In this blog, Chloe Hung, Amazon best-selling author, talks about the evolving industries which actuaries are now working in.
Historically, the actuarial profession was made up of a relatively small community of actuaries who worked mainly within the insurance field. Over the years though, more and more actuaries have been venturing into other fields such as data science, investments, banking, finance and so forth.
These days there are great opportunities for actuaries as they can help grow a business, manage the business and even shape the future of the business, if needed. That’s why we now have actuaries working as consultants.
Actuaries also understand that they’re having to compete with other professionals who have qualifications such as MBAs or who are certified financial analysts (CFAs), so as to be able to enter into non-traditional areas such as financial services.
Fortunately, businesses are starting to recognise actuaries’ skills in complex problem solving and quantitative modelling. These are highly valuable skills in an ever-changing environment especially as the world moves deeper into the digitalisation age. Cyber risks are a huge topic these days with the increasing number of data breaches around the world.
Data breaches pose a huge risk to businesses because they usually result in a loss of highly sensitive and personal client information. Businesses can suffer huge losses from a data breach. Hence there’s now an increasing demand for cyber insurance among businesses.
Cyber risks are unchartered territory for actuaries because this is a relatively new field. Actuaries currently don’t have much experience dealing with digital security incidents, which makes it challenging to craft a suitable insurance plan to help protect businesses against future cyber-attacks.
Cyber security is definitely an area that the actuarial profession will move towards in the future. Businesses now need protection against cyber-attacks and it’s the actuary’s job to help them solve this problem and design a plan that can help protect them in the future.
Find out more about an actuaries role in our Cyber Risk video: