SOA 2015 Initiatives

Strategic initiatives are a key component to the success of any strategic plan; these initiatives and activities move a strategic plan forward to achieve desired results.

The SOA’s Issues Advisory Council (IAC), the SOA’s Board of Directors and various strategic committees – with feedback from members, candidates and other stakeholders – has established a set of initiatives to advance the SOA’s education offerings, build intellectual capital, promote the profession and address the future of the organization and the actuarial profession.

Seven strategic initiatives for 2015 have been approved by the SOA’s Board of Directors.

General Insurance Education

This initiative continues to expand upon our general insurance, or property/casualty, specialty track for the FSA. Key milestones we expect to achieve in 2015 include increasing the number of general insurance professional development offerings, enhancing and increasing general insurance practice research, continuing efforts to gain regulatory and qualification approvals, and building awareness of and support for the new track to fellowship.

Helping Members Respond to Regulatory Change

Through our member surveys and other communication avenues, members are asking for help in interpreting regulatory changes. This initiative is to analyze domestic and international changes in regulation, determine what information is already available, and develop recommendations regarding where the SOA can add value to members without duplicating existing efforts of other organizations. In 2015 we will analyze the health and life areas of practice.

International Growth and Development

This initiative continues development of the SOA’s international strategy. In 2015, we expect to further develop our presence in China, with emphasis on implementing our China strategy. We will develop our presence in Asia outside China (Hong Kong, Taiwan, and others) and develop relationships with the various actuarial associations in several countries. Lastly we will obtain board approval for a Latin America strategy.

Learning Strategy

This initiative includes assessing the current state of actuarial education, from prequalification to professional development, against evolving trends and best practices in adult and professional education. Based on this assessment, we are developing a new learning strategy that will be presented to the board. Once approved, we will begin implementation of the new direction for actuarial education.

Mutual Recognition Policy

We currently have mutual recognition agreements with other actuarial organizations that have rigorous education systems comparable to our education system. In certain cases, fellows of one organization can become fellows of the other organization through an application process. We continue to receive requests for mutual recognition from other organizations around the world. This initiative is to formalize the principles we use when we consider these requests. The principles will include an assessment of the value proposition for participating in mutual recognition agreements, the risks and benefits to SOA, and the criteria for considering a mutual recognition agreement with another association.

Opportunities for Actuaries

This initiative will continue a multi-year focus on identifying and promoting new employment opportunities for actuaries. Previous years’ work has produced market research on opportunities in risk management, health care, and business analytics. We also completed a study on the supply and demand for actuaries in the US and Canada. In 2015, we will focus on responding to the studies by building education programs and employment opportunities for actuaries in business analytics, predictive modeling, and risk management.

Relationships with Other Actuarial Organizations

The implementation of the SOA’s strategy takes place in a complex environment of inter-organizational relationships which are rapidly changing today. This initiative continues to help us understand the “relationship environment” in which the SOA functions, a better understanding of the strategies and motivations of other organizations with whom we have key relationships, and an assessment of ways in which the SOA can most successfully engage them in mutually productive relationships.