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Future PathwaysFresh perspectives from actuaries of the futureAuckland, 18 March 2013Wellington, 19 March 2013
Future PathwaysFresh perspectives from actuaries of the futureMonsters vs Aliens: a comparison ofconsulting and insurance ...
Introductions• Peter Lane  – Southern Cross - Insurance  – Institute of Actuaries of Australia• Abey George  – Deloitte – ...
Agenda•   Actuarial roles in NZ•   Company structure and interactions•   The work – what do we do?•   Work conditions    –...
Actuarial roles in NZ• What companies hire actuaries?  – Direct insurance companies  – Reinsurance companies  – Consultanc...
Actuarial roles in NZ                             NZ Society of Actuaries membership 2012         100%          90%       ...
Company structure and interactions• Insurance  – Finance  – Underwriting  – Claims  – Product development  – Sales & marke...
Company structure and interactions• Consulting  – Professional services firms     • Advisory (where actuarial team sit)   ...
The work – What do we do?Insurance actuaries  Regular work – Valuation Actuaries     • Portfolio or claims monitoring &   ...
The work – What do we do?Insurance actuaries  Regular work – Pricing Actuaries     • Sales analysis     • Experience studi...
The work – What do we do?Insurance actuaries  Other work     • Unit pricing work     • Construction or review of in-house ...
The work – What do we do?Actuarial consultants• Diverse• Ad-hoc / one-off projects as well as ongoing  commitments• Confid...
CONSULTANT
The work – What do we do?Actuarial consultants:• Valuation (conventional & unconventional)• Audit support• Model reviews• ...
The work – What do we do?Actuarial consultants:• Pricing• Mergers and acquisitions• Tax• Data analytics
Working conditions – Pay vs. Hours              Insurance                 ConsultingPay           Possibly a little lower ...
Working conditions – Pay vs. HoursActuarial consultants:
Working conditions - TravelIndustry                                 ConsultingFairly limited opportunities to travel   Sec...
Work conditions• Growth opportunities  – Insurers                  Senior                            Senior    Analyst    ...
Work conditions• Study assistance• Applicability of study
What do we like about our roles? Insurance                   Consulting Stable work environment     Variety End to end inv...
Questions?
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Future pathways aliens vs monsters

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Future pathways aliens vs monsters

  1. 1. Future PathwaysFresh perspectives from actuaries of the futureAuckland, 18 March 2013Wellington, 19 March 2013
  2. 2. Future PathwaysFresh perspectives from actuaries of the futureMonsters vs Aliens: a comparison ofconsulting and insurance actuariesPeter Lane, Southern CrossAbey George, Deloitte
  3. 3. Introductions• Peter Lane – Southern Cross - Insurance – Institute of Actuaries of Australia• Abey George – Deloitte – Consulting – Institute of Actuaries of Australia
  4. 4. Agenda• Actuarial roles in NZ• Company structure and interactions• The work – what do we do?• Work conditions – Pay vs. Hours – Travel requirements/opportunities – Growth opportunities – Study assistance• What do we like about our roles?
  5. 5. Actuarial roles in NZ• What companies hire actuaries? – Direct insurance companies – Reinsurance companies – Consultancies • Big Four • Specialised actuarial consultancies – Others • Investment banks • Government agencies
  6. 6. Actuarial roles in NZ NZ Society of Actuaries membership 2012 100% 90% 80% 70% Other Fund Managers 60% General Insurers 50% Life Offices 40% Consultancies 30% 20% 10% 0% Fellows Studentshttp://www.conference.co.nz/files/docs/nzsa12/andrea%20and%20charmanine.pdf
  7. 7. Company structure and interactions• Insurance – Finance – Underwriting – Claims – Product development – Sales & marketing – Senior management – IT – Other operational areas
  8. 8. Company structure and interactions• Consulting – Professional services firms • Advisory (where actuarial team sit) • Tax • Assurance • Private client services • Infrastructure (IT, office services, finance) – Specialist actuarial consultancies – Individual consultants
  9. 9. The work – What do we do?Insurance actuaries Regular work – Valuation Actuaries • Portfolio or claims monitoring & reporting (Monthly or quarterly) • Reserving/valuations, solvency monitoring & reporting and dealing with auditors (At least 6 monthly) • Statutory reporting and tax (Annually)
  10. 10. The work – What do we do?Insurance actuaries Regular work – Pricing Actuaries • Sales analysis • Experience studies • Premium rate reviews • New product development
  11. 11. The work – What do we do?Insurance actuaries Other work • Unit pricing work • Construction or review of in-house models (And associated documentation) • Financial condition reporting • Ad hoc queries and analysis • Operational issues
  12. 12. The work – What do we do?Actuarial consultants• Diverse• Ad-hoc / one-off projects as well as ongoing commitments• Confidentiality considerations
  13. 13. CONSULTANT
  14. 14. The work – What do we do?Actuarial consultants:• Valuation (conventional & unconventional)• Audit support• Model reviews• Secondments to clients• Credit risk modelling• Operational risk modelling• Providing advice to clients (best practice)
  15. 15. The work – What do we do?Actuarial consultants:• Pricing• Mergers and acquisitions• Tax• Data analytics
  16. 16. Working conditions – Pay vs. Hours Insurance ConsultingPay Possibly a little lower Possibly a little higher than consulting (Unless average pay although likely a you have a very senior higher variable/bonus position). componentHours Generally 40 – 45 hrs a Longer hours on average. week. Not often over 60 Non-Busy periods – 40 -50 hrs even at busy times. hrs average. Busy periods or projects – 50-100 hrsStudy leave Usually able to take Study leave sometimes study leave as planned compromised
  17. 17. Working conditions – Pay vs. HoursActuarial consultants:
  18. 18. Working conditions - TravelIndustry ConsultingFairly limited opportunities to travel Secondment to clientsunless,You work for a large multi-national, Within city and nationallyandYou are quite senior International travel to work on large projects International travel – Secondment opportunities International travel – Mostly for Professional services firms – and available at all levels.
  19. 19. Work conditions• Growth opportunities – Insurers Senior Senior Analyst Actuary Chief actuary analyst actuary – Consultants Senior Associate Analyst Manager Director Partner analyst director
  20. 20. Work conditions• Study assistance• Applicability of study
  21. 21. What do we like about our roles? Insurance Consulting Stable work environment Variety End to end involvement Travel opportunities Ability to influence Seen as industry experts direction in some of NZ’s largest companies
  22. 22. Questions?

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