Alexandra Miles and Chris Cullen preview their IFoA Conference 2023 presentation on issues of diversity that actuaries need to be alert to
“Diversity is being invited to the party, inclusion is being asked to dance and equity is being able to dance as if no one is watching.” Verna Myers, American diversity consultant and author
We have a long way to go until everyone feels they can truly let loose on the dance floor. As part of the IFoA Conference 2023, come along to our session to find out more and get involved.
Providing insights from our respective areas of expertise, we’ll be shining the spotlight on a few areas that we’ve identified where actuaries have a key role to play in creating an equitable society.
Ideally, everyone should be independently financially secure – but the current pensions gap means women are more likely than men to face poverty in retirement. While no one is saving enough for retirement, women are left with fewer opportunities for retirement choice, with pot size significantly driving their decision over what to do. Women are less likely to benefit from protecting themselves against longevity risk by purchasing an annuity or retaining investment growth post-retirement by choosing drawdown, simply because their pot sizes make these choices unviable.
There is no simple and easy fix, and no implemented change will remedy inequalities overnight: this will be a marathon, not a sprint. Stakeholders, including regulators, individuals, employers, trustees and providers, all need to work together. The IFoA has recently launched the Pensions Gap Working Party, a cross-practice working party which is investigating potential solutions to the problem. The actuarial community is well placed to provide expert insight into the issue, as well as potential solutions. In this era of austerity, as well as the current cost-of-living crisis, making the economic case for change is even more important and key to building momentum for change.
We believe in an inclusive and equitable world, so it feels only right this should apply to the way insurance works. But too often, we hear of examples where LGBTQ+ individuals don’t have the best insurance experience. LGBTQ+ customers can feel unrepresented in insurance marketing, don’t conform to narrow categories on customer forms, have to deal with customer services agents who lack awareness or are unfriendly, or face premiums incommensurate to the risks being priced. The IFoA will soon launch a new working party that will assess these problems with the aim of devising an LGBTQ+ insurance charter that industry bodies and insurers can sign-up to and follow. Together we can make insurance more inclusive and equitable.
Alexandra and Chris will present on DEI considerations for actuaries on Monday 26 June at 15:50. Book your place now.
