Ratemaking and Pricing in the Marketplace

This topic invites reflection and encourages speculation. It has caused me to look back over the more than three decades I have been involved in ratemaking, compare current ratemaking techniques with those prevailing in the earlier years of this span of time and project this historical background into the probable future developments in ratemaking. These musings suggest the conclusion that the role of the actuary has been undergoing a change, a change that should be of interest to all of us in the actuarial profession now and to those contemplating actuarial work as a business career. These changes are of significance to those of us charged with the task of selecting and training new men for future actuarial responsibility in the organizations which we are associated with as they may have an appreciable impact on the future development of this Society.