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Previously all life insurers had a Chief Actuary who typically reported to the CEO.  Of more importance than the formal reporting line was the role the Chief Actuary played.  The Chief Actuary had the necessary seniority, authority, serious board engagement and strategic contribution, that today APRA is requiring. 
Over time many or most companies replaced the Chief Actuary title with the AA title. 
Subtle though this change has been and minor in terms of replacing the word “Chief” with “Appointed”, I am of the view that this change has been a contributor to the “decline” in seniority / influence from this key actuarial role.  The focus somehow shifted to the listed duties of the AA and hence complying with prudential standards rather than the needed senior, authoritative, strategic contribution at senior executive and board level.

- Lindsay Smartt, President of the Institute of Actuaries of Australia 2016


Interesting.

Labels affect people of all ages - from children to adults - and across all walks of life.

Comments

Twilight Man said…
If I could live my life again, I would have studied this Actuary for my career.
September 6, 2016 at 2:50 PM
Jaded Jeremy said…
Twilight Man,
Well, I personally know a mother (was in her late 30s?) who decided to take up actuarial degree as a "challenge". Years later, she became a qualified actuary.
September 6, 2016 at 5:22 PM
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