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Actuarial Talent Analysis
Actuarial Talent Analysis
Ganesh Subramaniam

Senior Consultant at Draup

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Actuarial Talent Analysis

13 Aug 2019
Technology advancement continue to evolve the traditional job roles like actuary and have opened a wealth of opportunities for actuaries outside the insurance world. Robust computation software has given rise to new statistical methods and models including analysing individual claim and policy data in real time replacing traditional actuarial methods. Fresh graduates and experienced actuaries have started realising that harnessing new technology skills is vital to take on new-age roles in firms and shape the innovation agenda.
Actuaries’ key skillsets are in hot demand across several technology firms. One key example is that of mobility companies developing ridesharing businesses and autonomous cars. Firms like Google and Uber are facing different kinds of challenges surrounding risk assessment, risk management, and liability. Actuaries are the ideal choice to analyse and help manage these risks as they develop.
Actuarial Talent Analysis
Even in insurance firms, new roles and teams are being defined for actuaries to contribute to other areas of the business. Few examples that depict the new-age actuary role include:

      • Modelling the sales and distribution process of sales agents across geographies to identify the best practices across region
      • Use of big data sourced from telematics devices in vehicles to build risk analytics models to detect risky driving patterns of policy holders
      • Insurers are also embedding actuaries in product management, claims, and individual global risk underwriting
      • Use of Robotic Process Automation (RPA) is automating daily tasks such as data migration and reconciliation evolving actuaries’ role to focus on innovation activities.
Hiring competition is surging in the actuarial space, and both the financial and technology institutions that employ actuaries, and actuaries themselves are taking initiatives to succeed well in the upcoming revolution. Companies are investing in training and skill upgrades to elevate their inhouse actuary staffs and assist in competing for increasingly in-demand talent. Actuaries are reskilling themselves in machine learning and data science to capitalize on the wide array of opportunities in insurance and technology firms. Reskilling is a tool that triggers actuarial job progression and is being leveraged by both actuaries and organisations.
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