This article will delve into how economic models interact with society, with a special focus on artificial intelligence (AI) implementation. It will take a look at the “puzzles” prescribed in the book “Power and Progress: Our Thousand-Year Struggle Over Technology and Prosperity,” by 2024 Nobel laureates in Economic Sciences Daron Acemoglu and Simon Johnson. The…
Why is modeling policyholder behavior so damn hard, and what can we do about it? A bit of background on why I’m asking this. I recently had the privilege of leading a study of dynamic lapses for general account products across 10 companies. For the first time since many investment-oriented products have come on the…
Out of curiosity, I recently asked ChatGPT, a generative artificial intelligence (GenAI) chatbot tool, to provide common adjectives that “actuary” is associated with. The answers were “analytical, mathematical, detail-oriented, risk-focused, thorough, objective, professional, data-driven,” etc.—but not “entrepreneurial.” Next, I asked ChatGPT to provide common professions that “entrepreneurial” is associated with, and the answers were “start-up…
As U.S. Bureau of Labor Statistics (BLS) reporting shows, the actuarial profession, with more than 30,000 people employed in 2023, projects demand for actuaries to grow by 21% through 2032. This growth indicates not only new job creation but also a potential need to replace retiring actuaries. The concept of retirement has traditionally symbolized a…
In September of 2024, the Society of Actuaries (SOA) Research Institute released “Impact of Inflation in Retirement – Survey Findings,”1 summarizing retiree attitudes and actions toward inflation. Some 1,000 randomly selected users of the health rewards app Optimity provided feedback on 12 questions. Report author Steve Siegel, ASA, MAAA, senior practice research actuary with the…
In the dynamic world of actuarial consulting, the next generation of professionals brings a fresh perspective and an eagerness to solve complex problems. For this second Q&A in The Actuary’s “Voices of Tomorrow: Perspectives from the Next Generation of Actuaries” series, I connected with Thankamol (Tan) Katanchaleekorn, FSA, who is currently a manager with KPMG…
Shifting demographics and the current economic environment have led to uncertainties for Canadians and—as I’ve witnessed quite often—to concerns around outliving savings in retirement. While exploring strategies to address the need for dependable lifetime income solutions, three observations in particular come to light: Innovative and cost-efficient ways to convert retirement savings into lifetime income have…
Chinese Version As reports have shown, insurance and other companies across Asia and globally have faced challenges implementing International Financial Reporting Standard 17 (IFRS 17). In my experience with Sunshine Insurance Group, these are the keys to efficiently completing IFRS 17 implementation: Strong support from senior management Proactive resource allocation Clear project positioning and objectives…
Jolee Crosby and Darlene Stevenson may not know each other, but they have much more in common than they realize. Both are women leaders in the insurance industry, and each has worked for global giants. Throughout the 30-plus years in their careers, they have successfully navigated multiple rounds of industry and organizational consolidations. Perhaps most…
To serve as Society of Actuaries president is the highest honor bestowed on a member. On Wednesday, October 30, 2024, my three-year SOA presidential commitment came to an end. This is the story. After serving on the SOA Board of Directors from 2013 to 2016, I submitted my name to the Nominating Committee as a…