Actuarial Profession Strategies – 6 Thoughts on Future
Written 2019I was recently contacted by another actuary – an IFoA council member – asking for my thoughts on strategies the IFoA should think about for the future. I thought I’d share my response on here, and would love to hear what other actuaries think: “…. Like many other professions, I truly believe that our…
The Extinct Insurance Actuary?
I recently took part in a panel debate interview organised by Rick Huckstep from the Digitial Insurer. The write-up was titled: “Is the insurance Actuary an endangered species, or simply facing an evolutionary makeover?” and involved Geoff Keast (CEO of Montoux in North America) and Steven Mendel (Co-founder and CEO of Bought By Many). Rick…
Should Actuaries Learn Data Science?
Explore the transformative potential of data science for actuaries, enhancing their capabilities in risk analysis and decision-making, ensuring they remain indispensable in a data-driven financial landscape. The past century will be noted in history as a time when we saw a number of advancements in industries to make them more fit for purpose in the…
Why are Actuaries Paid so Well?
When engaging in small talk with a friend of a friend, a former school classmate, or even estranged family members, many actuaries or students heading down the actuarial career path dread the question “so what do you do for a living?” It is a question that often breeds dread; not due to shame about this…
What to do with an Actuarial Science Degree?
Job perspectives for an Actuarial Science Degree. What are the options for new actuarial graduates? What does the future hold for actuaries?
What are the Different Types of Actuary?
The actuarial profession is continually evolving and redefining the different types of actuary. Learn more about these exciting roles here.
Should All New Actuaries Learn Data Science and Programming?
Discover the pivotal importance of programming and data science for actuaries, skills that are revolutionizing the field by enabling more efficient data analysis and risk management, crucial in a data-driven world. Actuaries should learn programming and data science because technology and data science are becoming more important in the field of actuarial science. Most actuarial…
GLM Pricing
GLM pricing, or Generalised Linear Model pricing, is a statistical method used in the insurance industry to determine the pricing of insurance policies. It involves using generalised linear models to analyse and predict the expected cost of claims based on various risk factors associated with the insured entities. These models enable actuaries and analysts to…
Actuary vs Accountant: Which is Best?
Actuary vs Accountant: What are the key differences and similarities? This article compares the two professions. A guide for all aspiring students.
Reasons To Be An Actuary
Thinking of becoming an actuary? Discover key reasons to be an actuary and what benefits you will reap along the way.
Actuarial Risk – What Is It and How Does It Affect
Unpack the essentials of actuarial risk management with a comprehensive guide that explores underwriting, investment, inflation, and longevity risks—key areas where actuaries employ strategies to secure financial stability. Consider this scenario: There has been a sudden deluge in your neighbourhood and your house sustains significant flood damage. Luckily, you had the foresight to pay for…
The Non-Traditional Actuary: What Roles Can Actuaries Work In?
Don’t limit your actuarial career. Embrace new challenges and become a Non-Traditional Actuary. Discover how you can make an impact today.
Will Artificial Intelligence Replace Actuaries?
Actuaries, will artificial intelligence replace your jobs? Find out here if actuaries’ jobs are in danger of being taken over by AI and machine learning.
Why Choose Actuarial Science as a Career?
