The actuarial profession’s pioneering mentoring scheme (AMP) has launched its second year with an 80% increase in supporting organisations and encouragement from Nicky Morgan MP, Chair of the Treasury Select Committee. This coming year, AMP welcomes 84 mentoring pairs onto the programme, including some very senior managers at participating organisations.
The employers that have re-committed to AMP are: Aviva, (the) Government Actuary’s Department, Lane Clark & Peacock, Phoenix Group, (the) Prudential Regulation Authority, and XPS Group.
The organisations that have joined for the first time are: Axis Capital, Bupa, Hodge, Just Group PLC, KPMG, LV=, Lloyds Banking Group, Spence and Partners, and Zurich.
AMP is designed to improve diversity at senior levels of the profession by helping retain female actuaries for longer. The pioneering mentoring scheme is supported by the Institute and Faculty of Actuaries (IFoA), sponsored by PIC and is being run and managed by specialist mentoring, diversity and inclusion organisation, Moving Ahead.
84 talented female actuaries have been matched this year with a more senior male or female leader from another organization for a nine-month mentoring relationship. The cross-company element is a first for the profession and is critical to the scheme’s success - it's a proven, powerful and practical way to help develop talent pipelines.
Chika Aghadiuno, Chair of the IFoA’s Diversity Advisory Group, who gave the closing speech at the launch event said:
“This programme has gone from strength to strength since it began last year. We’ve had tremendous interest and backing for AMP within the industry. As the scheme enters its second year, it’s clear that there is a demand for this kind of support as female actuaries navigate their career path. We know that both mentors and mentees benefit from this process and we are excited to see the progress of all those taking part in this year’s AMP. The IFoA seeks to provide opportunities to help its members and all actuaries fulfill their potential and programmes like these helps to support that aim.”
Tracy Blackwell, CEO of Pension Insurance Corporation, who gave the opening speech at the launch event, said:
“I’m delighted that AMP, in its second year, has grown significantly, allowing us to help so many more female actuaries and do something practical to help improve diversity in the industry at senior levels. I am very proud of our association with AMP because it really is starting to change the face of the industry. This is very important not only for the sake of equal opportunities and having the widest pool of talented candidates from which to draw future leaders, but it helps the actuarial profession better reflect wider society. This is really important in managing pension risk, general insurance and all the other crucial roles that actuaries play within financial services.”
Tracy and Chika were joined at the launch event by Catherine Thain who won AMP’s 2017/18 'committed mentee of the year'. Catherine’s experience is testament to just how powerful and practical the scheme is. Speaking to this year’s mentors and mentees at the launch event, Catherine said:
"I had my daughter and was feeling under confident about coming back to work. I joined the programme to help change that. It didn't take that long to see some tangible changes. I gained my confidence, won committed mentee of the year and secured a promotion."
Liz Dimmock, Founder and CEO of Moving Ahead, welcomed AMP participants at the launch and said:
“Structured mentoring schemes help retain female talent by developing confidence and creativity. They provide the time, space and conditions for women to invest in themselves – delivering proven and powerful results. We’re delighted that the actuarial profession has recognized the value of AMP and that, together, we’ll be enabling even more talented women to shine this year.”
Nicky Morgan MP, Chair of the Treasury Select Committee, who is a supporter of AMP, wrote to the programme’s organisers recently to say:
“Congratulations to everyone involved in the AMP and good luck for year two. It is great to see so many senior champions advocating mentoring and diversity. We know there is still a lack of diversity at the top of the financial services sector, including the actuarial profession. I am sure that the AMP will play a key part in changing that.”
Notes to Editors
1. This year's scheme was formally launched on 7th November 2018. The keynote speaker was Sarah Winckless MBE, former bronze medaling Olympic rower and now Head of Design and Delivery for Moving Ahead and Team England’s Chef de Mission for the 2018 Commonwealth Games.
2. The Actuarial Mentoring Programme (AMP) is designed to improve diversity at senior levels of the actuarial profession, aims to retain female actuaries within the profession through ongoing career advice and support, with the support of employers of actuaries. Non-retiring female actuaries leave the profession 13 years earlier than their male counterparts. That leads to a lack of diversity at senior levels, despite there being near parity of numbers between male and female junior actuaries. The AMP cross-company mentoring programme’s mission is to help close that 13-year gap and redress the senior level gender imbalance.
3. Any organisation interested in being part of next year’s programme should contact firstname.lastname@example.org Moving Ahead and Women Ahead are social impact organisations, specialising in mentoring development programmes that improve workplace diversity and inclusion. Our work is underpinned by our research and storytelling. We believe that diversity of thought, experience and teams leads to better performance. With a focus on practical action, we design and deliver programmes that enable individuals and organisations to be at their best.
Media enquiries to Alex Duff email@example.com 07506 146 147.