Originally Posted by Hello, My Baby
Can you describe a little of your methodology? I'd say most actuarial roles are more of an admin cost/cost of doing business type of role than a per second value-added role.
My first job (actuarial) had dollar values added (identifying initiatives to reduce claims incurred [both unit cost and utilization]) based on projections.
My current role (health analytics lead, non-actuarial but very close to) has dollars attached to my matrix (annual goals), along with projects which I helped company save. For example, I was mapping claim data to external sources so we didn't have to add so many columns to the database, each column costs $$$ from vendor + employee salaries. Within operation, I created templates and automation process to minimize errors and meet timeliness measures by major groups, not meeting those measures would/will result in fines and sanctions by CMS and clients. Another one is if you're training staff and have special techniques to help boost production, compare that increased production and translate into payroll, see how much you save each year.
The key thing is having proof of what you achieved, such as employee evaluations (goals with $$ listed), having official service agreements with dollars attached along with the tools you built, etc. BTW $25 million is simply what I can prove with evidence, it's more like $50 million with the rest having indirect financial impacts or directors/managers not willing to share the financials, I've spent the last 4 months going through everything I did and tried to gather evidence and documentations.
Actuaries have no financial impacts? Of course you do (probably even more), else they won't be paying you big bucks to study for exams and run claim triangles every day. Check your pricing methodologies, evaluate changes and impacts, each member you helped bring in is $$$$ extra in revenue. For Medicare Advantage it's around $15000 in premium, government subsidy, and payment based on RAF score for each member. One membership outreach I did I helped retain 1000 members and I am not shy of putting $15 million (increase of revenue) on that initiative, just have reports and documents (even email quotes) ready to back up.
Again, this is probably another topic to discuss and I don't want to hijack this thread. However, this is the very reason employers are unwilling to hire EL. However, if you're young, with no sponsorship issues and are willing to persevere (keep carpet-bombing the industry with resumes), it's still worth it, once you get in it's so rewarding (financially and quality of life), actuarial or insurance career wise.