Discover why actuarial science is a compelling career choice, offering job stability, rewarding challenges, and diverse opportunities in risk management and financial planning, with a clear path for professional advancement and continuous learning. Pros and Cons of Actuarial Science Are you considering a career in actuarial science? Maybe wondering why someone would want to become…
Actuary Skills: The 5 Top Skills for Actuaries of the Future
Uncover the essential skills for actuaries to thrive in a dynamic world, focusing on problem-solving, communication, proactivity, commercial awareness, and coding—key competencies that pave the way for future success in the actuarial profession. What does the future look like for actuaries? It isn’t uncommon for an actuary to be asked to project 10 or even…
An Actuarial Internship Guide for Aspiring Actuaries
Gain invaluable insights into launching your actuarial career with a comprehensive guide to actuarial internships, where practical experience merges with academic learning to enhance employability and industry expertise. “My year-long actuarial placement prepared me for the workplace better than any university module could ever dream of doing” Those are the thoughts of one of my…
Actuarial Work Demystified: A Comprehensive Overview
Demystify the complex yet intriguing world of actuarial work, a profession that blends mathematical expertise with strategic thinking to optimize financial and risk management across diverse industries. With almost 33,000 registered members within the IFoA, actuaries are found working in a diverse field with the majority of the workforce active in areas such as life…
Actuary Exams: A Comprehensive Preparation Guide
Master the rigorous and rewarding journey to becoming an actuary with this essential guide to actuarial exams. Discover expert tips, study strategies, and insights to navigate through the challenging exam process effectively. You’re here because you have heard of the Actuarial Professional exams and want to learn more about them and how you can pass…
Actuarial Data Overview: The Foundation of Actuarial Science
Introduction to Actuarial Data: Understanding Its Core Importance Explore the transformative role of actuarial data in shaping business strategies, where rigorous data analysis merges with modern technological advances, driving the actuarial profession into new realms of efficiency and accuracy. We live in a data driven world, from the price we pay in the supermarket for…
How to Become an Actuary: A Step-by-Step Career Path
Embark on the actuarial career journey, a challenging yet rewarding path filled with rigorous exams and promising prospects, combining deep mathematical knowledge with practical business insights to shape future financial stability. Choosing the Right Subjects to Become an Actuary It is no secret that this career requires strong academic ability. The only specific subject requirement…
5 Key Subjects Required for Actuarial Science: An Academic Guide
Embark on a journey through the essential subjects required for actuarial science, a field that combines mathematics, statistics, finance, and technology to shape the future of risk assessment and financial planning. Actuaries are experts in quantifying risk; Ironically, one of the most precarious ventures they undertake is pursuing their own career path as an actuary….
Actuarial Job Market Analysis: Trends and Future Opportunities
Discover the multifaceted world of actuarial jobs, where mathematical expertise meets real-world applications, providing essential insights into financial risks and opportunities across various industries. In this article, you’ll get an insight into what the actuarial job truly entails. We’ll dissect each aspect of the job from the daily tasks, the skills and education you’ll require…
Actuarial Statistics Uncovered: Mastering Analytical Techniques
Actuarial Statistics: Fundamental Concepts and Applications Actuarial statistics is an area of statistics that deals with the analysis and evaluation of risks. It mainly relates to the insurance and financial industries. However, it is now also being used in wider fields, like healthcare, more often as the strength and importance of actuaries and actuarial work…
How Important Is Actuarial Mathematics for the Gen-Z Actuary?
Explore the core of actuarial mathematics, the foundation of precise risk calculation and management in finance and insurance, powering decisions with rigorous mathematical models and statistical analysis to optimize financial outcomes. “We want revolutionary actuaries” was a recent statement by Tesla CEO Elon Musk. This all sounds brilliant for the tech-savvy geniuses and forward-thinking actuarial…
The Last Actuary
The Last Actuary The church was packed. Hundreds had gathered to pay their respects. As the eulogy was being read out, my thoughts began to drift. My father was loved. Eccentric and slightly odd in his ways, but very intelligent and, most importantly, he always acted with complete integrity. Whether it was work, family or…
Wearables in Insurance: Where Do We Go From Here?
Wearables in Insurance: Where Do We Go From Here? Introduction Actuaries, working in the pre-digital era, writing out calculations by hand, would have found it difficult to imagine today’s actuary having such immense data, technology and computing power at their disposal. Ubiquitous smartphones, advanced artificial intelligence, autonomous vehicles, the internet of things, drones and blockchain are…
An Actuarial LinkedIn Odyssey (to 1 million views in 6 months)
Why would an actuary bother writing on LinkedIn? It’s a fair question given the time investment and hence the opportunity cost. I began using LinkedIn just over two years ago. Witnessing an increasing number of my colleagues and friends using social media for business purposes piqued my interest. However, as a non social media user…
An Actuary’s Guide to Overcoming Resistance (Behind the Scenes of the ProActuary Digital Actuary Conference)
The Digital Actuary Conference (Virtual Summit) 4,257 actuaries from across the world recently attended the Digital Actuary Conference (Virtual Summit). Truth be told, the numbers scared the heck out of me! Reputations can be ruined in the online world in one quick swoop. This actuarial conference event had so many moving pieces. Numerous things to…
Technology Addiction: 5 Ways to Fight Back
“It has become appallingly obvious that our technology has exceeded our humanity.“ – Albert Einstein I remember it well. It must have been 7 months ago. Maybe more. Pre-Covid anyway. Back when life was more normal and I had an office to commute to. Funny how we take things for granted. He was about 4…
The Actuary Who is Only an Actuary is not an Actuary
“What does an actuary do?” is a question often asked. Find out how actuaries are reinventing themselves as not just actuaries, but much more.
