Actuaries Institute Podcast

The next instalment of the Dialogue Podcast series explores the future of the life insurance industry and what recommendations need to be implemented in order for areas to adapt to rapid societal changes and community expectations.In the podcast, John McLenaghan (Public Policy Adviser at Actuaries Institute Australia) questions Ilan Leas (Managing Director at Retender) on the research, recommendations and driver of change in the life insurance industry in the Dialogue thought leadership paper 'The Future of Life Insurance' - authored by Ilan.In the paper, Ilan looks at the relevance and need for life insurance as consumers seek fairer deals, convenience, simplicity, automation and speed when choosing which cover they will need. Ilan points out that despite the medical and technological advances that continue in regards to improving health, the amount of data analysed by life insurance actuaries remains barely touched.Ilan proposes four top priorities for the life insurance industry including:- Encouraging opportunities for simplicity and education through standardisation (Help me understand)- Streamlining consumer processes and access (Make it easier for me)- Modernising insurance products (Modernising my products)- Balancing sustainability (I want fair treatment)Ilan argues that despite the challenges facing the future of the life insurance industry, actuaries are in an exciting position to be key parts in identifying solutions to ensure consumers are equipped with the correct insurance cover and the life insurance industry updates its regulatory framework to be competitive and maintain expectations for the future of this industry.Download the Transcript herehttps://actuaries.asn.au/Library/Miscellaneous/2018/TheDialogueEp5Transcript.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.

Solai Valliappan previews her talk at the upcoming Young Actuaries Conference (YAC) including the importance of a 'strong network' and how she came to consult on 'the Google Maps of asteroid resources in space'. Angela Poon (Actuarial Consultant at Finity Consulting) asks Solai Valliappan (Business Advisor at HEOR) how she attained her current role and how she has become an advisor to multiple actuarial facets of businesses from risk management to strategy to data analytics and finance.Solai's experience is varied as she enjoys working on multiple projects and utilising her actuarial skills to help businesses in non-traditional fields excel.Angela asks a range of questions including:- How do you get to be an advisor in areas of finance, data analytics, strategy and risk management all in one time?- How has a strong network helped you in your career?- Do you have any tips or advice for people who are trying to explore or venture into a non-traditional field?- How did you find your passion with working in the space area?- Can you tell our listeners what sort of things can they expect to get out of the upcoming Young Actuaries Conference?Download the Transcript herehttps://actuaries.asn.au/Library/Miscellaneous/2018/ActuariesYACTranscript.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=ActuariesInstituteCPD members can earn 2 points for each Podcast listened to.

Hugh Miller (Principal at Taylor Fry) asks Aaron Cutter (Principal at Finity) what lessons and new skills he has learned throughout his impressive actuarial career journey from physicist and analyst to becoming a member of the Actuaries Institute Data analytics Work Group (DIWG) while juggling consulting duties at Finity.Aaron talks through his differing roles as he ascended through the corporate chain and took on new roles with diverse skill sets to put his career first and grow as an excellent actuary and principal.Listen in to the podcast to hear the discussion on Aaron's career progression, his tips for younger actuaries and how data analysis has evolved over time.Download Transcript herehttps://actuaries.asn.au/Library/Miscellaneous/2018/CareerViewEp6Transcript.pdfFollow the Actuaries Institute across all social;↳ Facebook: https://www.facebook.com/pages/Actuaries-Institute/183337668450632↳ 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=ActuariesInstituteCPD members can earn 2 points for each Podcast listened to.

In this podcast, Angat Sandhu (Chief Editor of Actuaries Digital) asks Nick Cowdery (actuarial recruiter and Director of InterAct Search) to explain the rise of digital job seeking and how job seekers can take advantage of digital media to advance their career.Nick stresses the increasing importance of having both a traditional written CV and a video profile so you can demonstrate both your occupational excellence and a great personality to help managers and recruiters determine if you will fit into their workplace. Nick also discusses how video can assist in promoting a company's facilities and increase interest in their job advertisements through video profiles of the company.Listen in to the podcast to hear the discussion on job seeking, job advertisements and how to be ahead of the game.Download Transcript herehttps://actuaries.asn.au/Library/Miscellaneous/2018/CareerViewEp5Transcript.pdfFollow the Actuaries Institute across all social;↳ Facebook: https://www.facebook.com/pages/Actuaries-Institute/183337668450632↳ 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=ActuariesInstituteCPD members can earn 2 points for each Podcast listened to.

