Actuaries Institute Podcast

The Institute’s latest Dialogue thought leadership paper explores where better outcomes can be delivered and significant savings can be made in social welfare through better data analytics.Vanessa Beenders from the HQ Public Policy team interviews Hugh Miller, Principal Actuary at Taylor Fry, on his new Dialogue thought leadership paper titled ‘People, projections and payments: A look at modern government service delivery’.For each vulnerable individual in society, services spending across welfare, housing, health care, justice and child protection can easily amount to up to $1 million over a lifetimeIn the discussion, questions for Hugh include:1.What different areas of service delivery are included in your paper? 2.How actuaries are helping governments to improve the service delivered and outcomes experienced by people? 3.Talk us though the investment approach to improving services 4.How does this differ to cost-benefit analysis as a tool?5.How does Australia compare with NZ in the use of data analytics to improve public service delivery? 6.The benefits of using data analytics more extensively to improve service delivery here in Australia sound overwhelmingly positive. What are the barriers that prevent it from happening or from occurring quickly? Subscribe to our YouTube channelhttps://www.youtube.com/subscription_center?add_user=ActuariesInstituteAbout the Actuaries InstituteAs the sole professional body for Members in Australia and overseas, the Actuaries Institute represents the interests of the profession to government, business and the community. Actuaries assess risks through long-term analyses, modelling and scenario planning across a wide range of business problems. This unrivalled expertise enables the profession to comment on a range of business-related issues including enterprise risk management and prudential regulation, retirement income policy, finance and investment, general insurance, life insurance and health financing.Find out more about actuarieshttps://www.actuaries.asn.auFollow the Institute of Actuaries on our social channels↳ Facebook: https://www.facebook.com/ActuariesInstitute/↳ Instagram: https://www.Instagram.com/ActuariesInst↳ Twitter: https://www.twitter.com/ActuariesInst↳ LinkedIn: https://www.linkedin.com/company/792645/↳ Spreaker: https://www.spreaker.com/user/actinst

Tackling the big issues in the general insurance industry, representing actuaries and motivating a group of volunteers has been the remit of IAG’s Chief Actuary Tim Clark for the last five years.After five years as the Convenor of the Institute’s General Insurance Practice Committee (GIPC), Tim Clark has stepped down due to work commitments. In this podcast, Tim speaks with GIPC member Kitty Ho about memorable moments over the last five years, including debates over general insurance cover of mental health conditions and of flood damage following Cyclone Yasi.Tim talks about the challenge for actuaries to uphold their reputation and, given the 2014 Financial Services Inquiry (FSI) and current Royal Commission, touts the unique idea of having a CRO for Australia.Commenting on his departure, Elayne Grace CEO said:"Tim is a great lateral thinker who brings positive energy to the brainstorming of issues facing our profession and industry. He encourages us all to be able to articulate the clear value differentiator of Actuaries. Tim has been great to work with and I would like to thank him for the significant contribution and forward-looking approach he has provided as Convenor of the GIPC."Come join in the discussion at GIS, and help drive the role of actuaries to deliver change to the industry.View the General insurance Seminar Program Snapshot here and don't forget to register before the early bird closing date on September 28https://actuaries.asn.au/microsites/general-insurance-seminar-2018/program-and-presentations/program-snapshot

Estelle Pearson and Tony Coleman share their unique insights into the HIH Royal Commission, from watching lawyers "excitedly finding smoking guns in emails" to getting "requests for interviews from 4-Corners within 24 hrs". They reflect on lessons learned, as the current Financial Services Royal Commission enters its sixth set of public hearings.Tony was President of the Institute when HIH collapsed, in what was the largest corporate collapse in Australia's history, in March 2001. The events that followed radically affected his Presidential year. As the Commission's and the media's attention turned to actuaries for explanations of the collapse, the Institute took the opportunity to suggest possible solutions early in the piece.As the actuarial expert to the HIH Royal Commission, Estelle assisted Justice Owen and Council to understand the fundamentals of insurance, and how reinsurance and actuarial reserving works.She worked alongside lawyers and their assistants as they trawled through emails, handwritten notes and any other documents the Commission had called for. The excitement that ensued when a 'smoking gun' (usually an email) with regretful remarks was found was palpable, Estelle said. The pair also discussed the importance of "fessing up" to questionable behaviour and stepping back from "protecting the company", to see the bigger picture.Estelle is a Plenary Speaker at the upcoming General Insurance Seminar 2018! View the Program: https://actuaries.asn.au/microsites/general-insurance-seminar-2018/program-and-presentations

