Future Skills – A Guide for Young Actuaries
The role of actuaries is changing rapidly. While mathematical excellence and technical expertise remain essential foundations, skills that go beyond pure subject knowledge are becoming increasingly important. These so-called future skills are key to thriving in the dynamic environment of the insurance and financial sectors.
Why future skills are gaining importance
- Automation & AI: Standardized calculations and data preparation are increasingly handled by algorithms. What matters is not manual computation, but the ability to critically assess models and interpret results meaningfully.
- Complexity & uncertainty: Regulation, sustainability, and geopolitical shifts make risk landscapes more multifaceted. Problem-solving abilities and systemic thinking are needed more than narrow expertise.
- Interdisciplinarity & communication: Actuarial work does not happen in isolation. The ability to present results clearly to non-technical stakeholders often outweighs technical depth.
- Lifelong learning: Technological cycles are shortening. Without continuous learning, professionals quickly lose relevance.
- Leadership & responsibility: Young actuaries are taking on project and team responsibilities earlier. Leadership skills – even without formal authority – are in demand.
The core future skills
The essence is to evolve the role beyond a “numbers-only” focus: from calculator to shaper. These skills will provide you with a competitive edge:
- Analytical flexibility: Using data creatively, not just operating models.
- Critical thinking: Challenging results and reflecting on scenarios.
- Communication & storytelling: Conveying complex topics clearly to decision-makers.
- Digital competence: Leveraging AI tools, programming, and automation – as an enhancement, not a replacement.
- Collaboration: Working effectively in interdisciplinary and international teams.
- Self-leadership & resilience: Staying focused, motivated, and adaptable in uncertain times.
- Leadership mindset: Taking responsibility, spotting opportunities, and inspiring others.
Checklist: Your roadmap to future skills
- Do I complement my technical knowledge with skills in new technologies (e.g., Python, AI tools)?
- Do I regularly practice presenting my results so that non-actuaries can understand them?
- Do I critically question models and assumptions instead of merely applying them?
- Do I actively collaborate with colleagues from other disciplines?
- Do I schedule fixed time slots for continuous learning and skill development?
- Have I developed strategies for resilience and self-organization?
- Do I consciously take on small leadership tasks, even without a formal role?