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Nontraditional Actuarial Roles and Career Paths A World of Opportunity!

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Page 1: A World of Opportunity!Actuarial job outlook is expected to grow at 27 percent between 2010 and 2020, with a 5,800 job gain. A rapid employment growth rate of 58 percent is expected

Nontraditional Actuarial Roles and Career Paths

A World of Opportunity!

Page 2: A World of Opportunity!Actuarial job outlook is expected to grow at 27 percent between 2010 and 2020, with a 5,800 job gain. A rapid employment growth rate of 58 percent is expected

A CHANGING ENVIRONMENT REQUIRES FRESH IDEAS, A CHANGE IN APPROACH

Page 3: A World of Opportunity!Actuarial job outlook is expected to grow at 27 percent between 2010 and 2020, with a 5,800 job gain. A rapid employment growth rate of 58 percent is expected

Agenda

Recognize how the state of the industry labor market shapes the way we define the high-potential actuary.

Learn to take on the changing climate through innovation, business-savvy, and inspiring leadership.

Obtain fresh opportunities.

Page 4: A World of Opportunity!Actuarial job outlook is expected to grow at 27 percent between 2010 and 2020, with a 5,800 job gain. A rapid employment growth rate of 58 percent is expected

Industry Job Growth: 2008-2018

Source: Bureau of Labor Statistics

Actuaries

C-Level

Claims

Underwriters

The insurance industry labor market is expected to grow at 13.2 percent.

-5.0% 0.0% 5.0% 10.0% 15.0%

13.4%

-1.3%

9.7%

-1.3%

Page 5: A World of Opportunity!Actuarial job outlook is expected to grow at 27 percent between 2010 and 2020, with a 5,800 job gain. A rapid employment growth rate of 58 percent is expected

Source: The Jacobson Group/Ward Group 2011 Insurance Labor Market Study

Decrease Staff

Maintain Staff

Increase Staff

8.00%

25.00%

67.00%

20.00%

30.00%

50.00%

Property and Casualty

Life and Health

A Snapshot of Projected Hiring Plans By Industry

Page 6: A World of Opportunity!Actuarial job outlook is expected to grow at 27 percent between 2010 and 2020, with a 5,800 job gain. A rapid employment growth rate of 58 percent is expected

Most Difficult Disciplines to Recruit

Source: The Jacobson Group/Ward Group 2011 Insurance Labor Market Study

0 2 4 6 8 10

Operations

Accounting

Claims

Compliance

Sales/Marketing

Product Management

Underwriting

Technology

Executives

Actuarial

On a scale of one to 10 (10 being most difficult), respondents ranked these functions on how difficult they were to fill.

Page 7: A World of Opportunity!Actuarial job outlook is expected to grow at 27 percent between 2010 and 2020, with a 5,800 job gain. A rapid employment growth rate of 58 percent is expected

Hard-to-find skill sets

Globally diverse workforce

Succession planning

Global and emerging markets

28%

28%

38%

41%

Source: Deloitte, Talent Edge 2020: Blueprints for the New Normal, December 2010

What are Employers’ Main Concerns?

Page 8: A World of Opportunity!Actuarial job outlook is expected to grow at 27 percent between 2010 and 2020, with a 5,800 job gain. A rapid employment growth rate of 58 percent is expected

Today’s Actuary: How Far We’ve Come

THE PERCEPTION:

“Actuaries are one-dimensional.”

“Actuaries cannot provide the

meaningful business analysis we seek.”

“Actuaries can’t do this job…”

“Actuaries cannot transfer their skill set.”

“I can’t understand them.”

Page 9: A World of Opportunity!Actuarial job outlook is expected to grow at 27 percent between 2010 and 2020, with a 5,800 job gain. A rapid employment growth rate of 58 percent is expected

Source: Society of Actuaries

Today’s Actuary: How Far We’ve Come

THE REALITY:

Retirement and pensions: helping devise new retirement

solutions for the 21st century

Life insurance: creating predictive models and developing

products to meet society's changing needs

Healthcare and health insurance: lending expertise to

manage this $2T issue for businesses and individuals

Page 10: A World of Opportunity!Actuarial job outlook is expected to grow at 27 percent between 2010 and 2020, with a 5,800 job gain. A rapid employment growth rate of 58 percent is expected

You are the CEO of YOU.

