Actuaries In Action

If you're like most business leaders, you’re flooded with data. Crucially, there are business changing insights trapped in that data.

Data is in high demand. But not as high as the people who can make sense of it.

A recent McKinsey study estimated a US short-fall of up to 190,000 people with deep analytical skills. Harvard Business Review agrees adding that 'Data Scientists' will be the 'Rock Stars' of the 21st century. In Australia, they're known as an actuary. They have the skills to dig beneath the rhetoric to find pure, honest insights hidden in business data. Insights which are then used to change businesses, industries and even countries.

Check out real world examples of actuaries in action.

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The future of retirement is looking up.

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How do you spend $5 trillion to ensure everyone has a comfortable retirement?

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For super funds it safeguards liquidity. For retirees it safeguards their ultimate payday.

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A view of lifetime outcomes helped NZ refocus welfare spending to where it really works.

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By embracing data insights, bricks and mortar retailers are rediscovering rock solid profits.

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Data powered insights are re-writing solar power policy.

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By highlighting the risks, one asset management firm is seeing more than investor confidence grow.

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Actuaries helped insurers assess flood risk by neighbourhood, rather than by likelihood.

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Westfield is exploring the new frontier in customer knowledge.

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Understanding global arrears rates trends ensures big 4 mortgage lenders have their houses in order.

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How do you spend $5 trillion to ensure everyone has a comfortable retirement?

FSI

In the next 30 years Australians will amass $5 trillion in superannuation assets – a huge slice of our financial system. How that money should be used is an opportunity for the ages. So when the Financial System Inquiry wanted to understand the future impact of this giant asset pool they called an Actuary. The result? A well-researched analysis that demonstrated how those funds can drive a vibrant economy and provide retirees with a comfortable retirement without placing a burden on the next generation. The world isn’t black and white, but business decisions are.

When you need clarity in a complex world, you need an Actuary.


Actuaries actively contribute to important public policy debates such as the current Financial System Inquiry (FSI). Chair, David Murray, released his report to the Treasurer on 7 December 2014. There are some positive results for the Actuaries Institute based on key recommendations that were made in its initial and interim submissions to the Inquiry. The Institute was referenced a number of times, with its proposals leading to FSI recommendations 9, 11, 19 and 42. The Report also mentioned that the Institute convened a special working group that assisted the FSI Secretariat on retirement income issues.

The Institute's White Paper - Australia’s Longevity Tsunami - What Should We Do? - identifies the issues that should be on the table when the Government is developing retirement incomes policy.