The effect of ever-increasing technological change in our personal lives and in the workplace is undeniable and unstoppable. We are looking to a future where AI-powered machines will increasingly replace elements of human activity and intervention in a multitude of tasks. The actuary who “leverages their strong statistics and mathematics and competencies to evaluate financial uncertainties and potential costs” may be at a greater risk than many of being a casualty of such progress. In the interests of future preservation and prominence, a firm will look to retain those employees whose contrib ..read more

Microsoft Excel is a core part of the day to day work for actuaries. For anyone interested in pursuing a career in actuarial science; the most basic skill required is the need to master and understand Excel. Excel for actuaries is the backbone of the majority of their work. Excel has both benefits and drawbacks however, even with the drawbacks of using Excel for actuarial work, the industry still relies on it. Limitations of Excel Excel has a capacity of 1,048,576 rows and 16,384 columns. Although this is a high volume, actuarial work can involve massive sets of data. This limitation can r ..read more

As we try to navigate our way through the exciting and exacting digital revolution that our kind is experiencing, it is a worthwhile exercise to reflect and consider how actuarial science has evolved and grown exponentially since its conception. Nowadays, the techniques used by actuaries are a far cry from the first mortality tables created by Halley in the late 17th century. However, if our profession is to progress at the rate which we have seen in the past, we need to ensure that we are making use of the technological advancements that are born from these changing times. I imagine tha ..read more

In the summer of 2020, Elon Musk, founder and CEO of Tesla, tweeted: “We are actually looking for revolutionary actuaries for Tesla Insurance! Please inquire, if interested.”  After reading this, I breathed out a sigh of relief I didn’t know I was holding in. Subconsciously, the emergence of artificial intelligence had planted a seed of doubt about my chosen career path in my mind. Careers that once formed the cornerstone of society have been all but replaced by rapid developments in robotics and programming. If a world can learn to live without its factory workers, receptionists, driver ..read more

Quick Navigation Introduction: Actuarial Exam Pass Rates Scope of Analysis Trends in Historical Actuarial Exam Pass Rates Student Quality vs Exam Difficulty Theoretical Impact on Travel Times Concluding Thoughts on Actuarial Exam Pass Rates Introduction: Actuarial Exam Pass Rates UK Actuarial Exam Pass Rates have declined in some Core subjects over recent years. In this article I present the data showing the decline, as well as the possible implications on travel time to qualification. Scope of Analysis In this article I am only considering Core exams. Specialist exams have a smaller num ..read more

Actuaries should learn programming and data science because technology and data science are becoming more important in the field of actuarial science. Most actuarial employers expect new actuaries to have data science skills such as writing code and using statistical software. Actuaries use programming and data science skills to minimise risk and predict future events in industries such as insurance. Programming skills are also useful for building models and analysing data. Actuaries are expected to learn programming languages such as Python and R to stay competitive in the job market. This a ..read more

Quick Navigation Actuaries Vs Data Scientists: Background & Training Actuaries Vs Data Scientists: Responsibilities & Skillsets Actuaries vs Data Scientists: The Problem Set It is not often someone probes the debate “Doctors vs Taxi drivers” or “Hairdressers vs Astronauts”, which leads me to wonder why the debate of “Actuaries vs Data Scientists” is appearing so regularly, as of late, within the finance world. The answer, I believe, is because the discussion is quite an unsettled one, and not entirely obvious. In fact, anyone who is not an expert in both fields will struggle to det ..read more

Quick Navigation Is Data Science Useful for Actuaries? Is Data Science the Same as Actuarial Science? Data Science in Insurance Data Science & Insurtech Should Actuaries Learn Data Science? The past century will be noted in history as a time when we saw a number of advancements in industries to make them more fit for purpose in the future. We have seen the introduction of artificial fertiliser to revolutionise the agriculture industry, the birth of the aeroplane to change the travel industry, the advent of the microchip to transform the communication industry and the discovery of antib ..read more

Quick Navigation Non-Traditional Actuarial Work Future Prospects The Evolving Role of the Actuary in Insurance Insurance Innovation Concluding Thoughts Will future actuaries be replaced by technology? Advancements in data analytics and technological innovations are changing how and where actuaries work. The modern actuary faces challenges that differ greatly from what their predecessors faced 20-30 years ago. For example, calculating policy premiums can now be done quickly using statistical software and real-time data. Instead of previous, more time-consuming methods where actuaries used m ..read more

Actuarial Exams: The Real 'Secret' to Success I started writing on LinkedIn a few years ago. I wanted to 'give back' a little to the actuarial profession. I also wanted to clarify my thinking. Writing is one of the best tools we have for gaining clarity. At first, a few hundred would read my posts, then a few thousand and eventually the views morphed into the millions. I never imaged that. A lot of my writing is about helping trainee actuaries to get through the long arduous journey of passing actuarial exams and getting to the coveted actuarial Fellowship destination. Why? Because I've been ..read more