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As a child, Jake Iveson would return from school trips with certificates bearing the legend 鈥楢sked the Most Questions鈥�. An accomplishment, he says, he was proud of, and which has stood him in good stead throughout his adult life.
鈥淕rowing up in the north of England, my parents instilled the importance of education - a value I took to heart,鈥� he says. 鈥淚 was a curious child, happy to be so, with a natural affinity for mathematics and exploration.
鈥淭hat affinity never diminished, so like many actuaries I completed a maths degree. Also like many actuaries, I left university with no idea what I wanted to do.鈥�
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Jake found himself part of the analytics team at Mercer, a role that suited his love of asking questions. But he kept getting the same answer: 鈥榯hat鈥檚 what our actuaries do鈥�.
鈥淚 realised the job I wanted was what these 鈥榓ctuaries鈥� did,鈥� he says. 鈥淚 didn't even know what an actuary was at the time. Then I discovered that insurance actuaries dealt with the risks associated with all kinds of interesting and varied events, like planes falling out of the sky, satellites crashing 鈥� a whole world I had never experienced.
鈥淪ince then I鈥檝e literally seen every element of that world, from gut-wrenching social cases and climate change litigation to dams bursting and planes disappearing. It鈥檚 an amazing career.鈥�
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Now with Oliver Wyman, Jake works across every line of business from reserving to pricing to capital. 鈥淚 might be talking to someone doing parametric insurance linked to climate one day and someone looking at the transition from oil and gas to solar the next,鈥� he says.
鈥淚t has given me a veneer of knowledge on an enormous range of subjects, which I can go into depth if I need to. My job is to help the client get to where they want to be by using key actuarial skills such as problem solving and strategic planning, and by working with the experts I have around me.
鈥淭hat's why I love what I do. It's my job to genuinely care about my clients鈥� business. And not just their business 鈥� we're addressing issues that affect the whole of society, too.鈥�
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“We need people to know they can trust us and that they can demand a high degree of quality. Chartered status is what our profession needs to maintain that trust.” – Jake Iveson, Chartered Actuary (Fellow)
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Jake goes on to explain how varied those issues can be, saying: 鈥淚n a recent conversation with an expert in biodiversity, I discovered that the value of an orca is 拢4m. If an orca is killed, it represents a genuine, mathematical loss to society of 拢4m.
鈥淗ow does that affect us? Can it be insured against? Can there be government intervention? It鈥檚 an enormous and complex problem and it鈥檚 one I have the opportunity to get involved with.
鈥淔or me, that's what it鈥檚 about. We can do reserve reviews, price reviews and anything else that actuaries can get involved in, but ultimately, it's our job to care.鈥�
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Jake believes that means caring for the profession too and recognising the power and influence actuaries can have. 鈥淲e have to be careful in what we say and how we operate,鈥� he says.
鈥淲e have to make sure our models are perfectly readable, nothing refers in cycles, all the inputs are together, nothing is hidden.
鈥淲e need to make the liabilities crystal clear, explain in depth the model鈥檚 intended purpose and the implications of using it, as well as why it can't be used in certain ways. This is to help the client to avoid making the wrong decisions.鈥�
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That's something, Jake believes, that鈥檚 ingrained in how actuaries operate, and it鈥檚 why he thinks the profession itself needs to be protected. 鈥淭hose taking on actuarial work without our qualification process can't work to those same standards,鈥� he says. 鈥淭hat needs to be clearly understood.
鈥淎s we grow outwards, we need to protect and communicate our standards and responsibilities. We need people to know they can trust us and that they can demand a high degree of quality.
鈥淐hartered status is, I think, what our profession needs to maintain that trust. It denotes quality and expertise. I鈥檓 proud to be an actuary and of the work we do, individually and collectively, to help others. I believe that鈥檚 something that deserves to be protected, now and in the future.鈥�
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We鈥檒l be sharing member stories from around the world on a regular basis, so keep an eye out for updates. If you鈥檝e chosen to adopt Chartered Actuary status, or if you鈥檝e employed an actuary who is helping to transform your organisation, we鈥檇 love to hear from you.
