JULY 2021 theactuary.com

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44 15 General insurance: of 35 Technology: A decentralised the road future Nikolaos Kefallinos on national Actuaries have a lot to contribute in no-claims discount schemes the growing fi eld of decentralised technology, says Zhixin Lim 16 Data science: Get in on the action As data fl oods the insurance sector, 36 Careers: Choose your own actuaries must be prepared for adventure change, says Edward Plowman Both recent graduates and more established professionals should be 19 Data science: The price is righter thinking about their career paths, say 12 Alastair Black considers the eff ects of Bradley Shearer and Jane Barrett Embrac new hallenenges data analytics on the way life Up Front insurance is priced 38 Careers: A woman with a mission inn a cchanginghaanging pprofessionroffees i n Sarah Rawson shares her experiences 4 Editorial 22 Technology: Thinking machines as a woman in a senior actuarial It’s important we continually update What are the diff erent types of leadership role – and her advice our skillset, says Dan Georgescu artifi cial intelligence, and what issues do they raise? Joel Walmsley explains 40 Careers: Capital gains 5 CEO’s comment Geoff Trickey explains the concept of Stephen Mann on how the IFoA is 24 Modelling: Under supervision social capital, and how we can using valuable member feedback Neptune Jin on the use of maintain it in an era of home working supervised learning techniques in 6 IFoA news claims frequency modelling The latest IFoA news and events 28 General insurance: Stresses 11 Letters and strains COVID-19 has shown the importance At The Back of stress testing, say Darshan 42 People/society news Purmessur and Haedeh Nazari The latest news, updates and events

30 Risk: Uncertain terms 44 Student What do we mean by ‘risk’? Paul Participating in the stock market is Features Sweeting explores the terminology, easier than ever, says Ciara Izuchukwu 12 Interview: Make it worthwhile and why it’s important Incoming IFoA president Louise 45 Forging ahead Pryor explains the priorities and main 32 Diversity: A diff erent perspective Cosmin Vlad on the importance of themes for her presidential term Chika Aghadiuno examines how our communication skills profession can be more supportive of neurodiverse employees 46 Puzzles

Get the app Additional content including daily news can be Did you know you can now read The Actuary magazine on any tablet or found at www.theactuary.com AAndroid phone? Click through to read more online, download resources, or sshare on social media via our links in the app. It’s an exclusive free benefi t for Weekly newsletter: for all the latest actuarial GENERAL INSURANCE INTERVIEW RISK MANAGEMENT oour members. Download on the App Store at: www.theactuary.com/ipad news, features and opinion direct to your inbox, 1 3 The importance of stress Incoming IFoA president Discussing the many ways ISTOCK COVER: VVisit: www.play.google.com sign up at bit.ly/ MN bXK testing in the wake of the Louise Pryor on climate risk in which we can defi ne COVID-19 pandemic and lifelong learning uncertainty www.theactuary.com JULY 2021 | THE ACTUARY | 3

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How can we be more supportive of neurodivergent employees in the workplace? A personal Chika Aghadiuno explains perspective

eurodiversity is rightly disabled or less/more intelligent. While Alicja Nocon, starting to receive more labelling can be problematic, understanding a founder attention, and is an area the common forms of neurodivergence member of that the IFoA and its using the defi cit-based medical model GAIN, shares Diversity Action Group can be helpful (see Table 1). her experience (DAG) believe warrants Please note that this article does working as an greater awareness. But do not specifi cally cover ‘acquired’ actuary on the spectrum: we understand what is neurodivergence, such as that acquired “I have worked as a longevity and meant by , and how we can through brain trauma. Additionally, while risk actuary across consulting, be ‘neurodiversity smart’? bipolar disorder, depression, schizophrenia insurance and reinsurance for a and anxiety are sometimes included under decade now. Most of my strengths as What is neurodiversity? the umbrella of neurodivergence and/or the an actuary can be linked to the autistic Neurodiversity refers to the range of umbrella of mental health, and are important traits as defi ned in the DSM-5 manual diff erences in individual human brain to consider in the context of creating an used to diagnose the condition. For function and behavioural traits. It is inclusive, eff ective working environment, example, my expertise in longevity is estimated that one in seven people they are also not specifi cally covered within the result of having a ‘fi xated interest are neurodivergent, meaning they this article. that is abnormal in intensity or focus’ experience the world and process in this area. It just so happens that my information diff erently from most The case for neurodiversity ‘obsession’ with statistics and people. Neurodiversity proponents view ‘Neurodiversity-smart’ employers seek population data has been encouraged neurocognitive styles as operating across to embrace and maximise the talents of and valued as an actuary! a continuum, rather than a binary of able/ people who think diff erently. Not being truly Social communication and interaction is more diffi cult, and often TABLE 1: Common forms of neurodivergence. anxiety-provoking, for many autistic people. However, job crafting, NEURODIVERGENCE WHAT IT MEANS UK PREVALENCE , including Characterised in the DSM-5 (Diagnostic and Statistical Manual of 1-2% coaching and having a caring and Asperger’s syndrome and Mental Disorders) by rigid thinking, restrictive and repetitive honest ally in the workplace can other forms of autism (see behaviours, and social communication challenges. Most people on more in Spotlight on autism the autism spectrum also experience some form of sensory reduce the challenges of being wired overleaf) sensitivity due to functional hyper-connectivity across multiple diff erently. Having spent the last year brain regions, which, when experienced, may make the individual prone to feeling overwhelmed and anxious. making sense of my autism diagnosis, Dyslexia Aff ects the development of literacy and language-related skills, 10% which I received in later life, I now want and characterised by diffi culties with phonological processing, to use my experience to educate rapid naming, working memory, processing speed and the automatic development of skills that may not match up to an diverse and inclusive increases the risk or mental health conditions, are not understood from HR data. There is others in my role as a neurodiversity individual’s other cognitive abilities. of missing out on the best talent and substantially disadvantaged when doing therefore plenty to gain from having a and wellbeing consultant. Dyscalculia Aff ects the ability to acquire arithmetical skills, and characterised 7% performing sub-optimally in terms of their jobs’. This means employers need neurodiversity-inclusive environment. by diffi culties with understanding number concepts, learning number facts and procedures, and having an intuitive grasp of productivity, risk management, customer to take consideration of reasonable numbers. outcomes and, ultimately, the bottom line. adjustments seriously. Being neurodiversity-smart 6 Developmental co-ordination Aff ects muscle co-ordination and perception. Perception includes % Despite this, a person’s Due to the fear of discrimination This is about developing an awareness, disorder (dyspraxia) vision, hearing and proprioception (awareness of where your limbs are in space). neurodivergence may be regarded as a post-disclosure, and many adults not understanding and acceptance for neuro- Attention defi cit Characterised by a persistent pattern of inattention and/or 4% disability under the Equality Act 2010, having received a formal diagnosis, there diff erence, celebrating and leveraging the (hyperactivity) disorder hyperactivity and impulsivity. Contrary to common beliefs, (AD[H]D) AD(H)D brains are under-stimulated, it usually occurs over a under which fi rms are obliged to ‘make are likely to be more neurodivergent talents it can bring, and creating an adaptive

