The roles of actuaries in UK life offices: changes and challenges
| Autor: | F. Liang, C. D. O’Brien, D. W. Hughes, S. A. Robinson, P. Simmons, G. A. Gallagher, A. J. W. H. Tay, R. J. Green |
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| Rok vydání: | 2015 |
| Předmět: |
Statistics and Probability
Economics and Econometrics Solvency 050208 finance Actuarial science Enrolled actuary business.industry 05 social sciences International Financial Reporting Standards 01 natural sciences 010104 statistics & probability Life insurance 0502 economics and business Financial analysis Financial modeling Position (finance) Business 0101 mathematics Statistics Probability and Uncertainty Risk management |
| Zdroj: | British Actuarial Journal. 21:134-164 |
| ISSN: | 2044-0456 1357-3217 |
| DOI: | 10.1017/s1357321715000070 |
| Popis: | We examine the roles of actuaries in UK life offices, along with trends, challenges to and opportunities for actuaries. We carry out an analysis of senior roles in life offices, a questionnaire survey and interviews with relevant senior personnel. We find that actuaries occupy many important roles in life offices and are regarded as having good industry knowledge and technical skills, especially in financial modelling. There are fewer executive directors and more non-executive directors of life offices who are actuaries compared with the position in 1990. A higher proportion of reserved roles is outsourced to consultants than was the case in 1990. Only a small number of Actuarial Function Holders are directors. Actuaries are more siloed than was the case in the past, although actuaries are well represented in the finance and risk functions of many offices. Although actuarial work in connection with the preparation for Solvency II will decline, there will be important ongoing requirements for actuaries following Solvency II implementation. We also see opportunities for actuaries in four areas: in risk management, in financial analysis and management based on Solvency II and international financial reporting standards, in connection with “big data”, and in product development and the customer proposition. There are implications for the examination syllabus, continuing professional development and research. |
| Databáze: | OpenAIRE |
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