General Insurance Fellowship Track Frequently Asked Questions
The Society of Actuaries is developing a new fellowship track in general (property-casualty) insurance. We will update this page regularly to reflect new developments and to answer questions of general interest. Please send any comments or questions on the new general insurance track to membercomms@soa.org.
Q. Why is the SOA forming a general insurance track?
A. The SOA Board of Directors approved the creation of this new track on March 2012 after determining that including general insurance education will help fulfill the strategic vision for the SOA as a leading global provider of actuarial education.
Q. How does adding this track fulfill that vision?
A. Currently, the SOA is the only actuarial education association with a significant international presence that does not offer education in the full range of practice areas. For the SOA to meet the needs of its growing member and candidate base outside the United States and Canada, the SOA has determined it must offer this educational option.
Q. When will the first general insurance track-specific exams be given?A. The first of the exams and e-learning modules is expected to be made available to candidates beginning with the fall 2013 exams.
Q. How will candidates benefit from the SOA offering a general insurance track?
A. Candidates considering the general insurance track will no longer have to make an early specialty track decision. This will allow candidates to have additional opportunities to learn about more different practice areas and to be well-informed about a variety of practice areas in the eyes of potential employers. Additionally, candidates will have the opportunity to pursue their educational pathway through a single society, regardless of the actuarial specialty they choose.
Q. What are the benefits for employers of actuaries?
A. By adding this track, the SOA is aligning its credential and education system with the way organizations structure their risk management operations. The employers of our candidates-insurers, consulting firms and others-manage the complete spectrum of risks, and the SOA will now give them a single, global source for the full range of actuarial talent and credentials they need.
Additionally, in many developing economies, general insurance often grows earlier and faster than other business lines. The SOA needs to offer its candidates the training and credentials necessary to serve these markets.
Q. Does the SOA have the capabilities to offer a high-quality general insurance track?
A. The SOA's actuarial education and examination capabilities are well recognized in the marketplace, and the SOA is confident it will create a world-class general insurance track.
Q. What is the process to implement the new track?
A. The SOA will be hiring an actuary with expertise in general insurance. Volunteers with experience in general insurance will be needed to be involved in developing a curriculum and exams. If you are interested in learning more about these volunteer opportunities, please contact Stuart Klugman, FSA, staff fellow—Education, at sklugman@soa.org.