Margaret Resce Milkint, Managing PartnerMay 10, 2017
Actuarial Market Perspectives: A Toolkit of Tips and Techniques to Maximize Your Impact
Today’s Talent Landscape
Industry Unemployment
Overall
Insurance
4.8%
U.S. Bureau of Labor Statistics, February 2017
2.8%
Industry Staffing Plans
The Jacobson Group and Ward Group, Semi-Annual Insurance Labor Outlook Study, January 2017
Technology
Sales/Marketing
Claims
Analytics
Underwriting
Recruiting Difficulty
The Jacobson Group and Ward Group, Semi-Annual Insurance Labor Outlook Study, January 2017
Executives6.5
Technology6.6
Actuarial6.9
Underwriting5.9
Analytics6.9
Growing Talent Crisis
U.S. Bureau of Labor Statistics, PropertyCasualty 360, University of Hawaii
25%
40%
15%
400,000 insurance positions need to be filled by 2020.
of industry employees will be nearing retirement by 2018.
of the industry’s staffing needs will be met by risk and insurance graduates.
of demand for technicaland managerial talent will be met by current supply.
Growing Actuarial Talent Gap
U.S. Bureau of Labor Statistics, SOA, International Actuarial Association
The employment of actuaries is projected to grow 26 percent by 2022.
However, it is estimated that the current demand for mid-career actuaries is approximately twice the current supply.
The current number of actuarial graduates outnumber open entry-level actuarial positions.
DEMANDSUPPLY
Need for Emerging Talent
PwC, University of North Carolina, Department of Labor
Millennials and Generation Z are the logical solution for filling the growing talent gap.
Millennials make up 36 percent of the U.S. workforce and are
expected to form 46 percent of the U.S. workforce by 2020.
Generation Z is projected to make up 36 percent of the workforce by 2020.
Actuarial Advantages and Value Adds
Analytical Acumen
Advanced analytics has helped the actuarial profession and risk management
field by providing the capability to calculate risk metrics that were previously difficult
or impossible to perform.
-Vinaya Sharma, FSA, CERA
“ “
Analytical Acumen
Actuaries have taken a leading role in integrating analytics and big data.
Actuaries are key in educating and socializingtheir colleagues in regards to analytics.
Risk Assessment
Actuaries have been deploying increasingly sophisticated mathematical techniques to calculate financial risk.
Marketplace Assessment
Actuaries provide insightful decision-making statistics.
Actuaries assess the marketplace from a completely new perspective.
Our training makes us perfect for enterprise risk management,
complexity science and analytics.
- Mike McLaughlin, FSA, CERA, FIA, MAAA, past president of the Society of Actuaries
“ “
Non-Traditional and Emerging Actuarial Roles
Emerging Roles: Analytics
Accenture Institute for High Performance, U.S. Department of Labor
Analytics: dynamic new discipline in the digital revolution
The number of actuaries involved in analytics is
predicted to increase 21 percent by the year 2018.
The number of analytics positions is forecasted to increase 92 percent by the end of 2017.
Emerging Roles: Regulatory
Accenture Institute for High Performance; U.S. Department of Labor
Regulatory/Compliance: growth in industry regulations creating openings
Regulatory changes are creating a demand for
skilled individuals capable of analyzing and monitoring.
Regulatory actuary is an emerging position
within the field.
Non-Traditional Roles
Society of Actuaries
The reach of the actuarial profession is becoming increasingly wider. A few areas where you can now find actuaries include
• Enterprise Risk Management
• Weather Risk Management
• Sports Analysis
• E-Commerce Risk
Marketing Yourself
The Actuary of the Future Must …
Connect business to the actuarial sciences.
Have strong presentation and communication skills.
Have strong collaboration and interactionacross business units.
Be capable of translating complex information.
Take a proactive stance.
Be adaptable.
Key Job Skills
Technology: Adapting to new tools
Social Media Savvy: Following new trends
Verbal and Written Communication:
Growing soft skills
Analytics: Incorporating analytics within the
actuarial job function
Critical Thinking: Solving problems and
making decisions
• Casualty Actuarial Society
• SOA Candidate Connect
• Invest
• MyPath
Stay Relevant and InformedParticipate in continuing education opportunities
including insurance seminars and conferences, as well as leadership, analytics and actuarial-specific training.
Get involved with local associations and young professional networking groupsin order to grow your career.
Manage Your Brand
Get active on social media.
Stay connected!
Act as your own agent.
Talk yourself up!
Manage your brand.
Create a buzz!
Employ these career-boosting PR tactics:
Embrace Networking
Have your 30-second introduction ready.
Your intro should leave your contact with
quality and impactful “take-aways.”
Always have business cards ready for networking.
Social Networking
Opportunities for social networking are found on job boards, industry blogs, message boards, etc.
What do you see when you Google yourself?
Join groups on LinkedIn and Facebook. Follow industry groups on Twitter to put your name out there.
You are in control of your digital fingerprint!
Interview Tips
Put your best foot forward: dress professionally, arrive early and bring extra copies of your resume.
Be prepared: researchthe organization, prepare
questions and practiceanswers to common interview questions.
Communicate effectively: maintain good eye contact, shake hands firmly, and answer with enthusiasm and interest.
Questions?
Thank You!
Margaret Resce MilkintManaging PartnerThe Jacobson [email protected](312) 884-0440