The Actuary February/March 2018

68 Pages·2017·7.37 MB·English

THE
VOLUME 15 ISSUE 1
FEB
18
MAR
LETʼS TALK
14 SIMPLIFYING THE COMPLEX 38 STOP WASTING TIME
Tailor your message to nontechnical audiences Tips on how to make the most of meetings
18 SECURE TRUST 46 BODY TALK
How to build trust to improve both your personal Improving communication by being aware
and professional life of body language
52 IMPROVING INTERACTIONS
Exploring the roles of introverts
and extroverts in group dynamics
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Find out more: [email protected]
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willistowerswatson.com
willistowerswatson.com
willistowerswatson.com
THE
VOLUME 15 ISSUE 1
FEB
18
MAR
14 18 24 34 38 52
FEATURES
14 SIMPLIFYING THE COMPLEX 38 STOP WASTING TIME
How to speak to nontechnical audiences How to make the most of meetings
By Raymond E. DiDonna By Katie Wright
18 SECURE TRUST 44 OVERCOMING THE
How to build trust to improve both your CYBERSPACE CHALLENGE
personal and professional life
The impact of social media on the
By Darcy Eikenberg
actuarial profession
By Debbie Fine and Hillary Steele
24 INTERVIEW ETIQUETTE
How to communicate your value during 46 BODY TALK
a job interview
Improving communication by being aware
By Marianne Westphal and Julie Garwood
of body language
By Kelly Hennigan
30 STRAIGHT TALK
Jason Alleyne, Stephen Camilli, Terri 52 IMPROVING INTERACTIONS
Michalewicz and Milanthi Sarukkali sound
Exploring the roles of introverts and extroverts
off on communication fundamentals
in group dynamics
By Mitchell Stephenson
34 THE ELEVATOR PITCH
How to leave a lasting impression and take
56 TURNING POINTS
your networking game to the next level
By John West Hadley Q&A with senior technical director David Moore
The Actuary welcomes both solicited and unsolicited submissions. The editors reserve the right to accept, reject or request changes to solicited and unsolicited submissions, as well as edit articles for length, basic syntax,
grammar, spelling and punctuation. The Actuary is copyedited according to Associated Press (AP) style. For more information about submitting an article, please contact Jacque Kirkwood, magazine staff editor, at
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L Be sure to
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DEPARTMENTS
6 EDITORIAL Communication Breakdown
8 FROM THE PRESIDENT Fostering Innovation and Growing Skills
10 AROUND THE GLOBE SOA Outreach in Asia: A roundup of news from the global community
12 NEW & NOTEWORTHY Issues in Public Health: Your source for industry briefings and SOA news
60 TOOLBOX Communicate Better: Useful tools and resources for actuaries
62 INNOVATE Predictive Analytics Pilot: The story behind the SOA’s predictive analytics certificate program
64 RESEARCH The Impact of SOA Research: Q&A with R. Dale Hall, SOA managing director of Research
66 TAKE CHARGE Information on Professional Development Opportunities
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EDITORIAL

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C
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o
m m u n BiYc KaELtLYi HoENnN IGBA Nr e akdo
According to most studies, people’s number one fear is
public speaking. Number two is death. This means to the
average person, if you go to a funeral, you’re better off in
the casket than doing the eulogy.”
—Jerry Seinfeld, American comedian, actor, writer, producer and director
he most humorous jokes are oftentimes inspired their softer skills, such as communication and social
T
by real life events, which is exactly the case skills—and for good reason. One hundred years ago,
with this quip by Jerry Seinfeld. A 1973 survey Charles Riborg Mann released results from an extensive
conducted by R.H. Buskin asked 2,500 people to study that indicated 85 percent of job success came from
list their greatest fears. Forty-one percent ranked having well-developed soft skills, while only 15 percent
speaking in front of a group at the top of the list, while was driven by technical skills. Although this study is now
only 19 percent said they feared death. It turns out Seinfeld a century old, the importance of soft skills has grown in
wasn’t joking!1 Fortunately, many actuaries have overcome recent years.
their fear of public speaking, as was proven by the quality of For example, TalentSmart, an organization that has
the speakers and sessions at the 2017 Society of Actuaries studied emotional intelligence (EQ) in thousands of
(SOA) Annual Meeting & Exhibit in Boston. professionals over the last few decades, finds that emo-
The 2017 SOA Annual Meeting & Exhibit also con- tional intelligence is responsible for 58 percent of job
firmed the continued interest actuaries have in developing performance. They also found that 90 percent of top
6 The Actuary theactuarymagazine.org
performers have high EQ. EQ, unlike IQ, can change practice areas—gather in a meeting room for a full day and
over time. It also deals with skills such as self-awareness, contemplate potential future themes, topics, articles and
self-management, social awareness and relationship man- authors for the upcoming year’s issues. During the course
agement, all of which can be considered soft skills.2 of the July 2017 meeting discussion, we realized that a
The Annual Meeting Program Committee bestows recurring nontechnical theme was threaded throughout
Outstanding Session Awards to the top five sessions of many of our collective brainstormed suggestions. It was
the conference based on multiple criteria including, but then officially decided that an issue dedicated to communi-
not limited to, topic importance and relevance, evaluation cation would be in The Actuary’s lineup for 2018.
