Several shifts are underway that will result in significant changes in the way that insurance companies use actuarial resources. An increase in qualified actuarial resources, and a need to move company actuaries into more strategic activities will offer opportunities that have previously been unavailable. The exact timing and pace of this change is uncertain, but the economics are so compelling that I think it is not a question of if, but when, a new model will prevail.
First, over 10,000 people in India are currently sitting for the actuarial exams. As the result of the growth in the knowledge worker outsourcing industry, and the privatization of the Indian insurance industry, actuarial studies are now much more attractive to qualified students. Scarcity (read: price), will be reduced as a result of this increasing supply of expertise.
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