The Unbearable Lightness of Being an Actuary Cherag

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

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 (FRS 17 ) - 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 theoretical aspects. The workbased 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: 0208 544 0417 Email: cherag@acumen-resources. com