ratings, and comments and attendance. Two of the five ses- Within this issue, we are excited to provide our readers
sions that received these awards at the 2017 SOA Annual with a guidebook to communication. This magazine
Meeting & Exhibit were sponsored by the SOA Leadership includes a variety of articles, resources and tools on various
& Development Section and focused on softer skills: aspects of communication—relevant not just to actuaries,
“From Technical Professional to Leader” and “Communi- but to all professionals. In reading this issue, you will find
cation Breakdown.” I had the opportunity to moderate the pieces related to speaking to a nontechnical audience,
latter. Within this issue of The Actuary, we include articles building trust, managing effective meetings and a Q&A
from several of the presenters involved with the 2017 communication “panel”—just to name a few.
outstanding sessions. Thank you to those who contributed in the development
“Communication Breakdown” is a song by Led of this issue—the collaborators, authors, proofreaders,
Zeppelin from its 1969 eponymous debut album. In its contributing editors—you know who you are! I truly
time, the song was an anthem for frustrated youth and was enjoyed bringing this issue together in conjunction with
frequently played either to open the group’s shows or as SOA Magazine Staff Editor Jacque Kirkwood.
an encore. Analogous to how actuaries often think about George Bernard Shaw said, “The single biggest problem
communication skills as being secondary to our analytical in communication is the illusion that it has taken place.”
skills, the song was released on the B-side of the band’s first Across the many articles in this publication, you will find
single in the United States, “Good Times Bad Times.” ways to develop your soft skills to avoid that illusion. We
For those of you unfamiliar with vinyl, records had an hope that you are able to refer back to this timeless issue as a
A-side and a B-side. The A-side featured the song music communication reference in the coming months and years.
producers positioned to receive the most radio airplay and
become a hit record. Meanwhile, less thought was typi-
cally put into the song selected for the record’s B-side, or References
1 “What Percentage of People Are Afraid of Public Speaking.” 2014. Public Speaking
“flipside”—this ensured the focus remained on the A-side,
Power. January 16. http://publicspeakingpower.com/percentage-of-people-afraid-of-
or the more commercial of the two tracks. Akin to the public-speaking/.
2 “About Emotional Intelligence.” 2018. TalentSmart. Accessed January 5. http://www.
actuarial profession, frequently more emphasis is placed on
talentsmart.com/about/emotional-intelligence.php.
our “A-side” of technical skills rather than on our “B-side”
of softer skills, such as communication. This is especially
true during the exam-taking process, when we invest hun-
RELATED LINK
dreds of hours into learning highly technical and complex
concepts. However, research has shown that over the long
term, we need to focus more on our softer skills to have the Outstanding Sessions Award recipients
biggest impact on our career success. bit.ly/SOA-OutstandingSessions
When the actuarial career was ranked as the nation’s best
overall job in 2015, Tonya Manning, one of the past presi-
dents of the SOA, stated, “Being strong in math is a given, Kelly Hennigan, FSA, CFA, is vice
president, Actuarial Transformation,
but having soft skills, such as the ability to communicate
at Voya Financial. She is a contributing
well and work in a team, can be just as important.” Each
editor for The Actuary magazine and
summer, the SOA brings together the contributing editors
was the 2015–2016 chairperson of the
of The Actuary magazine at its offices in Schaumburg,
Leadership & Development Section.
Illinois, for a brainstorming session. During this session,
SOA staff and actuaries—who span a wide variety of [email protected]
FEB/MAR 18 7
from the PRESIDENT
Fostering
BY MIKE LOMBARDI
innovation and
Mike Lombardi, FSA, CERA,
FCIA, MAAA, is president of
the Society of Actuaries.
growing skills [email protected] H
T
MI
S
LinkedIn: bit.ly/ N
O
MLombardiSOA HY
s members of the Society actuaries are able to combine both purchase books or online resources
A
of Actuaries (SOA), each technical competence and soft skills so you can brush up on your
of us has regular oppor- in appropriate measure. business skills, learn about new
tunities for professional Here are some of the skills and approaches, gain thought leadership
development, be it approaches to consider in being the insights and much more. If you like
in-person events, webcasts or via best you can be as an actuary. going for walks, consider listening
resources from professional interest to recorded seminars or podcasts to
sections. We are constantly learn- Build upon both your writing and broaden your perspectives.
ing from and adapting to the world speaking skills, as they help round Innovate through experiencing,
around us. We innovate by moving out overall technical abilities. We exploring and interacting with
forward, staying curious and enhanc- know the data well and therefore others. Technological advances are
ing our skills. have an opportunity to communi- constantly challenging and shap-
This topic reminds me of an article cate it clearly, both in presentations ing our world. Think about how
I wrote a few years ago about sharp- and on paper. advances such as self-driving cars,
ening our skills. In that article, I Keep up with emerging trends to smartphones, artificial intelligence
compared the skills and qualities of remain knowledgeable and relevant. (AI), blockchain technology, cyber
both Captain Kirk and Mr. Spock We are expected to know our key risk and the Internet of Things
from the original Star Trek television audiences within society and how (IoT) may affect your practice
series. Mr. Spock served as an example they interact and are affected by and what risks and opportunities
of high intelligence and the ability to the changing world. For example, may emerge.
