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Outlook is exceptional? Depends on time frame but companies should trim down on actuaries soon... the only thing saving them is regulations and the fact that insurance companies are incredibly conservative and slow to change.
Lol ok. If only there was a magical device that could handle repetitive calculations 🙄. As for there always being insurance, it only exists because risk exists. For p&c, what happens when cars don't crash and pipes don't bust? The only risk that's left is weather, specifically wind since water, fire, earth are separate coverages. The weather company can model weather better than anyone, so where do actuaries fit in this world? Insurance companies are already trying to move upstream from indemnity to loss prevention... I hope for your clients sake you aren't in FI.
Seems boring AF.
These posts that are just fishing for arguments are the worst
Sounds like a job that can be automated
Maybe OP is a robot already, with an overactive happiness module? #westworld
Certification process?
Once regulations are in place , actuaries are still needed even if regs don’t change. Think about pricing , data , quarterly valuations, asset liability matching. Huron , you’re an idiot
Hmm not to rain on your parade but heard of quantum computing and AI modelling? Intelligent homes, cars, cities, emergency services, etc.?
The core actuarial skill is modelling. If I'm one, I'd go get a degree or at least a certificate in AI and automation then you're really set for the long term
Let me explain to you all. Where there is risk there is massive demand for actuaries and always short supply due to complexity of the work. There will always be risk. Automate car driving - that will be replaced with cyber risk on the system doing the automating .
The work life balance claim doesnt apply to consulting but yes if you work in house you can find some super cushy roles
@Huron1, actuaries have always had an unbelievable outlook and always will (why would that change ?) Regulations will unlikely ever go away. Neither will need for insurance.
Actuaries will be the last profession to become redundant.
My bad, D1. Assumed it was known, insurable risk will be around for another 50 years due to cars and houses that aren't connected, but 10 years from now, that risk modeling will be able to be done by computers and the infrastructure will be set up that starts to reduce/eliminate those risks, ie, smart cars and homes. If you're an Insurance company that knows this, do you replace actuaries that quit/retire or do you consolidate roles with the help of incremental automation?
Insurance is so much bigger than auto and home insurance
....so what’s the point of this post? Brag about your job and get defensive with anyone who disagrees?
Work with some actuaries, they came to consulting because they were bored out of their minds. Most are or trying to do non-actuarial work. But agree, pay and work life are good.
There's a reason IBM acquired the weather company and made the WC CEO the head of Watson...
Huron - I think the point is that for the foreseeable future there will be risks that need to be insured. Hence, there will be actuaries (in some way, shape, or form) that will calculate the probability of those risks.