Career Case Study: Jeffrey Chan FIAA–Senior Principal, Proposition Analytics

"We always face random questions or challenges that no one has solved before."

Jeffrey is an actuary with more than 12 years of experience in data and analytics, helping clients to build end-to-end data solutions which result in significant business impact.

He has served various industries in corporate, start up, and management consulting environments, including FMCG, retail, government, banking, insurance, and loyalty programs.

He is currently working as a Senior Principal under Proposition Analytics team in AIA Hong Kong. Jeffrey joined the Young Actuaries Advisory Board (YAAB) in 2020 and was the President of the YAAB in 2021. He joined the Council in 2023.

How did you find out about this career? 

Unlike many driven students, even in year 12, I wasn't sure what career I wanted. One of my cousins, who was a year above me, started studying actuarial science at Macquarie University and shared information about the course during our catch-up.

I was impressed by the breadth of subjects taught, the level of difficulty (including the fail rate), and the respected status of the profession. I became enticed and decided to follow in his footsteps. 

How did you land your first job?

My parents were highly supportive of my decision to pursue actuarial science, so I focused on securing a position in an actuarial consulting firm during my job hunt.

I landed an interview with Quantium, but I didn't get the job the first time. However, the interviewer's questions made me reflect on my approach. They asked, "Why should I hire you? Don't tell me that you are good at math; I assume every actuarial graduate is. What makes you stand out? How can you prove you have business acumen?"

This gave me a new perspective on how to market myself, realising the importance of personal development beyond academic studies. In the following year, I pursued a master's degree, worked as a temp in an insurance company, and organised a few events to broaden my skillset through various experiences.

After a year, I landed another interview with Quantium, and this time I received an offer. 

What helped you build your career/progress? 

I joined Quantium as a graduate in their data analytics division, where my focus was on leveraging NAB data to generate business insights.

The key elements that helped me were a willingness to get my hands dirty, humility to admit my limited knowledge, curiosity to keep digging and asking questions, and a group of highly talented peers who strive for excellence. These attributes continue to assist me in my day-to-day job as I move across different industries. 

From your experience, what advantages does being an actuary offer in the professional world? 

Being an actuary offers several advantages in the professional world.

It provides a holistic view when approaching problems, the ability to consider pros and cons, a balanced perspective on issues that affect different stakeholders, a pursuit of integrity that is ingrained in our DNA, and a natural habit of checking our work to uphold a high standard of professionalism. 

What are the top five skills that an actuary should have?

• Logical thinking - we always face random questions or challenges that no one has solved before and the most powerful weapon we can use is our logic. Logic helps us filter information and process it to support any kind of decision making.
• The ability to learn and solve problems in a scientific way - we gather information when facing uncertainty and generate educated guesses which are backed by data and professional judgement.
• Break down complex issues into fundamental building blocks - we understand the relationship between each block and the potential implications when external shocks are introduced. The actuarial control cycle provides a strong framework for continuously improving one's work and highlighting the importance of monitoring in an unbiased way to keep track of performance.
• Balancing the concerns of different stakeholders - cross team collaboration is increasingly required in the post-COVID world, especially for data science projects. Each team has their own KPIs and priorities, and it is important to understand these to develop a healthy working relationship and succeed as a team.

What exciting projects or work locations have you been exposed to?

I've been able to work in Korea, Indonesia, Taiwan, Singapore, Australia and Hong Kong. 

How would you summarise yourself in one sentence? 

My philosophy is, it's not about why you can't, it's about how you can. 

What advice would you give to young/aspiring actuaries? Keep learning but understand that data science success requires a team effort.

No one can excel in everything (at least I can't), but you can find a team which has sufficient knowledge in every area, and whom you can work together happily. That's the key to success in data science projects. 

Check out Jeffrey's career and qualification timeline

Ready to learn more on beginning your journey to becoming an actuary?

Find out how to become an actuary