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How to Gain Competitive Advantage in the Digital Age THE APRIL 2014 theactuary.com Interview: Roelof Botha An actuary and venture capitalist The magazine of the actuarial profession Regulation The emergence and signifi cance of C-ROSS in China Pensions Lessons to be learnt from US public sector plans Modelling A smoother ride when changing The Actuary platforms How to gain competitive advantage in the digital age THE April 2014 YOU CODE p01_april_cover_FINAL•CT.indd 1 25/03/2014 10:08 Appointments The next big thing. For more than 60 years, Milliman has helped clients identify the next trend and how it might affect them. With consultants in Europe, North America, and Asia, we can help you spot emerging events before they unfold and ready your business to face them. Prepare for the future at uk.milliman.com. 2 THE ACTUARY • May 2013 www.theactuary.com p02_ACT.04.14.indd 2 25/03/2014 11:08 APRIL 2014 Contents “Insurers – and their actuarial 22 advisers – have work to do to embed code 30 halos into the way they do business” 18 UP FRONT FEATURES AT THE BACK 10 IFoA news 18 Interview: Roelof Botha 34 Puzzles Roelof Botha, an actuary and venture 14 People/society news Try the latest cryptic crossword and capitalist, talks to Marjorie Ngwenya Mensa puzzles for a chance to win 16 General insurance news about driving innovation across Amazon vouchers 17 Industry news the globe 37 22 Social media: The age of me Student Ben Pring believes that code halos are An Easter renewal of resolutions about to revolutionise insurance is the answer to those impending examinations, advises Jessica Elkin OPINION 25 ERM: Proxy models Brian Robinson and Martin Elliott look 38 Actuary of the future 5 Editorial at some of the practical issues associated Joseph Mudenge of Rwanda Kelvin Chamunorwa looks at the with proxy techniques Social Security Board impact of advancing technology and 28 GI: A moving platform how this will transform the role 38 Appointments and moves of actuaries Andrew Cox and Cameron Heath show how to have a smooth ride through 6 Letters changing your modelling platform Readers’ views on regulation, risk and mathematical observations 30 Pensions: Dire states Charles Cowling asks what lessons the ONLINE 7 President’s comment UK can learn from problems in the US David Hare praises the many Roelof Botha public sector achievements of volunteers In the unabridged version, Marjorie Ngwenya and the executive 32 Regulation: Winds of change talks at length with the leading innovator 8 Dr Yulong Zhao talked to Haijing Soapbox Obituary: Stephen Yeo Shyam Mehta takes an unconventional Wang and Wen Li on the progress and stance on the eff ects of politics on signifi cance of China’s Risk Oriented A tribute to an actuary with a varied and the economy Solvency System (C-ROSS) unusual career. By Helen James MORE CONTENT ONLINE WRITER OF THE MONTH Additional content can be Ben Pring wins a £50 book token for his found at www.theactuary.com feature on code halos, courtesy of SIAS COVER: GARY S CHAPMAN / GETTY April 2014 • THE ACTUARY 3 www.theactuary.com p03_April_contents_FINAL•CT.indd 3 25/03/2014 11:59 Appointments © 2014 Moody’s Analytics, Inc. and/or its licensors and affiliates. All rights reserved. and affiliates. Inc. and/or its licensors Analytics, © 2014 Moody’s Automate your Solvency II Production Framework B&H Proxy Generator Learn more at barrhibb.com Essential insight serving moodysanalytics.com 4 THE ACTUARY • May 2013 global financial markets www.theactuary.com p04_ACT.04.14.indd 4 25/03/2014 11:12 Opinion Editorial theactuary.com [email protected] Internet The Actuary: www.theactuary.com Staple Inn Actuarial Society: www.sias.org.uk Institute and Faculty of Actuaries: Publisher www.actuaries.org.uk Redactive Media Group Trending 17-18 Britton Street, Managing editor London EC1M 5TP Sharon Maguire +44 (0)20 7880 6200 +44 (0)20 7880 6246 [email protected] Editor, Redactive fi nance division Editor Mike Thatcher Kelvin Chamunorwa [email protected] now Publishing director Joanna Marsh Features editors Jeremy Lee, pensions, Sub-editors investment, ERM, banking Kathryn Manning Kelvin Chamunorwa looks at the impact Caroline Taylor Richard Purcell Richard Schneider, life, News editor Solvency II, mortality/longevity, of advancing technology and how this will Vivienne Russell modelling and software +44 (0)20 7324 2788 [email protected] Sonal Shah, GI, reinsurance, transform the role of actuaries environment, careers (UK) News reporter Judith Ugwumadu Helen Lau, GI, reinsurance, Last month there was wide media coverage of the Oscars – both the fi lm awards +44 (0)20 7324 2794 environment, careers [email protected] Contact: in California and the trial of the athlete Pistorius in South Africa. Live updates [email protected] Editorial assistant were available at your fi ngertips. Apparently the host at the awards arranged an Tania Forrester People/society news editor [email protected] Yvonne Wan ‘impromptu’ selfi e with a dozen fi lm stars during the