The Mckinsey Global Institute produced an interesting discussion paper in May 2018 on automation and the future of the work force. They concluded that demand for technological, social and emotional, and higher cognitive skills will rise by 2030. The interesting question they considered was how workers and organisations will adapt?

Our industry is going through seismic change with every firm implementing a digital strategy. Changing demand for skills has already started and will only gather pace. The insurance sector has many potential uses for AI, including forecasting risk and marketing products. This will certainly change the actuarial professional and the role of the actuary.

Even the way people are starting to define “work” is undergoing massive change. More people are working freelance, and if you’re still working in a large organisation, you either hot desk or are about to. We are seeing landlords offer more extra curricula activities like yoga, speed networking and educational talks to make people feel part of a community which is in danger of eroding. Big challenges lie ahead for those involved in organisational design and creating the right culture in an organisation.

We’ve seen the Institute and Faculty of Actuaries (IFoA) evolve, who have now released information about the new curriculum for 2019. They have a clear responsibility to ensure the curriculum is relevant and they are doing a good job in this regard. With the certainty that everything is always changing and we don’t know what the future holds, I think their five attributes we all need to work on developing is to be prepared for whatever comes next.

“In one world, effort is a bad thing. It, like failure, means you’re not smart or talented. If you were, you wouldn’t need effort. In the other world, effort is what makes you smart or talented.” – Carol Dweck

Build your brand

This is important for everyone in the digital age. You can get a good idea of a person’s background from their CV and LinkedIn profile, information about likes and dislikes from Instagram, Facebook and Twitter. Make sure you spend time building your digital presence so you can be found. Whether you are meeting a potential client or employer, most people research who they are meeting online, so make they have some great content to read. It’s important to engage with the industry both online and offline, and having a clear voice on issues could just be the difference that sets you apart.

Develop a growth mind-set

This refers to a learning theory developed by Dr Carol Dweck. It is the belief that you can improve intelligence, ability and performance through continued learning and development. I think, given the relentless pace of change and search for more innovative ways of doing things, having a growth mind-set and thirst for learning more will place you in a strong position to thrive as an actuary of the future. Developing this positive attitude can have a significant impact on your career. 

Be tech savvy

Either learn to code or have a thorough understanding of computing. Learn the ideas behind automation and artificial intelligence and make sure you know the benefits and risks. With your growth mind-set take an interest in new technologies and their applications. Technology is involved in every part of our lives and it seems like this will gather more pace in the future.

Build your network

Human connections have always been important. Actively network in the industry, stay in touch with ex-colleagues and meet new people regularly. It’s about building relationships quickly and effectively using online and good old fashioned face-to-face networking. Maintaining a good network of contacts, in my opinion will remain extremely important to building a successful career in the future. You will find more new opportunities and be referred more often by your network of contacts. . You might belong to networks you are not even aware of.

Be resilient

Work on building your resilience, which is the capacity to recover quickly from difficulties. With ever increasing requirements to deal with changing priorities and heavy workloads, a highly developed level of resilience will help us deal with the stress and strains of any workplace. When people have resilience they are often open to learning, receptive to receiving help and comfortable not understanding concepts immediately. Motivation and effort are as import as knowing how to do something, and given the pace of technological change in the world, I think this trait will be as important as ever.

Without knowing what the future holds, we need to make sure we are well equipped with the right skills to be a useful and productive member of the work force. Work hard to learn new skills and be sure to develop a positive mind-set so we are ready for tomorrow.