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Actuarial Talent AnalysisApril 2019

2

Agenda

Actuarial Talent Hotpots03

Executive Summary01

Actuarial Job Taxonomy02

Location Deep Dive04

Agenda

Job Progression of Actuarial Roles05

Digital Transformation of Actuarial Talent06

Start-up Ecosystem Analysis07

33

Executive Summary

DRAUP launched a systematic assessment to analyze Actuarial Talent Pool across various U.S Locations.

• Actuarial Job Taxonomy : Actuarial Talent was categorized into 11 high demand job roles on the basis of skills and workloads for analysis (See slide 3 and 4 for the definition of analyzed job roles)

• Talent Hotspot Analysis: ~78,000 Actuarial Talent across 60 U.S Metropolitan Statistical Areas was analyzed.

• Location Deep Dive: 5 locations with high Actuarial talent were analysed further, these are Greater New York City Area, Greater Los Angeles Area, Dallas/Fort Worth TX Area, Greater Boston Area and Greater Chicago Area. Talent cost, Key Employers, Top Universities and the Location Accessibility of these locations were studied in detail.

• Job Progression for Actuarial Roles: Actuaries usually progress within their own Job family, while some branch out as Data Analyst/data Scientist. Many actuaries are building skills in programming languages. Around 3,600 actuaries have upskilled themselves in Machine Learning.

• Digital Transformation of Actuarial Talent: New Age Digital Technologies such as Machine Learning, Robotic Process Automation, Data Visualization and Cloud Computing are changing the skill requirements and workloads of Actuarial Job Roles.

• Start-up Ecosystem Analysis: Actuarial Automation Platforms, Actuarial Modelling , Predictive Analytics and Actuarial Consultancy Services are some of the key Actuarial themes across which InsurTech start-ups are working.

DRAUP

4

Actuarial Job Taxonomy: Analysed Job Roles (1/2)

Job Roles Sample WorkloadsSample Skills/Certifications

Lead a team of 3 or more actuarial analysts. Responsible for mentoring and coaching of analysts. Support pricing and financial planning by performing actuarial studies; advise leaders on pricing and financial strategies and policies.

Actuarial ManagerAssociate or Fellowship qualification. Exp in Actuarial Modelling. Expertise in Financial Analysis, Risk Mgmt.

Utilize available statistical data to establish reliable and accurate pricing, using generally accepted actuarial techniques; assess the pricing process on an ongoing basis; suggest/implement improvements to ensure actuarially sound pricing.

Pricing ActuaryACAS or FCAS, Large Account Pricing, Actuarial Modelling Software, MS Excel

Develop pricing financial metrics and present reports to Management. Provide actuarial support to internal partners on all pricing issues. Make recommendations on refining current processes to enhance the quality of work and improve efficiency.

Actuarial ConsultantFinancial Reporting, Actuarial and Quantitative Analysis, Modelling, SAS, MS Excel, VBA.

Initiate and lead the development of studies, analyses, and presentation materials needed to appropriately inform decision makers. Make appropriate recommendations to management across teams within the actuarial department.

Associate ActuaryFSA, Exp. in Actuarial Modelling Software, MS Excel ( including VBA)

Apply appropriate analytical tools to the data and perform actuarial analysis. Analyse, report and develop recommendations based on data analysis. Maintain and create standard and ad hoc reports

Actuarial AnalystBachelor Degree in Actuarial Science, Mathematics or Statistics. MS Office.

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Develop actuarial assumptions to use in pricing, reserving or actuarial modelling, including experience studies in support of assumptions. Coordinate, prepare, and perform actuarial analyses to develop pricing strategies, valuation approach or risk management strategies.

Actuary /Assistant Actuary

ASA or Near-FSA. Financial and Risk Modelling, MS Excel, Actuarial Software (GGY-AXIS, ALFA, MoSes)

5

Actuarial Job Taxonomy: Analysed Job Roles (2/2)

Job Roles Sample WorkloadsSample Skills/Certifications

Perform coding of the model to implement capital modelling approaches including detailed analysis to aid calibration by following technical actuarial processes both standard and advanced. Diagnose model defects and check coding for errors.