IMAGE: ISTOCK IMAGE: person’s lifetime, and it is not limited to children or males. sure workers with disabilities, or physical people in the workplace than might be and inclusive workplace environment.

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Spotlight on autism According to the National Autistic Society, one in 100 people are on the autism spectrum and there are around 700,000 autistic adults and children in the UK. Like other forms of neurodivergence, autism should not be seen as a ‘disorder’ but viewed more constructively as a neuroprocessing style that results in a very diff erent experience of the world. People on the autism spectrum often show many of the following tendencies: Strengths – They are often logical, data-driven thinkers, free from confi rmation bias and strong at problem-solving. They often have a strong ability to focus for long periods of time, and to assimilate and retain detailed information. They are frequently reliable and loyal employees. Challenges – Autistic people may fi nd elements of social interaction challenging. For example, they may fi nd it hard to ‘read’ other people, and often think literally. They may appear aloof to colleagues due to issues with eye contact, tone of voice, shyness and social anxiety. They often want to socialise and be included, but are anxious and unsure about how to do so. Some autistic people may fi nd conceptualising and illustrating abstract ideas diffi cult, and may struggle with adapting to changes in structure and routine. Over-stimulation in a busy, noisy workplace can also be a factor that prevents people from performing at their best.

Neurodiversity adjustments can be community may identify as share with our members and member easy to implement and inexpensive. neurodivergent. Many of the strengths fi rms. GAIN is a new not-for-profi t They can cover a wide area and include: associated with neurodivergent individuals organisation and hub for insurance, Fair recruitment and development play well to the analytical, focused and pension, employee benefi ts, wealth and practices: Clear job descriptions; innovative thinking that we need within investment colleagues. Its aim is to accessible assessments and tests that are our profession. capitalise on the clear match between the neurodivergent-compatible; thoughtful We are delighted to be working with strengths of neurodiverse people and the onboarding process the Group for Autism, Insurance and shortage of these skills in the industry, Inclusive environment: Workspace Neurodiversity (GAIN) to consider especially as the dependency on data accommodation (for example allocated strategies and initiatives we can adopt and continues to grow. To fi nd out more about seating, lighting, noise, equipment); GAIN, please visit gaintogether.org avoidance of rigid competency-based We are also pleased to have joined performance/development frameworks; forces with the UK’s National Autistic developing a culture supportive of Society to provide guides on autism and greater understanding and acceptance the actuarial profession (bit.ly/35Aa3Em). of neurodiversity (champions, training). These were launched on the IFoA website on 18 June, which is . A comprehensive list of neurodiversity The objective is to help raise awareness adjustments can be found in the DARE Help and support and understanding Report on Adjustments (bit.ly/3yMVgmO), If you would like to connect with others of autism, provide which was commissioned by University who are neurodiverse and working in the support to autistic CHIKA College, London and autism research sector, you can contact GAIN members and AGHADIUNO charity , and co-produced with (gaintogether.org), the Diversity Project members who work is chair of the IFoA’s Diversity Action autistic people. (diversityproject.com), the Insurance with or line-manage Group Families Network (insurance autistic employees, What does this mean for the IFoA? families.org) and DAG (bit.ly/3ctwxue). as well as provide The IFoA and DAG are committed to This article is indebted to the excellent information and embracing all aspects of diversity and CIPD guide Neurodiversity at Work guidance to autistic in terms of our members, (bit.ly/3vHt5Uo), which readers are people considering a volunteers and member fi rms. We encouraged to read. career in the recognise that many within the actuarial actuarial profession.

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