2021 Caribbean Actuarial Association Conference

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2021 | Caribbean Actuarial Association


EMBRACING THE DISRUPTION Page 1

Table of Contents PRESIDENT'S WELCOME PAGE 2 PLATINUM SPONSORS PAGE 3 THE COMMITTEE PAGE 4 DAY 1 PAGE 8 BARBADOS 2022 PAGE 11 DAY 2 PAGE 12 OF A.I. AND VIKINGS PAGE 18 DAY 3 PAGE 19 DAY 4 PAGE 22 NEURODIVERSITY AND THE ACTUARIAL PROFESSION PAGE 25 DAY 5 PAGE 26 BRAINTEASERS PAGE 28 KEEPING UP WITH CANADA'S ACTUARIES PAGE 30 HOW PULA’S AGRICULTURAL INSURANCE PROTECTS FARMERS’ LIVELIHOODS PAGE 32 SPEAKERS PAGE 35


Kyle Rudden

EMBRACING THE DISRUPTION

President's Message

IT IS MY GREAT PRIVILEGE AND PLEASURE TO WELCOME MEMBERS AND FRIENDS OF THE CARIBBEAN ACTUARIAL ASSOCIATION TO OUR 2021 VIRTUAL CONFERENCE. THE THEME OF THE CONFERENCE, “CHANGE – EMBRACING THE DISRUPTION” IS AN EXISTENTIAL REALITY. Over 2020 and 2021, we have all been required to make massive changes in our business and personal lives. Our countries, companies, clients and families have grappled with the direct and indirect effects of the COVID 19 pandemic. The extent to which we have been able to embrace the disruptions, and integrate the new realities into our lives has in many cases determined our success or failure to thrive in these trying times.

I look forward to sharing, learning and growing with you all as we participate in this conference and our future activities as the Caribbean Actuarial Conference. Page 2

There has been massive acceleration of digitisation and social transformation, which has implications for all areas of actuarial practice. The nature of actuarial work is changing: some of the big trends include data science, climate change and diversity / inclusion. If you do not embrace or at least understand these disruptors, you will be rapidly irrelevant.

It’s like being unable to use video conferencing technology in a remote working world. For those of us in the Caribbean, the advent of remote working itself brings opportunities. Last year, our first virtual conference, we were able to reach people all around the world. That included many actuarial students in the Caribbean who would not have been able to attend our physical conference. It is difficult to see how future conferences will not at least be hybrid to maximise inclusion and outreach. This is a simple example of how the world has changed, and how we have embraced it.


EMBRACING THE DISRUPTION

Platinum Sponsors

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The Committee Nikita Gibson

Nikita is the 2021 Conference Chair, Chair of the Programme & Speakers Committee and an Associate of the SOA and member of the CAA. Location: Barbados Company: Clarity Life Insurance Ltd. Practice Areas: Life Insurance (Traditional and PPLI) & ERM What Do You Like: Travel, Shopping, My Dogs (Blue & Whiskey), Sudoku, Music What's Your Favourite Drink: Wine (Riesling), Whiskey (Jameson sour) What's Your Favourite Quote: "Courage doesn't always roar, sometimes courage is the quiet voice at the end of the day saying, "I will try again tomorrow"

Pedro Medford

Pedro is the Chair of the Budget & Sponsorship and CAATech Committees, and a student member of the CAA. Location: Barbados Company: Manulife Reinsurance Practice Areas: Pensions, Investments & Life Insurance (Traditional) What Do You Like: Travel, Swimming, Running, Languages What's Your Favourite Drink: Bourbon Whiskey (Maker's Mark) What's Your Favourite Quote: "Happiness is the highest level of success"

Sarayyah Baksh

Sarayyah is the Chair of the Marketing & Communications Committee and a Fellow of CAS, Associate of CIA and member of the CAA. Location: Paris, France (orig. Trinidad & Tobago) Company: Chubb Limited Practice Areas: Property & Casualty Commercial Pricing What Do You Like: Travel, Food, Animals, Soca Music

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What's Your Favourite Drink: Perrier What's Your Favourite Quote: “Walk on with hope in your heart and you will never walk alone.”


