ACSC 533 Lecture Notes - Lecture 27: Life Insurance, Strategic Planning
20 Mar 2018
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Document Summary
There are several other cycles that relate to actuarial work, including: Define the model (for a given problem; Possibly the problem will be identified and defined for you by the client, or by your manager. Otoh, sometimes you will identify and define the problem yourself. In either case, you must effectively communicate and document the problem for the stakeholders. And before you design a solution all parties must understand the problem, and agree that the problem has been defined appropriately. Constantly consider whether you are considering and solving the right problem. Throughout this stage, communicate the potential solution to all parties, document your work, and have your work peer-reviewed by other actuaries. Any assumptions appearing in the solution must be selected carefully. This stage distinguishes an actuarial solution from other solutions. Actuarial solutions typically extend over many years. As an actuary, you will often monitor solutions designed by other actuaries (hence rely on their documentation from years past).