Actuaries & Reddit: An Analysis of How Actuaries Think
This article presents information about the decline in actuarial exam pass rates, as well as the possible implications on travel time to qualification.
The Insurance Actuary: Ensuring Security and Managing Risks
Step into the strategic and analytical world of insurance actuaries, who play a crucial role in financial forecasting and risk management, helping companies navigate the complexities of policy-making and pricing. The Essential Role of an Insurance Actuary in the Industry What Is an Insurance Actuary? An insurance actuary analyses financial risk, using different techniques to…
The Decline in Actuarial Exam Pass Rates and Potential Impacts on Student Travel Time
This article presents information about the decline in actuarial exam pass rates, as well as the possible implications on travel time to qualification.
Actuary Vs Data Scientist
Actuary Vs Data Science: Which is better? How do they differ? Which should I choose? These are questions I get a lot from actuarial students these days. First some background: About 11 years ago I started introducing data science into one of my Actuarial Science courses. My rationale was a belief that actuaries of the…
The General Insurance Actuary
Delve into the world of general insurance actuaries, key figures in assessing risks and crafting policies that ensure robust financial safeguards within the insurance industry, and explore the qualifications necessary for this vital role. 60% of actuaries work in general insurance, making it the largest industry within the actuarial profession. The UK insurance market was…
The Pensions Actuary: All About The Role
Uncover the critical role of pension actuaries in securing retirees’ financial futures through strategic fund management, ensuring sustainable benefits in a changing economic landscape. Pension actuaries are professionals who specialise in the design, management, and analysis of pension plans with a primary responsibility to ensure financial viability. This allows retirees to relax in the knowledge…
An Actuarial Valuation: What Is It and What Its Used For
Delve into the precision of actuarial valuation, a critical tool in ensuring financial stability for pension schemes and insurance companies by accurately assessing assets and liabilities to inform strategic decisions and secure futures. An actuarial valuation, simply put, is the process of calculating the present value of a future stream of liabilities and then comparing…
Understanding Actuarial Analysis: Its Critical Role in the Insurance Industry
Unlock the intricacies of actuarial analysis, a cornerstone in insurance that ensures financial risks are comprehensively assessed, enabling robust policy design, precise premium setting, and effective risk management. The entire insurance industry relies on this. It affects your day-to-day life and you might not even know it. Out of the 40 people I surveyed, 97.5%…
Underwriter vs Actuary: What Are The Key Differences?
Navigate the nuanced distinctions and synergies between underwriters and actuaries, pivotal in risk assessment and management, to understand their essential roles in the insurance sector’s strategic framework. The insurance industry globally is estimated to be around $588 billion in size (International Association of Insurance Supervisors, 2021), with roughly 55% of this concentrated in the US….
Actuary vs Investment Banking: A Detailed Comparison
Explore the dynamic comparison between actuary and investment banking careers, focusing on the challenges, rewards, and life balance each path offers, and guiding those torn between the analytical rigor of actuaries and the fast-paced financial strategies of investment banking. Prestigious, glamourous, cut throat. These are words that come to mind when we think of investment…
Actuary vs Quant: Comprehensive Career Analysis
Discover the key distinctions and overlaps between actuaries and quants in financial industries, emphasizing their roles in risk management and investment strategy to inform your career choice between these high-impact analytical paths. Actuary vs Quant: Defining the Roles Actuaries are professionals who specialise in managing the risks and uncertainties of future events. In essence, it…
Actuarial Exams: The Ultimate (Non-conventional) Guide to Passing
Are you studying for your actuarial exams? This detailed guide is packed with study tips that will help you pass the exams required to become an actuary.