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The Committee Dionne Knight

Dionne is Chair of the Entertainment Committee and a Student member of the CAA. Location: Barbados Company: Manulife Reinsurance Practice Areas: Reinsurance, Pensions, Life Insurance What Do You Like: Exercising, Baking and Reading What's Your Favourite Drink: Whiskey Sour What's Your Favourite Quote: "More Being, Less Doing"

Kevin Weekes

Kevin is a member of the CAATech Committee. Location: Trinidad & Tobago Company: KR Services Ltd. Practice Areas: Technology What Do You Like: Ocean Kayaking, Trekking What's Your Favourite Drink: Lemon Lime & Bitters, Traditional Bush Teas What's Your Favourite Quote: "Always remember that you are absolutely unique. Just like everyone else." - Margaret Mead

Keric Rolle

Keric is a member of the CAATech Committee and an Associate member of the CAA. Location: Bahamas Company: Colina Insurance Limited Practice Areas: Life Insurance & Annuities What Do You Like: Gym & Watching Documentaries

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What's Your Favourite Drink: Vodka


EMBRACING THE DISRUPTION

The Committee Adolex Grant

Adolex is a member of the CAATech Committee and a Student member of the CAA. Location: Jamaica Company: Eckler Jamaica Ltd. Practice Areas: Pensions, Other Employee Benefits, Property & Casualty What Do You Like: Gardening, Playing Basketball, Food, Investing What's Your Favourite Drink: Apple Juice (Solo) What's Your Favourite Quote: “Success in any line demands a definite aim. He who would achieve true success in life must keep steadily in view the aim worthy of his endeavor.”

Bari-Ann Bryant

Bari-Ann is a member of the CAATech Committee and an Associate member of the CAA. Location: Jamaica Company: Scotia Jamaica Life Insurance Company Practice Areas: Life Insurance What Do You Like: Travel, Food, Wine, Music What's Your Favourite Drink: Cabernet Sauvignon What's Your Favourite Quote: “You've got to get up every morning with determination if you're going to go to bed with satisfaction.” ― George Lorimer

Jevaun Walker

Jevaun is a member of the CAATech Committee and a student member of the CAA. Location: Jamaica Company: Eckler Jamaica Ltd. Practice Areas: Pensions, Other Employee Benefits, Property & Casualty

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What Do You Like: Football, Watching Documentaries, Cooking & Music What's Your Favourite Drink: Coconut Water What's Your Favourite Quote: “Love must be sincere. Hate what is evil; cling to what is good. Be devoted to one another in Love. Honor one another above yourselves.” – Romans 12: 9-10


EMBRACING THE DISRUPTION

The Committee Toni-Marie Bobart

Toni-Marie is a member of the Entertainment Committee, a Fellow and Ordinary member of the CAA. Location: Trinidad & Tobago Company: KR Services Ltd. Practice Areas: Non-Life Insurance What Do You Like: Hiking, Reading, Weight training, Baking What's Your Favourite Drink: Dirty Martini, G&T What's Your Favourite Quote: "In the middle of difficulty lies opportunity" - Albert Einstein

Shannen Francis

Shannen is a member of the Programme Committee, and a student member of the CAA. Location: Trinidad & Tobago Company: Guardian Life of the Caribbean Practice Areas: Life Insurance What Do You Like: Watching movies, Travel, Spend time with my family, Beach What's Your Favourite Drink: Wine (Moscato, Whiskey (Jameson sour) What's Your Favourite Quote: "Life is not about finding yourself, it is about creating yourself"

Shubhash Gosine

Shubhash is the "Godfather" of the Conference Committee and a member of the CAA. Location: Jamaica Company: Duggan Consulting Ltd. Practice Areas: Pensions What Do You Like: Cricket, Football, Mentoring, Challenging the Status

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Quo i.e. Disruption What's Your Favourite Drink: Water (it can turn into wine) What's Your Favourite Quote: "Love, Peace and Harmony"


