The first pillar of the IFoA’s current strategy is to reposition the profession. In simple terms, this means moving away from the stereotypical view that actuaries are largely analytical individuals and instead recognising the breadth of skills and talents they are able to offer in new domains and industries.
Put another way, we want to ensure that the skills and abilities that actuaries already bring to our traditional areas of work are utilised in wider fields.
A good example of this is climate change. Climate change is a risk management challenge, similar in nature to traditional ‘actuarial’ risks such as mortality. For example, both climate and mortality
risks emerge over a long period of time and require analysis and interpretation of large amounts of data. They also both require actuaries to work closely with subject matter experts such as epidemiologists and climate scientists if we are to maximise our value. Actuaries do not need to be deep experts in the drivers of mortality or climate change, but we do need to work with those who are, and provide our analytical and risk management skills to add value for society. Given that climate change will impact all sectors, opportunities for actuaries are manifold. That is why the IFoA has invested so much time and resource in this area, as demonstrated by this year’s launch of our Climate Risk and Sustainability course.
Continuing my theme of wellbeing, I want to focus on relationships. There is a huge body of evidence to suggest that feeling connected to others is vital for wellbeing, and there are actions we can take to improve our relationships. For example, simple steps such as listening to what people are saying, responding positively to others’ good news, raising issues constructively and telling people how much you appreciate them are proven to strengthen relationships. Research also suggests that a common thread in all good relationships is willingness to be vulnerable, let others see us for who we are and admit our imperfections.
If you’re interested in knowing more, check out Brené Brown’s talk The Power of Vulnerability (bit.ly/Power_vulnerability).
Matt Saker is the president of the Institute and Faculty of Actuaries