solve complex problems—qualities younger generations have evolving Enhance your potential by gaining
we see and value in actuaries. How- perspectives and needs in terms or building upon your communica-
ever, technical competence is not of insurance based on their habits, tion and presentation abilities. Be
enough. Much like Captain Kirk, technology advancements and more. able to explain in layperson’s terms
to be effective as leaders, actuaries Get the most out of your time when not only what you do as an actuary,
also need to be passionate, decisive, traveling, such as while you’re at but also the relevancy and impact
innovative and visionary. The best the airport or in the air. Read or of your work. Actuaries need to be
8 The Actuary theactuarymagazine.org
The best actuaries are able
to combine both technical
competence and soft skills
in appropriate measure.”
seen not just as problem solvers,
but also as effective communicators.
Small changes, such as reviewing an
email from the perspective of the
recipient, can highlight areas where
clarity of communication needs to ADDITIONAL RESOURCES
be improved.
Increase your skills and your level T he website Apps for Actuaries provides a variety of mobile
of engagement with the SOA. You
applications, from actuarial focused to others focused on
can improve your professional
business, travel and more. Visit appsforactuaries.org.
development, tap into available
research, connect with your peers,
T he Tools for Actuaries website serves as a broad resource for
join sections, mentor colleagues at
tools and books, including on communication, strategy, lead-
work, speak at meetings and more.
ership and other subject matter. Visit toolsforactuaries.org.
Increasing your level of engagement
advances your skills, gains new
T ake the opportunity to join (or renew) membership with one
experiences and improves your
or more professional interest sections. Tap into the technical
leadership qualities.
knowledge and insights from section events, newsletters and
other resources available. Visit SOA.org/sections/join-section.
As actuaries, we need to continue
looking to the future to help ourselves
and those we serve. Let’s sharpen our T here are always new opportunities available for volunteering
actuarial skills and at the same time with the SOA. Search by type, time commitment and/or quali-
enhance our business acumen and fication level. Visit SOA.org/volunteer.
communication skills. Let’s prove the
relevance of our credentials and make
a difference.
FEB/MAR 18 9
AROUND THE GLOBE
SOA outreach in Asia
A ROUNDUP OF NEWS FROM THE GLOBAL COMMUNITY
Whether you travel the
world or never leave your
home country, you are
affected by global orga-
nizations, international
requirements and the
increasingly international
nature of the actuarial
profession itself. Here is
some news from around
the world.
GENERAL INSURANCE
OUTREACH IN ASIA
The Society of Actuaries SOA staff and students at a recent university visit.
(SOA) organized a
General Insurance
Outreach Presentation program that took place in work in general insurance. Presenters included Xiang Shi,
November 2017 in Kuala Lumpur, Malaysia; Jakarta, CEO assistant and chief actuary for Huahai Property &
Indonesia, and Bangkok, Thailand. This program provided Casualty Insurance; George Kau, former senior VP/head of
a high-quality professional development experience in an Actuarial Services of Takaful Ikhlas Berhad; Nurul Syuhada
interactive and informational format. A variety of stake- Nurazmi, partner, Actuarial Partners; Tatcha Ayana, VP/
holders attended the events, including junior to mid-level head of actuarial at Allianz General Insurance Thailand,
actuaries from major actuarial employers and senior man- and Chayana Siripirom, CFO of AXA Insurance.
agement executives from these companies.
The SOA received valuable support from SOA Greater THE SOA VISITS UIBE
Asia Committee members to develop and present the On Nov. 14, 2017, Shu-yen Liu, FSA, CERA, MAAA,
programs, and also from local leaders of key organizations retired partner of PwC and chair of the SOA 2017 China
in the region, including the Actuarial Society of Malaysia; Committee, and Jessie Li, SOA lead China representative,
Asosiasi Asuransi Umum Indonesia; the Risk Management, visited the University of International Business and Eco-
Economic Sustainability and Actuarial Sciences Develop- nomics (UIBE) in Beijing.
ment in Indonesia (READI); the Society of Actuaries of During the event, UIBE professor Yuantao Xie indicated
Thailand, and Viriyah Insurance Public Co. Ltd. the university is working to strengthen the relationship
SOA staff fellows Anthony Cappelletti, FSA, FCAS, with the industry to promote more collaboration among
FCIA, and Scott Lennox, FSA, FCAS, FCIA, delivered students and employers.
an overview of the SOA General Insurance track educa- Close to 80 undergraduate students majoring in statistics
tion, and several industry experts and SOA members gave and actuarial science attended the student presentation
presentations on technical topics that included analyzing sessions. UIBE offers majors in actuarial science, risk man-
underwriting and general insurance claims data through agement and social security programs.
predictive modeling, IFRS 17 update (for long-term gen- SOA staff and SOA China Committee members visited
eral insurance), pricing techniques for general insurance six universities in China in 2017 and met with more than
products, and the basic functions and value of actuarial 450 students.
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