The next instalment of the CareerView Podcast series discusses the path to becoming a Chief Risk Officer from the experience of icare's 'Chief Risky Dude' Gavin PearceIn this podcast, Susan Looi (Head of Financial Risk, ANZ Wealth and Digital) interviews Gavin Pearce (Chief Risk Officer of icare) on his unusual path to becoming Chief Risk Officer, from studying statistics and mathematics in New Zealand, to resettling in Sydney and undertaking actuarial exams before securing an exciting new role.Gavin relays his career journey, including earlier roles as an Actuarial Analyst at Tower Investment Savings Ltd all the way through to his (self described) 'Chief Risky Dude' title at icare NSW, one of the largest general insurance provider in Australia and how he broadened his skill set to attain more senior positions.Listen in to the podcast to hear Gavin's advice on what skills actuaries need to future-proof their career and how to get their foot in the door of risk management.Download Transcript herehttps://actuaries.asn.au/Library/Miscellaneous/2018/CareerViewEp4Transcript.pdfFollow the Actuaries Institute across all social;↳ Facebook: https://www.facebook.com/pages/Actuaries-Institute/183337668450632↳ 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=ActuariesInstituteCPD members can earn 2 points for each Podcast listened to.

In this podcast, Angat Sandhu (Chief Editor of Actuaries Digital) asks Nick Cowdery (Director of InterAct Search) about the do's and don'ts of how to properly resign from your current role. Nick discusses how to take the emotion out of the role and which conversation to have with your manager.While your notice period needs to reflect your contract terms, you should aim to finish off and/or transfer ownership of existing projects, and structure your transition in a flexible way so you can leave the company with a favourable view.Listen in to find out more on Nick's tips and guidance on how to correctly resign from a role.Download Transcript herehttps://actuaries.asn.au/Library/Miscellaneous/2018/CareerViewEp3Transcript.pdfFollow the Actuaries Institute across all social;↳ Facebook: https://www.facebook.com/pages/Actuaries-Institute/183337668450632↳ 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=ActuariesInstituteCPD members can earn 2 points for each Podcast listened to.

Stephen Dixon (Deputy Actuary at Munich Reinsurance Australia) questions Jessica Chen (Director of Insurance, Finance at BT Financial Group) on the research, potential impacts and considerations of modern genetic testing in the Dialogue thought leadership paper 'Genetics - a testing time for insurers?' - authored by Jessica and Alan Doble.In the paper, Jessica looks at the far reaching implications for society and individuals of genetic testing. Factors such as rapidly decreasing test costs and greater understanding of genetic research results have increased the use of genetic testing:Jessica notes that the genetics community in Australia sees a need to reduce barriers for people who want to understand their genetic make-up for health and/or family reasons. Increased genetic testing creates the potential for affected individuals to mitigate the risk of inherited disease that previously could not be identified through traditional blood and urine tests.Currently predictive genetic testing uses technology called genome-wide Association studies whereby diseases that are caused by a number of gene mutations are researched and identified as polygenetic diseases. This technology is utilised to predict more common diseases such as cancer and heart disease and yet despite the advances, there are barriers that still present themselves to individuals including:- Ethical considerations regarding pre-emptive consent for future interpretations from older genetic tests.- Discovery of becoming high risk of a genetic disease- Disclosure of genetic test results form an individual to medical and insurance professionnelJessica argues that while genetic testing is not regarded as a current threat to the insurance industry, should larger volumes of genetic tests be undertaken then individuals will start changing insurers based on the results. Insurers will need to redesign their policies, premiums and coverage to ensure the quality of life for their insureds remains high and their customer base continues to be loyal. Jessica notes however that it is up to the individual to make better informed decisions around their life and health insurance.Jessica recommends building a database where claim outcomes relate to high genetic information to track any new findings and similar patterns in a cluster of individuals. Jessica and Alan also encourage the FSC to publish information on how insurers make decisions on information provided to them through genetic tests to help individuals and the wider industries understand how they're tracking.Overall Jessica makes a call to action for the medical profession, genetic research and insurance industry to come together and create a transparent solution that takes into account everybody's views.Download the Transcript herehttps://actuaries.asn.au/Library/Miscellaneous/2018/GeneticsPodcastTranscript.pdfAccess the Paper and Media Release herehttps://actuaries.asn.au/public-policy-and-media/thought-leadership/the-dialogue/genetics---a-testing-time-for-insurers-Follow the Actuaries Institute across all social;↳ Facebook: https://www.facebook.com/pages/Actuaries-Institute/183337668450632↳ 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=ActuariesInstituteCPD members can earn 2 points for each Podcast listened to.