live event. The photo was [email protected] Sales manager shared on Twitter over two million times by the end of the ceremony, causing it to Chris Dooley Student page editor crash briefl y. It made headlines in the papers, but hours later. +44 (0)20 7880 8545 Jessica Elkin [email protected] [email protected] Social media generates the news content now – it’s no wonder business is Divisional director of digital Arts page embracing it. and recruitment sales [email protected] In this month’s issue we include an engaging interview with Roelof Botha, an John Seaman +44 (0)20 7880 8541 Profession news editor actuary and venture capitalist, whose career journey led him from South Africa [email protected] Catherine Murray +44 (0)20 7632 2198 to California. Botha works at the forefront of innovation in Silicon Valley and Senior designer [email protected] Gene Cornelius demonstrates how his actuarial training has been useful to technology companies SIAS representative Picture editor Titas Bakanauskas that impact the lives of millions globally (pg 18). Akin Falope The advancement of technology aff ects actuaries’ Editorial advisory panel Production executive Peter Tompkins (chairman), “With increasing work directly too. Telematics data is already being Rachel Young David Campbell, Matthew Edwards, +44 (0)20 7880 6209 Martin Lunnon, Sherdin Omar, automation and data, used to assess risk for motor insurance. In our lead [email protected] Richard Purcell, Nick Silver, feature, Ben Pring suggests that ‘code halos’ – the Andrew Smith actuaries’ expertise will Print Polestar Colchester digital trail left by consumers online, including social be crucial for informed media – could be used more widely in the insurance industry for more sophisticated Circulation 24,028 business decisions” (July 2012 to June 2013) pricing of risk (pg 22). For pension schemes, real-time online valuation tools allow more nimble risk management. In the UK, the national statistician has recognised Subscriptions For subscriptions from outside the actuarial profession, UK: £90 per annum/£8.50 technology trends and last month added video on- per copy. Europe: £110 per annum, rest of the world: £130 per annum. Contact: Catherine Murray, The Institute and Faculty of Actuaries, Staple Inn, High Holborn, demand subscriptions such as Netfl ix to the basket of London WC1V 7QT. T +44 (0)20 7632 2100 E [email protected] Students on actuarial science courses may join and they will receive The Actuary goods used to measure infl ation. With an increasing as part of their membership. Apply to: Membership Department, The Institute and amount of automation and vast amounts of data Faculty of Actuaries, Maclaurin House, 18 Dublin Street, Edinburgh EH1 3PP. T +44 (0)131 240 1325 E [email protected] readily available, the key question is what to do with Changes of address should inform the membership department as above. For delivery queries, contact: Rachel Young E [email protected] it. Actuaries’ expertise will be crucial for informed Published by the Staple Inn Actuarial Society business decisions. The editor, The Institute and Faculty of Actuaries and Staple Inn Actuarial Society John Reeve wrote in as he believes excessive are not responsible for the opinions put forward in The Actuary. No part of this publication may be reproduced, stored or transmitted in any form or by any means, regulation for actuaries could ultimately drive electronic, mechanical, photocopying, recording or otherwise, without prior written permission of the copyright owners. While every effort is made to ensure the clients away from the profession (pg 6), and accuracy of the content, the publisher and its contributors accept no responsibility for any material contained herein. Jessica Elkin fi nds a simple solution for any Important information for contributors to The Actuary actuarial students panicking about the exams By submitting content for publication you confirm that: (a) You (and/or other named contributors) are the sole author(s) of the content submitted; this month (pg 37). What’s your view? Send (b) The content you submit is original and has not previously been published (unless you specifically advise us to the contrary); me an email. Or a tweet. (c) You haven’t previously licensed the use of the content you submit; (d) So far as you are aware, the content submitted will not infringe any third-party rights, be defamatory or in any way illegal. Kelvin Chamunorwa © SIAS April 2014 All rights reserved ISSN 0960-457X Editor LIKE US ON FACEBOOK FOLLOW US ON TWITTER JOIN US ON LINKEDIN www.facebook.com/ @TheActuaryMag www.linkedin.com/groups/Actuary- TheActuaryMagazine @ActuaryEditor magazine-UK-Group-3751335 April 2014 • THE ACTUARY 5 www.theactuary.com p05_apr_editorial_FINAL•CT.indd 5 25/03/2014 10:11 Opinion Letters to the editor [email protected] Costly risk I wanted to pick up on a couple of themes highlighted by Peter Have your More comments are posted Shellswell’s letter (The Actuary, March 2014).
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