What you'll learn

A practical overview of the work of an actuary in a traditional insurance environment.

Course content

8 sections • 8 lectures • 2h 37m total length

Introduction6:24
An introduction to the course content - the rationale for the course and the goals it sets out to achieve.
We speak about the fact that the practical, every day work of an actuary is quite mysterious, and how this course might be helpful to aspiring actuaries, people who work with actuaries or those just interested to know what an actuary actually does.

Actuarial functions in a life insurance company14:45
In this lesson, we explore the various functions that actuaries fulfil in an insurance company and how those functions interact.

By the end of this lesson, you should be able to answer the following questions:
Why does an insurance company need actuaries?
What are the main departments of an insurance company that require actuarial input?
What do actuaries do within each of these departments?
How do the departments interact with one another?
Which actuarial roles may suit you and your personality?

Typical processes in an actuarial team24:43
In this lesson, we explore some of the most common tasks and processes that actuaries need to complete on a regular and predictable basis.
By the end of this lesson, you should be able to answer the following questions:
What is the basic structure of most reporting processes?
What are some of the main processes that actuaries perform on a regular basis?
What is the purpose of each process and what are the high-level steps involved?
Why are these processes not always straightforward, even though they are performed regularly?

The actuarial valuation process18:43
In lesson 1, we spoke about the various functions that actuaries fulfil in an insurance company.
Lesson 2 dug a bit deeper into the typical processes that actuaries tend to complete on a Business As Usual basis.
In both of these lessons we touched on the actuarial valuation process, which is one of the core areas of work that actuaries are involved in. In this lesson, we go into the detail of a typical actuarial valuation.
By the end of this lesson, you should be able to answer the following questions:
Why is an insurance valuation performed specifically by actuaries?
Why is this process so important?
What are the main inputs into a valuation process?
What does an actuarial valuation model do?
What outputs does it produce?
Why are controls and documentation important?

Spreadsheet best practice36:56
In this lesson we unpack the concept of process controls, which has become a hot topic for actuaries as part of an industry-wide drive towards transparency.
By the end of this lesson, you should be able to answer the following questions:
Why are controls important in actuarial models and processes?
What is End-User Computing?
What are some of the typical types of controls found in actuarial models and how do they apply to spreadsheets?
What are some principles of spreadsheet best practice?

Accounting standards IFRS 1721:47
In this lesson we go through the basics of the new financial reporting standard that applies to insurance contracts, IFRS 17, which is currently a hot topic in the actuarial and insurance industry.
By the end of this lesson, you should be able to answer the following questions:
Which body administers IFRS 17 and which companies does it apply to?
What is the purpose of IFRS 17?
What are the main concepts that are introduced in this standard?
What are the major challenges companies face in implementing the standard?

Why transformation projects fail22:30
In the previous lesson, we went through the basics of IFRS 17, which has caused insurance companies around the world to embark on huge transformation projects, overhauling their systems, models and processes to ensure they can meet the requirements set out in the standard.
Unfortunately, transformation projects in actuarial departments are notoriously unsuccessful. In this lesson we suggest a few reasons why this is the case, and the power you, as an actuary, will have to make these projects a success.
By the end of this lesson, you should be able to answer the following questions:
Why is there a need for actuarial transformation projects?
What are some of the main reasons transformation projects fail in actuarial teams?
Which actions can counteract these reasons and help projects succeed?

Being part of the actuarial profession11:13
In this lesson we set aside the technical aspects of an actuary’s work and focus on what it means to be part of the actuarial profession.
By the end of this lesson, you should be able to answer the following questions:
What is a profession?
Who governs the actuarial profession?
What are an actuary’s roles and responsibilities as a member of the profession?
What functions do actuarial associations fulfil?

Requirements

Description

Whether you are an actuarial student, someone who works with actuaries, or just interested in what an actuary actually does, you may be surprised to hear that the every day work of an actuary may be quite different from what you've studied in your course notes or read online.

We can all probably visualise what the work of a doctor, lawyer or teacher entails, but the actuarial profession remains shrouded in mystery. Even for those who have completed an actuarial degree, there is often a huge gap between one's theoretical studies and the work one actually does in the corporate world.

This course aims to bridge that gap, providing a practical, intuitive and conversational overview of the typical processes actuaries are involved in, current hot topics in the industry and challenges those in the profession face - all the things they don't teach you at university or in actuarial exams.

For aspiring actuaries this course will provide a head-start going into an insurance-based job, allowing you to feel a lot more comfortable with real-life actuarial concepts and language, confident enough to join in conversations and able to express questions you have with more clarity. It will also help you answer questions like "Is this really the kind of work I want to be doing? Is the actuarial profession really for me?"

Who this course is for:

Anyone interested in becoming an actuary or studying actuarial science
Anyone who works with actuaries or in the insurance industry
Anyone who is curious about the actuarial profession

What you'll learn

Explore related topics

Course content

Introduction1 lecture • 6min

Actuarial functions in a life insurance company1 lecture • 15min

Typical processes in an actuarial team1 lecture • 25min

The actuarial valuation process1 lecture • 19min

Spreadsheet best practice1 lecture • 37min

Accounting standards IFRS 171 lecture • 22min

Why transformation projects fail1 lecture • 23min

Being part of the actuarial profession1 lecture • 11min

Requirements

Description

Who this course is for: