Session 32 PD, Design Your Future with the Competency Framework. Moderator: Curtis Lee Robbins, ASA, ACA, MAAA

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1 Session 32 PD, Design Your Future with the Competency Framework Moderator: Curtis Lee Robbins, ASA, ACA, MAAA Presenters: Richard J. Junker, FSA, MAAA Mike Lombardi, FSA, FCIA, MAAA, CERA Margaret Resce Milkint SOA Antitrust Disclaimer SOA Presentation Disclaimer

2 2018 SOA Life & Annuity Symposium Design Your Future with the Competency Framework May 7, 2018 Session 32 3:00 pm CURTIS LEE ROBBINS Moderator ASA, MAAA, ACA

3 SOCIETY OF ACTUARIES Antitrust Compliance Guidelines Active participation in the Society of Actuaries is an important aspect of membership. While the positive contributions of professional societies and associations are well-recognized and encouraged, association activities are vulnerable to close antitrust scrutiny. By their very nature, associations bring together industry competitors and other market participants. The United States antitrust laws aim to protect consumers by preserving the free economy and prohibiting anti-competitive business practices; they promote competition. There are both state and federal antitrust laws, although state antitrust laws closely follow federal law. The Sherman Act, is the primary U.S. antitrust law pertaining to association activities. The Sherman Act prohibits every contract, combination or conspiracy that places an unreasonable restraint on trade. There are, however, some activities that are illegal under all circumstances, such as price fixing, market allocation and collusive bidding. There is no safe harbor under the antitrust law for professional association activities. Therefore, association meeting participants should refrain from discussing any activity that could potentially be construed as having an anti-competitive effect. Discussions relating to product or service pricing, market allocations, membership restrictions, product standardization or other conditions on trade could arguably be perceived as a restraint on trade and may expose the SOA and its members to antitrust enforcement procedures. While participating in all SOA in person meetings, webinars, teleconferences or side discussions, you should avoid discussing competitively sensitive information with competitors and follow these guidelines: Do not discuss prices for services or products or anything else that might affect prices Do not discuss what you or other entities plan to do in a particular geographic or product markets or with particular customers. Do not speak on behalf of the SOA or any of its committees unless specifically authorized to do so. Do leave a meeting where any anticompetitive pricing or market allocation discussion occurs. Do alert SOA staff and/or legal counsel to any concerning discussions Do consult with legal counsel before raising any matter or making a statement that may involve competitively sensitive information. Adherence to these guidelines involves not only avoidance of antitrust violations, but avoidance of behavior which might be so construed. These guidelines only provide an overview of prohibited activities. SOA legal counsel reviews meeting agenda and materials as deemed appropriate and any discussion that departs from the formal agenda should be scrutinized carefully. Antitrust compliance is everyone s responsibility; however, please seek legal counsel if you have any questions or concerns. 2

4 Presentation Disclaimer Presentations are intended for educational purposes only and do not replace independent professional judgment. Statements of fact and opinions expressed are those of the participants individually and, unless expressly stated to the contrary, are not the opinion or position of the Society of Actuaries, its cosponsors or its committees. The Society of Actuaries does not endorse or approve, and assumes no responsibility for, the content, accuracy or completeness of the information presented. Attendees should note that the sessions are audio-recorded and may be published in various media, including print, audio and video formats without further notice. 3

5 Design Your Future with the Competency Framework Moderator Introduction Panel Presentations Q&A 4

6 Design Your Future with the Competency Framework These competencies were generated and validated by more than 3,100 participating SOA members and are common across all areas of actuarial practice. Which competencies are most important to you in your present work? What about your future work? Where is there room to grow? 5

7 Design Your Future with the Competency Framework Mike Lombardi SOA President FSA, CERA, FCIA, MAAA Rich Junker Actuarial Consultant at Greenwood Consulting FSA, MAAA, CLU Margaret Resce Milkint Managing Partner The Jacobson Group 6

9 Session 32 Panel Discussion: Design Your Future with the Competency Framework Life & Annuity Symposium Design Your Future with the Competency Framework MIKE LOMBARDI SOA President FSA, CERA, FCIA, MAAA

10 Agenda Threats and opportunities for the profession Actuarial strengths and weaknesses What is the SOA doing to help What can you do

11 Threats and Opportunities Predictive Analytics

12 Threats and opportunities Outsourcing Artificial Intelligence Supply and demand for actuaries Use of other experts Big data

