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Allan Kaufman Maxims. 10) Don't stop till you see the dusty files. Ok, sometimes dirty files. 9) Never create more triangles than there are claims in a dataset. ("The Kaufman Rule"). 8) If it looks wrong it probably is.
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Allan Kaufman Maxims 10) Don't stop till you see the dusty files. Ok, sometimes dirty files. 9) Never create more triangles than there are claims in a dataset. ("The Kaufman Rule"). 8) If it looks wrong it probably is. 7) Forget what you learned about underwriters in school. UWs aren't the ones stopping the bad insurance company from writing your poor grandmother who suddenly needs glasses. UWs WANT to write business. It's the actuaries role to apply the brakes. 6) Spilling water on the floor and nobody falls doesn't make good risk management. Bold = applies to soft market; some literary license taken
Allan Kaufman Maxims 5) The body soon forgets pain - so do markets, but quicker. 4) Make sure you've worked out your cost of capital before getting into the lift with the CEO - it might not be a dream. (recent London addition) 3) You have to look at all the angles - even the ones greater than 180°. 2) One in a million events do occasionally occur. But when two of them occur, it's time to check your model. (originally Chap Cook) 1) Glass, China, and Reputation are easily cracked and never well mended. (This last one was actually said by Ben Franklin but easily applies to Allan and his continual professionalism and service to the actuarial community)
