The 3rd Younger Members Convention

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The 3rd Younger Members Convention
The Unbearable Lightness of Being ....an
ActuaryCherag Kalapesi, Senior Consultant,
Acumen Resources

• 29-30 November 2004, The Chesford Grange Hotel,
  Kenilworth

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Agenda

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

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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?

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Pensions

• Factors that have lead to the downturn
• - to control and/or reduce escalating DB costs
• - greater volatility in companys balance sheet
  (FRS17 )
• - current asset values are low, DB plans in
  deficit
• Ways forward for actuaries life after DB
• - designing DC schemes
• - financial advice for retirment
• - the deepening pensions crisis

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Non-life

• What and Where
• Reserving, pricing
• Insurers, reinsurers, consultancies, Lloyds
  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

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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

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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.....

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Increasing Your Awareness

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

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Conclusion

• Snap shot of the different practice areas
• Issues facing the professions growth
• Questions..

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ACUMEN RESOURCES

• Cherag Kalapesi
• Number 0208 544 0417
• Email cherag_at_acumen-resources.com