Modelling AnalystDegree in Mathematics, Statistics or Actuarial Science, Statistical/DFA Modelling tools,

Develop statistical models designed to enhance business decisions. Areas of focus will include: Claims, Pricing, Underwriting and more. Apply predictive modelling principles, practices, and procedures as well as identifies and implements process improvements.

Actuarial Data ScientistPredictive Modelling, Statistics, Machine Learning, R, Python

Implementing and maintaining actuarial algorithms. Enhancing, maintaining and supporting existing actuarial applications. Interacting with an analytical oriented user group for requirements gathering

Actuarial DeveloperActuarial Tool Development, Programming Skills (VBA, VB.NET, C++,JavaScript), MS Excel

Liaise with Actuaries to provide technical solutions to business requirements, problems and troubleshooting opportunities. Manage the application infrastructure services in collaboration with onsite team members.

IT Actuarial Systems Analyst

Bachelor degree in Computer Science & Engineering, Scripting Languages, SFTP Tools, Insurance Domain Knowledge Certification from LOMA

Develops and maintains strategic roadmap to support actuarial business needs with technical solutions. Architects and designs medium to large solutions to meet Actuarial needs focused on collecting, conforming and reporting data with modelling and reporting consumers in mind.

Actuarial IT Manager

Bachelor’s Degree in Computer Science, Math or Actuarial Science. Data Modelling, Python, OOP, Actuarial Knowledge

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6

Actuarial Talent Hotspot: Major locations across U.S were analysed to establish Actuary Talent Footprint. Greater New York City is the top location for Actuary Talent.

~78,000Actuarial Talent pool for 60 analysed locations in USA

26 Top Analysed Locations with Actuarial Talent Pool > 1,000

Locations (MSA) Total

Greater New York City Area

13,000

Greater Chicago Area 5,900

Greater Boston Area 4,300

Greater Philadelphia Area

4,100

San Francisco Bay Area 3,400

Greater Minneapolis - St. Paul Area

3,000

Greater Los Angeles Area 2,700

Greater Atlanta Area 2,600

Hartford Connecticut Area

2,600

Dallas / Fort Worth Area 2,300

Washington D.C. Area 2,300

Greater Seattle Area 2,000

Greater Detroit Area 1,500


Houston, Texas Area 1,300

Columbus, Ohio Area 1,300

Greater Denver Area 1,200

Des Moines, Iowa Area 1,200

Charlotte, NC Area 1,100

Greater St. Louis Area 1,100

Greater Milwaukee Area 1,100

Baltimore, Maryland Area

1,000

Austin, TX Area 1,000

Greater Pittsburgh Area 1,000

Indianapolis, IN Area 1,000

Madison-WI Area 1,000

Phoenix Arizona Area 1,000

Seattle

ChicagoDetroit

Atlanta

Philadelphia

New York City

Boston

Dallas

San Francisco

Los Angeles

Washington DC

Baltimore

St. Louis

Milwaukee

Phoenix, AZ

Denver

AustinHouston

Des Moines

Madison

Indianapolis

ColumbusPittsburgh

Charlotte,

Minneapolis

Hartford CT

Note : DRAUP’s proprietary talent module was used to analyse jobs by locations and skill typeMetropolitan Statistical Areas (MSAs) defined by Bureau of Labors Standards are considered for the Talent Pool Analysis

7

Actuarial Talent Hotspot: Cleveland/Akron, Ohio Area and Miami, Florida Area are some of the mid-scaled locations for Actuarial Talent

~78,000Actuarial Talent pool for 60 analysed locations in USA

32 Analysed Locations with Actuarial Talent Pool < 1,000


Cleveland/Akron, Ohio Area

900

Miami Florida Area 800

Tampa/St. Petersburg, FL Area

800

Cincinnati, Ohio Area 800

Kansas City, Missouri Area

800

Portland, OR Area 700

Raleigh-Durham, NC Area 700

Louisville, Kentucky Area 700

Greater San Diego Area 600

Greater Nashville Area, TN

600

Richmond VA Area 600

Orlando, FL Area 400

San Antonio, Texas Area 400

Sacramento, CA Area 400

Providence Rhode Island Area

400

Jacksonville, FL Area 400


Rochester & Ithaca, NY Area

400

Greater Salt Lake City Area

350

Greensboro Area 350

Stamford-Bridgeport & Norwalk Area, CT

300

Greater Grand Rapids, MI Area

250

Fort Wayne, Indiana Area 250

Provo, Utah Area 200

Green Bay, Wisconsin Area

200

Las Vegas, Nevada Area 200

Oklahoma City Area 200

Boise & Greater Idaho Area

150

Norfolk, VA Area 150

Greater New Orleans Area

150

Greater Memphis Area 150

Hampton-Manchester-Concord, New Hampshire Area

150

Greater Dakota Area 150

Note : DRAUP’s proprietary talent module was used to analyse jobs by locations and skill typeMetropolitan Statistical Areas (MSAs) as defined by Bureau of Labors Standards are considered for the Talent Pool Analysis