Barbados

Our Programme Day 1 Welcome Kyle Rudden, CAA President Keynote Address: The Disruptive Entrepreneur: From building plans to planning for the future Kirk-Anthony Hamilton Debate: Are actuaries needed in the Caribbean or at all? Presidents' Town Hall IAA, SOA, IFoA, CAA, ASSA, CIA, CAS COFFEE BREAK The AI Actuary Ronald Richman An overview of deep learning driven AI techniques, discuss the implications for actuarial practice. We also discuss how the actuarial profession can adapt to incorporate these techniques as a cornerstone of the actuarial toolbox. Deep learning techniques have burst onto the machine learning scene and are among the most exciting technological advances in computer science. How should actuaries respond to this breakthrough? LUNCH BREAK

The Cornerstone of Financial and Estate Planning for the High Net Worth Individual. Page 8

9.00am - 9.15am

9.15am - 10.00am

10.00am - 10.15am

10.15am - 11.45am

11.45am - 12.00pm

12.00pm - 12.30pm

12.30pm - 2.00pm


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Barbados

Our Programme Day 1 2.00pm - 3.00pm

3.00pm - 4.30pm

5.00pm - 6.00pm

Doughnut Economics Senator Crystal Drakes This session will dive into the seven principles of doughnut economics and provide an in depth look into how we change from the GDP economic model to the Doughnut model of human prosperity through sustainability. What are the current challenges impacting our economies? How did we get here? The Neoliberal Paradigm What is the doughnut paradigm and is it achievable? Knights of the Roundtable Advisory Council Meeting: Regional Insurance and Accounting Bodies and Regulators Virtual Cocktail Reception

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EMBRACING THE DISRUPTION

Barbados

2022 CAA Conference WELCOME TO BARBADOS!

THE 32ND ANNUAL CAA CONFERENCE WILL BE HELD IN BARBADOS IN DECEMBER 2022. Fun Facts: Did you know?

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The name 'Barbados' is derived from the Bearded Fig Trees once found in abundance on the island. Barbados is an island with one season....you guessed it, summer! Visitors highlight the friendliness of Barbadians as the island's greatest and most pleasing asset. This is reflected in the highest repeat visitor factor in the region of 39%. Barbados was the only vacation destination in this Hemisphere with a scheduled Concorde service. One of the retired British Airways concordes now resides at our international airport. Barbados is completely surrounded by the Atlantic Ocean Barbados is 21 miles long and a smile (14 miles) wide!

Schedule to earn your CPD hours in the warm December breeze and then head out to enjoy: swimming with the turtles snorkelling and diving to shipwrecks white sandy beaches culinary treats rum tours in the birthplace of rum UNESCO world heritage site nightlife


Jamaica

Our Programme Day 2

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9.00am - 9.15am Debate: Can we insure life and health

for pandemics? Act of God or Man?

9.15am - 10.15am IFRS 17 Workshop

Nazir Valani

The most important IFRS 17 formula

you need to know, Amortization of

CSM, taxation of CSM

Fair Value and Contractual Service

Margin at Transition

Regulatory Capital and the Balance

Sheet, Disclosures

SOA’s International Financial

Reporting for Insurers (IFRI)

Certificate Program

10.15am - 10.30am BREAK

10.30am - 11.30am The Changing Landscape of Life

Insurance

Dale Hall, Mohamed Baccouche

InsurTech and the Digital Insurer

Highlights of recent research on the

InsurTech world from the Society of

Actuaries Research Institute Outlook from a recent InsurTech / venture capital survey Key trends and outlook for the InsurTech industry and actuaries from industry thought leaders at the InsurTech Connect 2021 conference Actuarial Science of the Pandemic Trends transforming the landscape of life insurance Actuarial Modelling and the Pandemic


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Jamaica

Our Programme Day 2

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10.30am - 11.30am Basics to Life Insurance

Sylvain Goulet

A workshop geared towards

introducing students to the basics of

life insurance through an actuary's

eyes.

