effective communication between actuaries and …...june 25, 2020 anna krylova, fcas, maaa christina...

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June 25, 2020 Anna Krylova, FCAS, MAAA Christina Negley, ACAS, MAAA Linda Syth, ACI Effective Communication Between Actuaries and Stakeholders

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Page 1: Effective Communication Between Actuaries and …...June 25, 2020 Anna Krylova, FCAS, MAAA Christina Negley, ACAS, MAAA Linda Syth, ACI Effective Communication Between Actuaries and

June 25, 2020

Anna Krylova, FCAS, MAAA

Christina Negley, ACAS, MAAA

Linda Syth, ACI

Effective Communication Between Actuaries and Stakeholders

Page 2: Effective Communication Between Actuaries and …...June 25, 2020 Anna Krylova, FCAS, MAAA Christina Negley, ACAS, MAAA Linda Syth, ACI Effective Communication Between Actuaries and

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About the Presenters

Anna Krylova, FCAS, MAAA• Chief Actuary• New Mexico Office of the Superintendent of Insurance

Christina Negley, ACAS, MAAA• Associate Actuary• Pinnacle Actuarial Resources

Linda Syth, ACI• Board of Directors, Chair of the Actuarial Committee• Wisconsin Injured Patients and Families Compensation Fund

Page 3: Effective Communication Between Actuaries and …...June 25, 2020 Anna Krylova, FCAS, MAAA Christina Negley, ACAS, MAAA Linda Syth, ACI Effective Communication Between Actuaries and

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Starting with the Summer Olympics

Page 4: Effective Communication Between Actuaries and …...June 25, 2020 Anna Krylova, FCAS, MAAA Christina Negley, ACAS, MAAA Linda Syth, ACI Effective Communication Between Actuaries and

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• Content

• Approach

• Conflict

Agenda

Page 5: Effective Communication Between Actuaries and …...June 25, 2020 Anna Krylova, FCAS, MAAA Christina Negley, ACAS, MAAA Linda Syth, ACI Effective Communication Between Actuaries and

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Actuary

Non-actuary who works regularly with actuaries

Non-actuary who works sometimes with actuaries

Polling Question

How would you categorize yourself?

What’s an actuary?

A

B

C

D

Page 6: Effective Communication Between Actuaries and …...June 25, 2020 Anna Krylova, FCAS, MAAA Christina Negley, ACAS, MAAA Linda Syth, ACI Effective Communication Between Actuaries and

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Content

Page 7: Effective Communication Between Actuaries and …...June 25, 2020 Anna Krylova, FCAS, MAAA Christina Negley, ACAS, MAAA Linda Syth, ACI Effective Communication Between Actuaries and

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Graph

Simple examples

Face-to-face conversations

Polling Question

Which of the following do you find most effective forexplaining/understanding actuarial concepts?

Thorough explanation of the analysis

A

B

C

D

Page 8: Effective Communication Between Actuaries and …...June 25, 2020 Anna Krylova, FCAS, MAAA Christina Negley, ACAS, MAAA Linda Syth, ACI Effective Communication Between Actuaries and

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IBNR “Report Card” Graph

Page 9: Effective Communication Between Actuaries and …...June 25, 2020 Anna Krylova, FCAS, MAAA Christina Negley, ACAS, MAAA Linda Syth, ACI Effective Communication Between Actuaries and

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What guidance do actuarial standards, particularly ASOP 41, provide to actuaries in their communication?

Page 10: Effective Communication Between Actuaries and …...June 25, 2020 Anna Krylova, FCAS, MAAA Christina Negley, ACAS, MAAA Linda Syth, ACI Effective Communication Between Actuaries and

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Approach

Page 11: Effective Communication Between Actuaries and …...June 25, 2020 Anna Krylova, FCAS, MAAA Christina Negley, ACAS, MAAA Linda Syth, ACI Effective Communication Between Actuaries and

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Preventing Miscommunication

“The single biggest problem in communication is the illusion that it has taken place.”

George Bernard Shaw

Page 12: Effective Communication Between Actuaries and …...June 25, 2020 Anna Krylova, FCAS, MAAA Christina Negley, ACAS, MAAA Linda Syth, ACI Effective Communication Between Actuaries and

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“Actuarial reports/presentations are too technical.”

“My actuary thinks they have all the answers.”

“Actuaries are too risk averse.”

Polling Question

What can cause communication with an actuary to be difficult for a non-actuary?

Other

A

B

C

D

Page 13: Effective Communication Between Actuaries and …...June 25, 2020 Anna Krylova, FCAS, MAAA Christina Negley, ACAS, MAAA Linda Syth, ACI Effective Communication Between Actuaries and

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Conflict

Page 14: Effective Communication Between Actuaries and …...June 25, 2020 Anna Krylova, FCAS, MAAA Christina Negley, ACAS, MAAA Linda Syth, ACI Effective Communication Between Actuaries and

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Actuary Actuary

Page 15: Effective Communication Between Actuaries and …...June 25, 2020 Anna Krylova, FCAS, MAAA Christina Negley, ACAS, MAAA Linda Syth, ACI Effective Communication Between Actuaries and

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Final Thoughts

Page 16: Effective Communication Between Actuaries and …...June 25, 2020 Anna Krylova, FCAS, MAAA Christina Negley, ACAS, MAAA Linda Syth, ACI Effective Communication Between Actuaries and

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Questions

Page 17: Effective Communication Between Actuaries and …...June 25, 2020 Anna Krylova, FCAS, MAAA Christina Negley, ACAS, MAAA Linda Syth, ACI Effective Communication Between Actuaries and

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Join Us for the Next APEX Webinar

Page 18: Effective Communication Between Actuaries and …...June 25, 2020 Anna Krylova, FCAS, MAAA Christina Negley, ACAS, MAAA Linda Syth, ACI Effective Communication Between Actuaries and

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• We’d like your feedback and suggestions

• Please complete our survey

• For copies of this APEX presentation

• Visit the Resource Knowledge Center at Pinnacleactuaries.com

Final Notes

Page 19: Effective Communication Between Actuaries and …...June 25, 2020 Anna Krylova, FCAS, MAAA Christina Negley, ACAS, MAAA Linda Syth, ACI Effective Communication Between Actuaries and

18Commitment Beyond Numbers

Thank You for Your Time and Attention

Anna Krylova, FCAS, MAAA

[email protected]

Christina Negley, ACAS, MAAA

[email protected]

Linda Syth, ACI

[email protected]