What is next for the insurance sector: A world of opportunities for actuarial and insurance talent

What once involved weeks of manual calculations and retrospective analysis is now evolving into real-time forecasting, strategic risk management, and cross-functional collaboration. This transformation is not just about efficiency. It’s about unlocking new horizons for talent at every level.

To explore these opportunities, we sought the view of our Insurance Risk Consulting team to share their experience and perspectives.

Building skills for a changing landscape

Q: What will be your advice to a young actuary joining the profession?

James Isherwood, Head of Insurance Consulting :

"Having spent over 20 years helping insurers adapt to regulatory and market shifts, I have three thoughts to share with young actuaries. First, in addition to strong technical foundations, technological skills will be critical — master advanced modelling languages such as R, Python, and SQL. These tools are becoming essential for building sophisticated models and handling large datasets efficiently. Linked to this, I think any time invested in understanding the basics of data governance will be well spent.

Second, business acumen and soft skills will set you apart. Actuaries must continue to translate highly technical and complex information into actionable insights for non-actuarial stakeholders. Strong communication, the ability to influence decisions, and a detailed understanding of compliance frameworks will be just as important as technical expertise, which will become a “given” as technology supports the development of others.

Finally, be curious. The profession is evolving rapidly, and those who embrace continuous learning, whether in emerging risks, sustainability, or new analytical techniques, will thrive.  AI is a prime example. I have worked with AI firms that are disrupting how organisations operate; I can see the potential in deploying technology in some of the tasks usually performed by actuaries as they’re learning their trade. Being able to use AI to solve real business problems and create value will be the key to success – we need to bring insight, not produce numbers. This is a make-or-break moment for all of us. The future belongs to actuaries who combine deep technical knowledge with adaptability and strategic thinking".

Expanding career horizons

Q: What are the biggest changes you have observed in the industry since you started your career?

Julie Tabourot, Insurance Transformation Director:

"When I began my career, actuarial and reporting work was heavily focused on spreadsheets and manual processes. Today, the shift to digital solutions has started to transform how we operate, creating new ways to visualise and interpret data.

Actuaries have expanded into broader roles across corporate strategy, enterprise data, technology and systems. The role has evolved from being a subject matter expert to becoming a strategic business partner, contributing directly to business delivery and influencing decisions at the highest level.

Innovation and pace are the defining characteristics of this change. The insurance industry is moving faster than ever, and those who adapt quickly will thrive. It’s no longer just about technical modelling; it’s about understanding the bigger picture, leveraging technology, and driving insights that shape the future of the business. This shift also challenges us to support our new graduates effectively. Traditional learning methods are disappearing, and we must equip them with tools for success, from professional scepticism to big picture thinking".

Looking ahead: opportunities on the horizon

Q: As someone early in your career, what are the biggest opportunities you are looking forward to?

George Archibald, Actuarial Manager:

"For me, it’s the diversity of work and experience. The profession is no longer limited to traditional reserving and pricing – it now focuses on solving business problems across the insurance value chain. That variety means I can build a much broader skill set early in my career.

I’m also excited about the learning curve. There’s so much to explore, from new modelling techniques to understanding how different risks interact in a global context. Using open-source modelling tools like R and Python gives me the chance to experiment and gain live insights from data, which makes the work dynamic and rewarding. These opportunities make the profession feel more innovative and future-focussed than ever before.

Networking opportunities are another highlight. For example, planning our team’s offering at the IFoA Life Conference and manning the stall gave me the chance to engage directly with the market and showcase what Forvis Mazars in the UK can offer. Experiences like these help me build connections and understand industry trends first-hand, which is invaluable early in my career".

The future of talent in insurance

The actuarial and insurance profession is evolving faster than ever, driven by digital innovation, new risk landscapes, and the need for strategic insight. The key takeaways are clear:

• Broaden your skill set beyond traditional modelling, master technology tools like R, Python, and SQL.
• Develop business acumen and communication skills to translate complex analytics into actionable insights.
• Stay curious and adaptable as roles expand into corporate strategy, sustainability, and enterprise risk.

This is a pivotal moment for talent. Whether you’re starting your career or leading transformation, now is the time to embrace change and seize the opportunities ahead.