Live With The Maverick

What does it really take to insure a movie, a concert, or a global celebrity?In Episode 107 of the Live With The Maverick podcast, I sit down with Alexander Rosteck to unpack the hidden world of entertainment insurance and the role actuaries play behind the scenes of some of the most complex and unpredictable risks in the world.From film productions and live events to influencers and global endorsement deals, this episode explores how risk is structured, priced, and managed in an industry defined by creativity, uncertainty, and constant change.Me and Alexander discuss:• What gets insured in production and live events• How contracts quietly drive risk management behind the scenes• How actuaries price entertainment risk• The evolving role of actuaries alongside underwriters and brokers• The impact of the pandemic on live events• Emerging risks from content creators, influencers, and new mediaTimestamps00:00 The most unique risks celebrities insure02:19 The M&M clause as a risk management tool05:28 How film productions are insured behind the scenes08:32 Why entertainment risk is classified around the audience10:08 Production risk vs live event risk11:22 How Game of Thrones changed exposure measurement16:36 What carries over from the actuarial toolkit20:50 How actuaries need to think differently in entertainment27:04 How risk moves across the global insurance market34:23 How the pandemic reset what the industry is willing to insure39:10 Content creators driving new forms of risk44:18 Where entertainment insurance goes next  Follow Alexander:LinkedIn - Alexander Rosteck | LinkedInFollow Dominic:LinkedIn - Dominic Lee | LinkedInInstagram - Dominic Lee | InstagramTikTok - Dominic Lee | TikTokTwitter - Dominic Lee | X

What happens when math becomes more than a subject and starts shaping futures?Michael Marion, Director of The Actuarial Foundation and Steve Alpert, FSA, MAAA, former President of the American Academy of Actuaries, share how a bold campaign is expanding opportunity, strengthening the profession, and inspiring the next generation of leaders.Michael and Steve discuss:The importance of non-profits for the actuarial professionThe relevance of STEM education in societyThe All for Math CampaignThe value of volunteering in the actuarial professionThe Math Motivators Tutoring ProgramThe Modeling the Future ChallengeTimestamps00:00 Intro5:48:99 Three benefits of non-profits for the actuarial profession9:55:67 Bureau of Labor Statistics (BLS) projected number of unfilled STEM jobs10:40:34 The relevance of STEM education12:46:22 The importance of numeracy in society 15:06:64 The All for Math Campaign17:45:57 The Actuarial Foundation’s core programs 18:18:04 Programs with the greatest need for volunteers22:14:76 Three benefits of volunteering as an actuary25:11:47 Volunteering as a mutually beneficial exercise 27:22:70 Math Motivators Tutoring Program volunteer experience29:25:15 Modeling the Future Challenge volunteer experience34:40:66 High-level episode recap 35:41:69 How to sign up to donate/volunteer for the campaignDonate/volunteer for the All For Math Campaign:https://actuarialfoundation.org/all-for-math/Follow The Actuarial Foundation:LinkedIn - https://www.linkedin.com/company/the-actuarial-foundation/Instagram - https://www.instagram.com/actuarialfoundation?igsh=NTc4MTIwNjQ2YQ==Twitter - https://x.com/actuarialfound?s=21&t=ktbGj8B4LuIhcfbBPSeJGQFollow Dominic: LinkedIn - https://www.linkedin.com/in/dominic-lee-acasInstagram - https://www.instagram.com/dlee2100?igsh=NTc4MTIwNjQ2YQ%3D%3D&utm_source=qrTwitter - https://x.com/maverickactuary?s=21&t=ktbGj8B4LuIhcfbBPSeJGQ

My guest for Episode 105 is Barry Swartzberg, ASA, B.Sc., CFP, FASSA, FFA, Executive Director and Co-Founder at Discovery Limited. The theme for the episode is 𝗔𝗰𝘁𝘂𝗮𝗿𝗶𝗲𝘀 𝗶𝗻 𝗘𝗻𝘁𝗿𝗲𝗽𝗿𝗲𝗻𝗲𝘂𝗿𝘀𝗵𝗶𝗽 - 𝗣𝗮𝗿𝘁 𝟮.Barry and I covered the following topics:⁣✅ Barry’s motivation for becoming an entrepreneur ✅ The vision behind Discovery Limited ✅ Starting a business during the fall of Apartheid ✅ The shared-value insurance model ✅ Shaping South Africa’s insurance and financial services landscape✅ Barry’s biggest entrepreneurial challenges ✅ What it takes to be a successful entrepreneur ✅ Transitioning from entrepreneur to intrapreneur ✅ Areas where actuaries can add value beyond insurance ✅ Tips for the next generation of entrepreneurs Time Markers3:50: Risk-seeking culture in South African actuarial community.5:42: First actuarial role as product development actuary.13:00: Motivation for becoming an entrepreneur and co-founding Discovery Limited. 18:20: Addressing unaddressed gaps in the South African insurance market (demand-focused approach).21:14: Value creation during political turmoil (post-Apartheid era).24:59: Discovery Limited’s shared-value insurance model (medical savings accounts, incentivized wellness programs and risk savings).33:14: Developing a system to track diet and exercise before the era of big data.37:39: Adapting behavioral mindset in managing health, motor, banking, and retirement risks.47:20: How Barry contributed to Discovery’s success as an executive.51:44: Notable challenges for Discovery Limited (entering the US market).55:05: Getting companies to scale, risk-taking, ideation, sales, pricing, marketing, and implementing marketplace feedback.1:01:02: Non-traditional opportunities for actuaries (managing supply and demand of electricity).1:04:30: Tips for aspiring entrepreneurs. If you are seeking to explore entrepreneurship, you want to watch this.My Website: maverickactuary.com

