SOA 2013 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.

Eight strategic initiatives for 2013 have been approved by the SOA’s Board of Directors.

Canadian University Accreditation Program

The SOA has formed a committee to review the Canadian Institute of Actuaries (CIA) approach to education including the CIA’s new University Accreditation Program (UAP). The SOA and CIA are involved in ongoing discussions about roles in each organization’s education programs, a memorandum of understanding on roles, collaboration in professional development and research and the UAP.

Definition of the SOA’s public policy strategy

For decades, the SOA has produced research of interest to its members, regulators and policymakers as core to its mission. With increased public policy attention focused on retirement and healthcare issues and interest by SOA members in increasing the SOA’s role in public policy, a task force will be appointed to define this strategic approach and better serve key stakeholders (policymakers and regulators).

Framework for the SOA’s Relationships with Other Organizations

This initiative will produce a framework approach to guide and develop the SOA’s work with actuarial organizations.

General Insurance Education

The SOA Board of Directors’ March 2012 decision to create the General Insurance Fellowship Track is in keeping with its strategic vision for the SOA to remain a leading global provider of broad-based actuarial education. In 2013, a volunteer committee will develop educational curriculum and the SOA’s first general insurance text book will be available in the second quarter. Registration for the first offering of the 2013 Fall exam will open in July. The SOA will build awareness of the SOA’s educational pathways and heavily market the new general insurance track in Asia to employers, university faculty and students.

Intellectual Capital Phase 3 – Research and Experience Study Strategy

This initiative will review the experience studies function and develop a recommended strategy to the SOA board. The recommendation will include goals for the studies, the changing environment with principle based approach and statistical agents, resource requirements, risks to SOA, funding and international implications.

Learning Strategy

The creation of a formal education philosophy will address curriculum and content development, testing and delivery mechanisms in support of member and candidate education.

Expansion into Non-Traditional Roles and Markets (for actuaries)

In 2012 the SOA Leadership Team appointed a Non-Traditional Roles for Actuaries Task Force to conduct and evaluate market research. This research would help identify if significant and repeatable opportunities exist for actuaries to move into non-traditional roles and if so, what actions could the SOA take to develop these opportunities. In 2013, the Task Force’s completed 2012 recommendations will be explored in depth to determine feasibility, fit and program proposals within the scope of the SOA’s strategic direction and operational resources.

Public Pension Plans and Reputational Risk

To help further the dialogue on issues related to public pension plans, the SOA has commissioned a multidisciplinary blue ribbon panel to consider the causes of underfunding in public pension plans and make recommendations as to how governments can more securely fund these plans going forward.