For actuarial students and ASAs, this

session will help to determine if the life

insurance track is for you. For university

and high school students, this session

will introduce you to the life actuary.

ESG & Insurers: The Green Insurer 11.30am - 12.30pm Constructing Climate Pathway Scenarios to Assess the Financial Impact of Climate Risk

Nick Jessop

We will introduce a scenario modelling

framework that is designed to help

insurers understand the scientific and

socio-economic uncertainty inherent

with climate risk modelling and how

insurers can assess the range of

integrated assessment models,

physical damage assumptions and

temperature percentiles when building

climate-aligned economic scenarios.

LUNCH BREAK 12.30pm - 1.30pm

Debate: Business Interruption Test 1.30pm - 1.45pm Case - Should insurers be expected

to pay?


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Jamaica

Our Programme Day 2

A Model for the Caribbean: Grace Kennedy and the Government of Jamaica Micro Insurance Model

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1.45pm - 2.45pm Solarpunk, Climate Change and the

New Actuary

Dale Hall

Overview of the recently launched

SOA Research Institute research

program on Catastrophe and

Climate

Highlights of key climate risk related

reports including the impact of

insurance affordability and

insurability

Using climate risk analysis to

consider future risk scenarios, with

a focus on wildfires and inland flood

Emerging opportunities for

actuaries in climate risk such as

investment risk analysis and

financial disclosures

2.45pm - 3.00pm BREAK

3.00pm - 4.00pm Micro and Parametric Insurance: A

Model for the Caribbean

Thomas Njeru, Jordan Taitt

This session discusses a model of insurance that has been effective in tackling rural poverty by protecting household savings, enhancing food security, and improving climate resilience. It also talks about the importance of insurance in sovereign risk management.


Jamaica

Our Programme Day 2 3.00pm - 4.00pm Workshop: Basics to Property &

Casualty

Ron Kozlowski, Nicolas Vega

A workshop geared towards

introducing students to the basics of

property & casualty through an

actuary's eyes.

For actuarial students and ASAs, this

session will help to determine if the

casualty track is for you.

For university and high school students,

this session will introduce you to the

P&C actuary.

4.30pm - 5.30pm Dancercise & Yoga

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Of A.I. and Vikings EMBRACING THE DISRUPTION

by Trevor Wood

RAGNAR LOTHBROK WAS, ARGUABLY, THE GREATEST VIKING WHO EVER LIVED. SO MUCH SO, THAT HE INSPIRED A TELEVISION SERIES, 'VIKINGS', PRODUCED BY THE HISTORY CHANNEL, WHICH CHRONICLES THE EXPLOITS OF HIM AND HIS SONS.

Ragnar is famous for finding and raiding new territory which was important because successful raiding was crucial to Viking culture and their very survival. Ragnar's explorations opened new lands to his people just when they were running out of viable pillaging. Pillaging, as you may guess, is not a renewable industry. The episode where Ragnar embarks on his first journey to Frankia (now France) contains a particularly powerful scene. He has had some success but he needs to push beyond what he knows to find new opportunities. It is a massive risk but the opportunity is too great to pass up. At the start of the journey everyone on his boat is afraid, and with trepidation growing among the crew, Ragnar turns to the front of the ship, and says firmly:

Organizations need to change focus to consider where they are going, not where they were before and artificial intelligence (A.I.) can help us to do that. Put simply, A.I. is technology which executes knowledge-based tasks typically done by humans. One important feature of A.I. is its ability to adapt based on changes in information it receives (i.e.) the ability to learn. Using A.I in the form of predictive analytics (what's likely to happen) and prescriptive analytics (what we should do), can help to you keep focused on where you want to go and better understand what to do to get there.

"Don't look back, we're not going that way". The restlessness subsides and the crew turns their focus toward where they are going.

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A.I. (Artificial Intelligence) Today, analytics is largely applied as an art in looking back. Businesses tabulate, aggregate, and visualize, in order to report, explore and tell stories about the past. The key question is "Which way are you going?". Do you want to run an operation based solely on business intelligence which is focused on looking behind you? No, you don't.