13 Actuarial Strengths and Weaknesses

14 Actuarial strengths and weaknesses Strengths Weaknesses

15 What is the SOA doing to help Our Mission Our Vision Through education and research, the SOA advances actuaries as leaders in measuring and managing risk to improve financial outcomes for individuals, organizations, and the public. Actuaries are highly sought after professionals who develop and communicate solutions for complex financial issues. 7

16 The SOA s Strategic Plan ( ) in Brief Education that anticipates changing expectations Global services, tailored by region Members gain global perspectives Research focused in deep programs on key issues Diverse membership positioned to succeed in new roles Analyze, prioritize, and respond to changing environments Sustainable and efficient resource models and decision processes Effective and mutuallybeneficial relationships 8

17 ASA Curriculum Changes ASA curriculum changing in July 2018 Effective for new ASAs as of July 1, 2018 Effective for new FSAs after July 1, components for ASA instead of 10 Predictive analytics emphasis Long term and short term insurance Changes to reflect employer-valued components the quality, rigor, and depth of expertise expected of SOA members 9

18 Predictive Analytics Predictive Analytics certificate program for actuaries Predictive Analytics Symposium Kaggle program Intern program to place actuaries in non-traditional roles 10

19 What is the SOA doing to help reaching out to employers in industries other than insurance engaging with students considering career options supporting educational institutions and universities with actuarial programs seeking joint sponsorship with other organizations for conferences and events with wider focus All of these activities enhance the actuarial brand and broaden our relevance. 11

20 Ultimate goal of the SOA strategy to be relevant to employer and client needs to serve a large and growing profession to provide meaningful work for current and future members to be recognized and seen as credible with our stakeholders to expand the frontiers of the actuarial profession though ongoing strategic research In other words, we need to make sure we remain highly sought professionals. and that stakeholders continue to seek out our members for their unique skills and high ethical standards. 12

21 What can you do to help? 13

22 What can you do The challenge is to remain relevant to key stakeholders. How? Commit to life-long learning and continuing education Develop skills outside our areas of expertise Work on weaknesses as well as strengths Improve "soft skills"

23 What can you do examples Continue your professional development Tap into available research Connect with your peers Join sections Help candidates and new actuaries make connections at work Mentor others

24 What can you do examples Provide internships at your company for promising candidates Share your expertise by offering to speak at local actuarial clubs or at actuarial or industry meetings Use the SOA volunteer database to identify volunteer opportunities that fit your schedule, expertise and time commitments Increasing your level of engagement advances your skills, gains new experiences and improves your leadership qualities Increasing your own strength also makes us collectively stronger

25 Conclusion Let s work together to keep the profession vibrant Let s focus on attracting the best and brightest to our profession Let s collaborate with other organizations to advance our profession Let s expand actuarial opportunities in emerging fields Let s sharpen our actuarial skills and at the same time enhance our business acumen and communication skills Let s prove the relevance of our credentials

27 2018 SOA Life & Annuity Symposium The Competency Framework: Design Your Future Richard Junker, FSA, MAAA Baltimore, MD Session 32 Monday, May 7, 2018

28 Welcome and Overview What is the Competency Framework? Why the Competency Framework? Where are we today? How do I create a Personal Development Plan? Your Future 4

29 Definitions Competency A demonstrable ability (the synthesis of skills, knowledge and behaviors) that contributes to an essential outcome (product or service) that defines an individual as qualified. Competency framework (model) A meaningful organization of competencies that may be organized by content, role, position or combination and are used for a variety of purposes and processes. The synthesis of the skills, knowledge, behaviors, attitudes and attributes that contribute to outstanding job performance.

30 Competency Framework (Tool) The SOA's Competency Framework for Actuaries is a tool to help actuaries make decisions related to their individual professional development and career management plans. It applies systematic, sound approaches to selecting professional development opportunities, focusing on the skills needed to go beyond technical and specific actuarial analysis. Source: Competency Framework.docx

31 Why did the SOA Design the Competency Framework? Strategic benefits Integrate education and career development Focus and prioritize continuing education and support to members Foundation for professional development

32 Where will you be in five years? Individual contributor Manager Director or vice president of a department C-level executive I ll be retired and living off my travels and Tai Chi practice

33 What is your call to action? Looking five years into the future, to be valued for my professionalism, technical expertise and business acumen, I will

34 The Competency Framework: New Branding

35 Compared to What? How m I doin Edna?

36 The Self-Assessment Tool

37 The Self-Assessment Tool: ASSESS YOURSELF!

38 The Self-Assessment: Identify Your Gaps EXAMPLE External Sources & Industry Knowledge Importance Ability Gap External Sources & Industry Knowledge Averages

39 Cultivate Your Strengths We must remember that casting a critical eye on our weaknesses and working hard to manage them, while sometimes necessary, will only help us prevent failure. It will not help us reach excellence you will reach excellence only by understanding and cultivating your strengths. Marcus Buckingham, Now Discover Your Strengths

40 Competency Framework Workbook Linked to SOA Meeting Sessions The workbook contains worksheets for all meeting sessions, with all professional development offerings listed by their primary competency. The tabs for each respective competency contain useful sources for competency development.