Salt Lake City, UT

Sacramento, CA Richmond

Greensboro

Cleveland, OH

Tampa, FL

Louisville, KY

New Hampshire

Providence RI Area

Dakota

Norwalk

Norfolk, VA

88

Location Assessment: Greater New York City Area

8

Location Accessibility

AirportsTotal Flights (per day)1

Major HubsNo. of Flights

(per day) 2

John F. Kennedy

International Airport

~1240

Atlanta, GA ~150

Los Angeles, CA

~100

Chicago, IL ~70

Newark Liberty


~1200

Chicago, IL ~130

Los Angeles, CA

~120

Talent Analysis3

Talent availability

Total Actuarial Talent Pool in Greater NYC Area (MSA)(Employed at a firm)

~13,000

(0-5 Years Experience) ~4,000


(10+ Years Experience) ~5,500

Total Demand

Annual Actuary Talent Job openings (Mar 2018 – Mar 2019)

~1,100

CostMedian salary of Actuarial Talent $85,000

Overall Assessment: Greater New York Area

Talent Availability

Cost

Insurance Ecosystem


EDT time zone

(GMT-4)

Key Employers

Company Name Talent5

Prudential Financial 380 – 400

Willis Towers Watson 230 – 250

MetLife 230 – 250

New York Life Insurance Company 190 – 220

EY 150 – 170

Mercer 160 – 180

AXA US 90 – 100

High

High

High

High

Top UniversitiesEnrollment per year for

Mathematics / Statistics / Actuarial Science4

Cornell University 80 - 100

Columbia University 150 - 200

New York University 150 - 200

Hamilton College 60 - 80

Stony Brook University 200 - 250

Binghamton University 200 - 250

University Analysis

Mathematics / Statistics / Actuarial Science Graduates (2017): ~1,500

1All departing flights from commercial airports. 2Dallas, Los Angeles, San Francisco, Houston, Chicago, Atlanta, Boston, Philadelphia, New York have been considered as major hubs for this analysis. Direct Flights, as well as flights with 1 stop have been considered (Source: Travel Portals, Airline Website 3Draup’s Proprietary module. 4Source: College/University Websites, National Center for Education Statistics IPEDS. 5 Talent size in respective companies for analysed Actuarial roles

99

Mathematics / Statistics / Actuarial Science Graduates (2017): ~1,500

Location Assessment: Greater Los Angeles Area

9

Talent Analysis3

Talent availability

Total Actuarial Talent Pool in Los Angeles Area (MSA) ~2,600

(0-5 Years Experience) ~890



Talent Demand

Annual Actuary Talent Job openings (2018) ~150

CostMedian Salary of Actuarial talent $90,000

Overall Assessment: Los Angeles Area

Talent Availability

Cost

Insurance Ecosystem


PDT time zone

(GMT-7)

Key Employers


Farmers Insurance 100-120

Anthem, Inc. 50-70

United Health Group 40-50

Health Net 30-50

Blue Shield of California 30-50

Mercer 30-50

Transamerica 20-30

High

Medium

High

University Analysis


AirportsTotal Flights

(per day)1 Major HubsNo. of Flights

(per day) 2

Los Angeles International

Airport(LAX)