Not only should you use A.I., you should consider doing so quickly. Predictive techniques in particular have been around for a long time but are now being rapidly and widely adopted. Previously the rarified domain of actuaries, statisticians and unfathomably powerful computers, the ability to look forward has evolved to become a discipline we know as data science. ......continued on page 21


Curacao

Our Programme Day 3 9.00am - 11.00am Professionalism in Practice Course

Pat Teufel, Ken Williams

Professionalism Storytelling:

Personal stories on

professionalism challenges

Snappers: Quick Professionalism

9.00am - 10.00am Young Actuaries Course

Toni-Marie Bobart

The Person: Actuary – The Study:

Actuarial Science: What – How

Why Become an Actuary

Day in the Life of an Actuary: What

Is It Like?

11.00am -11.30am BREAK

11.30am - 12.30pm Professionalism in Practice Course

Bryan Ware

Case Studies

12.30pm - 1.30pm LUNCH BREAK

1.30pm - 2.30pm Professionalism in Practice Course

Ron Kozlowski Breakout Sessions on Professionalism Topics

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Curacao

Our Programme Day 3

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2.30pm - 3.30pm Qualifying Actuaries Course

CAS: Ron Kozlowski, IFoA: Clifford

Friend, SOA: Stuart Klugman & Scott

Lennox, CIA: Jacqueline Friedland

Upcoming changes impacting your

exam path

Sitting exams in a CBT world

Benefits of being a member of

your association

3.30pm - 4.30pm Recruiting the Actuary in the New

World

Vinny Hughes

The job market is wide open for

actuaries across the globe. This

session covers recruiting

opportunities for actuaries.

1. The Offshore (Re)Insurance market

Is Remote Work here to stay?

The continued rise of Non

Traditional Actuarial positions

Acquisitions & Consolidation –

More Private Equity firms are

Investing in Life

Insurance/Retirement products

The constant drive for further

modernization and model

efficiencies

System Conversions &

Transformational Projects

Consultants, Consultants!!!

Client Facing Actuaries

Make a move, explore opportunities, it

is a great time to be an actuary!

5.00pm - 6.00pm Virtual Karaoke


Of A.I. and Vikings EMBRACING THE DISRUPTION

by Trevor Wood

DATA SCIENTISTS ARE OFTEN DESCRIBED AS UNICORNS, POSSESSING A RARE COMBINATION OF SKILLS INCLUDING STATISTICS, VISUALIZATION, COMPUTER SCIENCE AND ENGINEERING, AND SPECIALIZED BUSINESS DOMAIN KNOWLEDGE.

These unicorns won't be rare for long. The combination of required skills is only rare today because they have traditionally been taught across various disciplines. Data science is emerging as its own discipline with a tailored curriculum and in due course there will be more unicorns to go around, and thoroughbreds among them.

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Meanwhile, there are tools being developed to automate much of what data scientists do. The laborious work which takes a data science team months, can now be done in hours, and with more certainty, by an automated A.I. platform. To the extent that these tools are adopted, A.I. will not only become commonplace but become so embedded it becomes standard. A.I. will be a natural part of the way we live, work, play and do business. It will grow beyond being a competitive differentiator to being the only way to compete, and those who keep looking behind will be left behind.

Looking Forward We in the financial industry have many opportunities to use A.I. right now, such as: 1. Making the next best offer to clients Understanding the underlying trends in the way clients access your products and services will allow you to predict which of them they are likely to use next, and how likely. 2. Fighting financial crime – Examining the behavioural patterns which indicate fraud and money-laundering allow financial institutions to pre-empt financial crime. Criminals also have access to A.I. and you're in a bad position if the criminals are better armed than you are. A.I. presents businesses in every industry with the ability to use the future to their advantage today. Ragnar was able to change his crew's focus by asking them to keep looking forward. They eventually made the journey successfully and sacked (and yes, pillaged) Paris. Embedding A.I. in a quantifiable, tangible way within your applications and analytics will ensure that the future is a constant part of your conversations and will change your orientation as an organization. It will keep you looking forward, which makes sense, because you probably have a lot to look forward to.


