1. The 3 rd Younger Members Convention 29-30 November 2004, The Chesford Grange Hotel, Kenilworth The Unbearable Lightness of Being....an Actuary Cherag Kalapesi, Senior Consultant, Acumen Resources

2. Agenda  Introduction  Overview of practice areas  Life  Pensions  Non-life  Investment & other  Our narrow focus  Increasing our awareness

3. 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?

4. 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

5. 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

6. 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

7. 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.....“

8. Increasing Your Awareness  Motivations are the key  Research your options -IAA website -Actuary magazine -Network  Develop a personal vision - goals, objectives, interests

9. Conclusion  Snap shot of the different practice areas  Issues facing the profession’s growth  Questions…..

10. ACUMEN RESOURCES Cherag Kalapesi Number: 0208 544 0417 Email: cherag@acumen-resources.comcherag@acumen-resources.com