The actuarial profession’s mentoring programme, known as AMP, has launched for the third year with 20 organisations, to form a total of 91 mentoring partnerships now taking part. In addition to nine new companies joining the programme, 46% of this year’s mentors are female, up by 13% from last year, with nearly half the programme’s mentors having more than 20 years’ experience in the industry.
New organisations joining the programme are: Association of British Insurers, Arch Insurance, Hymans Robertson, Pacific Life Re, PwC, ReAssure, RGA UK and RSA Group. Barnett Waddingham have also returned to the programme after taking part in the first year.
Employers from year two that have re-committed to AMP are: Aviva, Bupa, (the) Government Actuary’s Department, Just Group, KPMG, Lloyds Banking Group, Phoenix Group, Pension Insurance Corporation (PIC), (the) Prudential Regulation Authority, and XPS Pensions Group.
The programme was launched in 2017 with the support of the Institute and Faculty of Actuaries (IFoA) and sponsorship from Pension Insurance Corporation plc. It was initially aimed exclusively at mentoring female actuaries, was expanded in its second year to include male mentees at a career transition point, and has been expanded further this year to include male managers within the profession who are responsible for managing female actuaries.
Chika Aghadiuno, Chair of the IFoA’s Diversity Advisory Group, said: “We are delighted to see this programme go from strength to strength. I am particularly pleased by the broadening of the remit to include male mentees at a career transition point or in middle management and responsible for managing female actuaries.
"This makes for a richer and more inclusive programme, very much in keeping with the overarching ambition of the programme. A mentoring programme like the AMP can serve to unite the industry with a common focus, creating a community of leaders committed to their industry, their personal growth and that of others.”
Tracy Blackwell, Chief Executive Officer of PIC, said: “It is very rewarding to see AMP gain industry-wide support, with many of the most respected and well-known employers of actuaries taking part. To have nearly half of the mentors represented by women is empowering as they are relatable role models to aspiring female mentees.
"These companies and the mentees will be instrumental in defining the future of the actuarial profession and the practical guidance and insight into leadership that comes from a mentoring relationship is highly valuable. I’m very proud to be involved in AMP and would like to wish the third cohort the best of luck.”
The actuaries are matched with a more senior mentor from another organisation for a nine-month mentoring relationship. The cross-company element is a first for the profession and is critical to the programme’s success - it's a proven, powerful and practical way to help develop talent pipelines.
Liz Dimmock, founder and CEO of Women Ahead and Moving Ahead, said: “Mentoring is the oldest, and most simple, form of people development. At its core are two people learning from each other, sharing stories and offering a space to explore ideas and opportunities. It’s clear that when mentoring is done well, it creates a ripple effect that enhances broader development opportunities, broader diversity and also, crucially, inclusion. The strength and appetite of AMP has seen it grow year on year, and as they say, a rising tide lifts all boats: I’m confident that we’ll see the effects of gender-based mentoring continue to impact the retention of actuaries within the profession.”
Rebecca Davies, Head of Programmes at Moving Ahead, continues: “While our focus is to retain more female actuaries in the profession, this year moves towards a wider aim of creating a strong culture of inclusion within the profession.”