My guest for Episode 104 is Dave Dillon, FSA, FCA, MAAA, Senior Vice President & Principal at Lewis & Ellis and President-Elect of the Society of Actuaries. The theme for the episode is 𝗔𝗰𝘁𝘂𝗮𝗿𝗶𝗲𝘀 𝗶𝗻 𝗟𝗲𝗮𝗱𝗲𝗿𝘀𝗵𝗶𝗽 - 𝗣𝗮𝗿𝘁 𝟵.Dave and I covered the following topics:⁣✅ What inspired Dave to run for SOA President✅ Duties of the SOA President-Elect✅ SOA sections/communities and committees ✅ How Dave has benefited from posting actively on LinkedIn✅ How actuaries might be impacted by a change in administration ✅ Dave’s vision for the actuarial professionTime Markers2:00: Dave’s SOA Presidential run. 3:47: Previous downward trend in exam takers, data science as an alternative for actuaries, and modernizing the education path. 8:49: Dave’s long term vision for presidential term and beyond (tracking exam takers, positioning actuaries in wider fields). 10:48: Duties of the SOA President-Elect (executive committee, liaison to sections/communities, ambassadorship, and building relationships).15:50: SOA sections/communities and focus on professional development. 23:19: Improving SOA’s engagement with the international community (regional targeted committees). 24:37: Engaging with actuarial community on LinkedIn (sharing insights, building knowledge base, and starting conversations).29:07: How change in administrations impact actuarial work (Affordable Care Act extended premium subsidies, short-term health and hospital indemnity insurance). 33:20: Healthcare cost trends (services utilization, medical inflation exceeding general inflation).35:11: Connection between legislative changes and actuarial work (state-level silver loading, premium impacts, and repricing).39:04: Expanding the scope of the actuarial profession (HOA homeowners agreements illustration).44:28: Balancing work and life. If you are seeking to learn about the most relevant themes for the profession today, you want to listen to this.My Website: maverickactuary.com

My guest for Episode 103 is Ronald Richman, FIA, FASSA, FeASK, CPCU, insurtech founder and thought leader in the actuarial data science movement. The theme for the episode is 𝗗𝗲𝗲𝗽 𝗟𝗲𝗮𝗿𝗻𝗶𝗻𝗴.Ron and I covered the following topics:⁣✅ Statistics, machine learning, deep learning, and generative AI ✅ Whether GLMs are statistical or machine learning models ✅ Neural nets and their applicability to insurance ✅ Reducing the risk of overparameterization for neural nets ✅ Balancing accuracy, complexity, and explainability for deep learning models✅ Smoothness and monotonicity considerations for deep learning models ✅ Applying classical actuarial concepts to deep learning ✅ Credibility transformers and how they enhance deep learning models ✅ An AI vision for the actuarial profession Time Markers1:52: Ron’s new insurtech venture and the union between actuarial science and modern technologies.4:49: Technological shift, commoditization of large language models, and uncertainty quantification. 7:35: Distinguishing between statistics, machine learning, deep learning, and generative AI. 14:00: Are GLMs considered statistical or machine learning models?17:04: Adoption and deployment trends for machine learning and deep learning models in insurance. 22:14: Neural networks, overparameterization, and regularization techniques. 28:22: Balancing accuracy, complexity, and explainability for deep learning models. 35:00: Addressing smoothness and monotonicity constraints for neural networks, post-job explanations of black box models (ICE). 40:25: Actuarial deep learning and enhancing deep learning models using credibility transformers. 46:54: What the actuarial profession can do to capitalize on the era of neural nets and generative AI.50:18: Leveraging AI to enhance productivity and improve granularity of reserving analysis. If you are seeking to explore deep learning and apply it in practice, you want to listen to this.My Website: maverickactuary.com