An actuary's journey to becoming a Fortune 500 CEO November 30, 2016 Greig Woodring CEO Reinsurance Group of America, Incorporated
Presentation Summary Overview CEO responsibilities Attributes an actuary brings to the table Characteristics actuaries may need to acquire Advice 2
Can a young actuary aspire to become a CEO? 3
What Does a CEO Do? 4
A CEO must wear many hats
CEO Responsibilities Manager Must understand the operations of the organization; must be able to cope with complexity Must set plans and oversee the execution of those plans Must manage the human resources of an organization; must build effective teams Must produce results, financial and otherwise, with the resources available 6
CEO Responsibilities Decision Maker Must be able to make final decisions after listening to all points of view Must be able to make difficult choices Must show a bias to action 7
CEO Responsibilities Communicator Must be able to communicate clearly about complex issues and topics Must command respect of all within the organization Must be the face of the company to outside constituencies, such as investors and the public Must motivate and fire the imagination of the associates in the organization 8
CEO Responsibilities Leader Must drive the organization in a clear direction Must inspire confidence though solid decision-making Must show concern and respect for all parts of the organization Must display utmost integrity and honesty 9
CEO Responsibilities Visionary Must think deeply about the future and set a clear course for the organization Must try to anticipate future impacts Must inspire with words and actions 10
CEO Responsibilities Director Must manage Board of Directors meetings and Board relationships well Must take governance and risk management roles seriously Must be a communications link between the Board and the associates in the organization 11
Attributes an Actuary Brings to the Table 12
Attributes an Actuary Brings to the Table Professionalism Standards of professional conduct All business interactions based on a foundation of Integrity Honesty Impartiality 13
Attributes an Actuary Brings to the Table Discipline The ability to persevere through a grueling set of exams Skill in balancing competing demands to meet expectations on the job while earning professional credentials 14
Attributes an Actuary Brings to the Table Technical skills Mathematics and statistics Insurance knowledge Reasonable knowledge of investments, taxes and financial reporting Stochastic modeling and analysis capability Technological facility Deep, engineering level appreciation of the workings of products and of asset and liability flow 15
Attributes an Actuary Brings to the Table Strategic insight Big picture ability; balanced and nuanced view of risks and rewards Employing the actuarial knowledge, skills and judgment required to provide valuable insights Effective problem solving ability that addresses relevant interests and needs Ability to recognize or even anticipate trends 16
Attributes an Actuary Brings to the Table Risk management Identification and categorization of risks Quantification skills Comfortable with complex scenario tests 17
Characteristics Actuaries May Need to Acquire 18
Characteristics Actuaries May Need to Acquire Communication Presentation skills; ability to speak at the right level for each audience Persuasion; ability to influence and motivate colleagues, employees, distribution Written skills; ability to express thoughts cogently 19
Characteristics Actuaries May Need to Acquire Executive level thinking Seeing the big picture Using your knowledge to make good decisions Understanding important company communications and data, including financial statements Understanding how your actions and decisions impact key company measures and employees Effectively communicating your ideas to other employees, managers, executives, and the public 20
Characteristics Actuaries Often Need to Acquire Business acumen An acute perception of the dimensions of business issues Making sense out of complexity and an uncertain future Mindful of the implications of a choice for all the affected parties Decisive Flexible if change is warranted based on emerging information 21
Characteristics Actuaries May Need to Acquire Leadership Assertiveness / Humility Perseverance Tact Honest and open Long term viewpoint 22
Characteristics Actuaries May Need to Acquire Personal traits Integrity Ability to see and appreciate multiple perspectives Passion Ability to be supportive and encouraging Ability to make decisions when facts are not perfectly clear 23
Advice Don t try to become a CEO; try to become a better and broader executive in your current role Become a caretaker for the statue; do not become an admirer of the statue 24
A Portrait of the CEO as a Young Actuary November 30, 2016 Greig Woodring CEO Reinsurance Group of America, Incorporated