With companies starting to pay the price for inadvertent unethical outcomes created by their systems and engineering, there is a need for data scientists, actuaries and professionals to respect the discipline of ethics."Artificial Intelligence" (AI) conjures fear, excitement and confusion in humans.In this podcast episode, Tiberio Caetano, Co-Founder and Chief Scientist at Ambiata, one of the most respected data science companies in Australia, clears up some of the confusion by unpacking the complex problem of ethics.Tiberio is interviewed by Anthony Tockar, Director at Verge Labs and Curator of the Data Digital Track at the upcoming General Insurance Seminar (GIS2018).Tiberio explains two sub-problems within ethics: the valuation problem, which is about the desirability of a given world, and the causation problem which is more of a navigation problem about what one has to do to obtain the result they want.Ethics can also be conceptualised through the lens of descriptive ethics, which is about what people think is right and wrong (and this varies depending on time, place and culture), and that of normative ethics which is about improving the world in an objective way, more in line with converging ideas of human rights and fundamental morality.Download Transcript here;https://actuaries.asn.au/Library/Miscellaneous/2018/TiberioPodcastTranscript.pdf

Transactions Actuary at Swiss Re, Eric Tsui, discusses the challenges he encountered when taking parental leave, and the support he received from his employer to do so.This instalment of the Institute’s Diversity and Inclusion at work series discusses the topic of parental leave with an interview between Ashish Ahluwalia (Principal at Finity Consulting) and Eric Tsui.The pair discuss how employers who are:1. committed to diversity and inclusion in its broadest sense; and2. allow their employees to achieve a real balance between work and family are able to increase their employee retention.In the podcast, Eric describes the difference between being in the workplace and being on parental leave.“When you are on parental leave your mind is kind of idle, but it’s a very physical kind of job, wrangling a baby or just pushing the pram for kilometres on end.” - Eric TsuiChildren grow up so quickly and as Eric says “every moment, every time they do something it could be the last time that they do it because they move into a different phase”. The main benefit to Eric has been “developing a closer bond with my son”. Luckily, both his and his wife’s employers enabled this family to be there for those important moments.Data Analytics Video Competition - Weapons of Mass Deductionhttps://actuaries.asn.au/microsites/actuaries-in-data-analytics/video-competition/Download Transcript herehttps://actuaries.asn.au/Library/Miscellaneous/2018/CareerViewEp11Transcript.pdfFollow the Actuaries Institute across all social;↳ Facebook: https://www.facebook.com/pages/Actuaries-Institute/183337668450632↳ Twitter: https://www.twitter.com/ActuariesInst↳ Instagram: https://www.instagram.com/ActuariesInst↳ LinkedIn: https://www.linkedin.com/company/792645/↳ Spreaker: https://www.spreaker.com/user/actinst↳ YouTube: https://www.youtube.com/subscription_center?add_user=ActuariesInstituteYou can earn two CPD points for every Podcast listened to.

As the Australian Government Actuary (AGA) nears 100 years of service, Elayne Grace caught up with its current leader, Guy Thorburn, to find out what the agency of the Treasury does and has achieved.Australian Government Actuary and Macquarie University graduate Guy Thorburn joined Elayne Grace (CEO of the Actuaries Institute) on Tuesday 14 August 2018 on the Actuaries Institute Podcast. The pair discussed how the AGA, with its team of 12, operate in providing services to more than 40 Government departments and agencies.Guy discussed a challenging project being the long-term cost report the AGA carried out for the Defence superannuation fund. There were some significant changes in the assumptions required and most notably, the discount rate had to be reviewed.The AGA's work on a DSS means-testing framework and parameters for the framework was a project Guy then described as a rewarding one over the last 18 months."That was a good outcome from an actuarial perspective... it created something different in a challenging environment that seems to have generally been accepted - and [was announced] in the Budget," said Guy.The conversation focus then shifted to the importance of the reputation of actuaries as independent, professional advisers, which Guy described as being "critical"."The reputation is the open door. People seek out advice at all levels because they know they're going to get independent advice that's well-grounded and well based [and] that's going to contribute positively to the development of a viewpoint about a policy recommendation..." said Guy.He acknowledged the consistent work of immediate past AGA Peter Martin, and former AGA's ?? Susan XX and Michael XX in building up the reputation of the AGA, its role and the contribution it can make.The fact that actuaries typically represent the interests of the public at large; the individual or member; or what's good for the country was highlighted as something to preserve. As was guarding against getting caught up in different vested interest of commercial or industry participants, at the expense of seeing the bigger picture.Guy provided some tips for actuaries keen to get involved in public policy, including volunteering in one of many roles available through the Institute or writing (or contributing to) a submission to Government.What makes a good submission?acknowledges the objectiveinforms the objective to make it richerinform how we get to the objectiverepresents the public at large "The best submission I've read actually is one that came in many years ago and was written by an actuary. [They] basically wrote almost what you would call a blueprint and it virtually happened," said Guy.Listen in to hear the full conversation and learn about the history and current role of the Australian Government Actuary. These services include:insurance like support to medical indemnity industrysocial security supportveterans affairstuition protection

