Decision-making & Communications Actuarial Competency ......TED Talk: "Talk Nerdy to Me" Relevance:...
Transcript of Decision-making & Communications Actuarial Competency ......TED Talk: "Talk Nerdy to Me" Relevance:...
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Decision-making &
Communications –
Actuarial Competency
FrameworkJimmy Ye & Emily Taylor
July 28, 2018
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Actuarial Competency Framework
Source:
https://www.soa.org/
professional-
development/competency-framework
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Decision-Making Process
10 Step Decision-Making process
‘How Great Decisions Get Made’ by Don Maruska
Required reading for SOA DMAC module
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Decision-Making Process
Enlist everyone
Discover shared hopes
Identify all options
Get everything on the table
Map solutions that support shared hopes
Stay charged up
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Heuristics and Cognitive Biases
Availability bias
Confirmation bias
Framing bias
Anchoring and adjustment
Mental accounting
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Availability Bias
Commercial air travel
safety
14 fatal air accidents
worldwide in 2017
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Confirmation Bias
Source:
https://www.forbes.co
m/sites/peterlazaroff/2
016/09/28/confirmation-bias/#7bf022754b7d
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Framing Bias
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Mental Accounting
Money is fungible
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Anchoring and Adjusting
Guess the number of candies in
the jar
1)50
2)53
3)52
4)49
5)48
6)51
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TED Talk: "Talk Nerdy to Me"
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Relevance: "Get to the Point!"
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Avoid Jargon
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Other Keys to Effective Communication
Know Your Audience
Is everyone an Actuary?
What is their experience level?
Is there a target member of the audience?
Watch for Non-Verbal Cues
Eye Contact
Facial Expressions
Body Language
Practice, Practice, Practice!
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Q & A