Actuarial Career Opportunities in Insurance Industries
Explore the role of actuaries in the life, general, and health insurance sectors. Learn about the responsibilities, work environments, and future prospects for actuaries in Max Life Insurance. Understand the misconceptions versus reality of actuarial work and the critical role actuaries play in risk assessment, product development, and financial management within insurance companies.
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Presentation Transcript
Opportunities for actuaries in the Life, General and Health Insurance Industries 28 October 2017
Overview Who is an actuary? What do actuaries do? Where do actuaries work? Actuaries of the future Max Life Insurance 2
Who is an actuary? Max Life Insurance 3
What others think actuaries do? What my mom thinks I do What society thinks I do What my friends think I do What I think I do What I really do Max Life Insurance 4
What really actuaries do? Design solutions to mitigate risk/Evaluate effectiveness of these solutions Evaluate likelihood of future risk events Products that meet the need of policyholder (protection against risk of death, sickness, living longer etc) Likelihood of death, survival and sickness in the future Likelihood of Catastrophe insurance/home insurance/motor insurance catastrophes/thefts/accidents Likelihood of market related events Products with investment guarantees e.g. equity fall, interest rate changes Likelihood of operational risk events Reserves/ profitability assessment e.g. cyber attack, fraud Max Life Insurance 5
How we solve actuarial problems ? ACTUARIAL CONTROL CYCLE External Forces Identify and specify the problem Monitor and respond to experience Develop and implement the solution Professionalism Max Life Insurance 6
Where do actuaries work? - Life insurance company - General insurance company - Health insurance company - Financial consultancy firms Product development and Pricing Designing new product solutions to meet the consumer financial needs Assess frequency and average amount of claims to estimate premium Identify, manage and mitigate risks for insurance companies and consumers Calculating capital required to protect against adverse future events Risk management Reserve calculation To ensure insurance company is able to meet its financial obligations to consumers Calculation of Embedded Value (EV) (fair value of an insurance company; New Business Margins Profitability assessment Update the assumptions, after monitoring the actual experience Basis experience, set assumptions for above analysis Experience analysis Identify investment strategy to minimize adverse impact of change in market conditions to ensure consumer liabilities are met Asset liability management Max Life Insurance 7
Actuary of the future Not many people know what we do because it is complex this mentality should go. Good BUSINESS COMMUNICATION skills are key . Bad communication risks our current roles to be taken by other professionals like MBAs, accountants; Also, hampers our ability to expand to new areas where we traditionally don t work Actuaries need to be more business savvy, risk takers . We can t continue to hide behind prudence and thereby potentially miss business opportunities. Ability to see the big picture . Not just about calculating something .but implications need to be understood and communicated Ability to work in cross functional teams need to improve. The bedrock of latest developments like ERM etc is to break away from a silo approach to more integrated approach. Need to embrace new developments and learn rather than resist . There is increasing demand for more innovative and dynamic pricing e.g. insuring your car only for the period when it is on the road Are we embracing new technology like artificial intelligence, increased computing power, predictive analytics and discussing its implications enough Max Life Insurance 8
Disclaimer: Views expressed here are my personal views and not the views of my employer
