Actuarial Careers’ Post

I attended a reserving round table organised by Grant Thornton today and some really good insights came out of the discussion. One of the points of discussion was what we would like the future reserving teams to look like. I don’t want to be sharing others’ opinions but my personal opinion (and a strong one) is that we shouldn’t worry too much about automation and ML because in the long run, we can’t avoid it, just like we haven’t been able to avoid Excel! In the long run technology leaves no one behind, although early adopters will have an edge. We should however not be distracted by these changes at the cost of not learning to become more business oriented actuaries who are thinking of an insurance company as an ecosystem and how to tap into the different functions in that ecosystem to form a view of the business and not just of the reserves. Learning coding could be an aim, but more importantly (as an example) learning how we can use change in an underwriting guidance to influence IBNR is what we should be after. I for one have started enjoying my day job a lot more ever since I started thinking beyond actuarial. #wednesdaywisdom

Some words from one of our founding partners, Gary Heslop, on the Institute and Faculty of Actuaries "Actuaries: Data Driven Futures" programme. We look forward to being involved in this great initiative over the next two weeks. #Actuary #Actuarial #ActuarialCareers

Revolutionizing Professional Services: A New Earnings Paradigm 🔄💼 - The Virtual Actuary story We flipped the script, and it worked. By reimagining the earnings distribution within our firm, we’ve shifted the majority of financial rewards directly to those on the front lines, doing the work. The result? A transformation that propelled us to the top spot among actuarial consulting firms in our region. Here’s the simple yet powerful change we made: Fair Earnings, Powerful Impact: Directing most of the revenue to our hardworking team members not only boosted morale but also attracted top talent, enhancing the quality of service we offer. Clients Reap the Benefits: Reduced fees became a reality because our team, motivated by fair compensation, drives efficiencies that cut costs without cutting corners. Setting a New Standard: This approach isn't just good for us; it's a model that challenges the entire professional services industry to reconsider how value and earnings are distributed. Simple? Yes. Effective? Absolutely. The future of professional services lies in valuing the contributors as much as the contribution. We're leading by example, showing that success and fairness can go hand in hand. #InnovationInBusiness #FutureOfWork #ProfessionalServices

Congratulations to our US colleagues for winning Captive Review's award for leading Actuarial Firm 2024. If you have questions related to your European captive or if you are thinking of starting a captive, don't hesitate to reach out to Peter Franken or one of your Milliman contacts. #captives #actuarial #insurance

An interesting interview by John Weber of Darcie Truttmann of Pinnacle Actuarial Resources, Inc. in the August issue of Best's Review. Key points: 1. New AICPA guidance requires management to better understand and support their reserve selections, especially when they differ from the actuary's central estimate. Management needs to explain why they are deviating from the central estimate if they do so. 2. The new guidance aims to increase management's confidence in actuarial estimates by encouraging more communication between management and actuaries. This may lead to actuaries' better understanding of exposures and risks, potentially improving their analysis and selections. 3. Improved communication is expected to help actuaries select appropriate benchmarks that correctly reflect the risks being estimated, leading to more accurate estimates overall. 4. When evaluating deviations from actuarial estimates, auditors should consider factors like changes in data, patterns of adverse development, and expected versus actual outcomes. Management should be prepared to explain and support these deviations. 5. The new guidance is expected to foster a more collaborative relationship between actuaries, management, and auditors and improve information sharing about risks, exposures, and changes in the company among all parties involved in the process. https://lnkd.in/em76qFPk

I didn't get it 🤷♂️ But I do now. We were appointed by one of the biggest schemes in the UK. Our main point of contact wanted daily updates to see where we were and avoid any nasty surprises. We also now do this each year to ensure we meet their expectations. I just don't know why Trustees and their advisers let their auditors go quiet 🤷♂️ I know no one really wants to hear from their auditors except to hear the magic words, 'We've finished this year's audit and found nothing.' But that's not normally the case Much better to engage in the process and set clear expectations. 1️⃣ Agree the plan 2️⃣ Agree the level and amount of communication. Ask yourself, do you really need a 40 page Audit Findings Report? 🤔 3️⃣ Perform a review of the service provided Here's to happier audits. 👍 #Pension #Audit #Trustees

"The Code allows us to uphold the reputation of the actuarial profession, permitting our profession to continue to be self-regulated." Need a refresher on the Code of Professional Conduct? Check out my article in the latest issue of the Casualty Actuarial Society #ActuarialReview! In this part one (of two), I outline the history of the Code and describe the first six precepts, including examples of potential violations. Feel free to reach out with any actuarial professionalism questions you have! #actuary #professionalism

Join us on March 21st for a webinar that will help you put a plan in place before it's too late. Baker Tilly and Lewis & Ellis will answer many of your LDTI questions from both an accounting and actuarial perspective. Don't miss out on the opportunity to gain valuable insights that could impact your organization. Register now and join the conversation. Link to register in comments. #lifeinsurers #LDTI #lewisandellis #bakertilly

I found this interesting. It brings light to what it means to work in the actuarial industry for a complete beginner. Are you interested in a career in actuarial? Here's a sneak peek into the complexities of the actuarial career. Are you trying to figure out if this is the ladder you want to climb? Read on!

The actuarial landscape has undergone significant recent changes. Remote and hybrid work, new technologies, and stricter regulations have made today's environment very different from what it was even five years ago. In this article, Paul Marron, Ian O’Donnell, and I look at the opportunities and challenges these changes bring to actuarial departments. We provide practical advice for Heads of Actuarial Function, Chief Actuaries, CFOs, and others to take advantage of these opportunities and handle the challenges in this evolving landscape.