Bahamas

Our Programme Day 4 9.00am - 10.00am

10.00am - 10.15am

10.15am - 11.15am

An Actuary's Design of a Social Security Scheme Derek Osbourne, Judy Veira This session allows participants to be a part of and to design and build their own social security scheme. What would we build if we could start from the beginning – hindsight is 20/20. BREAK Pensions, ESG & Climate Change Lee Boxall, Nicola Van Dyk, Simon Robinson ESG and climate risk has been a growing focus for pension plans in the UK in recent years. Legislation at the beginning of the year crystalised the climate risk reporting requirements for large plans. The presenters will walk you through some of the key risks from a pension plan perspective and the risk management processes and mitigations that UK plans are working through at the moment.

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Bahamas

Our Programme Day 4 10.15am - 11.15am

11.15am - 11.30am

11.30am - 12.30pm

12.30pm - 1.30pm

1.30pm - 2.30pm

Workshop: Basics to Pensions and Social Security Simone Balkissoon, Ryan Griffith A workshop geared towards introducing students to the basics of pensions and social security through an actuary's eyes. For actuarial students and ASAs, this session will help to determine if the pensions track is for you. For university and high school students, this session will introduce you to the Pension actuary. BREAK The Evolution of Pension Schemes Jules Gribble LUNCH BREAK Data Science and Banking Trevor Wood, Nigel Henry This session provides insights into data science in the industry of banking and interactive modelling. Check out the article on page 19 by Trevor Wood. Page 23


Bahamas

Our Programme Day 4 Disruptions in the Banking System, An Actuarial Perspective Diversity of Thought Series 11 [Kudzai Chigiji, Jerome Mahadeo, Kear Hartzenberg, Christiaan Opperman, Iain Allan, John Young] The ASSA Banking Committee will be presenting on opportunities for actuaries within banking; their experiences being students AND THEN leaders and authors within this relatively new practice area. You'll hear directly from this team on what drove them to embark on this journey (for the profession and themselves), the growth over the past few years and the plans for taking the new education material (and wider practice area) across the globe. This will be a great opportunity to learn more about the expanding education opportunities for actuarial graduates and seasoned actuaries looking to move into the world of banking. A brief overview of the new syllabi will also be provided. The Team will share plans regarding banking related CPD, the development of more guidance notes for actuaries working in banks and the growing opportunities in the wider banking ecosystem (including FinTech), and the rapidly increasing role of climate change in banking practices. Virtual Pub Quiz

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2.30pm - 3.30pm

4.30pm - 5.30pm


by Alicja Nocon

A DISABILITY OR A SUPERPOWER?

NEURODIVERSITY is a term used to describe the diversity of human brains and minds. Supporters of the neurodiversity movement recognise that there is no single ‘correct’ way of experiencing the world. Much like in nature, no species or habitat is considered preferential and it is their co-existence that is essential to maintain an ecological equilibrium. It is estimated that 1 in 7 (15%) people are neurologically different to most of the population – they are ‘neurodivergent’. Neurodivergence comes with marked differences in sensing the environment, processing information, regulating emotions, managing energy and communication. It includes conditions such as autism (including Asperger’s syndrome), attention deficit (hyperactivity) disorder, dyslexia, dyscalculia, dyspraxia, and more. These conditions exist on a spectrum and impact everyone differently.

