Not for OstrichesDeveloping New Actuarial Products and Services

Sally Bridgeland, Hewitt Bacon & Woodrow

1 December 2003

Moat House, Glasgow

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?

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 year’s time

RED

GREEN

BLUE

PINK

Open your Minds

HARE

TORTOISE

OSTRICH

HEDGEHOG

Open your Minds

RED

GREEN

BLUE

PINK

Open your Minds

A True Story

One upon a time…when I was 30

From Scheme Actuary… to a job that didn’t exist

Happily ever after … until next year

… and always an actuary

The Hedgehog Concept

What are actuaries deeply passionate about?

What can actuaries be best in the world at?

What drives actuaries’ economic engines?

Over to you

On your own Your hedgehog

In groups The actuarial

profession’s hedgehog

Report back

Some Rules for Brainstorming

Be lateral Be more lateral Don’t stop to judge or criticise your

ideas Build on other people’s ideas Write everything down

… be inspired

“The future, according to some scientists, will be

exactly like the past, only far more expensive”

John Sladek

Making Financial Sense of the Future

“The future is not set. There is no fate but what

we make ourselves”John Conner

Making Financial Sense of the Future

“The future belongs to those who prepare

for it today”Malcolm X (1925 - 1965)

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)

Making Financial Sense of the Future

“The future belongs to those who dare”

Unknown

Making Financial Sense of the Future

“Those who stare at the past have their backs turned to the future”

Unknown

Making Financial Sense of the Future

“The future is much like the present, only longer”

Don Quisenberry

Making Financial Sense of the Future

“The best way to predict the future is to invent it”

Alan Kay

Making Financial Sense of the Future

What are you

deeply passionate about?

What can you be

best in the world at?

What drives your economic engine?

Hunt your own Personal Hedgehog

What are actuaries deeply passionate

about?

What can actuaries be best in the world

at?

What drives actuaries’ economic engines?

Hunt the Actuarial Hedgehog

Film-Making?

More passionate than pensions

Lots of data Lots of uncertainty Big budgets

The End

For more about hedgehogs read Chapter 5 of “Good to Great” by Jim Collins

Thanks to Hewitt Bacon & Woodrow