The Actuarial Salesman
Patrick Kendall is a marketing and sales actuary—that is, an actuary and a salesman—two roles you might not normally think of going hand in hand. However, in his case, both roles blend together: he uses his actuarial skills to promote the maintenance and formation of 401(k) and other defined benefit and total retirement outsourcing programs. As Kendall says, "Actuaries are uniquely qualified to answer very specific questions/problems mainly because that is how the client and prospect view actuaries. The actuarial profession is one that enjoys a positive public image of financial expertise, problem solving and forecasting.
Kendall began his career as a pension analyst, reporting to a group of actuaries. While originally hesitant about becoming an actuary himself, his fears were put to rest when he passed an exam on his first attempt. He then began pursuing his Associateship (ASA) and began working with clients. As his client interface time and credentials grew, he began managing his own team of actuaries.
Kendall understands the importance of having both technical competencies and business and communication skills. "It is important to have strong public speaking skills because they help translate complex subject matter into stories or reports,” he explains. He adds, "Actuaries are not necessarily sitting in a corner of a room cranking numbers; it can be and is, but for me and others it is much more than that. It is getting out and explaining complicated information to audiences: client, audience and internally." He also places great importance on the image he presents to clients. “Actuaries have always been viewed as being very professional and valuable. While that is important, the image could benefit from becoming more dynamic and outgoing,” he advises.
Kendall is one example of the evolving role of the actuary in today's business environment. As he looks to the future, he foresees the investment field shifting to more modern ways of investing assets to manage risks. He also sees the focus shifting to manage volatility rather than maximum returns; in turn, actuaries’ skills will continue to increase in demand. In addition to their usual roles, he thinks actuaries will be more focused on risk management and C-suite decision making. With the support of Kendall, and other actuaries who follow a similar path, the role of the actuary is changing as the profession's unique training is increasingly applied to today's complex business issues.