EMBRACING THE DISRUPTION

Neurodiversity and the Actuarial Profession

Experiencing and processing the world differently can be a superpower. For Greta Thunberg, having Asperger’s syndrome helped her in life by enabling her to see things differently than most people. Similarly, Richard Branson attributes many of the skills he required to become a successful entrepreneur to dyslexia. Nevertheless, neurodivergence can be categorised as a disability under the Equality Act 2010. For example, the National Autistic Society defines autism as a disability. However, not everyone who is neurodivergent considers themselves as disabled and the term itself carries a lot of stigma with it. By acknowledging and addressing difficulties that come with being wired differently, employment barriers can be reduced and neurodivergent individuals enabled to flourish and use their unique strengths to benefit an organisation and the society. ....continued on page 26

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Trinidad

Our Programme Day 5 9.15am - 9.30am

9.30am - 11.00am

11.00am - 11.15am

Debate: Would Transformers buy life or car insurance? Managing the Disruption of Mental Health & COVID-19 Pandemic Professor Rose-Marie Antoine, Alicja Nocon Managing Who You Are with How You Are and Finding a Mental Balance. Neurodiversity and the Actuarial Profession: What do Richard Branson and Greta Thunberg have in common? They are both neurodivergent change-makers. 2My Experience of the COVID-19 Pandemic COVID-19: The Employer vs the Employee BREAK

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Trinidad

Our Programme Day 5 DisruptTech for Actuaries Joe Alaimo, Klaas Stijnen PROCOMP: Cloud-Based Illustration Solution Decision Science, The Perfect Storm A perfect storm is brewing to bring much needed actuarial automation. This is leaving actuaries with no other choice than to modernize their tool kit, not only giving carriers what they need, but also bringing actuaries greater job satisfaction and influence. LUNCH BREAK The JEDI Actuary Mallika Bender, Carla Moore, Solskin Gomez-Krogh Harness your power to promote Justice, Equity, Inclusion and Diversity 'Bad Mind' & Bad Feelings - the JEDI Actuary as an Agent for Healing and Social Change Vote of Thanks Simone Brathwaite, CAA PresidentElect CAA Annual General Meeting CAA Board & Members Actuaries Got Talent

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11.15am - 12.30pm

12.30pm - 1.30pm

1.30pm - 2.30pm

2.30pm - 2.35pm

3.00pm - 4.30pm

5.30pm - 7.00pm


by Alicja Nocon

Employers in the technology and asset management sector have started to harness the power of autistic thinking. Companies such as SAP and JP Morgan have a special ‘Autism at work’ hiring programme, whilst Auticon, an IT consultancy firm, recruits solely autistic talent.

NEURODIVERGENT STRENGTHS AND NEEDS OF FINANCIAL SERVICES According to the 2020 World Economic Forum report, the top three sought-after skills in the financial services sector are: analytical thinking and innovation critical thinking and analysis, and creativity, originality and value.

HOW TO ATTRACT AND RETAIN NEURODIVERSE TALENT

In order to harness the power of neurodiverse talent, the focus should be on inclusion first and diversity second. As little as 22% of autistic people are in any type of employment and nearly half of autistic people who are in work have had an experience of bullying or harassment in the workplace. Therefore, addressing organisational culture and neuro-inclusivity is the first step when it comes to attracting new, and retaining existing, neurodiverse talent. 1. Get the language right 2. Involve neurodiverse voices 3. Get connected

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Creativity, a predecessor to innovation, and problem-solving skills are common amongst all neurodivergent conditions. Therefore, it should not come as a surprise that companies with more diverse management teams have been found to have 19% higher revenue. Focusing on the autism spectrum, autistic strengths include attention to detail, methodical approach and strong expertise in the area of interest and are a great match to the skillset that employers look for in an actuary.

EMBRACING THE DISRUPTION

Neurodiversity and the Actuarial Profession


EMBRACING THE DISRUPTION

Brainteaser: I have a calculator that can display ten digits. How many different ten-digit numbers can I type using just the 0-9 keys once each, and moving from one keypress to the next using the knight’s move in chess? (In chess, the knight moves in an L shape: one square up and two across, two squares down and one across, two squares up and one across, and other like combinations.)

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by Canadian Institute of Actuaries

EMBRACING THE DISRUPTION

Keep up with Canada's Actuaries

NEW RESEARCH: CANADIANS ARE LESS PREPARED FOR RETIREMENT DUE TO COVID-19 The CIA’s 2020 Retirement Risk Survey explores how well Canadians understand longevity and life in retirement, and how accurate their expectations are around their health in retirement, financial planning, needing long-term care, COVID-19 impacts, and more. Read our special series of articles highlighting the findings.

