The 3 rd Younger Members Convention November 2004, The Chesford Grange Hotel, Kenilworth The Unbearable Lightness of Being....an Actuary Cherag Kalapesi, Senior Consultant, Acumen Resources
Agenda Introduction Overview of practice areas Life Pensions Non-life Investment & other Our narrow focus Increasing our awareness
Life Insurance Current State of Play: Core area for actuaries New roles dictated by changing regulation Consequences for the industry Questions that arise: Where will these extra, experienced actuaries come from? Will employers be less stringent in their expectations? Will more these roles be outsourced to consultancies?
Pensions Factors that have lead to the downturn - to control and/or reduce escalating DB costs - greater volatility in company’s balance sheet (FRS17 ) - current asset values are low, DB plans in deficit Ways forward for actuaries – life after DB - designing DC schemes - financial advice for retirment - the deepening pensions crisis
Non-life What and Where Reserving, pricing Insurers, reinsurers, consultancies, Lloyd’s market place The role of regulation - very limited - international comparisons An actuarial success story - solid professional network - Institute involvement - understanding the business and adding value
Investment, Health and Others Lots of potential but stable demand No legislative requirements Lack of awareness is a big problem Rocket scientists galore ! Transferable skills
Our Narrow Focus Tunnel Vision The new Education Strategy: "The Actuarial Profession ….. is keen to develop the practical aspects of a student's training as well as the theoretical aspects. The work- based aspect of a student's training is a further opportunity for the student to learn We want to encourage young professionals to develop a culture of self-assessment and professional development to help them plan their future as an actuary.....“
Increasing Your Awareness Motivations are the key Research your options -IAA website -Actuary magazine -Network Develop a personal vision - goals, objectives, interests
Conclusion Snap shot of the different practice areas Issues facing the profession’s growth Questions…..
ACUMEN RESOURCES Cherag Kalapesi Number: