Odyssey Advisors’ Post

Do you REALLY know what actuarial work looks like day-to-day? It's one thing to love math and problem-solving, but what will it be like when you're at your first actuarial job, facing real-world challenges? Is actuarial work something you'd really enjoy? Here's your chance to find out! In this week's video, follow along with me as I complete an Excel activity that mimics real actuarial work! If you enjoyed this video, why not stick around? Hit the subscribe button and bell icon for even more advice on becoming an actuary. If you want to learn more about what TYPE of actuary you want to be, then watch this video next! The 6 Types of Actuaries (Salaries Too): https://lnkd.in/gXzaSm8z

Do you REALLY know what actuarial work looks like day-to-day? It's one thing to love math and problem-solving, but what will it be like when you're at your first actuarial job, facing real-world challenges? Is actuarial work something you'd really enjoy? Here's your chance to find out! In this week's video, follow along with me as I complete an Excel activity that mimics real actuarial work! If you enjoyed this video, why not stick around? Hit the subscribe button and bell icon for even more advice on becoming an actuary. If you want to learn more about what TYPE of actuary you want to be, then watch this video next! The 6 Types of Actuaries (Salaries Too): https://lnkd.in/gfqwEtdV

With two weeks before registration and entries close, Shubhi Bhargava explains more about the Actuarial Innovation Challenge 2024 and why such competitions can benefit future actuarial careers

As an actuary, you seldom have the information required to solve a problem with certainty. Nonetheless, you need to present your best solution. The ability to make decisions based on incomplete information is one of the most important skills an actuary can possess. Depending on your mindset, developing this skill can be intimidating. Much of our academic training leads us to believe that problems have “right” or “wrong” solutions. But this distinction is not so clear in practice. Consider loss reserving as an example. While there are an unlimited number of “wrong” ways to estimate loss reserves, there is no single “right” approach. Making decisions based on incomplete information can be a messy process. In this way, it mirrors life: you have to do the best with what you’ve got. Nonetheless, there are ways to optimize this process. Here two tips to help become comfortable making decisions under uncertain conditions: #1 Sensitivity test assumptions. Suppose you estimate loss reserves at $10 million. What are the assumptions underlying your estimate? How would your estimate change if your assumptions changed by X%? Routinely sensitivity testing assumptions will give you a sense for how much sway they have. Once you have identified the most influential assumptions, refine your focus accordingly. #2 Look at the implications inherent in selected estimates. Once you select an actuarial estimate, you can calculate the assumptions implicit in your selection. For example, what is the implied reported loss development pattern underlying your estimate of IBNR? How does this compare to historical development patterns? By reverse-engineering your own estimates, you can gain a comfort level by comparing the implicit assumptions to comparable benchmarks. What techniques do you use to get comfortable with estimates based on incomplete information?

Technological advancements may lead to full automation of reserve estimation. Nevertheless, the interpretation, refinement, and justification of these estimates will be the crucial roles where Actuaries continue to provide significant value. Valuing the expertise of other teams and incorporating their feedback enhances the accuracy of these estimates and adds confidence in the numbers. In the June issue of The Actuary magazine, I contributed an article on reserving that highlights the significance of collaboration among different departments. This also reflects my journey as a reserving actuary, during which I had the opportunity to learn from several experienced actuaries. Mark Wylie; Jeremy Weight; Paul Brennan; Wouter Kornelis, FIA https://lnkd.in/g-EJMjpU

Are you curious about how actuarial techniques can impact your field, but don’t have a background in actuarial science? Join us for our upcoming workshop, “Actuarial Techniques for Non-Actuaries Programme,”as we aim to bridge the gap between actuarial and non-actuarial employees, fostering a deeper understanding of key actuarial principles and their practical applications in cost analysis, pricing decisions, data management, and governance. #pricing #underwriting #insurance

Get ready for success with the official IAI guide for the May 2024 Actuarial Exams! Provided by the Institute of Actuaries of India, this guide is your go-to resource for mastering the exams. Dive in and start your journey to becoming a certified actuary! #aei #iai #actuators #actuarialscience

“Embracing continuous learning and staying abreast of industry trends are key to maintaining our edge in actuarial consulting. Let’s start our week with a commitment to excellence and growth! #MondayMotivation #ActuarialExcellence #LifelongLearning”

Curious about the day-to-day life of an actuary? Check out our latest blog. https://lnkd.in/e6vemHG7 #actaurialcareers #actuariallife #actexlearning

"What is an Actuary?" "What makes a great Actuary?" "Why choose Actuarial Science?"   These are some of the most common questions posed to Hassan Scott Odierno, an Actuary and Senior Partner at Actuarial Partners Consulting. In this video, he answers these questions and offers valuable insights and advice on pursuing a career as an actuary. Watch it here: https://lnkd.in/gB7Dda4c   Learn@AP, the learning and development division of Actuarial Partners, offers a variety of courses to enhance your knowledge and skills. Visit https://lnkd.in/g_Uy_xSm to learn more!   #actuary #actuarialscience #insurance #takaful #knowledge