Angus Macdonald James Orr
Everything You Always Wanted to Know About Research But Were Afraid to Ask
Why Does Research Matter?
Guaranteed Fair
annuity options
values Evidence-based underwriting Pensioners’ mortality Critical illness insurance Social Policy Board issues
The Nature of Actuarial Work
Changing
from traditional “silos” to multidisciplinary teams Other disciplines maintain LARGE research establishments
– About 15 academic actuaries in the UK – Over 100 health economists at U of York alone
How
do we keep our end up?
Example: Genetics and Insurance
Extensive
medical genetics research base
– Published – Peer-reviewed – Independent
Limited
actuarial research base
– Little published – Much “evidence” not peer-reviewed
Who Does Research?
Academics
– – – – –
Research is half of an academic’s life Driven by personal interests Publication in good journals matters (RAE) There are thousands of academics There are many relevant disciplines
» Statisticians, survival analysts, demographers, gerontologists, health economists, financial mathematicians …….
Who Does Research?
Actuaries
in Commercial Practice
– – – – –
Individuals and Working Parties Often driven by short-term problems Publication may be nice but unimportant Conferences are major outlets A few “hothouses” such as reinsurers
Where Do I Find Research?
Journals
– Actuarial (SAJ, I:ME, ASTIN Bulletin, NAAJ, JRI, BAJ, JAP and others) – Other disciplines (hundreds of them)
Websites Conferences
The Research Life Cycle
Original
journal articles
– By specialists, for specialists – Academic brownie points – excellent
Review
journal articles
– By experts, for wider audiences – Academic brownie points – good
The Research Life Cycle
Popular
expositions
– Trade & professional journals (the Actuary) – Academic brownie points – poor
Conferences,
Society meetings
– Presented papers and talks – Academic brownie points – poor
Discussion Questions
How
can we create effective bridges between academic research and actuaries? How can we keep up with relevant research in cognate disciplines? How to serve actuaries in commerce?
– Getting through to useful research – Renewing skills throughout careers