41 Competency Framework Workbook: Your Plan to Address Gaps Identified in Self-Assessment

42 Competency Framework Workbook: Your Plan to Address Gaps Identified in Self-Assessment

43 Competency Framework Workbook: Example of Curriculum for Relationship Management & Interpersonal Collaboration

44 References SOA Competency Framework for Actuaries Self-Assessment Tool and Personal Planning Workbook Road to Success How the Competency Framework developed How to Become a Better Actuary How Toastmasters and the Competency Framework Can Benefit Actuaries Competency Framework concepts from other disciplines US&ie=utf8&oe=utf8&rlz=1I7GGNI_enUS603&gws_rd=ssl

Sharpen the Saw The 7 Habits of Highly Effective People http://www.amazon.

ie=UTF8&qid=1409761280&sr=8-1&keywords=seven+habits Strengths Finder 2.

url=search-alias%3daps&fieldkeywords=strengths%202.0&sprefix=strengths+2.0%2caps http://www.amazon.

ie=utf8&qid=1409935151&sr=8-1&keywords=unwritten+laws+of+business How to Win Friends and Influence

45 Sharpen the Saw The 7 Habits of Highly Effective People People/dp/ /ref=sr_1_1?ie=UTF8&qid= &sr=8-1&keywords=seven+habits Strengths Finder 2.0 Unwritten Laws of Business ebook/dp/b000segiiq/ref=sr_1_1?ie=utf8&qid= &sr=8-1&keywords=unwritten+laws+of+business How to Win Friends and Influence People nd+influence+people%2caps%2c205&rh=n%3a283155%2ck%3ahow+to+win+friends+a nd+influence+people

46 Conclusion Call to Action Complete the Self-Assessment if you have not done so Create your Personal Development Plan using the SOA tool Speak with your manager about your Professional Development Plan integrate the Competency Framework into your company s personal performance appraisal and staff development process Thus fortified and inspired, let us venture forth to restock our intellectual larder with the appetizing offerings of today s educational sessions! L Chaim!

47 Your Actuarial Career Adventure Begins with Your Competency! Please remember to complete the evaluation Feedback Breakfast of Champions!

48 Design Your Future with the Competency Framework MARGARET RESCE MILKINT Managing Partner May 7, 2018

49 Today s Talent Landscape

50 INDUSTRY UNEMPLOYMENT Overall 4.1% Insurance 2.2% U.S. Bureau of Labor Statistics, February

51 INDUSTRY STAFFING PLANS Technology Claims Analytics Underwriting Top five areas insurers are looking to increase staff Sales/Marketing The Jacobson Group and Ward Group Semi-Annual Insurance Labor Outlook Study, January

52 RECRUITING DIFFICULTY Technology 6.9 Actuarial 6.8 Analytics 6.5 Executives 6.4 Product Management 5.8 The Jacobson Group and Ward Group Semi-Annual Insurance Labor Outlook Study, January

53 GROWING TALENT CRISIS 25% 60% 85% of industry employees will be nearing retirement this year. of demand for technical and managerial talent will NOT be met by current supply. of the industry s staffing needs will NOT be met by risk and insurance graduates. 400,000 insurance positions need to be filled by McKinsey & Company; PropertyCasualty 360 8

54 GROWING ACTUARIAL TALENT GAP The employment of actuaries is projected to grow 26% by The current number of actuarial graduates outnumbers open entry-level actuarial positions. However, it is estimated that the current demand for mid-career actuaries is approximately twice the current supply. U.S. Bureau of Labor Statistics, SOA, International Actuarial Association SUPPLY DEMAND 9

55 GROWING ACTUARIAL TALENT GAP Millennials and Generation Z are the logical solution for filling the growing talent gap. Millennials make up 36 percent of the U.S. workforce and are expected to form 46 percent of the U.S. workforce by Generation Z is projected to make up 36 percent of the workforce by PwC, University of North Carolina, Department of Labor 10

56 SHIFTING DIVERSITY By 2043, the U.S. will be a majority minority nation. New immigrants will account for 83% of the working-age population growth by Center for American Progress 11

