2017 Candidate Questionnaire - Terry M. Long , FSA, 1981, MAAA

Terry M. Long, FSA, 1981, MAAA

Senior Vice President & Consulting Actuary
Lewis & Ellis, Inc.; Overland Park KS

As a consulting actuary, it is imperative that I hold myself to a high ethical standard. Clients must be able to trust me to treat conversations and information they provide confidentially, to act professionally and to admit and correct mistakes when they occur. I have declined potential engagements when there was a conflict or I was not qualified.

While serving on the PDC and other SOA committees, there have been occasions where there were conflicts or potential conflicts on proposed alliances with the SOA. In those cases, I have disclosed the conflict and, as appropriate, did not vote or excused myself from all discussions on the proposal.

The same standards apply as a board member and manager of L&E. My partners and our employees must trust me to do what is right and to act in the best interest of the firm. While recognizing certain information must remain confidential, we are becoming more transparent with each other and with employees on company activities and finances.

I expect to operate the same way with other Board members and SOA members. I will be committed to building their trust that I will act in the best interests of the SOA and its members.

Working with the Professional Development Committee has provided many opportunities to collaborate with SOA staff and other volunteers. Most of the volunteers do not have a formal background in education beyond what we have done with the SOA, so we must work together and be open to other views and opinions. Assignments are typically group assignments for subgroups consisting of volunteers and SOA staff.

A few years ago, the SOA received a partnership proposal from a company to develop an AG43 seminar that was a follow-up to one from several years earlier. SOA staff reviewed the proposal and concluded it met most, but not all, of the criteria for an SOA-sponsored event. The proposal was submitted to the PDC for review and discussion. We agreed that the seminar would provide value to the membership, but did not believe it sufficiently met the criteria for the SOA to be a partner. It did make sense for one or more sections to sponsor the seminar. We also determined it would work better in conjunction with the Valuation Actuary Symposium instead of a stand-alone seminar. Several PDC members and SOA staff met with the individuals that made the proposal to discuss our revised proposal. We also talked to key members of several sections that we felt would have interest in the seminar. Once we found sections that were interested in sponsoring the seminar, we connected them with the company representative. At that point, the PDC’s involvement was complete. However, I had regular conversations with the company representative to ensure progress was being made and to answer questions he had.

The result was a successful seminar, both for those who attended as well as those who were involved in the planning.

As consultants, our clients expect us to be knowledgeable on the issues impacting the industry today as well as being informed on emerging issues that might impact us in the future. As an employer, we also monitor events to ensure we are properly positioned. I stay informed in a number of ways, including:

• Reading SOA and Academy publications, such as section newsletters, The Actuary and Contingencies
• Reading non-actuarial industry publications and articles
• Reading various newspapers and articles not directly related to the insurance industry
• Conversations with work colleagues, including those from other disciplines such as A&H and P&C actuaries
• Conversations with professionals in other disciplines
• Attending meetings where most of the attendees are non-actuaries

While the first two items mentioned are valuable for staying informed on what is happening today and having immediate impacts on the SOA and the profession, I have found the other items are often more valuable for learning about what might impact us two to five years from now.

Much of what the SOA’s Professional Development Committee does is determine what we need to do over the next few years to improve the continuing education experience of SOA members. As a result, I have begun paying extra attention to how emerging areas might change the continuing education needs of SOA members as well as how the SOA might deliver continuing education. As a Board member, I would expect to expand beyond continuing education implications.

During my time on the Professional Development Committee, we have had to make decisions about how to best use the funds, SOA staff and volunteers available to us. As an example, one of our roles is to review potential partnerships or alliances with other organizations to provide education content to members. Another responsibility is to periodically review SOA-sponsored events and meetings. A key consideration in both examples is the perceived benefits to the members and SOA in exchange for the monetary, staff and volunteer investment.

As part of the management team for L&E, one of my responsibilities is to help ensure we have the staff and tools in place to support our clients. Another is to see that our staff has the necessary skills, gets the appropriate training and education they require, and find their jobs fulfilling. At the same time, we are responsible for growing the company and managing expenses to ensure we can achieve a profit that adequately rewards our staff and other owners. The knowledge and skills gained from both my volunteer and professional experiences will carry over to my role on the SOA Board. I will be committed to ensuring the SOA continues to maintain a professional staff and provides the quality services expected by our members, while using our resources effectively and efficiently.  

I have been in the profession for more than forty years. My first ten years were at a life insurance company, working in reinsurance and individual product development. I joined Lewis & Ellis in 1986 and have been an owner and board member for more than twenty-five years. My specialty is life insurance and annuities. My experience with small to mid-size life insurance companies includes product development and pricing, asset adequacy analysis, financial reporting, valuation, modeling and appraisals for mergers and acquisitions. I have also assisted various audit firms and state insurance departments and have provided expert testimony.

Many of our clients are exploring new ways to achieve their goals. This might include the use of new technologies, new tools, such as predictive analytics, or innovative ways to do business. Often, they turn to us for insight and assistance.  To do that, we need to keep current on these technologies and tools. While much of that is our responsibility as individuals, we also look to the SOA to ensure that the necessary training for both new and established actuaries is sufficient for us to properly serve our clients. My experience of working with clients, as well as my volunteer work with the SOA, has given me a better understanding of those needs and how the profession and the SOA can work together.

As an owner and board member of Lewis & Ellis for more than 25 years, I have gained experience working with a large group of individuals with common goals but different ideas on how we can best achieve those goals. I have learned how to more clearly support my position, how to acknowledge and accept that other ideas are better, and how to compromise.  Those skills will be valuable as an Elected Board Member.

I have been an active volunteer with the SOA since 2003. Key volunteer activities include:

• SOA Small Company Section Council, 2003 - 2006; Chair 2004 – 2005; Friend of the Council, 2006 - present
• Life and Annuity Symposium Track Chair, 2010
• Life and Annuity Symposium Program Committee Chair, 2012 and 2013
• SOA Professional Development Committee, 2012 - present; Chair 2014 – 2015
• Other SOA committees
• Numerous SOA program committees, both as a section representative and as the PDC liaison to the Life and Annuity Symposium and Valuation Actuary Symposium
• Frequent speaker at SOA and other industry meetings

Through these volunteer activities, I have gained a better understanding of challenges and opportunities being addressed by the SOA and SOA sections. I have worked closely with SOA staff and other volunteers, gaining an appreciation of the importance and contributions of each.

I have been an owner and board member of Lewis & Ellis for more than 25 years, including the Executive Committee for more than 10 years. As an employer, I can provide input on the needs and desires employers would like the SOA to address. It will also help me provide an employer’s perspective when evaluating strategies and solutions proposed by the SOA.