SEEING BEYOND RISK

The CIA’s news site, Seeing Beyond Risk, offers thought leadership and analysis of industry trends in both English and French. Share your comments and engage with Canada’s actuaries on exciting and timely topics. Subscribe to our Seeing Beyond Risk podcast for even more actuarial content in English and French. All of our episodes are available on Apple Podcasts, Spotify, Amazon Music, and Google Podcasts.

PROFESSIONAL DEVELOPMENT FOR TODAY'S ACTUARIES Join the CIA for events, seminars, and webcasts on the actuarial topics and professional skills you need to be a top actuary in today’s evolving profession. Learn more and register.

DO THE MATH Visit and share our Do the Math site with all the students, teachers, and parents in your life and help today’s youth do the math towards a great actuarial career

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EMBRACING THE DISRUPTION

Brainteaser: You know 2 + 2 comes to the same as 2 x 2. Now find a set of three different whole numbers whose sum is equal to their total when multiplied.

Brainteaser: Using only addition, add eight 8s to get the number 1,000.

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by Thomas Njeru

EMBRACING THE DISRUPTION

How Pula’s agricultural insurance protects farmers’ livelihoods

Just like any other individual, farmers have many financial obligations, such as household bills, loans and school fees. They use funds they receive from their crop harvest to meet their financial obligations. However, what happens when there is a bad agricultural season and the farmer suffers yield losses? How farmers might meet their financial obligations becomes less certain. Earlier this month, Pula paid out over USD 82,000 to compensate 833 maize farmers under Apollo Agriculture in Kirinyaga, a county in the Centralpart of Kenya. These farmers had suffered yield losses due to natural calamities. However, by taking Pula’s agricultural insurance cover, they were protected and compensated for their losses through its area yield index insurance product. Apollo Agriculture provides input loans to farmers at the beginning of a season. The farmers go on to repay the loans during the course of the season. By the end of the season, most farmers will have usually repaid between 40 and 60% of their loans. The farmer is expected to repay the full amount by the end of the season in order to receive another loan the following season. Due to income losses brought on by yield losses from natural calamities, farmers are not always able to fully repay their loans.

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by Thomas Njeru

This is where Pula comes in. Pula’s agricultural insurance covers farmers’ remaining loan repayments in such events. Through this insurance, farmers are able to fully repay their loans, meaning they can receive another loan the following season. Pula bundled insurance with Apollo’s input loans to protect the farmers against yield losses brought on by natural calamities. In this instance, the payout Pula made not only covered any remaining loan repayments, but also compensated the farmers for their losses. The farmers went home with between USD 45 and USD 405 after Apollo had deducted their repayments. The amount each farmer received was dependent on the payout they were due and their remaining loan amount, which was fully paid off by the insurance payout. With this insurance cover in place, which allows farmers to avoid loan defaults, these farmers can receive a loan next season.

Pula provides insurance to farmers by bundling it with products they need, such as seed, fertilizer, loans and payas-you-go (PayGo) solar products. This approach increases farmer uptake. To distribute insurance, Pula works with organisations, such as governments, Non-Governmental Organisations (NGOs), development agencies, financial providers, off-takers, aggregators, PayGo companies and Mobile Network Operators (MNOs). This distribution model enables Pula to protect a wide pool of farmers with its insurance product. To increase its impact even further, Pula is expanding its operations globally to reach more smallholder farmers with its insurance product. Its recent Series A funding of USD 6M in 2020 and its current teams across 22 countries in 4 continents is only the beginning of its expansion plan strategy. To read more about Pula’s work, click here to visit its website.

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This is one of the many examples that proves that insurance works, and demonstrates its benefits. Agricultural insurance can protect smallholder farmers’ livelihoods by increasing their resilience to natural calamities that lead to yield losses. To date, it has insured over 5.4M farmers globally in over 16 countries.

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How Pula’s agricultural insurance protects farmers’ livelihoods


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