Friday, 31 May 2013

Actually Actuary

Some thoughts while attending the SAS GI Conference.

 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

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