Not for Ostriches Developing New Actuarial Products and Services

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Not for OstrichesDeveloping New Actuarial
Products and Services
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• Sally Bridgeland, Hewitt Bacon Woodrow
• 1 December 2003
• Moat House, Glasgow

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Not for Ostriches

• What would you do if you were laid off tomorrow?
• What do filmmaking and pension funding have in
  common?
• Where would you rather be using your skills?
• but for hedgehogs?

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Open your Minds

• Put your hand up if you believe you will be doing
  the same job in
• Twenty years time
• Ten years time
• Five years time
• Two years time
• One years time

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Open your Minds

• RED
• GREEN
• BLUE
• PINK

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Open your Minds

• HARE
• TORTOISE
• OSTRICH
• HEDGEHOG

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Open your Minds

• RED
• GREEN
• BLUE
• PINK

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A True Story

• One upon a time
• when I was 30
• From Scheme Actuary
• to a job that didnt exist
• Happily ever after
• until next year
• and always an actuary

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The Hedgehog Concept

• What are actuaries deeply passionate about?
• What can actuaries be best in the world at?
• What drives actuaries economic engines?

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Over to you

• On your own
• Your hedgehog
• In groups
• The actuarial professions hedgehog
• Report back

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Some Rules for Brainstorming

• Be lateral
• Be more lateral
• Dont stop to judge or criticise your ideas
• Build on other peoples ideas
• Write everything down
• be inspired

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Making Financial Sense of the Future

• The future, according to some scientists, will
  be exactly like the past, only far more
  expensive John Sladek

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Making Financial Sense of the Future

• The future is not set. There is no fate but what
  we make ourselves John Conner

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Making Financial Sense of the Future

• The future belongs to those who prepare for it
  today Malcolm X (1925 - 1965)

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Making Financial Sense of the Future

• We cannot always build the future for our youth,
  but we can build our youth for the
  future Franklin D. Roosevelt (1882 - 1945)

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Making Financial Sense of the Future

• The future belongs to those who
  dare Unknown

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Making Financial Sense of the Future

• Those who stare at the past have their backs
  turned to the future Unknown

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Making Financial Sense of the Future

• The future is much like the present, only
  longer Don Quisenberry

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Making Financial Sense of the Future

• The best way to predict the future is to invent
  it Alan Kay

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Hunt your own Personal Hedgehog

• What are you
• deeply passionate about?

What can you be best in the world at?
What drives your economic engine?
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Hunt the Actuarial Hedgehog

• What are actuaries deeply passionate about?

What can actuaries be best in the world at?
What drives actuaries economic engines?
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Film-Making?

• More passionate than pensions
• Lots of data
• Lots of uncertainty
• Big budgets

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The End

• For more about hedgehogs read Chapter 5 of Good
  to Great by Jim Collins
• Thanks to Hewitt Bacon Woodrow