Innovative Actuaries

Out of curiosity, I recently asked ChatGPT, a generative artificial intelligence (GenAI) chatbot tool, to provide common adjectives that “actuary” is associated with. The answers were “analytical, mathematical, detail-oriented, risk-focused, thorough, objective, professional, data-driven,” etc.—but not “entrepreneurial.” Next, I asked ChatGPT to provide common professions that “entrepreneurial” is associated with, and the answers were “start-up founders, small business owners, tech innovators,” and so on. Seeing this, I couldn’t help but wonder, “Can we actuaries be entrepreneurial without having our own start-ups?” 

Of course we can! In this article, I’ll examine a few ways that actuaries can be entrepreneurial in our day-to-day jobs.

Be Self-motivated

Famed international entrepreneur Richard Branson, who co-founded Virgin Group in 1970 and, as of 2016, controlled five companies remaining out of a one-time total of 400+, is quoted as saying, “My biggest motivation? Just to keep challenging myself. I see life almost like one long University education that I never had—every day, I’m learning something new.” Here are four ideas around having an entrepreneurial frame of mind: 

1. Set clear and ambitious goals. These could include obtaining new certifications and designations, working with teams you’ve never had the opportunity to work with, or taking on leadership roles in projects. By defining concrete goals, actuaries create a roadmap for their career progression and have specific measurements to compare their progress against. 
2. Pursue continuous learning. For those of you who know me, I’m all for continuous learning whether at work or outside of work. Through the process of writing articles for The Actuary Canada, I do lots of research and talk to individuals who provide their expertise. I also manage the SOA Marketing and Distribution Section’s podcasts, where I delve into interesting topics like climate change and partnerships, and learn from those. The field of actuarial science is constantly evolving, with new methodologies, regulations, and technologies emerging regularly. To start, you could read articles from The Actuary, set up coffee chats for people on different teams within or outside of your organization, attend local actuary club events, listen to SOA podcasts and attend actuarial conferences. By staying intellectually engaged and at the forefront of industry trends, I believe actuaries can maintain a sense of curiosity and excitement about their work. The pursuit of knowledge could not only enhance their professional capabilities but also provide intrinsic motivation through the joy of learning and mastering new concepts. 
3. Seek out challenging projects. Yes, challenging projects could give you a headache, but you are stepping outside of your comfort zone. This means you could be working with non-actuaries from different departments and learning their perspectives, sharpening your soft skills and more. I have had some wonderful opportunities working with our high-net-worth business’s distribution team, and I have learned so much from them about the messaging we send out to distributors and advisors across the globe and their perspectives on the market landscape. The process of tackling difficult tasks and overcoming obstacles can be highly rewarding, fostering a sense of personal growth and professional satisfaction. Additionally, successfully completing challenging projects can boost confidence and reinforce an actuary’s belief in their abilities, further fueling their motivation. 
4. Embrace innovation and technology. As articles have highlighted, the actuarial field is increasingly influenced by technological advancements, particularly in areas like data analytics, machine learning and automation. A self-motivated actuary should embrace these innovations and actively seek ways to incorporate new technologies into their work. For example, the company I work for, Sun Life, has its own ChatGPT, “Sun Life Asks,” which has been an integral part of my work. By staying ahead of the curve and developing expertise in cutting-edge tools and methodologies, an actuary can position themselves as a valuable asset to their organization.

Be Experimental

Famed inventor Thomas Edison is quoted as saying, “I have not failed. I’ve just found 10,000 ways that won’t work.” Being experimental can mean many things; here are three things to keep in mind about the process: 

1. Testing processes. Have you always done things one way? Are there any pain points associated with it? If so, why not brainstorm about potential enhancements or even an entirely new process to replace the current one? Make sure you don’t come up with a final decision during the brainstorming session. The key is to test different solutions, resources permitting, and learn from each one. Your final product could be a mix of some of your initial ideas. 
2. Changing meeting structure. Do you sometimes feel like there’s a lack of follow-up after meetings? Or you’re in a meeting when you don’t really have to be, and it leaves you little time to focus on your key priorities? Are meetings constantly running overtime? Is there a lack of engagement or participation from attendees? Consider changing meeting structures. You could clarify the agenda and the in-scope and out-of-scope for the meeting. Set ground rules and tell people exactly what would happen if the meeting derails (e.g., encouraging people to talk offline, suggesting booking separate meetings for different topics). You could also assign roles to each person in the meeting to hold them accountable. Additionally, the meeting organizer could go through an exercise before setting up the meeting to decide who the key stakeholders are—especially the decision-makers. Everyone who is not a key stakeholder would receive communications in a different format, such as messages or emails. 
3. Prioritizing research on industry trends helps companies pivot quickly when new technologies arise. 

Be Imaginative

Albert Einstein once said, “Logic will get you from A to B. Imagination will take you everywhere.” So, how can you be imaginative at work? Designing new insurance products or financial instruments to address emerging risks or market needs might require us to put on our creative thinking hats. For example, in 2024, Sun Life Term Insurance for Diabetes was seeking to create a holistic insurance product for Canadians living with type 1, type 2, diagnosed pre-diabetes or gestational diabetes. The creative outcome was a comprehensive term insurance product featuring a combination of life insurance with access to a diabetes care program.

For actuaries devising imaginative ways to better reflect an insurer’s own risk assessment, keep the Own Risk and Solvency Assessment (ORSA) in mind. As the Office of the Superintendent of Financial Institutions (OSFI) reports, the ORSA should reflect an insurer’s own risk and solvency assessment. OSFI expects an insurer to have processes in place to conduct an ORSA proportionate to the nature, scale, and complexity of its business and risk profile.  

There are also areas with great ambiguity and potential in the industry, such as climate change and artificial intelligence. 

As the business world becomes increasingly data-driven and risk-aware, entrepreneurial actuaries can continue to play a crucial role in shaping the future of multiple industries. By embracing an entrepreneurial mindset, actuaries can not only advance their own careers but also drive meaningful innovation that creates value for businesses and society at large. 

Statements of fact and opinions expressed herein are those of the individual authors and are not necessarily those of the Society of Actuaries or the respective authors’ employers.

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