Skip around the video: 00:13 Deciding what kind of actuary to become 00:30 My Actuarial Background 02:11 What are Insurance Reserves & Why are Reserves Important? 03:35 Task 1 & Explanation of 3 main reserving models we use 05:15 Model inputs, assumptions & outputs 05:41 Task 2 & reserving timelines 07:00 Task 3 07:33 Coding & Programming 09:28 Goals for growing as a reserving actuary
Are there things you dislike about it? It sounds like reserving isn't *just* making sure there's enough money to pay claims, but it also is about reporting profits to shareholders in an advantageous way and maybe even reducing corporate tax. Like, of all of the considerations that go into reserving, do any of them seem like bad reasons, like reasons unrelated to claims coverage or perhaps reasons which aren't great for the company's long term health even if there's a short term tax or stock price benefit?
I work as an agent and constantly am having to explain to people that their rate is more complicated than they realize. Most people can’t wrap their head around the multi faceted problem of determining someones premium and assume their price is based off 1 or 2 minor factors.
Hi Michelle, thanks for your videos. Is machine learning / AI used in reserving nowadays? Could this (partially) replace/enhance traditional reserving methods? Do you see other fields in actuarial work where machine learning / AI plays an important role (in the future)?
Hey! How do you feel about SAS vs R? As someone who started with R, I found SAS super clunky to use, so it's interesting to hear that you love it! What advantages do you like about it?
I've heard that from a lot of people. SAS is the one I learned first and I know how to use it like the back of my hand. I definitely had a learning curve at the beginning though Whenever I try to read R code, I find it confusing, but I've also never given it a serious effort to learn. It's probably a nice coding language, but I've never really given it a fair shot 😆
Hey, I am a new here and I really enjoy your content, I need an advice from someone in the actuary field, I work as an auditor mainly for insurance company, so I got intrigued about actuarial science and I just want to know if it is possible for a business school graduated to study actuary or I’ll need a lot of mathematical background to do so
Is it possible? Yes. You would need to brush up on your math skills for sure. If you're keen to do that, great. Becoming an actuary can be quite a long journey with a lot of exams 🙈
Skip around the video:
00:13 Deciding what kind of actuary to become
00:30 My Actuarial Background
02:11 What are Insurance Reserves & Why are Reserves Important?
03:35 Task 1 & Explanation of 3 main reserving models we use
05:15 Model inputs, assumptions & outputs
05:41 Task 2 & reserving timelines
07:00 Task 3
07:33 Coding & Programming
09:28 Goals for growing as a reserving actuary
Look at you! A real life reserving actuary!
I sure am 🤪
From pricing to reserving. Way to go girl. We use projection method in health especially in the recent months.
For P&C try Milliman reserving software ARIUS. You will love it.
Are there things you dislike about it? It sounds like reserving isn't *just* making sure there's enough money to pay claims, but it also is about reporting profits to shareholders in an advantageous way and maybe even reducing corporate tax. Like, of all of the considerations that go into reserving, do any of them seem like bad reasons, like reasons unrelated to claims coverage or perhaps reasons which aren't great for the company's long term health even if there's a short term tax or stock price benefit?
This is an interesting question, I’d love to hear more about this too
I work as an agent and constantly am having to explain to people that their rate is more complicated than they realize. Most people can’t wrap their head around the multi faceted problem of determining someones premium and assume their price is based off 1 or 2 minor factors.
Yeah and we (actuaries) keep making the algorithms more complicated 🙈
Hi Michelle, thanks for your videos.
Is machine learning / AI used in reserving nowadays? Could this (partially) replace/enhance traditional reserving methods?
Do you see other fields in actuarial work where machine learning / AI plays an important role (in the future)?
Thank you
Thanks for watching
Hey! How do you feel about SAS vs R? As someone who started with R, I found SAS super clunky to use, so it's interesting to hear that you love it! What advantages do you like about it?
I've heard that from a lot of people. SAS is the one I learned first and I know how to use it like the back of my hand. I definitely had a learning curve at the beginning though
Whenever I try to read R code, I find it confusing, but I've also never given it a serious effort to learn. It's probably a nice coding language, but I've never really given it a fair shot 😆
Hey, I am a new here and I really enjoy your content, I need an advice from someone in the actuary field, I work as an auditor mainly for insurance company, so I got intrigued about actuarial science and I just want to know if it is possible for a business school graduated to study actuary or I’ll need a lot of mathematical background to do so
Is it possible? Yes. You would need to brush up on your math skills for sure. If you're keen to do that, great. Becoming an actuary can be quite a long journey with a lot of exams 🙈