Actuary Entrepreneur - Actuaries Institute · The Entrepreneur / Intrapreneur . Combines Key...
Transcript of Actuary Entrepreneur - Actuaries Institute · The Entrepreneur / Intrapreneur . Combines Key...
Actuary Entrepreneur
Kevin Lin © Kevin Lin
This presentation has been prepared for the 2016 Financial Services Forum.
The Institute Council wishes it to be understood that opinions put forward
herein are not necessarily those of the Institute and the Council is not responsible for those opinions.
DEVELOPING A CHILD CARE BUSINESS
Entrepreneurs Breed Entrepreneurs
HOW DID I APPLY ACTUARIAL TECHNIQUES?
The Idea Optimization • Profit Drivers
• At least 56
Places
Location • Demographic
studies
Sourcing Capital • Capital
Requirements
• Loan application
Expertise to Execute the Idea • Pricing
• Risk Management
• Control Cycle
WHAT HAPPENED?
Paying for Inexperience • Time and money
• Experience is a
commodity
• The cost of Experience is less than the cost of Inexperience
Our Builder Went Bust • Conflict of interest
• Lack of independent
oversight
• Contract ambiguities • No insurance
Strength in Diversity
Persistence • Stay
focussed
• Control Cycle
• Perspective
HOW ARE WE DOING TODAY?
HOW DOES ENTREPRENUERIAL EXPERIENCE DEVELOP ACTUARIES?
The Entrepreneurial Actuary • Practical solutions
• Innovation
• Calculated Risks
Resilience • Perspective
• Persistent
• Adaptable
Leadership • Enabler
• Effective communication
HOW COULD ACTUARIES APPROACH ENTREPRENEURIALISM?
The Entrepreneur / Intrapreneur Combines Key Elements: • Idea
• Capital
• Expertise
The Actuarial Entrepreneur Optimal combination of • Analysis vs. Instinct
• Business partners
• Managing conflict of interest
Approaches Used By Other Entrepreneurs • Ready! Fire! Aim!
• Charities and Pro-Bono Work
REIMAGINING THE FUTURE For Members • Everything “traditional” • Courses For the Institute • Higher profile • Culture of innovation
For Employers • Intrapreneurs