Manage Your Brand

YOUR BRAND SHOULD:

Distinguish you from others.

Make others aware of your character, strengths and personality.

Become the message that is conjured up when someone thinks of you.

Influence the decisions, attitudes and actions of others.

Increase confidence, presence and visibility.

Page 11: A World of Opportunity!Actuarial job outlook is expected to grow at 27 percent between 2010 and 2020, with a 5,800 job gain. A rapid employment growth rate of 58 percent is expected

Take mentorship a step further with sponsorship.

Receive the opportunity to connect with leaders and visualize new opportunities.

Accept direct and honest feedback about what it takes to be successful.

Glean additional insight and obtain guidance from an insider’s perspective.

The Power of Sponsorship

Page 12: A World of Opportunity!Actuarial job outlook is expected to grow at 27 percent between 2010 and 2020, with a 5,800 job gain. A rapid employment growth rate of 58 percent is expected

• Brad’s perspective

• Margaret’s perspective

• Trends

• Hot buttons

• Differentiators

What are Employers Looking for in Actuarial Candidates?

Page 13: A World of Opportunity!Actuarial job outlook is expected to grow at 27 percent between 2010 and 2020, with a 5,800 job gain. A rapid employment growth rate of 58 percent is expected

The Competition

THE PLAYERS:

MBAs

CFAs

Financial Engineers

Risk Managers

Page 14: A World of Opportunity!Actuarial job outlook is expected to grow at 27 percent between 2010 and 2020, with a 5,800 job gain. A rapid employment growth rate of 58 percent is expected

Actuarial job outlook is expected to grow at 27 percent between 2010 and 2020, with a 5,800 job gain.

A rapid employment growth rate of 58 percent is expected in consulting services.

Demand will grow for P&C and health, but level off for life as the industry consolidates.

Actuaries are in Demand!

Source: Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, 2012-13 Edition, Actuaries

Page 15: A World of Opportunity!Actuarial job outlook is expected to grow at 27 percent between 2010 and 2020, with a 5,800 job gain. A rapid employment growth rate of 58 percent is expected

• Emerging Markets

• Consultancy

• Telecommuting or Work-at-Home Positions

• The C-Suite

Today’s Opportunities Come in Non-Traditional Forms

Page 16: A World of Opportunity!Actuarial job outlook is expected to grow at 27 percent between 2010 and 2020, with a 5,800 job gain. A rapid employment growth rate of 58 percent is expected

The most comprehensive and rigorous demonstration of enterprise risk management (ERM) expertise available.

A CERA designee is qualified for such positions as Risk Analyst, Risk Manager, and Chief Risk Officer.

The CERA Designation

Chartered Enterprise Risk Analyst

Page 17: A World of Opportunity!Actuarial job outlook is expected to grow at 27 percent between 2010 and 2020, with a 5,800 job gain. A rapid employment growth rate of 58 percent is expected

• Chief Finance Officer

• Chief Marketing Officer

• Chief Risk Officer

• Chief Executive Officer

• Chief Actuarial Officer

• Product Management Executive/ General Manager

• Board of Director Roles

Where Do Actuaries Fit Into the C-Suite and Beyond?

Page 18: A World of Opportunity!Actuarial job outlook is expected to grow at 27 percent between 2010 and 2020, with a 5,800 job gain. A rapid employment growth rate of 58 percent is expected

So, How Do You Embrace Opportunity?

Accept and embrace the changes that are occurring around you.

Learn new skills and approaches.

Understand who you really are and recognize what you bring to the table.

Proactively manage your career and your life to create your story — not someone else’s!

Page 19: A World of Opportunity!Actuarial job outlook is expected to grow at 27 percent between 2010 and 2020, with a 5,800 job gain. A rapid employment growth rate of 58 percent is expected

Questions?

Page 20: A World of Opportunity!Actuarial job outlook is expected to grow at 27 percent between 2010 and 2020, with a 5,800 job gain. A rapid employment growth rate of 58 percent is expected

Margaret Resce Milkint

Managing Partner

The Jacobson Group

(800) 466-1578

[email protected]

Brad Whatley

Vice President

(312) 884-0465

[email protected]

Thank You!

mailto:[email protected]
mailto:[email protected]

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