How do you develop independent actuarial judgment when working with prior-year models?
I’m relatively new to the actuarial profession and currently working in P&C consulting.
Much of the work involves updating prior-year Excel workbooks, carrying forward formulas, and preparing data for actuarial models. While this approach is efficient, I’m wondering how analysts develop a deeper understanding of the underlying calculations and actuarial reasoning.
With tight project deadlines(100% billable), there often isn’t much time to trace formulas or investigate why certain methods and assumptions were used.
For those with more experience, how did you move from following established copying-pasting from last year’s model to developing independent actuarial judgment? Are there particular habits or approaches that helped you learn effectively while keeping up with project deadlines?