Category DIVERSITY & INCLUSION Thinking Styles and the Actuarial Profession

Thinking Styles and the Actuarial Profession

uploaded August 7, 2023 Views: 80 Comments: 0 Favorite: 0 CPD
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  1. rank Redington, one of the greatest actuaries of the last century, described the virtues of actuaries as cautiousness, accuracy, consistency, and reticence and said that "in these lies our strength; but if they do not leave enough room for impulse and imagination, they can be a weakness. The actuary who is only an actuary is not an actuary."
  2. Ms Annette King emphasised fearlessness and courage In her recent Presidential Address to the Australian Institute of Actuaries.
  3. The author will introduce "personality types" in the paper. The cluster of four virtues described (reference as "quintessential values" here) belong to Enneagram personality types 5 (investigator) and 6 (loyalist), Belbin's role Specialist and Implementator and Edward De Bono – white hat and black hat thinking styles or MBTI INTJ or ENTJ. These specific clusters militate against qualities like courage, entrepreneurship and innovation and action orientation – qualities called for or required in our actuarial associations, code of conduct and strategy execution.
  4. The preponderance of certain personality types in the profession affects: a. Governance and culture of actuarial associations b. Strategy of the profession and its implementation c. Public positioning of the profession
  5. The paper will argue for the greater diversity of mindsets (personality types) in the membership and the profession's leadership and to rely beyond "quintessential values", as we broaden into more expansive fields. For example, we need more innovative mindsets in general insurance and the digital world. In climatic risk and ethical issues, we need a bolder and more systemic mindset.
  6. The profession's proposition to joiners and the outside world needs to change, which directly impacts our recruitment and education strategy.
  7. The paper will recommend ways to promote, exemplify and celebrate this new diversity of values, profile these values and encourage them, and attract new members with these values. Changing mindsets and cultures is not easy, but it is possible. In our case, it is urgent and necessary.
  8. For actuaries involved with attracting joiners into the profession, our education system or mentoring colleagues, this session will help position the profession better for the future

Find the Q&A here: Q&A on 'The Actuarial Profession - Now and in the Future'

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