Do We Have Less Business Sense?
After completing my Prophet training yesterday, I met someone from another department (i.e. not Actuarial Department) and had a short chat with him. During our conversation, we briefly touched on the work Actuarial is doing (more specifically Actuarial Department in an insurance company).
Mr. L commented that Actuarial's work is too specific in their own technical area, and they do not see the business from wider angle compared to another department (well, this was considered a polite way to say "having less business sense..."). Actually I wasn't surprise to hear this comment, however I didn't agree with this perception. "Actuarial have involvements in many areas of an insurance company - based on my experience, I know Actuarial does involve in areas like finance, underwriting, claim, operations and ..."
Although I don't agree with what Mr. L has commented, I do observe some of us who working in Actuarial fields limit ourselves to so-called "actuarial work" only, and don't participate actively in business processes which involve other departments. "It's not our job" or "we are too busy" may be the popular excuses used to not participating in those business processes. Sadly, this has created an incorrect impression or perception among people from other fields that "Actuarial people" are merely reserve calculator and report compiler who work on their own island. Yes, THIS IS NOT TRUE, but unfortunately this is how some people from other fields do think.
Until now I still think that the concept instilled by one of my previous superiors is very correct. "Go to Claim Department and get more understanding on the medical claim!" When I was carrying out experience studies (such as loss ratio analysis on medical products and morbidity study on dread disease) during the early years of my actuarial career, I was "instructed" by my superior to talk to Claim Department so that I can get a better feel and understanding on how insurance benefits are processed and paid. I still remember that I brought a few manual death registers (which were used before the claims were fully processed in the system) back to the Actuarial Department to go through - and I was "scolded" by some of my colleagues for bring such "inauspicious" things to the departments! Due to better understanding and relationship with Claim Department, the critical messages & observations from my experience studies were successfully conveyed to them and some measures was taken to control the claims.
If we want to improve how other people see us, perhaps we should first change how we see ourselves. What we are doing not only impacts ourselves, but also influences how other people see others who are working in the actuarial field as well.
Mr. L commented that Actuarial's work is too specific in their own technical area, and they do not see the business from wider angle compared to another department (well, this was considered a polite way to say "having less business sense..."). Actually I wasn't surprise to hear this comment, however I didn't agree with this perception. "Actuarial have involvements in many areas of an insurance company - based on my experience, I know Actuarial does involve in areas like finance, underwriting, claim, operations and ..."
Although I don't agree with what Mr. L has commented, I do observe some of us who working in Actuarial fields limit ourselves to so-called "actuarial work" only, and don't participate actively in business processes which involve other departments. "It's not our job" or "we are too busy" may be the popular excuses used to not participating in those business processes. Sadly, this has created an incorrect impression or perception among people from other fields that "Actuarial people" are merely reserve calculator and report compiler who work on their own island. Yes, THIS IS NOT TRUE, but unfortunately this is how some people from other fields do think.
Until now I still think that the concept instilled by one of my previous superiors is very correct. "Go to Claim Department and get more understanding on the medical claim!" When I was carrying out experience studies (such as loss ratio analysis on medical products and morbidity study on dread disease) during the early years of my actuarial career, I was "instructed" by my superior to talk to Claim Department so that I can get a better feel and understanding on how insurance benefits are processed and paid. I still remember that I brought a few manual death registers (which were used before the claims were fully processed in the system) back to the Actuarial Department to go through - and I was "scolded" by some of my colleagues for bring such "inauspicious" things to the departments! Due to better understanding and relationship with Claim Department, the critical messages & observations from my experience studies were successfully conveyed to them and some measures was taken to control the claims.
If we want to improve how other people see us, perhaps we should first change how we see ourselves. What we are doing not only impacts ourselves, but also influences how other people see others who are working in the actuarial field as well.
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