Actuarial sector finds it hard to hire experienced staff while having abundance of fresh grads and existing workforce that work (extremely?) long hours.
Insurance sector regulators rushing / struggling through the new risk based capital measures / ERM / ICAAP framework while the banking sector have had (good & bad) experience implementing it.
What actuaries do can be applied in the banking context and vice versa, especially in terms of ERM, risk valuation & management, stress testing and capital modeling. Actuarial technical skills complement / are similar to the quants' skills.
Insurance companies rely too much on actuaries and the actuarial field generally fenced up themselves by having high entry barrier for somebody from non-actuarial field. Generally, "Actuaries must have the ultimate/intermediate goal: to be a qualified actuary." (or rather, not attractive enough to the non-actuaries?)
Are insurance companies ready to hire and retain non-actuaries as non-actuaries in the analytical field?
Are actuaries ready to work in non-actuarial firm, while doing actuarial jobs? (ie no study benefits for the students/assoc, fellows have to report to non-actuaries)
Are banks ready to provide actuarial study benefits to attract more actuaries? ... But why should they care?
|5th General Insurance Conference, SAS|