By Tom Murray, Head of Product Strategy, Exaxe.
DIY stores are fascinating to me but they are also a dangerous trap. As I walk around I am tempted by so many items which I could use to easily improve my home but, being a homeowner for almost three decades, I now accept that DIY is an area that I should avoid completely. After a series of past unsuccessful projects, my wife has now banned any further attempts and either gets in an expert to do the work or does without it.
In many ways, the response of actuaries to demands in their workplace reminds me of my approach to home renovation. They see how the many improvements could be made but they want to be able to do it themselves, rather than relying upon the outside expertise. As a result of this obsession with DIY, actuaries are more reluctant than most financial services sector professionals to use expert technologies from outside of their own firm, preferring the build-it-yourself approach. Perhaps this lies at the heart of the conundrum that actuarial departments, who were the prime movers in embracing technology in the 60s and 70s, are now often regarded as the luddite department in organisations. Other departments that were regarded as dinosaurs in the eighties and nineties are now embracing technology with a vengeance.
The demands upon the actuarial department are endless and show no signs of abating. Actuarial workload is ever-increasing as regulators insist on making changes in order to be seen to be doing something about whatever issue is currently grabbing the headlines. The marketplace is also changing quite dramatically, with new entrants, new distribution methods, and new demands from a customer base whose profile is changing significantly...
Read the full article in the Actuarial Post: Actuarial Post - Edition 29
Actuarial Post is an online publication offering actuaries insight into the market, an extensive library, news and the latest job listings. With a dedicated comment section; the most talked about topics in the actuarial market are discussed by actuaries dealing with the issues on a daily basis. Articles focus on the latest trends changes in regulation and the areas of pensions, investment, life and insurance.