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How Behavioral Economics Can Change the Way You Work

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All businesspeople have blind spots. From confirmation bias that leads us to repeat past decisions to a pro-innovation bias that makes us chase new ideas, each of us is susceptible to very human errors. The antidote, says healthcare CFO and actuary Kurt J. Wrobel, is to use behavioral economics to improve our decision-making. In the […]

How Automation Will Disrupt Actuarial Jobs

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The job of an actuary is filled with manual tasks: creating spreadsheets, reviewing figures and writing reports. It’s a role that’s primed for high-tech disruption—and that’s just what is about to happen. Consultants from Deloitte and other firms say that firms will soon employ “exponential actuaries,” human experts whose work is augmented by bots capable […]

Actuaries Prepare for New Pension Assessment Rules

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On November 1, actuaries in the U.S. will begin following Actuarial Standard of Practice No. 51, a new set of steps that dictate how to measure pension obligations and evaluate pension contributions. Experts say the new standard will encourage more rigorous stress-testing of pension plans and better prepare those plans for the next recession. How […]

With Vaping on the Rise, Insurers Weigh the Risks

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Insurers have long understood the increased rates of sickness and mortality for smokers, with this group paying higher rates than non-smokers for both health insurance and life insurance. But as vaping continues to grow in popularity, how can insurers evaluate the risks involved in this newer behavior? Actuaries and underwriters in the UK have begun […]

U.K. Developing Smartphone app, Robo-advice for pensions

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U.K. developing smartphone app, robo-advice for pensions There’s a smartphone app for nearly everything—so why not for pensions? That’s the thought behind the new Pension Dashboard application being developed by the government in the United Kingdom. The app has consistent support across generations, with over 20% of each age bracket saying they’d prefer an app-based […]

Society of Actuaries aims for global growth

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Since its founding in 1949, the Society of Actuaries (SOA) has grown to represent nearly half of all actuaries around the world. Recent growth has been centered in China, in the Asia Pacific region and in Latin America, where the actuarial profession is rapidly developing. According to the group’s president, Mike Lombardi, the next step […]

Leading actuarial societies consider joining forces

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Inspired by the chance to make a greater impact on the future of the actuarial profession, the leaders of the Casualty Actuarial Society (CAS) and Society of Actuaries (SOA) have announced that they’re considering combining the groups into a single organization. The societies mentioned several factors driving the discussions, including the ability to provide more […]

Why diversity and inclusion matter more than ever

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While actuarial societies have launched diversity and inclusion initiatives in recent years, the industries that hire actuaries still struggle to reflect diversity in their workforces. According to a 2016 study, 98% of insurance leaders are white, even as the United States moves swiftly toward becoming a majority-minority country. The problem, says executive recruiter Margaret Resce […]

How differing perspectives can revolutionize actuarial science

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In the academic and financial worlds, teamwork is considered essential. Armed with empirical evidence about the value of diverse perspectives, leaders in these fields now assign groups of professionals to author research papers or to manage mutual funds. And yet in insurance and other industries, companies expect actuaries to be the first and last word […]

Win The War On Employee Turnover

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Are people leaving their jobs because of bad bosses, because of the direction of the company, or because of the job itself? Companies are always challenged to do their best to resolve employee turnover. They want to hire top talent and keep them for many years to come. Here are 4 easy ways to “win […]