Recently I read a comment from an actuary that a lot of the math they studied as part of the program they never actually used.
I'm not interested in becoming an actuary, but I'm interested in learning more about some of the methods that are commonly used (mainly in non life insurance). Can anyone clarify which statistical / mathematical methods are commonly used by actuaries or insurance analysts in their day to day work?
Is there a big emphasis on bayesian methods such as bayesian credibility? What about more traditional methods such as the chain ladder method. Or perhaps Markov chain methods for no claims discounts?
I've looked at a couple of books such as Hossack, Pollard. Introductory statistics with applications in general insurance (seems like a good basic book) and
Boland. Statistical and probabilistic methods in actuarial science (claims to be a practical books with useful R code, but is actually full of theorems, proofs, and lemmas).
but I've no idea whether it is worth expending the effort in wading through a book like Boland's in terms of practical knowledge acquired. I tried to find a introductory book that would take an applied approach that mixed theory with analyzing actual datasets using something like SAS or R, but I was unsuccessful.
So can anyone clarify which methods are used on a regular basis by working actuaries. Any book recommendations would also be appreciated. Thanks.