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  #21  
Old 01-10-2019, 02:40 PM
CSPAN CSPAN is offline
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What kind of work are you peons doing where 25-50% could be automated?
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  #22  
Old 01-10-2019, 03:10 PM
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Harder than the NYC garbage collector but easier than the supermarket manager, IMO.
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  #23  
Old 01-10-2019, 03:20 PM
CowboyGuy CowboyGuy is offline
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Quote:
Originally Posted by BowBow View Post
In life insurance, you're essentially an accountant doing very repetitive tasks that should have been automated a long time ago. I would imagine this is why pension work is dried up. I recall the one time I used content from the exams was some small annuity calculation (which the PMT function in excel did for me).

In health and property and casualty, although I don't know for certain myself, there is severity to consider and there is innovation so I assume you need to have some idea about what you're doing.

Be cautious, I think the easier route (life) will dry up soon. Life is not required by law, whereas health and car insurance is. People no longer have very many children and have no business buying life insurance.
WTH are you talking about?

What would you call Pricing in life insurance, where you have to be innovative and do several iterations to achieve a balance between competitiveness and profitability? You also have to make sure you're following all the regulations such as reserves, non forfeiture benefits etc. A small mistake can cost the company huge amount of money and destroy the reputation, so the job requires extreme due diligence and care. One big reason for that is the other departments/executives/shareholders often don't understand those details so they're sort of completely relying on the actuaries for that.

What would you call something like PBR in life insurance, where you need a principles based reserving rather than formulaic based approach? Companies need to set their own assumptions for deterministic/stochastic reserves rather than industry specified. Pricing/valuation/inforce all need to coordinate with each other. You gotta learn it. You need to gather industry knowledge.

There are serveral other things too. IFRS17... GAAP Target Improvements. New actuarial modeling softwares. Predictive modeling is also increasingly been applied in Life.
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  #24  
Old 01-10-2019, 03:49 PM
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The_Polymath The_Polymath is offline
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Mutual? Boring.

Large Carrier Life? Can be interesting.

Life Reinsurance? Good pay but no work life balance.

Consulting life? Best pay with ok work life balance.

Non-reinsurance P&C? Dabble in it if you want, but it wont challenge you.

Reinsurance P&C? Worth going into. Good pay and interesting work.
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  #25  
Old 01-10-2019, 03:58 PM
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Glad to see someone defending life actuaries.

I made the switch from pensions to life last year and I love it! Still have a bunch to learn but I don't think life is necessarily easier or boring. I preferred moving out of state to take this position than staying where I was and taking a health role at a great company that was local.
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  #26  
Old 01-10-2019, 03:59 PM
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Quote:
Originally Posted by Arms91 View Post
Glad to see someone defending life actuaries.

I made the switch from pensions to life last year and I love it! Still have a bunch to learn but I don't think life is necessarily easier or boring. I preferred moving out of state to take this position than staying where I was and taking a health role at a great company that was local.
Yeah I was cynical it could be that bad... I ended up at P&C but I was definitely most interested in P&C or life
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  #27  
Old 01-10-2019, 04:18 PM
CowboyGuy CowboyGuy is offline
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Originally Posted by Egtuary View Post
How hard is an el actuarial job given that one has passed four exams?
What is major difference between passing exams and doing the job?
Thank you for any comments
Job is much easier compared to passing exams. The two aren't related. The preliminary exams aren't very practical or have a direct application in actuarial jobs. Its really the upper level exams especially the FSA ones that have a lot of direct application. I can't speak for P&C.

Although I'm not sure if you meant to ask this but what makes it difficult for EL level actuaries is to work at a full time job and pass exams at the same time. That's one of the biggest challenges an actuarial student faces. Although a lot o people that I've known, including me, got motivated to study when we got busy at work. Some people need down time at work to study. It depends person to person.
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  #28  
Old 01-10-2019, 04:20 PM
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Quote:
Originally Posted by Egtuary View Post
How hard is an el actuarial job given that one has passed four exams?
What is major difference between passing exams and doing the job?
Thank you for any comments
Success with exams <> success at work
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  #29  
Old 01-10-2019, 04:20 PM
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PeppermintPatty PeppermintPatty is offline
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Quote:
Originally Posted by The_Polymath View Post
... Non-reinsurance P&C? Dabble in it if you want, but it wont challenge you.

Reinsurance P&C? Worth going into. Good pay and interesting work.
Speaking as someone who has done ceded and assumed P&C insurance, and also non-reinsurance, there is plenty of interesting work in the non-reinsurance arena. And while there's plenty of interesting and challenging work in reinsurance, I had some pretty tedious stuff, too.
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  #30  
Old 01-10-2019, 04:24 PM
Fracktuary Fracktuary is offline
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Quote:
Originally Posted by CowboyGuy View Post
WTH are you talking about?

What would you call Pricing in life insurance, where you have to be innovative and do several iterations to achieve a balance between competitiveness and profitability? You also have to make sure you're following all the regulations such as reserves, non forfeiture benefits etc. A small mistake can cost the company huge amount of money and destroy the reputation, so the job requires extreme due diligence and care. One big reason for that is the other departments/executives/shareholders often don't understand those details so they're sort of completely relying on the actuaries for that.

What would you call something like PBR in life insurance, where you need a principles based reserving rather than formulaic based approach? Companies need to set their own assumptions for deterministic/stochastic reserves rather than industry specified. Pricing/valuation/inforce all need to coordinate with each other. You gotta learn it. You need to gather industry knowledge.

There are serveral other things too. IFRS17... GAAP Target Improvements. New actuarial modeling softwares. Predictive modeling is also increasingly been applied in Life.
I feel the same way. I just didnt have that energy to respond to that particular bit of misinformation.
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