19 Reasons Actuaries Are Ditching Firms for Freedom

Imagine this: You wake up on a Monday morning, make yourself a cup of coffee, and head to your home office. No commutes. No endless meetings with layers of bureaucracy. Just you, your clients, and the freedom to choose how your day unfolds.

This is the life of a solopreneur actuary—a path more and more actuaries are considering. It’s not just about ditching the corporate grind; it’s about building something deeply personal, profitable, and impactful.

My Journey: A Roller Coaster Ride

Four years ago, I made the leap into solo independent consulting. I left behind the comfort of steady employment and decided to build something of my own.

The journey has been nothing short of a roller coaster ride. Over this period, I’ve worked with 9 clients. Some projects lasted six months, a few were shorter—just three months—and a handful stretched beyond nine months.

Securing clients was challenging, especially in the early days. I had to step out of my comfort zone to do my own business development and marketing. It wasn’t easy, but it was a fun learning experience. Every win felt personal, every setback taught me something new, and every client helped me refine my craft.

Building this practice has not only been rewarding financially, but it has also transformed me professionally. I’ve learned to see myself not just as an actuary, but as a brand. And that’s a lesson I wouldn’t trade for anything.

Let me walk you through 19 reasons why going solo could be the best decision for your career.

1. Less Competition

In a crowded marketplace of consulting firms, competition erodes profits. Traditional firms fight for the same clients, often engaging in bidding wars that drag prices down.

As a solopreneur, you bypass this. Instead of competing, you can collaborate with these firms as a subcontractor. It’s a win-win—you secure work without the headache of cutthroat competition.

2. No Bidding Wars

Bidding wars can be brutal and stressful. Writing proposals, attending endless calls, and waiting for approvals isn’t just time-consuming—it’s exhausting.

As an independent consultant, you focus on value, not price wars. Clients come to you for expertise, not to haggle over rates.

3. Skip the Paperwork

Traditional consulting firms often drown in red tape. From Master Service Agreements (MSAs) to Statements of Work (SOWs), the paperwork pile can feel endless.

Solopreneurs skip most of this by partnering with existing vendors or leveraging personal relationships. It’s faster, simpler, and less stressful.

4. No Hiring Headaches

Hiring is tough. Finding good talent is tougher. And once you’ve trained someone, there’s always a risk they’ll leave.

As a solopreneur, you don’t need to hire anyone. You focus on your own skills and expertise, which means zero recruitment costs and no turnover stress.

5. No Firing Stress

Laying someone off is one of the hardest parts of running a business. Knowing your decision impacts someone’s livelihood is heavy.

When you’re solo, you don’t have to deal with this. You carry your own weight and scale your business in ways that don’t depend on others.

6. Build a Personal Brand

In today’s world, people don’t just buy services—they buy you.

As a solopreneur, every client interaction builds your personal brand. This is priceless. A strong personal brand creates trust, opens doors, and ensures you stand out in the market.

7. Leverage the Power of Trust

When clients choose you, they’re not just hiring a service—they’re buying your expertise. Your name, reputation, and presence make your offer unique.

This trust is your secret weapon. It’s something traditional firms often lack, buried behind layers of corporate branding.

8. Scale with Media and Code

In the old days, businesses scaled with labor. Today, it’s all about media and code.

- A single LinkedIn post can reach thousands of potential clients.

- An AI tool or software product can serve millions.

These new forms of leverage allow solopreneurs to grow exponentially—without the overhead of a large team.

For example, my recent LinkedIn post got 100,000+ impressions.

Similarly, the first of its kind Actuarial AI chatbot, MyActuary AI, that I created and launched late last year is used by hundreds of actuaries every week.

The beauty of these new forms of leverage is that they are permissionless. You do not need anyone’s permission to use them, unlike labor or capital leverages that you’re dependent on other people for.

9. Lower Overhead Costs

No office leases. No admin staff. No extravagant perks. Solopreneurs keep costs low and pass those savings on to clients through competitive pricing.

10. Direct Client Relationships

In traditional firms, clients often deal with account managers or junior staff, losing direct access to the experts.

Solopreneurs offer personalized service. Clients appreciate working with someone who deeply understands their needs without delegating critical tasks.

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11. Flexibility and Speed

Without corporate red tape, solopreneurs can adapt quickly to client needs. Faster decision-making leads to faster project turnarounds. Agility is a competitive edge.

12. Freedom to Specialize

Traditional firms often focus on what’s profitable at scale. Solopreneurs can specialize in niches they’re passionate about, whether it’s Takaful insurance, low-code platforms, or AI for valuations.

This freedom to innovate makes solopreneurs stand out.

13. No Bloat

Larger firms sell bundled services, which often include things clients don’t need. Solopreneurs focus solely on what clients want, eliminating waste and cutting unnecessary costs.

14. Flexible Billing Models

Solopreneurs can adapt their billing to suit client needs—offering project-based, outcome-based, or subscription models. This flexibility often wins over rigid hourly rates charged by larger firms.

15. A Better Work-Life Balance

Forget the 60-hour workweeks of consulting firms. As a solopreneur, you choose your workload. This allows for a healthier balance, better focus, and higher quality output.

16. Higher Profit Margins

Without partners or shareholders taking a cut, solopreneurs keep more of what they earn. It’s not just about working smarter—it’s about keeping what you’ve worked hard for.

17. Consistent Quality

Ever heard of the bait-and-switch? A senior partner sells the engagement, but junior staff handle the work.

Solopreneurs eliminate this problem. The client gets what they were promised—your expertise, start to finish.

18. Freedom to Take Risks

Want to pivot to a new niche? Experiment with a groundbreaking tool? Solopreneurs can take risks traditional firms avoid. This freedom fosters innovation.

19. Aligned Values

Solopreneurs choose who they work with. Whether it’s clients focused on sustainability, diversity, or innovation, you can align your business with your personal values.

And when a project doesn’t fit your vision? You can say no.

The Solopreneur Revolution

Being a solopreneur isn’t just a career choice; it’s a lifestyle. It’s about reclaiming control over your work, aligning with your values, and building something truly unique.

So, what’s stopping you? The leap might seem daunting, but with the right mindset and strategy, it’s one of the most rewarding paths an actuary can take.

Do you have any questions? Feel free to reply to this email with your questions and I’ll try to answer as much as possible!