Voices of Tomorrow, Part 3 — Adapting to Change

The actuarial profession is constantly evolving, with new technologies, regulations and societal challenges shaping the field. For this third Q&A in The Actuary’s “Voices of Tomorrow: Perspectives from the Next Generation of Actuaries” series, I connected with Marcel Chang, FSA, CERA, a consulting actuary with four years of experience, currently with Milliman in Kuala Lumpur, Malaysia, and previously with AXA.

Marcel sheds light on how young actuaries can navigate change, embrace continuous learning, and take on challenges and opportunities in the profession today.

Could you start by introducing yourself and sharing a bit about your career journey so far?

Marcel Chang: I’ve been working as an actuary for the past four years. I started my career at AXA Affin Insurance in Kuala Lumpur, where I worked in valuation modeling. My role was to act as an intermediary between the local business units and the centralized actuarial modeling team, ensuring the results were validated and accurate.

Now at Milliman, I work on a variety of projects, ranging from actuarial reviews to managing participating business and implementing IFRS 17 across multiple markets in Southeast Asia. It’s a challenging role, but the variety of work and steep learning curve keep things exciting.

What motivated you to become an actuary, and who or what inspired you along the way?

Marcel: After graduating high school, I knew I enjoyed math, but I wasn’t sure about my career path. I started by researching options online, looking into careers like accounting, data science and statistics. I applied for both pure mathematics and actuarial science programs at different universities, and ultimately, I chose actuarial science because it was more specialized.

When I graduated, it was during the Movement Control Order (MCO, a series of national quarantine measures implemented by Malaysia to curb the spread of COVID-19), which gave me the time and space to focus intensely on passing my actuarial exams. That experience taught me resilience and perseverance—two traits that have been instrumental in my career so far.

How did you stay motivated during the rigorous exam process? Did you have a support system?

Marcel: The work environment plays a big role in how you approach the exams. In my previous company, most people didn’t study after work—they would unwind instead. So, I had to find my own motivation to keep going.

For the associate-level papers, I was able to study alone, but the fellowship exams were much more challenging. I found study groups online, particularly through Google Groups and Discord channels. These communities were critical in helping me discuss tricky topics and stay motivated. It’s much easier to go through the process with a group of people facing the same challenges.

Can you tell us more about your current role at Milliman? What do you enjoy most about your work?

Marcel: At Milliman, my role is quite multifaceted. I manage participating business, conduct actuarial reviews and work on modeling implementations, including IFRS 17. What I enjoy most is the opportunity to work on projects across different markets, including Singapore, Malaysia, Indonesia and the Philippines.

Each market has its own unique set of challenges, and I find it fascinating to understand the regulatory and business environments in each region. The work is never monotonous—there’s always something new to learn.

What are the main trends you see impacting the actuarial profession right now, and what excites you most about them?

Marcel: One of the biggest trends is climate risk modeling. It’s a growing area, but many companies struggle to implement pragmatic models that fit within the insurance framework. Actuaries are now tasked with finding ways to assess climate risks in a way that makes sense for the industry.

Technology and regulatory changes are also reshaping the profession. The work we’re doing today will look very different five years from now because of these advancements. That constant evolution is what excites me the most. Actuaries will need to adapt and continue learning, which keeps the profession dynamic.

Do you feel the actuarial profession is well-prepared for these upcoming changes?

Marcel: I’d say it’s a mixed bag. Some actuaries are very eager to learn and stay on top of industry developments, while others are more resistant to change. There are a lot of forums, communities and resources available to help actuaries keep up with new trends, but it’s up to individuals to take advantage of them.

I believe that as a profession, we need to engage more in these discussions and foster a culture of continuous learning. The resources are there; we just need to use them.

What advice would you give to someone considering a career as an actuary?

Marcel: If you enjoy math and critical thinking, actuarial science is a great path. It’s important to understand what actuaries, engineers and computer scientists do daily to see if it aligns with your interests. The work can be demanding, and the exam process is tough, so you need to have a passion for it. But once you’re in, it’s a very rewarding career.

For actuarial students, my main advice is to keep going. It’s a marathon, not a sprint. Stick to your plan, but don’t be afraid to be flexible. If you fail an exam, learn from it and move on—it’s all part of the process.

How do you balance your work and personal life, and what are your hobbies outside of work?

Marcel: Balancing work and life is challenging, especially when you’re studying for exams. During that time, it’s more of a work-study balance. But after qualifying, I’ve found more time for hobbies. I enjoy playing the cello, reading fiction and learning new languages.

I also love traveling and try to pick up a few phrases in the local language wherever I go. Having a list of things I wanted to do after qualifying for and obtaining my FSA designation kept me motivated during the exam process.

Looking ahead, where do you see yourself in the next five to 10 years?

Marcel: Five years ago, I imagined I would be a fully qualified actuary working on diverse projects, and I’m on track. However, there’s still so much I don’t know, and I want to be in a position where I can help my clients navigate the complexities of the insurance landscape in Southeast Asia.

In the long term, I want to contribute to projects that have a broader impact, such as understanding the issues in different markets like Malaysia, Singapore, Indonesia and the Philippines to better help my clients.

In closing

Marcel’s journey as a young actuary highlights the importance of adaptability, perseverance and continuous learning. His enthusiasm for tackling new challenges, whether in climate risk modeling or regulatory changes, reflects the evolving nature of the actuarial profession. For those just entering the field, his advice to embrace the journey and stay curious could resonate as they embark on their own actuarial careers.

Statements of fact and opinions expressed herein are those of the individual authors and are not necessarily those of the Society of Actuaries or the respective authors’ employers.

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