The Chief Actuary: Roles and Responsibilities
Step into the strategic realm of the Chief Actuary, pivotal in aligning actuarial science with business goals through robust risk management, regulatory compliance, and insightful financial planning. The chief actuary – a vital cog in any organisation that turns the wheels of risk management and financial planning. It could be you someday, so continue reading…
Actuarial Science 101: An In-Depth Exploration
Do you have an analytical mind that enjoys making sense of messy data sets? Are you a problem solver, thriving on creating solutions using modelling techniques? Are you a good communicator, who can concisely explain a wide breadth of concepts while considering a stakeholder’s needs? If your answer to all three of the questions above…
What Does an Actuary Do? A Deep Dive into the Profession
Delve into the realm of actuaries, strategic guardians of financial risk management, whose mastery in statistical foresight secures the economic backbone of industries, from insurance to pensions, through rigorous analysis and innovative solutions. This article explores into the fascinating world of actuaries, exploring the demanding education and training to the unique difficulties and rewards. So,…
What Do Actuaries Do? Unveiling Their Crucial Role
Unravel the multifaceted world of actuaries, whose expertise in risk analysis and management is critical to insurance, pensions, and beyond, shaping the financial landscape through data-driven decisions. As an actuarial student, I have at times been apprehensive to the question “What do you do?”. The responses to “I am a student actuary” can vary widely….
The Life Insurance Actuary: Mastering Risks & Shaping Lives!
Dive into the essential role of life insurance actuaries, who balance risk and strategy to secure financial futures, ensuring comprehensive protection and stability in a rapidly evolving industry. Introduction to the Role of a Life Insurance Actuary Have you ever watched those adorable meerkats on TV, chirping away about comparing insurance quotes? Well, let me…
The Role of an Actuarial Analyst: A Closer Look at the Job
What is an actuarial analyst? What do they do and where do they work? How difficult is it to become an actuarial analyst? These are some of the questions we wish to answer in this article. Actuarial analysts work to assess and manage financial risk in industries such as insurance and pensions. They have a…
The Actuarial Intern: 7 Tips for Actuarial Success
An Actuarial Intern: Your Gateway to a Successful Actuarial Career You may already have a general idea of what an actuary does. Or perhaps not. In any case, if you are interested in pursuing an actuarial career, I strongly advise you to consider an actuarial internship. It will not only give you an understanding of…
The Definition of An Actuary
Have you ever wondered what the definition of an actuary is? Read on to find out everything you need to know about the definition of an actuary in today’s modern financial world. Actuaries use statistics to predict and model the financial risk and liabilities exposure of an event occurring. From these findings, they can come…
Actuary Job Description
What does an actuary do? Download the actuary job description template here and learn more about the roles and responsibilities of an actuary.
Actuarial Analyst Job Description
What does an actuarial analyst do? Download the actuarial analyst job description template here and learn more about the roles and responsibilities of an actuarial analyst.
Pricing Actuary Job Description
What does a pricing actuary do? Download the pricing actuary job description template here and learn more about the roles and responsibilities of a pricing actuary.
Life Insurance Actuary Job Description
What does a life insurance actuary do? Download the life insurance actuary job description template here and learn more about the roles and responsibilities of a life insurance actuary.
Associate Actuary Job Description
What does an Associate Actuary do? Download the actuarial analyst job description template here and learn more about the roles and responsibilities of an actuarial analyst.
