Actuaries Institute Podcast

Angat Sandhu and Katherine Gobbi share their unique insights into claims management, it's place in the insurance value chain, future opportunities and key trends in the area.Katheirne Gobbi is Chief Executive Officer at EMLife, leading a team of life insurance claims specialists dedicated to making life easier for insurance partners and their customers with over 15 years experience in personal injury claims management and working with regulatory bodies. She met with Angat Sandhu on September 19 to discuss current issues in claims management, scrutiny of general insurance and what improvements are needed.Angat asks a range of question including; Can you share some thoughts on what are the most important trends you are seeing in claims management?What is most important from a customer’s perspective?There has been a fair bit of scrutiny on claims practices recently, what are some takeaways for the insurance industry?If there is one thing that will be different about claims management over the next 2-3 years, wha

Download the MP3 file herehttps://api.spreaker.com/v2/episodes/15816934/download.mp3Dr Raymond Yeow and Dr Kevin Cheng discuss the future of health insurance including a focus on Dr Kevin's Osana care model and a sneak peek into his plenary session at the upcoming Future of Health Seminar.Register now!https://www.actuaries.asn.au/FOHS2018

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

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 differentiato

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 not

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 thi

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

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 cha

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

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

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 sati

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 th

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 opp

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 s

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

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/1833376

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://actuar

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:

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

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 l