In celebration of Black History Month, the Chicago chapters of the International Association of Black Actuaries (IABA) and the Society of Actuaries (SOA) hosted a powerful panel discussion that shed light on the experiences, challenges, and triumphs of Black professionals in the actuarial and insurance industries.
The panel featured three distinguished professionals: Kwame Davis, FCAS, Rolande Odeniyi, FSA, and Stacy Crook, who shared candid insights into diversity, equity, and inclusion in their field.
Navigating Professional Challenges
The panelists shed light on the complex landscape of professional challenges faced by Black professionals in the industry. Walking into a room where no one looks like you can be an intimidating experience, creating an immediate sense of isolation and self-consciousness. Professionals often find themselves battling deep-seated imposter syndrome, constantly feeling the need to prove their competence and expertise. This challenge is compounded by subtle yet pervasive microaggressions, such as colleagues subtly questioning their knowledge or redirecting technical questions to others.
The pressure to maintain an impeccable professional image weighs heavily, with Black professionals often feeling they must be significantly better than their peers to be taken seriously. For international candidates, these challenges are further intensified by navigating complex cultural differences and unspoken professional norms. The mental and emotional toll of continually proving oneself, of working twice as hard to be perceived as half as competent, represents a significant and often invisible burden.
The Power of Mentorship
During the panel, mentorship emerged as a transformative strategy for professional growth and navigating workplace challenges. The panelists emphasized that effective mentorship is far from a one-way street – it’s a dynamic, reciprocal relationship where both mentor and mentee learn and grow. Mentors provide critical insights, helping professionals understand hidden opportunities, identify potential experience gaps, and navigate complex career landscapes.
Success in mentorship requires proactive engagement, particularly from the mentee. This means being adaptable to a mentor’s schedule, taking initiative in scheduling meetings, and being willing to work around busy professional periods. Courage is a crucial component – professionals must be bold enough to approach potential mentors, build rapport, and explicitly request guidance.
Mentorship sources are diverse, ranging from within one’s own organization to professional associations like IABA, with each offering unique perspectives and opportunities for professional development.
DEI: More Than Just a Checkbox
The panel offered a nuanced perspective on diversity efforts:
- There is a robust pipeline of qualified, diverse talent
- DEI is not about handouts, but about providing opportunities to qualified individuals
- Diverse companies consistently demonstrate stronger financial performance
- The core principles of DEI remain crucial, despite current political challenges
Celebrating Inspiration and Progress
The panelists shared personal sources of inspiration:
- Rolande Odeniyi drew strength from her mother’s dedication to education and hard work
- Stacy Crook was inspired by Madam CJ Walker’s entrepreneurial spirit and resilience
- Kwame Davis cited Malcolm X’s commitment to self-education and social change
Positive Impacts of DEI Efforts
The panel highlighted several encouraging developments:
- Growing membership in professional organizations like IABA
- Increasing diversity in senior leadership positions
- Improved employee morale and retention through mentorship and employee resource groups
- Expanded career visibility for students from underrepresented backgrounds
Understanding the Diversity Landscape
To complement the panel’s insights, it’s important to examine the current state of diversity in the actuarial profession. The Society of Actuaries’ 2024 Diversity Report provides critical data that underscores the importance of continued DEI efforts:
Representation matters, and the numbers tell a compelling story. While progress has been made, there remains significant room for growth in diversity within the actuarial profession. Black professionals continue to be underrepresented, particularly in leadership and senior roles. This data reinforces the panel’s discussion about the ongoing need for mentorship, support, and intentional inclusion efforts.
SOA DEI REPORT | Membership – US
The panelists’ stories and the SOA’s diversity metrics paint a nuanced picture: the pipeline of diverse talent exists, but systemic barriers persist. Each mentorship connection, each opportunity created, each voice amplified contributes to breaking down these barriers and creating a more inclusive professional landscape.
Key Takeaways
The event underscored that DEI is an ongoing journey of creating inclusive, equitable professional spaces. By recognizing challenges, supporting mentorship, and valuing diverse perspectives, industries can unlock greater innovation, performance, and human potential.
Special thanks to the IABA and SOA Chicago chapters for hosting this important conversation, and to the Society of Actuaries for their commitment to tracking and improving diversity in our profession.