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Actuaries of the future will need to look at their skill sets and think about what is relevant.
This presentation will cover trends that are changing the work of an actuary, such as:
* Ever present technological advances and changes are driving a changing landscape in which we operate. These have direct and indirect impacts on the actuary. Directly be changing how an actuary works and indirectly by changing the environment
* Increasing regulation, compliance, professional responsibility require actuaries to be able to document and reproduce highly technical work.
* Data and analytics are ever prevalent and requires new approaches and different skills.
* Scarcity of actuarial skills and the abundance of automation technologies will mean increasing automation and also outsourcing.
* The increasing complexity and diversity of products, processes and pricing increases increases demand on an actuary.
Based on these trends we need to ensure our future actuaries are sufficiently skilled and flexible to adapt and flourish in an ever changing environment. We need to continue to develop skills in a number of areas:
* Developing skills in excellence in the understanding of data and analytics.
* Taking modelling skills further into a world of programming skills and best practices.
* Making business and financial sense of the above and being able to target time and resources efficiently to business problems is critical.
* Professionalism in existing areas as well as new areas is what will have to remain a differentiating feature.
The presentation will cover examples of these trends and new skills required from the life insurance practice area.