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Whats the difference between a quant and an actuary?

This motivates me even more to study harder for the exams

Which insurance terms would you like me to cover next?

Which skills do you consider essential for career success? And how do you intend to learn them?

Absolutely astonished. We have tested your theory and agree with your statements, excellent work Paul

Wonderful video Paul ,I am an actuarial student and I have currently taken a gap year after my graduation to prepare for IFOA exams and cleared 3 of them currently, Reason for taking a gap year was to basically fall in love with the subject ,I love statistics and I am taking a year off to learn all the concepts taught in IFOA exams and implement them practically through python /Machine Learning and Excel. I love how you talk about the reserving aspect of actuaries ,I have one goal and that is to be the best possible actuary in my generation absorbing all the knowledge coming along the way. Thank you for starting a youtube channel to not only act as a guidance to future actuaries but also as a motivation to keep pushing and thriving for the best!!!

I am really about typing instead of writing down.

I wish there was a way to "love" a video. Exactly what I was after in my research into changing careers. Thanks Paul & Michael!

Thanks for this! Some great tips! A bit late to implement some but most definitely will implement for the next one! Need to order the new set of notes just after writing.

The way you study is exactly how i study maths and uni

Thats new barrel mechanism toys, its not random, try first look barrel (pop up pirate made 1975) thats you need to calculate..its different mechanism..

By "Writing the course down twice" did you mean the entire study material or did you mean something else?

When you say you wrote out the course notes does that include the course syllabus, the additional ActEd notes, and the example questions, or just the official Course Notes in bold?

Please add questions for Dr Finn below…

I like your explanation on diagnostics in 4:08 - 10:15, the danger of a naive or default selection of averages excl. hi/lo ratios in 13:43 - 15:29, and the example of how not to do it in 17:53 - 19:43. I've seen the same patchwork selections you describe at the end in some reserving work, but I see it more often in pricing work. This is where experience from working in reserving valuably translates into pricing. I think it's important that if there is an a priori, subjective, outside data or benchmark view for link ratios in the absence of sufficient internal data, that this be recognised explicitly instead of making patchwork selections to implement said link ratios. This also links up with your video on modelling notes - big fan. Ultimately, the CL method is often a first step in the BF method for me.

I think that your approach and attitude to using modelling notes makes sense. I follow this approach in large account (new) and renewal pricing where it plays an important role in negotiations with brokers, insureds and cedants. In some sense, my modelling notes in pricing are probably closest to the M&A use case you mentioned. The modelling notes can also be used for negotiating facultative reinsurance.

In my experience, the granularity, consistency and accuracy of claims, premium and exposure data capture set the scene for the balance between speed and insight from segmentation in the reserving exercise (see video 2a and 2b). In my experience the quality of data capture is (on average) better for personal and small commercial lines insurance compared to large commercial insurance. This is partly due to the volume of business (policy count), differences in distribution channels, and differences operations (including claims) e.g. direct business vs broker business. However, regardless of the classes/lines business underwritten, a split by line/class of business, currency (geography, jurisdiction), distribution channel (direct, broker, open market, delegated authority), loss type (bodily injury, property damage, financial loss) and primary vs excess are key given the potentially significant differences in the policy life cycles (see video 1). I am a supporter of doing a more aggregated (less segmented) reserving exercise regardless of whether I follow a more detailed top-down or bottom-up approach that combines parts to evaluate the whole. This provides a sounding board for the combined result of a more segmented (less aggregate) reserving exercise. Comparison will highlight both differences and similarities. Significant differences or unexpected similarities can guide further meaningful and higher value investigations. The more aggregated reserving exercise is also a useful starting point for engaging with stakeholders who are outside (or on the fringes of) the reserving exercise. The actuary should be able to explain how the aggregate and segmented results compare and why, so that communication follows a top-down approach, regardless of reserve exercise approach followed.

thanks for this

Please add a comment below to let me know what else I could use maths to do…

Haha I'm sure I worked out how it popped as a kid. No clue now though 😂

Fab!! 😂😂

Many thanks both of you for this video. Very interesting and inspiring too!

Thank you for sharing some great insight and advice! It was useful to hear your views on developing communication skills, much appreciated

I am pannicking. I wanted to register for a cs1 exam next month, but I don't think i will have enough time because I am finishing off my master's in statistics

Hi Paul, The video series on CL is awesome! I could watch couple of these and some are pending for later. Is there any video where you have talked about how to read data & link rations across the rows and down the column while selecting/choosing when to fasten or slower the pattern compared to previous analysis? If not, plzzz plzzz can you make one? :)

Please let me know any other questions about actuaries that you’d like to have answered.

Let me know your views on how to do smart working optimally...

It was great to meet you and speak with you, Paul. Hopefully, we've provided your viewers with some useful insights relevant to their actuarial journeys.

I also think it will be a hybrid possibly with certain days that are worked from home. I think my company are definitely considering a hybrid!!

Great video. Although I think the future is hybrid with a mix of WFH and visiting office when required

What do you think? Do you agree or not? Why?

Nice one, Paul. Enjoyed the vlog, when is the investment in a camera and microphone coming?

Great video. Just some feedback on sound quality improvement for other audience, although I managed through the subtitles :)

Really appreciate this - very knowledgeable for young actuaries like me!

Thanks very much for the insightful presentations from the start to the end. I request kindly take us through the BF and may be latter on cape cod methods. Congratulations on this initiatives

Getting close to the end of the chain ladder series - which other actuarial methods would you like me to cover?

Wow!

Great piece. Thank you Paul.

Thanks to Chelsea for sharing her knowledge with us.

This was so inspiring ! Thanks Carlo & Paul ! Your tips are extremely useful.

so inspiring!

When researching a company (point 1) where do you advise finding the relevant information, how would you find a companies strategy for example. In my experience most companies websites feel very “PR” like and don’t really have much granular detail or information that could be used at interview. This is an area I’ve often struggled with, due to not knowing where to actually look

Check out the video Vy and I made on her channel here: ruclips.net/video/PWfaZ9YJWbs/видео.html

Sorry but I don’t agree with the following: -There is absolutely nothing wrong with tailoring your CV for that job role in question. Obviously don’t put the company name on your CV but there’s nothing wrong with aligning your CV with the skills/competencies they are looking for. -There is nothing wrong with being nervous, it’s natural to feel nervous during interviews especially if there is a panel interview and 3 or more people are interviewing you! -Nothing wrong with arriving late, sometimes there are things not in your control e.g traffic or arriving at the wrong building etc. I arrived 10 minutes late for my interview as I genuinely got lost but I still got the job offer in the end :) -WE ARE LIVING IN 2021 DURING THE PANDEMIC, WHY DON’T PEOPLE UNDERSTAND THAT ITS OKAY TO HAVE UNEXPLAINED CAREER GAPS! We are human beings not robots! It’s okay to take a break for your mental health, it’s okay to take a break and not do anything, it’s okay to take time out and not have a reason for it! This has to become normalised! So many people are getting brainwashed on Linkedin :(

I really did want to be a stunt man or a disc jockey whilst growing up! What did you want to be?

Thank you for having me :)

Ranveer kaur 😀😀😀✌✌✌

Please comment below if there’s someone you’d like me to meet for a future video...

Are there other aspects of studying for the actuarial exams that you’d like me to cover? Write them below and I’ll see what I can do for you...

Hi Paul, thanks for the video. What are your thoughts on the future on the actuarial field and where the profession is headed? Do you think it's still a stable and secure field as it has been in the past? Thanks.