Call in the Reserves: How Actuarial Thought and Analytics is being Deployed Across the Social Sector

Over the past decade Australia and New Zealand have seen a substantial increase in actuaries across the social sector, spanning areas such as welfare, employment, justice, housing, homelessness and child protection. Government Departments such as the NZ Ministry of Social Development, the Australian Department of Social Services and the National Disability Insurance Scheme have teams of actuaries plying their trade. Part of the trend reflects an increasing emphasis on data and evidence-based policy, but there also appears to be some distinctive factors that have suited the actuarial skillset.

In this paper we:

• Give an overview of some of the areas where actuarial modelling has been making a difference
• Describe the technical skills that have been important in working in the social sector
• Provide examples of results from social sector work, drawing particularly from the author’s experience in welfare, homelessness and child protection.

It will also include some reflections on the appropriateness of the actuarial skillset, the opportunities for further expansion of actuarial thinking and what challenges remain.

Find the Q&A here: Q&A on 'Investments and Reserves for Pension Funds'