What Do Actuaries Actually Do? Part 2: Reserving

[@Ellellevlog]

Had you guys heard about reserving before this video?

[@hkmarhk]

Ellellevlog yes, I do reserving every three months 🤓not loss reserving though

[@Ellellevlog]

+Martin Ng then you probably know more than me! I just know what I learned on exams!

[@hkmarhk]

Ellellevlog what we learnt in exam is a lie. In real life, reserve is not as simple as PVing a whole bunch of cash flow. There are PADs that you need to consider. There are taxes. There are policyholder behaviour. There are cash flow that are interest sensitive, lapse sensitive cash flow...And in Canada, we have CALM that is completely different from the PPM approach. Sigh...

[@Ellellevlog]

+Martin Ng what type of work do you do? CAS exams don't teach reserves as PV cash flows, and we learn about PfADs in exams

[@hkmarhk]

Ellellevlog Right, u guys do the triangle and stuff...

[@implied321]

What Do Actuaries Actually Do? Part 3?

[@jayazman]

Yay for actuarial videos! Thumbs up

[@Ellellevlog]

+jayazman 🖒🖒🖒🖒

[@renhays6672]

Your videos are brilliant!! I just started a job at a headhunting/professional search firm in a team that specializes in actuary! Lots to learn for me, please do post more videos, it's a much fun way to learn than reading boring reports..!

[@Ellellevlog]

Congratulations on your new job!

[@statisticianwordnpl4071]

respect from italy! even if i m looking your videos 2 years later ahah best channel for actuaries'videos!

[@mancinellismathlab7451]

Thanks for the brief overview, I've been placed into commercial reserving for my internship this summer. Sounds fun 😁

[@Ellellevlog]

+Mancinelli's Math Lab sounds awesome!

[@yourfootballhighlights2803]

Hey ellellevlog, please make a video on the other reserving techniques actuaries use. Having begin with the actuarial exams, I would love to know about it.

[@anastasiiasafronova9982]

Thank you! That's a great video! And I would love to see a video about reserving methods

[@univuniveral9713]

Ellena Can you discuss how nonlinear regression can help in pricing, and whether predictions of howmany accidebents will occur this year is not needed because you can just project last year's percentage to this year?

[@esteelee5935]

I'm studying ac sc and almost graduate so soon. Only obtain one paper that is fm. And now since I'm almost graduate I'm really lost. I do actually like what actuary job really is but what thing I can't accept the fact is I need to continue taking papers once I graduate . I need to work n study. Can't admit that taking a paper consume quite a lot time to study. If, the pain worth then it's fine, but for my country , the salary is almost the same as other job that working at other field. No special real high salary for passing paper. We do have increment once u pass a paper but I felt the salary is not worth I exchange my social life, time to go out to explore n learn more and to just sit at home n study . But I do actually love what they did as an actuary

[@esteelee5935]

What I regretted to most is I have wasted my uni life . In our country , we need to study for uni subjects and u need to spare out ur extra time for studying for papers. Uni subjects are already time consuming than other courses . We need to study for papers as well. While we r studying , friends that taking other courses partying always n once we graduate , the pain is not paying back.

[@hkmarhk]

Estee lee, you have to be willing to sacrifice to achieve what you want in real life. Yes, to be an actuary, you need to sacrifice your free time to study for exams. But, that is true for many other careers too. And in my experience, you do learn lots of things from studying for exams so that time is not wasted. Also, you said that your university life is wasted because in your country, you have to do school work, socializing and study for exams at the same time. I think this is true for actuarial students anywhere else in the world. Let me tell you about my university. Everyone has to do the same thing you did and on top of that, we need to look for internship job every 4 months so we need to prepare for interviews and attending employer sessions. In between all these, we do party sometimes ;) At the end of our degree, most people have finished at least 4 exams. So, at the end of the day, it's all about setting priorities and whether you are determining enough to succeed.

[@esteelee5935]

+Martin Ng I do understand what u saying. I do found out once I pass a paper cause I need study a lot for a paper I learn a lot. But what I think is the things I sacrifice doesn't really equally to what I get at the end . And other career they also need work hard but in a different way , they no need to study all time, some of their job is more on like out going and work as a team. I think all of this is about our own perspective I guess. Anyway, glad to hear that ur life about going for actuary path seems good. U and ur friends do work hard and play hard. Good luck for u :)

[@arpitsurana8831]

👍👍, kindly make video on different reserving methods, and eagerly waiting of part 3

[@ghadeerlmtr]

love your videos, so helpful please make video on different reserving methods

[@Ellellevlog]

👍👍

[@wr85487]

I love how chipper you sound when you first talk about a policy holder's house burning down. I know you've said repeatedly that you're not part of the recruiting process, but I just can't help but ask. I've heard that entry level job market has gotten a lot tougher in recent years. Is that true?

