. Also be prepared to describe the interviewer, if they ask, situations which you ever encountered that display your strength and weaknesses. You might want to think about your strengths and weaknesses by taking an idea from here.
All the best for your interview!
Let us know in the comments section below what general insurance questions other than those mentioned above were you asked in your interview!