Being an actuary nowadays is all about modelling, and in this lecture I’ll discuss how we should go about it. We all know that all models are wrong but some are useful – what does this mean in practice? And what have sheep and elephants got to do with it? Along the way I’ll also consider some of the ways in which the actuarial profession is changing now and is likely to change in the future, and what you should do about it.
And here’s what I said.