[@Ellellevlog]

Hahaha I definitely don't want people's houses to burn down, but if they do, I hope they have insurance! ☺

[@wr85487]

I'll do you one better: if their houses burn down, I hope they have someone else's insurance, not mine.

[@01zipdisk]

Great explanation and entertaining too :))

[@Ellellevlog]

Thanks youuuuu 😁😁😁

[@theultimatefeature]

What are some jobs/summer jobs you'd recommend for college freshmen doing actuarial science? Things that they can actually get hired to make their resumes look better to have better chances at internships? By the way, great videos I love em!

[@Ellellevlog]

The summer after my first year of university, I got an office job doing miscellaneous office work. I think any experience is better than no experience. Before that, I had been a lifeguard, taught swimming lessons, camp counselor, and peer tutor. Nothing fancy.

[@aaditsisodia419]

when is part 3 coming?

[@mikeyrobinson5355]

Hola Elle, what else does actuaries do? Part 3?

[@timrunke]

Howdie, I noticed the majority of your questions come from those aspiring to be actuaries. Can you do a video or heck even a livestream to just talk about the process you took with CAS? Thank you, Tim

[@Ellellevlog]

+Timothy Runke What do you mean by the process? Just my overall experience?

[@timrunke]

Ellellevlog . I've seen a lot of questions about the first couple tests. So I know it sounds boring but maybe a timeline of your personal experience. A brief background on each exam and where you found study tools.

[@thelgamereviewer]

Hey I love your videos, finishing my freshman year of college and am pretty sure this is the job for me. However, I can't decide if I wanna do life or consulting. Would you mind doing a video on those types of acuaries too? thank you! keep making great content!

[@Ellellevlog]

+socom bond do you have the option to do internships? That would be the best way to test it out!

[@thelgamereviewer]

I am going to lunch with an actuary tomorrow so will see if I can pull something, but if not I will try to get an internship over the summer. Should I just go to an insurance branch and ask? or how does that go? (sorry if these are dumb questions, still not fully understood of whole process)

[@Ellellevlog]

+socom bond your college probably has a career counseling center. That would be a good place to look for job postings.

[@zbqm11]

I was wondering if the total premiums collected is enough for all the claim payments. Or do the insurance companies invest the premiums collected and make it bigger so that it is sufficient enough to pay for the claims??

[@Ellellevlog]

+zbqm11 insurance companies are definitely investing your premiums. Depending on where we are in the underwriting cycle, and how the market is doing in general, will determine whether or not an insurer will price insurance to cover losses. Basically, sometimes you price insurance knowing that the investments will cover the loss payments, sometimes you don't. Sorry if this wasn't the best answer. Haha

[@zbqm11]

Thank you for answering my question! It helped! :)

[@CheckCeeOut]

Ooh the niche

[@Ellellevlog]

Gettin them views in

[@liverpooler1997]

What exam are you studying for?

[@Ellellevlog]

+liverpooler1997 CAS exam 9

[@liverpooler1997]

what the... you only graduated college like 3 years ago right? Is that the norm in Canada? In the US, thats considered really fast (esp cause people say the CAS exams are harder than SOA).

[@Ellellevlog]

+liverpooler1997 I graduated 2 years ago with 6 exams written. It's not the average, but it's not uncommon

[@liverpooler1997]

just curious -- you dont have to answer if you aren't comfortable, but what the starting salaries like in Canada with 5-6 exams out of college. You don't have to give me your salary of course, but an average or estimate would be nice!

[@Ellellevlog]

liverpooler1997 Really depends on where you live. I know salaries in Toronto are about 10-15% higher than in Montreal.

[@benjaminschaefer4234]

How much free time do you have?

[@Sidsylum]

1 year greater than 200 hundred thumbs up but don't get 3rd part

[@JaredKoons]

I'm sorry but like holy fucking crap. so interesting but holy crap.

[@Ellellevlog]

But like.. a good holy crap?

[@purplekoala3790]

Just when you try and explain reserving or anything actuarial,please speak slowly.Speaking so fast,its like making things look more geeky than they really are.

[@Ellellevlog]

+Purple Koala I thought the same thing when I was editing the video! Unfortunately, filming-me seems to love speaking as quickly as possible! 😁

[@mayankshrivastava2240]

please speak slowly,,so that I can understand u or please put subtitles

[@Ellellevlog]

+mayank shrivastava I'll try to add subtitles in the next few days!

[@Ellellevlog]

I've added subtitles to the video! Hope it helps!