Ignatius Li (Partner at Deloitte) interviews Anthony Lowe (former CEO of the Prostate Cancer Foundation of Australia) and Jamie Reid (Principal at Finity Consulting) about the recommendations and research in their Dialogue thought leadership paper "Private Health insurance Bill Shock: What Can Insurers Do to Help?"In the paper, Anthony and Jamie discuss the surprising and distressing impact of out-of-pocket costs for those with private health insurance.“...a recent study of men who had been diagnosed with prostate cancer showed median out of pocket expenses for those with PHI were $6,000 compared to $2,000 for those without. Although private cover does provide the benefits of choice of specialist, private rooms and generally lower waiting times, the cost differential is significant."Currently PHI does not cover many of the factors that drive current treatment costs including:- Medicare pricing- New technology- Bureaucratic hurdles- Ancillary expenses (travel, medical costs)The Dialogue paper suggests that a lump sum payment of $5000 to those affected by a cancer diagnosis would be an effective and affordable way for insurers to encourage customer satisfaction, quality of life and reduce severe financial impact. Listen in to find out more on Anthony and Jamie's research and innovative recommendations to help alleviate 'Bill Shock'Download the Transcript herehttps://actuaries.asn.au/Library/Miscellaneous/2018/TheDialoguePHITranscript.pdfFollow the Actuaries Institute across all social;↳ Facebook: https://www.facebook.com/pages/Actuaries-Institute/183337668450632↳ 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=ActuariesInstituteCPD members can earn 2 points for each Podcast listened to.

Rick shaw questions Ian Laughlin, Chairman at OnePath Life and ANZ Lenders Mortgage Insurance, on his Dialogue thought leadership paper 'Social Risks for a financial services business'.Financial Institutions have been regularly subjected to public opprobrium - in the press, in politics and on social media - for attitudes and behaviour which the community finds unacceptable. This may be partly because institutions have not managed risks that come from changing social attitudes and norms, and the power of new social capabilities. Such risks need a fresh approach “we have a different risk profile, now I'm wondering about our management of risk, whether we need to refine or do something more drastic to manage the changing risk profile. Do we have the existing frameworks and the existing institutional culture to allow us to respond to generational changing and attitudes towards government and large institutions or is something more radical needed?” Ian says in the podcast.How can it be that institutions spend huge amounts of money, resources and intellect on managing risk, and still find themselves castigated by the press politicans and social media for adverse attitudes and unacceptable behaviour? "You need really deep insights and I don't think organizations have that those deep insights at the moment or even the capabilities to get those deep insights and it's not clear where you might get those capabilities so there you have a conundrum, how does the industry develop these capabilities, properly assesses and manages these risks and so you don't end up in the sort of situation that we're in now."Listen in to find out Ian's recommendations and research on how financial institutions can manage existing social risks and prepare themselves for the uncertainties of future risk management.Download the Transcript herehttps://actuaries.asn.au/Library/Miscellaneous/2018/TheDialogueEp2Transcript.pdfFollow the Actuaries Institute across all social;↳ Facebook: https://www.facebook.com/pages/Actuaries-Institute/183337668450632↳ 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=ActuariesInstitute This is a podcast for the Institute of Actuaries of Australia. The views and opinions expressed in Institute podcasts are those of the speakers or authors and do not necessarily reflect the views of their employers or the institute, it’s members, directors, officers, employees or agents.CPD members can earn 2 points for each Podcast listened too.

Andrew Doughman (Reinsurance Underwriter and Client Manager at Hannover Re) questions Sharanjit Paddam (Principal of Actuaries and Consultants at Deloitte) on his thought leadership paper “Climate Risk Disclosure, Financial Institutions Feel the Heat” (co-authored by Stephanie Wong)Climate change raises real risks and opportunities for financial institutions which need to be identified, managed and disclosed. Sharanjit states “I think there's an opportunity to renew your business in a really good way. And to build a capability that talks about, how do we manage risks across the organizations, and how do we think about opportunities?” Australian Institutions are ill-prepared for the impact of rising temperatures and extreme weather events and the effects these will have on their balance sheets. Sharanjit talks about “the East coast low we had in Sydney back in May 2016. And where we saw a number of backyards of properties at the, at Collaroy disappear into the sea”. First home buyers and those who have investment properties or looking to invest in a property will need to be aware of climate risk and how this can affect their home insurance premiums.The Impact across industries of rising temperatures and an increase in floods, bush fires and cyclones, are likely to result in acute physical risk to property. How can financial institutions identify and create solutions for climate risks and what should they be doing now to be ahead of the curve and avoid the heat?Download Transcript herehttps://actuaries.asn.au/Library/Miscellaneous/2018/TheDialogueEp1Transcript.pdfFollow the Actuaries Institute on social media;↳ Facebook: https://www.facebook.com/pages/Actuaries-Institute/183337668450632↳ 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=ActuariesInstituteCPD members can earn 2 points for each Podcast listened too.