Professional Documents
Culture Documents
By A. Skučaitė, Lecturer, Vilnius University
By A. Skučaitė, Lecturer, Vilnius University
Research – Opportunities
for Actuarial Profession
Medicine
Medicine
Public
Public
Economics
Economics health
health
AIDS
AIDS Epide-
Epide-
Politics
Politics miology
miology
Actuarial
Actuarial Psycho-
Psycho-
science
science logy
logy
Two stages of IDR
Interdisciplinarity:
Bioinformatics
Econometrics
Behavioral finance
……
weaknesses of
Interdisciplinary
Research
Strengths / weaknesses of IDR
Main advantage:
To achieve new results (scientific
knowledge) which could not have been
produced if the participating researchers
would all have had the same disciplinary
knowledge
Strengths / weaknesses of IDR
Weaknesses and threats are closely
related to main advantage:
More time and effort consuming
At least two researchers from different fields
are involved:
Lack of “transferable” skills (communication, time
management etc.)
Confluence of different “cultures” and traditions
Necessity to “overstep” boundaries of own field of
research
Strengths / weaknesses of IDR
Weaknesses and threats are closely
related to main advantage:
Results achieved (at least at the beginning)
are quite “trivial” when seen from perspective
of “traditional” sciences
IDR is a tool and not a goal
Strengths / weaknesses of IDR
IDR resembles very much work in
multinational environment
Each discipline represents its own
“culture”, for example
“Thought pattern” (paradigms) -
Specific terms (including jargon, say IBNR,
UPR etc.)
Traditions how technically present results and
solutions
Different notation etc.
Strengths / weaknesses of IDR
IDR resembles very much work in multinational
environment
Common problems arising from “cultural”
differences in IDR:
What data to use
Which research method is “best”
Unawareness and / or misunderstanding of terms
(differences in meaning of the same word)
Methodological mistakes when applying methods from
other fields
Communication problems
Ethical issues, …..
Strengths / weaknesses of IDR
Meeting is scheduled
at 12:00
Is it acceptable to
come at 12:30
In some cultures –
“No”, in some – “Yes”
Strengths / weaknesses of IDR
Misunderstanding of terms – examples
“Risk”:
Insurance and engineering: “probability of
accident x average loss per accident”
Statistics: “probability of some event which is
seen as undesirable”
Finance (investments): “(unexpected)
variability or volatility of returns”
Strengths / weaknesses of IDR
Accountant: “Please remove
virus from my computer”
Computer specialist (after a
week when nothing was done):
“Well, You asked to remove
virus, but there is no virus in
Your computer, there is only a
worm”
Strengths / weaknesses of IDR
It is impossible to isolate vocabulary from
grammar, syntax or national culture in
general
So it is very difficult to separate
"knowledge" from methods, theories and
history of practice in specific field, but…
Abundance of languages is no longer
obstacle for communication
Interdisciplinary
Research and Actuarial
Profession
IDR and Actuarial profession
Syllabus of actuarial education (1975):
Mathematics: algebra, trigonometry, calculus;
Probability and statistics;
Compound interest mathematics;
Life contingencies;
Construction and graduation of mortality
tables;
Applications: Life insurance, pensions, …
Panjer, H., “Educating the Future Actuary: from Actuarial to Risk Management Education”,
Presented at Groupe Consultatif / IAA Education Seminar, Edinburgh (2006),
downloadable from http://www.gcactuaries.org/events.html
IDR and Actuarial profession
Syllabus of actuarial education (2005) –
new additions:
Economics;
Applied Statistics;
Risk theory;
Introduction to actuarial practice
(applications), etc.
Panjer, H., “Educating the Future Actuary: from Actuarial to Risk Management Education”,
Presented at Groupe Consultatif / IAA Education Seminar, Edinburgh (2006),
downloadable from http://www.gcactuaries.org/events.html
IDR and Actuarial profession
Changes in syllabus reflect changing realities of
actuarial practice:
It expands quickly to new areas (public health, social
benefits, banking, enterprise risk management)
requiring from practitioners to acquire new skills
“Technical” (mathematical, statistical) skills even very
brilliant are no longer enough
At least some knowledge about economy in general,
investment principles, risk theory, etc, is almost are
“must”
IDR and Actuarial profession
Actuaries are supposed to be not only
experts in their field but also excellent
“team players”:
Be able to present ideas and results clearly
To explain why one or another solution should
be adopted and what risks are associated with
it
IDR and Actuarial profession