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How Actuaries Have Turned Risk into Opportunity

Almost 350 years ago, based on the evaluation of life and death, and a comet, the actuarial profession was born. Ok, so it's not the best intro for a fairy tale, but it does have a certain ring to it. You see, in 1662, John Graunt created the foundation for the original life table by confirming patterns of longevity and death. And in 1693, Mathematician Edmund Halley—for whom Halley’s Comet is named— devised the first mortality table, forming the basis for the actuarial profession. And from there, the rest really is, well... history.

From identifying mathematical laws that describe the age dynamics of human mortality to playing a role in the development of the Social Security system in the United States, actuaries have been turning risk into opportunity for centuries. And now you can learn all about it in one place, the new timeline, "How Actuaries have turned Risk into Opportunity" on ImageoftheActuary.org.

The interactive, web-based timeline allows you to explore the history of the profession as a whole or as it pertains to specific areas such as life insurance, legislation, property and casualty, health, pension and retirement, broader financial services and enterprise risk management.

Better yet, the timeline actually shows you how one event in actuarial history affected another. For example, when you click on a date in the timeline, the dates and events that either affected or were affected by the date originally selected will also appear, making it easier for you to explore and see the interconnectivity of the ways that the profession has evolved over the years.

The North American Actuarial organizations created the timeline to celebrate the profession's milestones and highlight the connection between significant business and societal impacts made by actuaries as well as the ways that actuaries have shaped business, political and societal trends throughout time.

This interactive timeline is yet another useful tool to help you to Live the Brand each and every day.  You can learn more about the timeline by visiting the Living the Brand section of ImageoftheActuary.org.

 


   

Actuaries in the News

Potential Pandemic Still Could Cost Nearly $300 Billion FromWorkforce Management This article cites SOA research on pandemics.

N.J. Patients Deserve to Know Health Care Costs Before Getting the Bill From NJToday.net The SOA's survey on Bending the Cost Curve was noted in this article on health care costs.

RiskChat: Paying Attention to Compensation From BigFatFinanceBlog Karen deToro, FSA, MAAA, was featured in an interview on incentive compensation.

Study Puts Cost of Medical Errors at $19.5 Billion From Wall Street Journal Jim Toole, FSA, CERA, MAAA, is quoted in this article about the SOA study on medical errors.

The Cost of Medical Errors From Nightly Business Report Jim Toole, FSA, CERA, MAAA, appeared in this Aug. 9, 2010 episode on the cost of medical errors. Note: the segment begins 8:50 into the video.