~1400

Dallas/ Fortworth

~180

Atlanta, GA ~180

Philadelphia, PA

~140

Chicago, IL ~140

Boston, MA ~140

Top Universities

Enrollment per year for Mathematics / Statistics /

Actuarial Science4

California State University-Long Beach 100 - 120

University of California-Los Angeles 250 - 300

Santa Monica College 100 - 150

California State University-Los Angeles 100 - 120

Rio Hondo College 80 - 100

University of Southern California 50 - 80


Medium

1010

Top UniversitiesEnrollment per year for

Mathematics / Statistics / Actuarial Science4

University of North Texas 200 - 220

Texas Christian University 100 - 120

University of Texas, Dallas 100 - 120

Southern Methodist University 40 - 60

Texas State University 200 - 220

Dallas Baptist University 150 - 180

Location Assessment: Dallas/Fort Worth Area

10




(per day) 2

Dallas/Forthworth


~900

Atlanta ~150

Philadelphia, PA

~140

Boston, MA ~125

Dallas Love Field

~530

Chicago, IL ~40

Los Angeles, CA

~40

Talent Analysis3

Talent availability

Total Actuarial Talent Pool in Dallas/Fortworth Area (MSA)(Employed at a firm)

~2,300




Total Demand


CostMedian salary of Actuarial Talent $80,000

Overall Assessment: Dallas/Fort Worth

Talent Availability

Cost

Insurance Ecosystem


CST time zone

(GMT-6)

Key Employers


Willis Tower Watson 100 – 120

Blue Cross & Blue Shield 70 – 100

Transamerica 50 – 60

Milliman 30 – 50

Aon 30 – 50

Lewis & Ellis 30 – 50

Fidelity Investments 20 – 30

Medium

High

High

High

University Analysis

Mathematics / Statistics / Actuarial Science Graduates (2017): ~ 450


1111

Location Assessment: Greater Chicago Area

11




(per day) 2

DuPage Airport

~300

New York ~260

San Francisco ~210

Philadelphia ~150

Boston ~150

Talent Analysis3

Talent availability

Total Actuarial Talent Pool in Greater Chicago Area (MSA)(Employed at a firm)

~5,800




Total Demand

Annual Actuary Talent Job openings (2018) 450

CostMedian Salary of Actuarial Talent $82,000

Overall Assessment: Greater Chicago Area

Talent Availability

Cost

Insurance Ecosystem


CDT time zone

(GMT-5)

Key Employers


Allstate 230 – 250

Milliman 130 – 150

AON 120 – 140

CNA Insurance 100 – 120


Zurich 100 – 120

Willis Towers Watson 50 – 70

High

High

High

High

Top UniversitiesEnrollment per year for Mathematics / Statistics4

Northwestern University 120 - 150

The University of Chicago 100 - 120

Wheaton College 150 - 180

DePaul University 200 - 220

University of Illinois at Chicago 250 - 280

Valparaiso University 80 - 100

University Analysis



1212

Location Assessment: Greater Boston Area

12




(per day) 2

Boston Logan International

Airport~1,200

Los Angeles ~200

San Francisco ~180

New York ~160

Philadelphia ~100

Talent Analysis3

Talent availability

Total Actuarial Talent Pool in Greater Boston Area (MSA)(Employed at a firm)

~4,200




Total Demand


Cost Median Salary of Actuarial Talent $87,000

Overall Assessment: Greater Boston Area

Talent Availability

Cost

Insurance Ecosystem


EDT time zone

(GMT-4)

Key Employers


Liberty Mutual Insurance 330 – 350

John Hancock 150 – 170

The Hanover Insurance Group 60 – 80

Fidelity Investments 60 – 80

Sun Life Financial 50 – 70

Willis Tower Watson 50 – 70


Medium

High

High

High

Top UniversitiesEnrollment per year for Mathematics /

Statistics4

Harvard University 120 - 140

Boston University 240 - 270

Tufts University 100 - 120

Brandeis University 200 - 220

Northeastern University 200 - 220

University Analysis



1313

Actuarial Analyst

Actuary

Actuary Analyst

Actuary Chief

Professor

SeniorData

Analyst

Actuarial Consultant

Actuary Principal

Data Scientist

Job Progression for Actuarial Roles – Actuaries usually progress within their own Job family

Note : This is an indicative structure based on relevant Job Descriptions & Workloads as mentioned in Job Postings and Draup’s Proprietary Talent Database.