This instalment of the Institute's Diversity and Inclusion series asks the Chief Actuary at MLC Insurance, Darren Robinson, about his experience managing employees with flexible work (remote location and part time) arrangements. Darren discusses the value of an 'agile coach' in supporting part-time staff and how productivity, retention and morale can be affected by flexible working.Ashish Ahluwalia (Principal at Finity Consulting) discusses with Darren, the increasing take-up of flexible work arrangements and how - with the correct planning, level of trust, capability and communication - both employers and employees can benefit. Darren explains some of his own staff's requests - including when returning from maternity leave and scenarios where 'Head Of' Departments moved interstate - and offers advice for both employees and mangers on negotiating such arrangements.Darren emphasises that maintaining strong lines of communication, despite the geographical distance, is important. As is facilitating 'water-cooler' moments: those chance meetings of colleagues in the office or on coffee breaks that often spark innovations, for individuals not always physically present.Listen in to the podcast to find out more about the challenges and rewards of flexible work.Data Analytics Video Competition - Weapons of Mass Deductionhttps://actuaries.asn.au/microsites/actuaries-in-data-analytics/video-competition/Download Transcript herehttps://actuaries.asn.au/Library/Miscellaneous/2018/CareerViewEp10Transcript.pdfFollow the Actuaries Institute across all social;↳ Facebook: https://www.facebook.com/pages/Actuaries-Institute/183337668450632↳ Twitter: https://www.twitter.com/ActuariesInst↳ Instagram: https://www.instagram.com/ActuariesInst↳ LinkedIn: https://www.linkedin.com/company/792645/↳ Spreaker: https://www.spreaker.com/user/actinst↳ YouTube: https://www.youtube.com/subscription_center?add_user=ActuariesInstituteYou can earn two CPD points for every Podcast listened to.

Public Policy Advisor John McLenaghan, asks Michael Rice, CEO of Rice Warner and 2017 Actuary of the Year about the story of his career. From early beginnings in South Africa, Michael decided to switch from accounting to actuarial after a conversation with a golfing friend. His first practice area was Pensions - a sphere that he has now had significant influence on through his public policy work. Michael is a well known actuary in the profession, the Australian government, media and the broader financial services industry.Listen-in to hear about Michael's mentors, his career journey, thoughts on the challenges facing the profession, and his firm's current nomination for 'Employer of the Year'.John asks a range of questions including:- What created this desire for public policy?- Is diversity a key component of the Rice Warner workforce?- Can you give an outline for younger members of the profession about the birth and growth of superannuation in Australia, more around industry super?- Do you think the public's lost faith in super at all?- The focus is shifting from accumulation to retirement incomes. How do you see that unfolding?- What do you see as the main challenges for the super sector in the near and middle future?Listen in to the podcast to find out more about Michael Rice and Australia's superannuation industry.Show notes:Data Analytics Video Competition - Weapons of Mass Deductionhttps://actuaries.asn.au/microsites/actuaries-in-data-analytics/video-competition/Download Transcript herehttps://actuaries.asn.au/Library/Miscellaneous/2018/MichaelRiceTranscript.pdfFollow the Actuaries Institute across all social;↳ Facebook: https://www.facebook.com/pages/Actuaries-Institute/183337668450632↳ Twitter: https://www.twitter.com/ActuariesInst↳ Instagram: https://www.instagram.com/ActuariesInst↳ LinkedIn: https://www.linkedin.com/company/792645/↳ Spreaker: https://www.spreaker.com/user/actinst↳ YouTube: https://www.youtube.com/subscription_center?add_user=ActuariesInstituteYou can earn two CPD points for every Podcast listened to.

