Anyone got any special stories about an inept Chief Actuary? Or care to describe the worst one you ever worked with/for?
A friend of mine is at a company that changed its Chief Actuary a little over a year ago and told me they have done the following:
1) Told Person A they would probably get a manager position. In the same week, told Person B in the department meeting they would probably get the same manager position. Then the following week announced in one of those "announcement" type emails that they were hiring a third person for it, internally, who had no actuarial experience. Friend is none of those three, but people are irritated.
2) Assigned a project to analyze a product line to one of their senior internal people. Two weeks later in a meeting that that internal person was in, that analysis was presented, but it wasn't the stuff the internal person did. It was the same analysis done by an outside vendor that got paid $20k+, to do something that an internal person had been assigned and had completed. That internal person left the company since then.
3) Assigned someone to teach some informatics department how some of their models work. Since then, the informatics department controls all the output of those models, which feeds the budget projections and pricing strategy they use with senior management. One of the people that used to work on those models transferred to the informatics department and now gets to interact senior management more than when they did it in the original actuarial department. No word on whether company is still paying their MAAA, SOA dues though.
Morale is said to be low and dropping.
A friend of mine is at a company that changed its Chief Actuary a little over a year ago and told me they have done the following:
1) Told Person A they would probably get a manager position. In the same week, told Person B in the department meeting they would probably get the same manager position. Then the following week announced in one of those "announcement" type emails that they were hiring a third person for it, internally, who had no actuarial experience. Friend is none of those three, but people are irritated.
2) Assigned a project to analyze a product line to one of their senior internal people. Two weeks later in a meeting that that internal person was in, that analysis was presented, but it wasn't the stuff the internal person did. It was the same analysis done by an outside vendor that got paid $20k+, to do something that an internal person had been assigned and had completed. That internal person left the company since then.
3) Assigned someone to teach some informatics department how some of their models work. Since then, the informatics department controls all the output of those models, which feeds the budget projections and pricing strategy they use with senior management. One of the people that used to work on those models transferred to the informatics department and now gets to interact senior management more than when they did it in the original actuarial department. No word on whether company is still paying their MAAA, SOA dues though.
Morale is said to be low and dropping.
inept Chief Actuary stories
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