Post on 17-Jan-2016
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