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The 3 rd Younger Members Convention

The Unbearable Lightness of Being ....an Actuary Cherag Kalapesi, Senior Consultant, Acumen Resources. The 3 rd Younger Members Convention. 29-30 November 2004, The Chesford Grange Hotel, Kenilworth. Agenda. Introduction Overview of practice areas Life Pensions Non-life

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The 3 rd Younger Members Convention

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  1. The Unbearable Lightness of Being ....an ActuaryCherag Kalapesi, Senior Consultant, Acumen Resources The 3rd Younger Members Convention 29-30 November 2004, The Chesford Grange Hotel, Kenilworth

  2. Agenda • Introduction • Overview of practice areas • Life • Pensions • Non-life • Investment & other • Our narrow focus • Increasing our awareness

  3. Life Insurance • Current State of Play: • Core area for actuaries • New roles dictated by changing regulation • Consequences for the industry • Questions that arise: • Where will these extra, experienced actuaries come from? • Will employers be less stringent in their expectations? • Will more these roles be outsourced to consultancies?

  4. Pensions • Factors that have lead to the downturn - to control and/or reduce escalating DB costs - greater volatility in company’s balance sheet (FRS17 ) - current assetvalues are low, DBplans in deficit • Ways forward for actuaries – life after DB - designing DC schemes - financial advice for retirment - the deepening pensions crisis

  5. Non-life • What and Where • Reserving, pricing • Insurers, reinsurers, consultancies, Lloyd’s market place • The role of regulation - very limited - international comparisons • An actuarial success story - solid professional network - Institute involvement - understanding the business and adding value

  6. Investment, Health and Others • Lots of potential but stable demand • No legislative requirements • Lack of awareness is a big problem • Rocket scientists galore ! • Transferable skills

  7. Our Narrow Focus • Tunnel Vision • The new Education Strategy: "The Actuarial Profession ….. is keen to develop the practical aspects of a student's training as well as the theoretical aspects. The work-based aspect of a student's training is a further opportunity for the student to learn..........We want to encourage young professionals to develop a culture of self-assessment and professional development to help them plan their future as an actuary.....“

  8. Increasing Your Awareness • Motivations are the key • Research your options • IAA website • Actuary magazine • Network • Develop a personal vision - goals, objectives, interests

  9. Conclusion • Snap shot of the different practice areas • Issues facing the profession’s growth • Questions…..

  10. ACUMEN RESOURCES Cherag Kalapesi Number: 0208 544 0417 Email: cherag@acumen-resources.com

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