Frank Redington, one of the most legendary figures in actuarial history, is often celebrated not just for his technical brilliance but for his profound insight into what it means to be a truly impactful professional. In 1968, he famously remarked:
“An actuary who is only an actuary is not an actuary.”
This statement has become a guiding principle for actuaries worldwide, urging them to look beyond their technical expertise to cultivate a well-rounded, dynamic approach to their work and personal growth. But what does this truly mean in today’s world? Here are seven key interpretations that encapsulate Redington’s timeless advice.
1. Self-awareness and Emotional Intelligence
There’s a light-hearted quip that an actuary is akin to a computer with a heart. While amusing, it points to an important truth: technical expertise alone does not define excellence.
Self-awareness—understanding your emotions and reactions—enables actuaries to navigate challenges with composure and empathy. Emotional intelligence allows actuaries to manage relationships effectively, build trust, and make decisions that go beyond numbers, considering the human impact of their work. Developing these skills is crucial for thriving in any career, especially one as demanding as actuarial science.
2. Judgment and Intuition
Actuarial work revolves around data, models, and forecasts. But the reality is that numbers can only tell part of the story.
The best actuaries learn to look beyond spreadsheets, developing a sense of intuition and judgment that allows them to anticipate outcomes and challenges not immediately evident in the data. Broadening perspectives—by exploring related fields, reading diverse materials, and engaging with professionals in other industries—can help actuaries connect the dots and uncover insights that purely data-driven approaches might miss.
3. Mastering Communication
Technical excellence is only impactful when it can be effectively communicated. Actuaries often deal with complex analyses, but their value lies in presenting these findings in a way that resonates with diverse audiences—be it clients, executives, or policymakers.
Great communication involves more than just simplifying technical jargon; it’s about understanding your audience’s needs, addressing their concerns, and delivering insights with clarity and confidence. Strong communication skills are what transform actuarial work into actionable business strategies.
4. It’s Not About the Tools
Redington himself warned about the dangers of becoming overly fixated on technical methods:
“The actuary’s danger may lie in too close preoccupation with his particular techniques … It is not the tools he uses which make a great craftsman. It is the way he feels and thinks.”
This timeless insight reminds actuaries to focus on the bigger picture. Tools and models are essential, but they are just means to an end. What truly matters is how actuaries approach problems, think critically, and apply their skills to deliver meaningful outcomes.
5. Perspective: Life Beyond Work
An actuary’s identity should not be solely defined by their profession. Redington’s advice also emphasizes the importance of maintaining perspective: valuing family, friendships, and personal well-being over relentless work.
Balancing professional ambitions with personal fulfillment leads to a richer, more satisfying life. This balance isn’t just beneficial on a personal level—it also makes professionals more creative, empathetic, and effective in their roles.
6. Flexibility and Adaptability
The actuarial profession is evolving rapidly, with emerging technologies and changing business needs reshaping traditional roles.
Today’s actuaries must be prepared for a career that could diverge significantly from their initial expectations. This means cultivating adaptability—being willing to learn, unlearn, and reapply skills in innovative ways. Whether it’s exploring new domains like telematics, data analytics, or climate risk, staying flexible ensures relevance in a dynamic world.
7. Fostering Creativity
Innovation is the lifeblood of any thriving industry, and actuarial science is no exception. As the world grows more competitive and interconnected, creativity is becoming a cornerstone of success.
For actuaries, creativity means more than artistic expression—it involves rethinking traditional methods, challenging assumptions, and devising novel solutions. With the rise of technologies like IoT, wearables, and AI, actuaries have unprecedented opportunities to design innovative products and services that meet evolving consumer needs.
The Actuary of the Future
Frank Redington’s wisdom reminds us that actuarial excellence extends beyond technical mastery. It lies in cultivating a broad range of skills—emotional intelligence, communication, creativity—and embracing a balanced, flexible, and innovative mindset.
An actuary who embodies these qualities doesn’t just excel in their role; they contribute meaningfully to their organization, their industry, and the world. Redington’s advice, though decades old, remains a powerful call to action for all aspiring actuaries: strive to be more than your title, and you’ll unlock your full potential.