this is similar to the brokerage industry. You have your front office that, say trade in the NYSE, and the middle office, then the back office. The middle office and the back office theoretically can sit somewhere else, offshore or otherwise.

An insurance company works the same way, you have your underwriters that sit in the country you are writing the policies, there is no other way around it. There has to a physical office in the country where you write the policy otherwise you have no connection to your local clients. How else can local clients make claims if the company isn't in the same country ? If an insurance company can operate offshore and write policies say in the US, I would just set up my dummy corporation and write all kinds of policies regardless of risks and happily collect premium. Then I would pack my bag to some exotic island before claims come in and I would try another country, this would be better than winning the lottery.

Actuaries deal with large amount of data, a lot of these data can be stored and analysed elsewhere and this part of the actuarial department can indeed be outsourced. The larger the company the higher the potential cost savings in moving these operations offshore. When you see things like outsourcing of actuarial services, they usually refer to these operations.

You may think of actuaries as risk managers for insurance companies, the company wouldn't look too good to auditors, insurance regulators, or rating agencies if the risk managers are outsourced to companies in another country. Think of it this way, if you run a fortune 500 company, would you take out insurance policies from someone that does not have actuaries in house ?

posted by 12.89.145...

• Any Post-Baccalaureate graduates +, roman, Thu, 9 Oct 2003 12:58:20
  • Re: Any Post-Baccalaureate graduates +, nana k, Fri, 26 Nov 2004 10:05:11
  • Math + Econ = opportunity and fun, John E. Anderson, Sun, 12 Oct 2003 10:39:11
  • MBA, Heckler, Fri, 10 Oct 2003 19:42:18
  • I'm in school right now, WASSAAB, Fri, 10 Oct 2003 10:05:53
    • Re: I'm in school right now, Camm , Sat, 11 Oct 2003 17:12:36
  • From yet another UMASS Grad, EAL, Fri, 10 Oct 2003 09:43:05
    • I lived in SW, Emerson & James is all female now ;), roman, Fri, 10 Oct 2003 09:50:20
  • Re: Any Post-Baccalaureate graduates +, BHarvey, Fri, 10 Oct 2003 07:26:50
  • hmmm, nt moore, Fri, 10 Oct 2003 07:14:33
  • Would you consider being an Acturary ? This is..., TKC, Fri, 10 Oct 2003 06:46:22
    • Re: Would you consider being an Acturary ? This is..., Spiros Trianta, Fri, 10 Oct 2003 17:12:27
      • Obviously you don't know what an actuary does, you...., TKC, Fri, 10 Oct 2003 20:30:41
        • Re: Obviously you don't know what an actuary does, you...., Spiros Trianta, Sat, 11 Oct 2003 18:59:07
          • There are many pieces to an actuarial department...., TKC, Sat, 11 Oct 2003 20:20:34 <-- Viewing This Message
    • Just make sure you like Excel *a lot* (-), Vlad, Fri, 10 Oct 2003 07:12:27
  • Do it sooner, rather than later............., paul de k, Fri, 10 Oct 2003 05:32:30
  • Don't know what your political bent is but ..., JJ, Fri, 10 Oct 2003 04:49:09
  • From another UMass econ. grad'......, zeke, Fri, 10 Oct 2003 03:32:09
  • You've got the right attitude to really benefit..., Nervousaaber, Thu, 9 Oct 2003 21:38:51
  • Dude, let me give you a little different perspective, Texron, Thu, 9 Oct 2003 19:53:24
    • After reading your postings for years, I'd hardly say, RS , Fri, 10 Oct 2003 06:30:48
    • Re: Dude, let me give you a little different perspective, BrianD, Thu, 9 Oct 2003 20:18:14
  • School is good +, ChrisB, Thu, 9 Oct 2003 18:21:10
  • Re: Any Post-Baccalaureate graduates +, Erik W, Thu, 9 Oct 2003 17:13:58
  • OT: This is why I love this BB!, FrozenSaab, Thu, 9 Oct 2003 17:06:33
  • Re: Any Post-Baccalaureate graduates +, steveC, Thu, 9 Oct 2003 16:14:21
  • Similar route, Jon in Chicago, Thu, 9 Oct 2003 15:17:56
    • School is nirvana, Spiros Trianta, Thu, 9 Oct 2003 20:20:52
    • Teaching Assistantship, jc, Thu, 9 Oct 2003 17:31:27
  • I hear ya, but grass isn't always greener (long), BrianD, Thu, 9 Oct 2003 14:46:54
  • Think about this ->, michael p, Thu, 9 Oct 2003 14:28:06
  • Re: Any Post-Baccalaureate graduates +, MisplacedYankee , Thu, 9 Oct 2003 13:17:26
    • RE: more cynical and analytical, Damn..., Chris., Thu, 9 Oct 2003 14:01:31
  • You are me a year and a half ago!, FrozenSaab, Thu, 9 Oct 2003 13:08:49

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