In this instalment of the CareerView Podcast, Jas Singh and Mariella El-Azzi discuss how to create satisfaction in actuarial roles to build a fulfilling career including advice on negotiating conflict, forming relationships with team members and choosing the right role.Jas Singh (Managing Director at SKL Actuarial) and Mariella El-Azzi (Pricing Analyst at IAL Insurance) discuss how actuaries can advance their career through identifying key areas to help build fulfilment and satisfaction in roles and what actuaries need to be looking for when changing roles or career paths.They also discuss how career changes can involve:1. De-learning habits to increase network opportunities and managerial skills.2. Taking advantage of risks and opportunities while young and free of family responsibility including working abroad.3. Negotiating conflict in the workplace.Jas also discusses how engagement, relationships with your team and manager/s and organization structure are the three crucial key areas to determine your satisfaction within a role and how it can play into your duration with the company.Mariella asks a range of questions including:Will current key factors that shape job satisfaction change in the next 20 years?When do you think you should leave a role?When should you stay in a role and ideally how long for?What advice do you have for young actuaries about to start their actuarial career?What do you wish you knew during the start of your actuarial career that you now know?Listen in to the podcast to find out more about how to build career satisfaction.View the SKL Actuarial blog herehttps://www.sklactuarial.com.au/blogData Analytics Video Competition - Weapons of Mass Deductionhttps://actuaries.asn.au/microsites/actuaries-in-data-analytics/video-competition/Download Transcript herehttps://actuaries.asn.au/Library/Miscellaneous/2018/CareerViewEp8Transcript.pdfFollow the Actuaries Institute across all social;↳ Facebook: https://www.facebook.com/pages/Actuaries-Institute/183337668450632↳ Twitter: https://www.twitter.com/ActuariesInst↳ Instagram: https://www.instagram.com/ActuariesInst↳ LinkedIn: https://www.linkedin.com/company/792645/↳ Spreaker: https://www.spreaker.com/user/actinst↳ YouTube: https://www.youtube.com/subscription_center?add_user=ActuariesInstituteYou can earn two CPD points for every Podcast listened to.

Ashish Ahluwalia (Principal at Finity Consulting) and Lesley Traverso (Director at Talent Insights) discuss the Institutes' Diversity and Inclusion Working Group (DIWG) and how diversity and inclusion is crucial for innovation in the workplace and how businesses can create a strategy that includes diversity as a key focus.Ashish Ashulwalia and Lesley Traverso discuss the three main areas that council have put forward into the Diversity and Inclusion action plan as part of the working group's strategy for the year including;1. Creating a diverse and inclusive environment for members and HQ staff2. Encouraging committees and working groups to represent the diversity of the Institute memberships3. Promoting the benefits of diversity within the profession from an internal and external perspectiveAshish and Lesley also discuss how the Institute can promote it's larger takeup in the STEM field for women with ANU discussing the 35% to 65% female to male split in actuarial studies, which is encouraging considering the 15% average female to 85% male takeup that technology and engineering fields have.Ashish asks a range of questions including:- What do you think the Diversity and Inclusion Working Group is trying to achieve?- Can a lack of diversity be a major barrier to innovation?- What advice do you have for people in navigating tricky situations around diversity?- What might we be doing differently in 10 years time?- What are the key outcomes you would like the group to have achieved in the next few years?Listen in to the podcast to find out more about the Diversity and Inclusion Working Group and read our article on the groups goals and members below;https://www.actuaries.digital/2017/07/19/introducing-the-new-diversity-and-inclusion-working-group/Download the Transcript herehttps://actuaries.asn.au/Library/Miscellaneous/2018/CareerViewEp7Transcript.pdfFollow the Actuaries Institute across all social;↳ Facebook: https://www.facebook.com/pages/Actuaries-Institute/183337668450632↳ Instagram: https://www.instagram.com/ActuariesInst↳ Twitter: https://www.twitter.com/ActuariesInst↳ LinkedIn: https://www.linkedin.com/company/792645/↳ Spreaker: https://www.spreaker.com/user/actinst↳ YouTube: https://www.youtube.com/subscription_center?add_user=ActuariesInstituteYou can earn two CPD points for every Podcast listened to.