2017 Candidate Questionnaire - James M. Glickman, FSA 1984, MAAA

James M. Glickman, FSA 1984, MAAA

President and CEO
LifeCare Assurance Company, Woodland Hills, CA

Ethics and Transparency require that membership feel involved and agree with the actions that the Board pursues primarily through the direction and advice of the staff.  It would certainly be helpful, if the Board agendas were public and published in advance of the meeting, and if the meeting themselves (except for executive sessions) were webcast without charge to the membership.

Besides making Board activities more transparent, I feel it is important to do all of the following:

1. Enable each Board member to participate in the Board assignments where he/she has the most interest and expertise.
2. Encourage the staff to recommend and implement improvements in the membership experience with a philosophy of maximizing participation, value, and enjoyment, versus ease of staff implementation and maximizing SOA profitability (often at the cost of maximizing participation).
3. Communicate and obtain consensus with the other actuarial organizations on proposed SOA changes that may have an impact on them with a view towards doing what is best for the actuarial profession rather than what is best for the individual organizations.
4. Work cooperatively with the other Actuarial Organizations to maximize the Actuarial Profession, minimize the friction with the other organizations, and reduce duplicative costs

Five specific ideas that I would like to implement include:

1. Actuarial Partnership with the Media: Match media contacts with Actuarial experts to increase the public’s understanding of current issues and share potentials solutions.  The more actuaries are called upon to publicly comment on topics they know best, the more media and the public will call upon them to do so.  This will create better outcomes for society as well as a higher profile for the actuarial profession.
2. Keep Retired Members Involved:  Utilize the immense knowledge and volunteer resource available from retired members.  Many of them would prefer to stay involved in the SOA.  All it takes is for the SOA to offer some token benefits and recognition such as dues or meeting fee waivers for volunteers and speakers.
3. Accelerated Recent FSA Participation:  Newer FSAs can develop their speaking, writing and leadership skills by volunteering outside of the typical exam grading options.  Newer FSAs should be encouraged to make presentations in their fields of specialization.  This can be accomplished by providing seminars and online continuing education in public speaking.  The actuarial profession and employers will gain from the increased communication skills these younger actuaries obtain earlier in their careers.
4. Section CPD availability:  Among the duties of the President-elect in the first year is to lead the council of section chairs.  I would encourage each section to develop relevant CPD which can then be provided online, without charge, to all members.
5. Using Interactive Negotiations for Cost Savings:  The objectives outlined above can be accomplished with immediate cost savings. The SOA holds many in-person meetings each year.  By using interactive negotiations instead of the standard RFP process, the SOA can likely save more than $1,000,000 per year while enhancing these programs.

The Long Term Care Insurance Industry has gone through a period of significant stress over the past several years.  As an industry leader, I have had to navigate many strategic challenges with these changes in the LTCi landscape.

In 2009, during the legislative development of the ACA, a small portion of that proposed law, called the CLASS Act, was directed at creating a public LTCi program.  As originally designed, the CLASS act would provide a guaranteed issue, voluntary purchase LTCi benefit at a price appropriate to a fully underwritten healthy block of business. 

This structure seemed headed for a direction that would harm public policy and potentially cripple the Long Term Care Insurance industry.  The AAA LTC committee could not muster any Academy resources as they were fully committed with responding to the medical aspects of the PPACA legislation.  Likewise, both AHIP and ACLI, the two prominent industry lobbying organizations, were reluctant to encourage an actuarial approach to the CLASS Act, as they viewed the actuarial profession as unable to respond within the extremely short timeframe prior to the expected voting and passage of that legislation.

I successfully organized a diverse group of LTCi actuaries, who met on a volunteer basis, twice a week for the next three months, to develop a joint AAA/SOA issue brief outlining important issues and deficiencies with that legislation in its then current form.  This information in turn led to a very substantial change in that legislation, by requiring the CMS actuary to certify the premium levels as self-supporting for a minimum of 75 years.  Although this legislation became law, the CMS certification requirement effectively forced Congress to repeal this legislation preventing what would likely have harmed those enrolled or perhaps worse, forced conversion to a fourth public entitlement program, without any potential funding source.

I actively engage in the role of an ambassador for the SOA, and have been doing so for over twenty years.  In all of my volunteer efforts for both the SOA and the LTCi industry, I have made myself available as an ambassador to many outside groups.  I have frequently made appearances to help explain the role of the actuarial profession and the LTCi industry.  For example, I was asked by a former board member to speak to a university class he was teaching about the actuarial profession.  I anticipate that in my role as President Elect and then as President, I will have the opportunity to fulfill many more similar requests.

