1 / 8

Diversity in The Actuarial Profession

Diversity in The Actuarial Profession. By Stafford L. Thompson, Jr. FSA. What is Diversity?.

talmai
Download Presentation

Diversity in The Actuarial Profession

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Diversity in The Actuarial Profession By Stafford L. Thompson, Jr. FSA

  2. What is Diversity? • Diversity involves using the talents, thought processes, and approaches of individuals with different backgrounds to arrive at competitively superior standards of practice, tools, and methodologies to better serve a diverse customer base. • Diversity will improve the various function in an actuarial department including operating procedures, efficient use of resources, pricing and rate review techniques, underwriting strategies, planning procedures and timelines, etc. • Diversity will improve our communication and working relationships across functional areas, improve outdated or inefficient processes, create career paths for growth and more effective management, and build an environment where everyone is respected, challenged, rewarded, and empowered.

  3. Quantifiable Diversity Characteristics • Academic Background • Geographical Upbringing • Economic Background • Racial Background • Gender • Cultural Background • Sexual Orientation

  4. Why don’t we have it? • Not always quantifiable. • Not a focus until recently. • Educational evolution of diverse groups. • Specific rules preventing inclusion. • Competition from other related careers. • Lack of awareness. • Unwillingness to talk about diversity in intimate settings. • Misconception and negative stereotypes about what diversity is and what it takes to achieve it.

  5. How do we get it? • Increase awareness of the actuarial profession among desired groups. • Increase interest in the actuarial career. • Improve recruiting initiatives. • Focus on the drivers of retention. • Commit to it with our time, energy and financial resources. • Discuss it openly.

  6. What will it cost? • Diversity is not an expense-less endeavor. • Rather diversity is an investment business, which given our starting point is closer to a Retirement Annuity than to a GIC. • Monies must be spent to increase awareness, enhance recruiting, provide nontraditional career and exam support. • Diversity is a GIGO Business. You get what you pay for.

  7. Why do it? • The return on investment is phenomenal. • Improve communication and working relationships across functional areas. • Improve outdated or inefficient processes. • Create career paths for growth and more effective management. • Build an environment where everyone is respected, challenged, rewarded, and empowered.

  8. What resources are available? • Organizations that cater to the advancement of racial and economic groups. • University and Colleges which cater to various racial and economic groups. • Targeted marketing and advertising. • Joint CAS / SoA Committees on Minority Recruiting and Career Encouragement. • International Association of Black Actuaries. • Search firms.

More Related