Give More, Receive More
Jon Wu’s actuarial career has spanned continents, practice areas, and disciplines-from life insurance to enterprise risk management to mergers and acquisitions. Wu, MAAA, FSA, CERA, who worked with the Connecticut Retirement Security Authority, has been an Academy member since 1992.In this Q&A, he shares insights from his global experience, the lessons he’s learned along the way, and the value he finds in staying connected to the profession through Academy membership and volunteer work.
WHAT IS YOUR PRACTICE AREA AND/OR AREA OF EXPERTISE?
I began my career as a life actuary, gaining experience in pricing, valuation, underwriting, and investments. I later transitioned into a mergers and acquisitions (M&A) role, supporting the company’s expansion into the U.S. market. Over time, my responsibilities grew to include leading the company’s global initiatives in Canada, Latin America, and the Asia-Pacific regions. Through these opportunities and by collaborating with joint venture partners, I broadened my expertise to encompass finance, health, property and casualty (P&C), and enterprise risk management (ERM). During my international assignments as an expatriate, I also performed HR functions, recruiting, training, and retaining local actuarial talent.
WHAT LED YOU TO BECOME AN ACTUARY, AND WHAT ATTRACTED YOU TO THE PROFESSION?
I graduated from business school with a major in finance and public accounting. Through conversations and interviews with professionals across various fields, I discovered that actuarial student programs at large corporations-with their rotational opportunities across departments and strong prospects for career growth-were an ideal fit for my aspirations. I was particularly drawn to the idea of excelling in my daily work while dedicating my evenings to further developing my actuarial expertise.
DESCRIBE A TIME WHEN YOUR PROFESSIONALISM TRAINING HELPED YOU IN YOUR CAREER.
As a senior actuarial student, I was assigned with recommending a dividend scale to the board. To support my recommendations, I presented them to the deputy chief actuary, meticulously referencing ASOP [Actuarial Standard of Practice] No. 15, line by line. This experience was truly eye-opening, illustrating the vital role that actuarial standards of practice play in our profession. Since then, I have consistently consulted ASOPs for guidance, alongside my company’s own standard operating procedures (SOPs). This reliance proved especially valuable during my overseas assignments, where I collaborated closely with local colleagues and engaged with regional regulators.
TELL US ABOUT A TIME WHEN YOUR ACTUARIAL EXPERTISE INFLUENCED AN IMPORTANT DECISION IN YOUR WORKPLACE.
With training in asset share analysis and APL programming, I was able to support my company in evaluating the value of various books of business involving long-duration contracts. This expertise enabled me to transition quickly into the M&A field. The actuarial rotation program further deepened my understanding of IBNR’s [Incurred But Not Reported] significance in short-duration lines such as health and P&C, as well as key concepts in insurance accounting and capital requirements. As a result, I became the lead actuary for M&A, advising on valuation, contract terms, and conditions, and even instructing investment banking advisors on specialized methods for assessing insurance portfolios. In one M&A transaction, I helped the company identify a substantial IBNR shortfall before finalizing the joint venture agreement.
Leveraging my enterprise risk management expertise, I assisted the company in implementing a robust ERM framework across all subsidiaries, fostering a comprehensive approach to balance sheet management. This included routinely considering the impacts on Value at Risk, Earnings at Risk, and Capital at Risk before making critical decisions, as well as developing the initial iteration of our ORSA [Own Risk and Solvency Assessment] report before the ORSA was required by the regulators.
WHAT’S ONE OF THE BIGGEST LESSONS YOU’VE LEARNED IN YOUR CAREER?
Technical skills have helped me advance in the workplace, but it is the soft skills that have allowed me to go even further. This has been especially true in M&A situations, particularly in joint venture deals. The real challenge begins the day after the transaction is complete, when the new company must start delivering results. Placing the right talent in the right roles and bringing together individuals with diverse abilities to form a high-performing team are both essential to success. Additionally, I have found that utilizing SOPs and risk dashboards to monitor the performance of each subsidiary has been invaluable.
WHAT ADVICE DO YOU WISH YOU WERE GIVEN AT THE BEGINNING OF YOUR CAREER?
Artificial intelligence (AI) and predictive analytics have been at the forefront of industry discussions in recent years. Early in your career, I encourage you to learn as much as possible and focus on acquiring skills that will enhance your understanding of actuarial assignments and their applications. At the same time, consider how climate change could impact your line of business-both now and in the future. Take time to identify your niche and reflect on what you are passionate about pursuing over the next three to five years and seek out mentors who can help you achieve your goals.
WHAT DO YOU VALUE MOST ABOUT YOUR ACADEMY MEMBERSHIP OR ACADEMY VOLUNTEER WORK?
Academy membership provides me with access to a wealth of information and a wide array of topics relevant to my work. Through volunteering, I can share my expertise with the volunteer groups while also building connections with actuarial professionals beyond my organization. This experience has broadened my actuarial perspective. As a life and health actuary, I greatly appreciate the opportunity to learn from property and casualty actuaries-especially for my international assignments involving P&C businesses. I have also gained valuable insights by collaborating with other volunteers on the development of practice notes.
WHAT IS THE VALUE OF YOUR MAAA DESIGNATION?
As an MAAA, I have the privilege of signing financial statements, which underscores my professional credibility. Additionally, my designation often serves as a valuable conversation starter when meeting with regulators and trade associations abroad, providing opportunities to discuss the role and impact of the Academy. These interactions frequently open doors to further meaningful dialogue in the countries where we operate.
WOULD YOU LIKE TO SHARE ANYTHING ELSE WITH ASPIRING OR NEW ACTUARIES, OR THOSE INTERESTED IN VOLUNTEERING FOR THE ACADEMY?
I have always believed in the principle that the more you give, the more you receive-a sentiment that has proven true throughout my career. Whenever I was interested in volunteering, I simply followed the [Academy Connect] link of the Call for Volunteers email to explore available opportunities, selecting topics I both knew well and wanted to learn more about, while keeping in mind the expected time commitment. I chose to focus on one or two areas that resonated with me, ensuring I could dedicate quality time to collaborating with others. I encourage you not to hesitate in reaching out to the chair or vice chair if you need further information; sometimes, making that initial connection is as simple as clicking a link or sending an email. For me, volunteering has been more than worthwhile-I have had the privilege of connecting with actuaries across a variety of practice areas, greatly enriching my professional journey.
BEYOND WORK-WHAT ARE YOUR HOBBIES OR PERSONAL INTERESTS?
I enjoy playing pickleball for its simplicity and accessibility. I also hope to visit all the national parks and travel more extensively, as I am eager to learn how things work in different cultures.