As actuaries trained to predict what might happen, we can ponder what will take place next all day long. While we are doing that, however, we should prepare ourselves to take advantage of the opportunities that fast-paced change presents, and there are plenty all around us.      

A unique skill set

Actuaries truly have a distinctive skill set and a natural talent for analytical thinking (most of us came to this profession with a love for math). We are also quite proficient at making sense of the vast amounts of data around us. In addition to our number skills, actuaries often learn project management very early in their careers.

As project managers, we become adept at managing time and processes. Our role as actuaries gives us a front-row perspective on a lot of aspects of our business. Having that knowledge puts us in a unique position to contribute to projects and initiatives way outside our traditional actuarial duties. 

For instance, when I was the chief pricing actuary for our North American property & casualty insurance business, I had significant insight on multiple aspects of each business line. My company decided to take an aggressive approach to managing results. So my actuarial team stepped up to champion several initiatives including building new databases and analytical tools to provide underwriters with more information to make better, more informed decisions and find ways to more effectively leverage information across business lines. We worked closely with our claims and underwriting teams to find new solutions and in the end, our efforts resulted in the improvements we sought to achieve.     

Companies today value this type of collaboration and teamwork. Different work styles, skills and backgrounds help us work together to find solutions to complex problems quickly. While some still have the impression that actuaries do not have the other skills that are highly coveted in business today — communicating, collaborating and motivating people, we are busting that stereotype. 

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Taking initiative while accepting new responsibilities is a good way to expand one's career options. (Photo: iStock) 

Grab new challenges

As businesses are driven by their bottom line, assuming some financial accountability or profit and loss responsibilities is a key professional stepping stone. This is one opportunity that should not be ignored when presented.

By assuming some financial responsibility, even for a project or other smaller initiative, actuaries can develop the senior management and strategic skills required to take on higher ranking leadership roles in various parts of an organization. In addition to my day-to-day strategic operations responsibilities, for instance, I assumed financial responsibility for a recently acquired small specialty insurance firm. Constant learning is a given for ongoing career success and we cannot shy away from adding a new talent to our skill set. 

Taking initiative is a key strategy for advancing anyone's career. That is also why one major piece of advice that I have for all is be visible before you need to be visible. Raise your hand and take on new responsibilities before being asked. Show off your abilities and foresight in a variety of situations. When senior leaders really need those skills, it's your name that will rise to the top of the list.  

When opportunity knocks

Taking on a new challenge can be daunting, unsettling and even a little scary, but it is the only way to learn and advance a career. Some missteps along the way are not a sign of failure, but they can provide the learning we need to move ahead. 

Opportunities available to actuaries are certainly abundant in today's business environment. Because of our skill set, actuaries are so well positioned for change and to take on new roles.

Our training, project management know-how and analytical skills, combined with an ability to collaborate, communicate and motivate, uniquely qualify us to fill familiar as well as new and emerging roles in business. In the past, actuarial duties may have been thought of as a backroom function, but with more businesses trying to harness all the information around them, our skills are a hot commodity, so show them what you got!   

Donna Nadeau is EVP, director of strategic operations for XL Catlin's insurance operations in the Americas. She also serves as president of Allied Insurance, an entertainment, amusement and leisure insurer acquired by XL Catlin in early 2016 and is a Fellow of of the Casualty Actuarial Society. Opinions expressed in this article are the author's own.

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