I spent 30 years working for an insurance company and then chose to join Milliman and become a consultant. I always admired what Milliman did for the insurance industry, and after many years, I wanted to apply my experience to a broader range of clients. Right around that time, Milliman came to me and asked me if I’d like to join them. So it’s a kind of dream come true. I now work for Milliman Japan.
They say the first generation of actuaries did life and pension work and the second generation moved into using statistical models for non-life pricing. The third generation was the investment actuary who used complex statistical processes for investment decisions. The fourth generation, as I see it, are those now working in ERM. Actuaries may not be as well known for this type of work yet, but we are moving into these fields in greater numbers because we have the perfect skill set for measuring risk on a quantitative basis. Not everyone can do that effectively or understand risk as holistically as an actuary.
The profession of actuary has been around for over 200 years, but until recently we were only well known within the insurance and pension industries. There are many more accountants and lawyers in the world than there are actuaries. There are only about 60,000 fully qualified actuaries worldwide. But we’ve done a great job for a very long time and we’ve contributed to the public good. Now that risks for many industries are becoming more diversified and complex, actuaries can use that experience to meet these new needs.
The world is a complicated place, yet there are very few people who even try to analyze this complexity from a data-based perspective. Actuaries are among the few people trained to do just that. It’s something we bring to our various practices at Milliman.
So many of our challenges today are global issues. Milliman’s risk analysis comes in handy in ERM, where our worldwide network can contribute solutions. Currently, I’m a member of the Executive Committee of the IAA, the International Actuarial Association, and we’re working hard to fulfill the vision of the IAA, in which the actuarial profession is recognized worldwide as a major player in the decision-making process within the financial services industry, in the area of social protection, and in the management of risk, contributing to the well-being of society as a whole.
For people who are transitioning into the workplace from universities, you can come to Milliman and experience a wide variety of projects, which helps you become a good consultant very quickly.
I believe that our profession can contribute to the public good, and the more we extend our expertise into other industries, drawing on big data and other IT developments, the more we can help make sense of our world.
People who are flexible and compassionate with regard to the needs of their clients make successful consultants at Milliman. And Milliman allows them to become good consultants very quickly.