Case in point : Actuary

Evolution of job role of an actuary

Analysts Statisticians

3.6K actuaries have already upskilled themselves in ML technologies

ML Developer

Kaggle

Hacker Earth

Enterprise Training programs

Reskilling in programming languages

Many Actuaries are getting skilled in Machine Learning

Actuary

Highly skilled in Mathematics and statistical models

1414

Digital Transformation

Data Visualization

Cloud Computing

• Bachelor Degree in Actuarial Science, Mathematics or Statistics

• Actuarial Modelling Tools• MS Excel/VBA/ResQ• Experience in Financial Services

Industry

From Core Actuarial/Statistics Skills

AI/ML

RPA

To Added Skills in New Age Technology

• R/Python• Data Visualization Tools such as

Tableau, Power BI• SQL, Hadoop• Predictive Modelling• Machine Learning Techniques

Job Role Transformation

Workflow Transformation

Digital Transformation of Actuarial Talent– New age technologies are changing the skill requirements and workloads of Actuarial Job Roles

Note : Analysis is based on the DRAUP’s proprietary engineering database and talent module as well as skill analysis from job portals

Trad

itio

nal

Act

uar

ial W

ork

flo

w

Review Data and update

forecasts using machine learning based predictive models

Run Complex

Models on Cloudfor faster

processing

RPA helps create templatized reports.

Data Visualization Tools are used to communicate complex analyses

Understand any new/ updated requirements

Tingyu Liu

Associate Actuary, Prudential Financial

Master’s , Financial Mathematics, University of Chicago

Greater NYC Area

Workloads• Individual Variable Annuity Modelling- Lead VA STAT Reform valuation and forecast model build• Fixed Indexed Annuity Modelling- Lead FIA valuation model build

SkillsActuarial Modelling, Machine Learning, C++,MATLAB, Python, R, SQL, Hadoop (MapReduce), VBA, Tableau, D3.js

Hyunsu Kim

Associate Actuary, Milliman

Bachelor’s Degree, Actuarial Science, University of Illinois at Urbana-Champaign

Chicago, Illinois

Workloads• Built and implemented an outlier detection algorithm

as a first step for AI implementation in fund management practice

• Currently leading the AI initiative for financial reporting system working with a Microsoft data science team

SkillsMachine Learning Algorithm Development (PCA, Cluster, RF, GBM, ANN, etc), C, R, MATLAB, Python, SQL

Note : Analysis is based on the DRAUP’s proprietary database and talent module as well as skill analysis from job portals

Review Latest Data and Updated Forecasts

Run, modify or setup new models

Create a Report for Senior Executives

Understand any new/ updated requirements

1515

Start-up Ecosystem Analysis: Actuarial Automation Platforms, Actuarial Modelling, Predictive Analytics are some of the key actuarial themes on which start-ups are working.

Rest of the

World Actuarial analytics to predict expected risk involved in

investment

Provider of actuarial & advanced analytics services

Fintech/ Actuarial Consultancy

Predictive Analytics

Provides Machine Learning and AI tools for Actuaries to improve

predictions

Transform data into actionable insights to get more targeted

risk analysis

Insurance SaaS Platform

Provide strategic IT consulting for Insurance software components

Actuarial modeling, predictive analytics software on actuarial

methodology

Actuarial Automation Platform Actuarial Modelling Insurance Systems

Automated In-house Actuarial analysis to estimate the potential financial risk

implications

Actuarial Modelling & Pricing Transformation for Life Insurers

ML Modeling and financial innovation for

Insurance sector

Provider of Actuarial tools, models and outsourcing

services

Actuarial services/ Analytics tools

Actuarial Modelling

Product development ,pricing, inventory and provisioning, actuarial

and multi-standard financial modelling

API-enabled Underwriting and Actuarial platform for Commercial Insurance

Actuarial Consultancy

USA

Europe

Note: Rest of The World features Start-ups from Israel, India and South Africa

https://twitter.com/zinnov

https://twitter.com/zinnov

http://facebook.com/ZinnovManagementConsulting

http://facebook.com/ZinnovManagementConsulting

https://www.linkedin.com/company-beta/30724/

https://www.linkedin.com/company-beta/30724/

https://www.youtube.com/channel/UCgEN1J9L2jTqBOlWsH65w8w

https://www.youtube.com/channel/UCgEN1J9L2jTqBOlWsH65w8w

http://www.zinnov.com/

http://www.zinnov.com/

mailto:[email protected]?subject=How can we help you?

mailto:[email protected]?subject=How can we help you?

http://www.draup.com/

http://www.draup.com/

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