2016 Annual Conference

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1 2016 Annual Conference Connecting Minds: Sharing Knowledge and Impacting Societies CAA 26th Annual Conference & 25 th Anniversary Celebration Torarica Hotel Paramaribo, Suriname 30 th November to 2 nd December 2016

2 Adapting to Changing Environments Jeroen Breen nl The Netherlands Paramaribo, Suriname December 2 nd, 2016

3 Timetable 1. Introductions 2. The dutch actuarial landscape 3. Developments in this landscape 4. Changes with impact 5. How to adapt to these changes? 6. Is an actuary a profession? 7. Concluding words 3

4 Introduction of the audience NorthAmerica / South America / Europe / Other Pensions / Insurance / Bank / other At Actuary / almost actuary / other 4

5 Introduction of Jeroen Breen Cadet at tthe Royal ldutch hnaval linstitute t ( ) 1987) Technical Mathematics on the Technical University Eindhoven Degree in teaching Mathematics (1 E degree) Started as actuarial consultant at Dr WGJ Ten Pas (later Mercer) (1993) Actuarial Science at the University of Amsterdam (graduated 1996) Member of the Royal Dutch Actuarial Association (since 1997) Consulting career Mercer, Mercer Oliver Wyman, Watson Wyatt, Towers Wt Watson General Manager of the Royal Dutch Actuarial Assocation and Actuarial Institute (AG&AI) (since 2011) 5

6 Introduction ti of Johan de Witt Republican Most important/most influence person in these days Mth Mathematician tii In 1671 he finished "Waardije van Lyf-renten naer Proportie van Los-renten The Waardije can be seen as the start of insurance mathematics globally 6

7 7

8 Office of AG&AI Johan de Witt House 8 8

9 Timetable 1. Introductions 2. The dutch actuarial landscape 3. Developments in this landscape 4. Changes with impact 5. How to adapt to these changes? 6. Is an actuary a profession? 7. Concluding words 9

10 The dutch actuarial landscape 10

11 The dutch actuarial landscape (2) 11

12 The dutch actuarial landscape (3) 2030 in 39 of 50 states in the USA, over 50% will have a BMI>30 12

13 Were can you find them? Consulting 45% Insurance 30% Pensions 10% Regulator 5% Other 10% 13 13

14 Timetable 1. Introductions 2. The dutch actuarial landscape 3. Developments in this landscape 4. Changes with impact 5. How to adapt to these changes? 6. Is an actuary a profession? 7. Concluding words 14

15 Developments in this landscape 15

16 Solidarity WARM particularistic one-sided/ eenzijdig solidarity Reciprocally/ wederkerig generically COLD 16

17 Solidarity (2) WARM particularistic one-sided solidarity reciprocally generically COLD 17

18 Example 1 18

19 Example 2 19

20 Developments in this landscape (2) 20

21 Timetable 1. Introductions 2. The dutch actuarial landscape 3. Developments in this landscape 4. Changes with impact 5. How to adapt to these changes? 6. Is an actuary a profession? 7. Concluding words 21

22 Changes with impact Sustainability Share & exchange economy Ageing New risks, like cyber, climat Companies come and go Labormarket Individualization Basis-income 3d printing Solidarity and accessibility Robotising Old-age provision Disruptors Technological revolution New business models Block chain technology ogy 22

23 IBM Watson versus the best of the best IBM Watson plays Go 23

24 Changes with impact (2) 24

25 Changes with impact (3) 46% of current jobs in the US could be done by computers, who can do the job better (May 2013) 2020: 8 mrd inhabitants / 50 billion connected devices 2/3 of our children between 6-12 will have a profession that does not yet exist (WEF) Legislation can not keep up with technological developments A dentist and a recreational therapist have the highest job-certainty 25

26 Timetable 1. Introductions 2. The dutch actuarial landscape 3. Developments in this landscape 4. Changes with impact 5. How to adapt to these changes? 6. Is an actuary a profession? 7. Concluding words 26

27 How to adapt to the changes? Insanity is doing the same thing over & over again and expecting a different result 27

28 How to adapt to the changes? (2) AG2020 To be a knowledge platform To guarantee our quality To retain our core values 28

29 How to adapt to the changes? (2) Visible and relevant results AG Additional knowledge and connection Optimal use actuarial knowledge into practice 29

30 How to adapt to the changes? (3) Big Data.. Wider fields Wider fields AG Health Cyber to be a knowledge platform to guarantee our quality to retain our core values 30 30

31 How to adapt to the changes? (4) Current Areas Current Members A New Members C New B D Areas 31

32 Timetable 1. Introductions 2. The dutch actuarial landscape 3. Developments in this landscape 4. Changes with impact 5. How to adapt to these changes? 6. Is an actuary a profession? 7. Concluding words 32

33 Is an actuary a profession? Sure, it is! No, it s not! But, what is it then? It was a profession, but it s becoming a competence more and more! He did it with an actuarial precision i 33

34 Concluding words The world is changing! g The actuarial profession needs to change with that change Data analytics is not a threath! It is a gift for actuaries; because an actuary can give the data significance! I don t know what the world and the world s problems will look like in 5 years. An actuary is a business professional who deals with the financial impact of risks and uncertainty What I do know is what is in the backpack of every actuary 34

35 Concluding words (2) So my message to every actuary: ACT AS A KAMELEON WITH A WELL FILLED BACKPACK!!! 35

36 36

37 Any questions? 37

38 Adapting to Changing Environments Jeroen Breen nl The Netherlands Paramaribo, Suriname December 2 nd, 2016

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