ERM Actuary: Mastering Risk Management with Expertise
Are you a graduate actuary, a part-qualified actuary, a newly qualified actuary or even a more senior qualified actuary looking to take your understanding of risk management to the next level? Or maybe you are an actuary studying ST9 for CERA. Maybe a career as an ERM actuary is waiting for you. If you are…
Actuaries and Autonomous Vehicles
In 2017 I spent 6 months on a Fulbright scholarship, in the desert heat of Phoenix and Tempe at Arizona State University. This was also the location where Uber and Google’s Waymo decided to test their artificial intelligence powered driverless cars. Sunny weather and flat, pot-hole free roads provided an ideal testing ground for this…
6 Reasons Why An Actuary Should Choose A Career In Insurance
“Should I become an insurance actuary?” “Isn’t insurance boring?” “Is insurance a good industry to work in longer term?” Source: Occasional Aspiring Actuaries. Every year I give a number of talks to students interested in a career in Actuarial Science. At times I’ve been asked questions, similar to the above, regarding a career in the…
7 InsurTech Trends Poised to Transform the Insurance Industry in 2024 & their Impact On Consumers and Businesses
Diving into the future of InsurTech, we’ve gathered insights from CEOs and founders to forecast the trends that will redefine the insurance landscape in 2024. From the revolution of claims processing through advanced analytics to the transformation of underwriting and claims via digital platforms, discover the seven emerging trends poised to impact both consumers and…
4 Major Challenges for Actuaries With AI Integration in Insurance Analytics
As artificial intelligence reshapes the landscape of analytics and actuarial models in the insurance industry, we’ve gathered insights from founders and CEOs to explore the emerging challenges and opportunities. From navigating the delicate balance between hyper-personalization and fairness to interpreting complex AI model outputs, here are the top four perspectives on what actuaries may face…
4 Underutilized Study Techniques to Boost Actuarial Exam Success
When it comes to acing actuarial exams, even the smallest edge can make a big difference. We’ve gathered insights from an actuarial analyst and a director, among others, to bring you four specific study strategies. From incorporating real-world actuarial knowledge to engaging in deliberate practice with feedback, discover the unique methods that could elevate your…
4 Perspectives (from Non-Actuaries) on the Role of Actuaries in a Data-Driven World
What do those outside the actuarial profession think of actuaries? In a world where data reigns supreme, we’ve gathered insights from four professionals, including co-founders and a Head of Marketing, to hear how they view the actuarial profession. The question we asked them was “As a professional outside the actuarial field, how do you perceive…
4 Emerging Environmental Risks Actuaries Need to Know
In the face of evolving environmental challenges, we turned to four executives and business professionals to give their thoughts on the emerging risks that professionals in the field need to watch. Starting with the natural resource shortage risks and concluding with transition risks in a low-carbon economy, we’ve compiled four insightful responses that actuaries should…
6 Major Economic Challenges Facing the Insurance and Pension Sectors Today
In the face of evolving economic landscapes, we’ve gathered insights from experts in the insurance and pension sectors to pinpoint their biggest challenges. With perspectives ranging from an insurance agent to a director, we present six critical viewpoints. They address issues from tackling rising healthcare costs to managing regulatory compliance. Tackling Rising Healthcare Costs From…
6 Start-up Innovations Actuaries Should Consider for Industry Advancement
What are one or two innovative practices from the start-up world that actuaries could adopt to improve their work or the industry at large? We posed this question to some of our audience that aren’t actuaries and here is what they have to say. Adopt Agile Methodologies for Efficiency Agile methodologies are a set of…
The Impacts of Demographic Shifts on Actuaries in the Pensions Industry
As demographic shifts and aging populations reshape the global landscape, we’ve gathered insights from eight industry leaders, including business owners and presidents, to forecast the future of pension schemes and retirement planning. From an increasing need for sophisticated models to exploring higher-return investments for pension support, these experts weigh in on the critical adjustments and…
Actuarial Career Success: 40 Little-known Tips and Ideas
Looking for non-conventional strategies for actuarial career success? This guide will help you unlock your talents and make the most of your actuarial career.
Climate Risk and Actuaries
As we come to terms with yet more global temperature records being broken across the UK this week (July 2022) and communities struggling to deal with the impact, here’s a chilling thought: Imagine looking back at this summer in 20 years time as the good old days when summers were cooler and more bearable. Yet,…
Adverse Selection: Friend or Foe?
As big data continues to increase, the insurance world seems to be moving towards more individualistic, granular pricing. Consider ZhongAn, in China, for example. As an innovative digital insurer, utilising big data to its full extent, they are focused on micro-pricing premiums in a very personalised way. With more than 460 million customers acquired over…
30 Quotes on Studying & Learning an Actuary can Appreciate
Here are some of the best quotes for actuaries: “Success is not final, failure is not fatal: it is the courage to continue that counts.” ― Winston S. Churchill “Judge a man by his questions rather than by his answers.” ― Voltaire “The man who does not read has no advantage over the man who cannot read.” ― Mark Twain “In…