As the volunteer Executive Director of the ILTCI, I regularly act as an Ambassador for that organization and for the LTCi industry.  I have developed relationships with other organizations to co-sponsor and promote each other’s programs, including ACORD, NAILBA, NAIFA, NAHU, WIFS, ICMG, AHIP and others.  This has helped the ILTCI, which is co-sponsored by the SOA LTC section, become the largest and best national conference each year for the LTCi industry.   

I am frequently contacted by the SOA to speak on behalf of the LTCi industry, the SOA and the actuarial profession, to the many media requests received on LTCi topics. I always try to make myself available on what is usually short notice to respond to those requests and to represent actuaries as well as the LTCi industry in a favorable light.

I am always available and frequented consulted by other parties interested inside and outside the LTCi industry.  Whether it is state insurance regulators, Federal legislators, or fellow actuaries, I always find some time to respond to their inquiries or assist them with their requests for help. 

The SOA should bridge its differences with the AAA, CAS, CIA, CCA, and ASPPA, ensuring a common voice.  It is vital that Actuaries, regardless of their organizational affiliations, demonstrate that they are best equipped to offer objective analyses on potential solutions to society’s problems.  It is counterproductive to present separate and disjointed points of view on issues of societal importance.  The organizations should form joint work groups presenting a unified message.  By presenting a united view, the actuarial profession as a whole benefits. 

The SOA should expand its marketing effort promoting the actuarial brand.  Awareness of the actuarial skill set should be promoted to non-traditional employers outside of the actuarial community and through the media.  As part of that effort, the SOA should increase its financial support of the Actuarial Foundation’s goal of providing basic Math educational materials to all schools, especially in areas where math materials are generally lacking.  Publicly promoting this effort will increase positive publicity regarding the actuarial profession. 

The SOA should emphasize Section driven communities.  Actuaries are often the thought leaders in their companies.  Likewise, their volunteer service is focused through Section participation.  Sections should be encouraged and empowered by the SOA to interact with both non-actuarial constituencies and fellow actuaries to educate one another.   

As a leading voice on risk management issues and cost effectiveness within society, the SOA should lead by example and institutionalize the maximization of member satisfaction and delivery of cost efficient support and services at every level.  The SOA should provide incentives to increase volunteer participation in both the design and execution of these activities.  This will naturally lead to increased participation together with lower cost structures for these programs. 

Finally, each section should develop and provide their members with quality online CPD without charge and without incurring SOA overhead charges.

I have been the president, and CEO of LifeCare Assurance Company since 1988.  During that time, LifeCare has grown from a start up with $3 million of borrowed capital to a national leader in reinsurance and administration of LTCi, with $2.5 billion of assets, $300 million of annual reinsurance premiums and GAAP equity of $450 million.  Prior to 1988, I spent 17 years with five insurance companies, working my way up from an actuarial student in 1972 to VP/actuary in 1988, when I left to become the founder of LifeCare.

As the president and CEO, I am faced with bringing together diverse and strong personalities to lead an organization, as well as help make it a known leader within the LTCi industry.  It is this role helping lead the LTCi industry participants in working together efficiently for the benefit of the industry, that has been a primary experience that will prove most valuable in my role as SOA president. 

It is rare for a candidate for SOA president to have operated for over a decade as the Executive Director of a 501C3 non-profit organization.  It is equally rare for a candidate to have formed an SOA Section and been actively involved in it for almost 20 years.  When you combine the experiences and traits necessary to accomplish these three major activities, leadership, with the knowledge gained from decades of top level management, organization, and leadership skill development, I believe that I am prepared to be SOA president.

However, it is the combination of running a successful private company, where I do have the final say, together with running an organization, the ILTCI, where success is based on the hard efforts of hundreds of unpaid volunteers that may make me one of the most uniquely qualified candidates for SOA president.

I have been an active volunteer since the 1980s, starting with speaking engagements each year at industry meetings as well as contributing articles to national industry magazines. 

In 1999, I petitioned the Board to form the LTC Section, and served as its founding chairperson. I then served on the LTC Section council from 2000-2005, being elected as section chair in 2000-2001 and 2004-2005. For the first four annual LTCi industry conferences, I served as the Chairperson. 

In 2005, I helped form the ILTCI, serving on its Board until 2014 and as its Executive Director since inception. The ILTCI has successfully grown first conference attendance of 250 to nearly 1000 this year. 

This experience as Executive Director of the ILTCI has provided me with an unparalleled opportunity to understand how a non-profit organization serves its membership most effectively, while building an organization that provides value to the industry and public that it serves. 

I served on the SOA Board from 2005-2010. 

Largely due to my ILTCI experience and my role as President and CEO of LifeCare, I know that I will be able to make a tremendous contribution to the future of the SOA as President-Elect.