57 EMERGING DISRUPTION Analytics Remote Monitoring Driverless Cars Drones Artificial Intelligence Telemedicine Telematics 12

58 NEW WORKFORCE ENVIRONMENT The new workforce is changing it is becoming more complex and challenging. Volatile Uncertain Complex Ambiguous 13

59 Emerging Actuarial Roles and Skills

60 ANALYTICS: DYNAMIC NEW DISCIPLINE Insurers are adding analytics jobs five times faster than the overall national employment growth. The number of actuaries involved in analytics is predicted to increase 21% by the end of this year. Accenture Institute for High Performance, U.S. Department of Labor 15

61 REGULATORY/COMPLIANCE: CREATING OPENINGS Regulatory changes are creating a demand for skilled individuals capable of analyzing and monitoring. Regulatory actuary is an emerging position within the field. Accenture Institute for High Performance, U.S. Department of Labor 16

62 NON-TRADITIONAL ROLES The reach of the actuarial profession is becoming increasingly wider. Enterprise Risk Management Weather Risk Management Sports Analysis E-Commerce Risk 17

63 EMERGING NEEDS: ANALYTICAL ACUMEN Actuaries have taken a leading role in integrating analytics and big data. Actuaries are key in educating and socializing their colleagues on analytics. 18

64 EMERGING NEEDS: RISK ASSESSMENT Actuaries have been deploying increasingly sophisticated mathematical techniques to calculate financial risk. 19

65 EMERGING NEEDS: MARKETPLACE ASSESSMENT Actuaries provide insightful decision-making statistics. Actuaries assess the marketplace from a completely new perspective. 20

66 Marketing Yourself

67 THE ACTUARY OF THE FUTURE MUST Connect business to the actuarial sciences. Have strong presentation and communication skills. Have strong collaboration and interaction across business units. Be capable of translating complex information. Take a proactive stance. Be adaptable. 22

68 KEY JOB SKILLS Technology Adapting to new tools Social Media Savvy Following new trends Verbal/Written Communication Growing soft skills Critical Thinking Making decisions 23

69 EMERGING LEADERSHIP TRAITS Self-Aware Boundary-less Collaborative Networked Adaptable 24

70 KEY EDUCATION EXPERIENCE Insurers are looking for specific fields of study for potential talent: Accounting/Finance Actuarial Business Risk Management STEM 25

STAY RELEVANT AND INFORMED Participate in continuing education opportunities including insurance seminars and conferences, as well as leadership, analytics and actuarial-specific training.

71 STAY RELEVANT AND INFORMED Participate in continuing education opportunities including insurance seminars and conferences, as well as leadership, analytics and actuarial-specific training. Get involved with local associations and professional networking groups in order to grow your career. American Academy of Actuaries Casualty Actuarial Society Chicago Actuarial Association Society of Actuaries 26

72 EMBRACE NETWORKING Have your 30-second introduction ready. Always have business cards ready for networking. Your intro should leave your contact with quality and impactful take-aways. 27

73 MANAGE YOUR BRAND EMPLOY THESE CAREER- BOOSTING PR TACTICS: Manage your brand. Create a buzz! Act as your own agent. Talk yourself up! Get active in social media. Stay connected! 28

74 SOCIAL NETWORK Join industry groups on LinkedIn, Twitter and Facebook to put your name out there. Social networking goes beyond social media sites; look for opportunities on job boards, industry blogs, message boards, etc. You are in control of your digital fingerprint! What do you see when you Google yourself? 29

75 ACE THE INTERVIEW Be prepared: research the organization, prepare questions and practice answers to common interview questions. Put your best foot forward: dress professionally, arrive early and bring extra copies of your resume. Communicate effectively: maintain good eye contact, shake hands firmly, and answer with enthusiasm and interest. 30

76 Our training makes us perfect for enterprise risk management, complexity science and analytics. - Mike McLaughlin, FSA, CERA, FIA, MAAA, past president of the Society of Actuaries

77 Questions? Thank You! Margaret Resce Milkint Managing Partner The Jacobson Group +1 (312) For more information, visit jacobsononline.com.

NAVIGATING THE INSURANCE CAREER PATH: Strategies for Success. Assistant Vice President The Jacobson Group

NAVIGATING THE INSURANCE CAREER PATH: Strategies for Success Presented By: Alicia Morris Assistant Vice President The Jacobson Group TODAY S TALENT LANDSCAPE UNEMPLOYMENT RATE Insurance Overall 12% The