2018 President-Elect Candidate
Andrew D. Rallis, FSA 1992, MAAA
EVP & Global Chief Actuary
With respect to leadership, context is decisive. In a rapidly changing world, and with the combined forces of globalization and advancing technology in play, I believe I am the right leader to keep the SOA and our members at the forefront of the actuarial profession and help the profession adapt to meet the rapidly evolving needs of our stakeholders.
As MetLife’s Global Chief Actuary, I have travelled all over the world meeting with fellow actuaries, regulators and employers to understand the insurance marketplace and the role we as actuaries play in bringing our products to market. In my current role as Secretary/Treasurer of the SOA, I am part of the SOA Leadership Team and well versed in the challenges and strengths of our own organization. Further, as President of the Chief Actuaries Forum, I regularly discuss the most important issues of the day with chief actuaries from some of the largest employers of actuaries in North America. Together, I believe the depth and breadth of these experiences uniquely qualify me to take on the challenges of the SOA President-Elect role.
During my current term on the SOA Board, the SOA has reinvented itself and affirmed its prominence with several initiatives, and I am proud to have been part of these achievements. We created a new strategic vision for the organization, incorporated predictive analytics into both our syllabus and a new certificate program, and adopted a strong diversity policy. We have also greatly improved our relationships with other actuarial organizations in North America and partnered with the IFoA to bring a new credential to the market - the Certified Actuarial Analyst designation. The SOA has expanded in key markets throughout the world, notably in China and greater Asia. However, there is much more to accomplish. Today, the SOA faces unique challenges including globalization, new technologies and reputational risks.
The globalization of the insurance marketplace means the relevance of our credential cannot be taken for granted. As part of an SOA task force, I had the opportunity to hear from constituencies outside of North America, many of whom expressed concerns that our syllabus may be deficient in content relevant to their regions, such as IFRS and Solvency II. Likewise, as a member of our International Committee, I have met with representatives from actuarial organizations in countries as diverse as India, Columbia, the UAE and Vietnam to try to understand how well the SOA is positioned to support their educational needs, whether it was with respect to establishing exam centers, accrediting universities, or providing continuing education. We are starting from a strong foundation, and I will work to secure the reputation of the SOA as the “gold standard” of actuarial education and professional practice throughout the world.
At the same time, advances in technology require us as actuaries to learn new statistical techniques to make sense of rich new data sources, such as social media, biometrics and even genetic information. While the SOA has made progress with its predictive analytics curriculum, this may only be the tip of the iceberg of insurtech advances impacting actuaries. Natural language processing, robotics, machine learning techniques and blockchain could radically transform the way products are designed, priced, sold and underwritten – all potentially impacting our actuarial processes. Much of existing actuarial practice could be displaced, and we need to prepare ourselves to support the impacts that these technologies will have on the principals who rely on our services. As an MIT alumnus, I well understand how technology can either enhance our capabilities or make us obsolete, depending on the choices we make today.
Finally, the profession risks the loss of trust of our constituencies in the face of news reports about mispriced long term care policies and underfunded public pension plans. It is imperative that we make clear the unique role of actuaries in assessing risk, and correct any misimpressions that giving advice on taking risk is tantamount to eliminating risk. Risk exists, and outcomes may deviate from expected. Our principals and the public at large need to understand this. Continuing to uphold our professionalism is paramount to preserving trust in us.
With that, as President-Elect, I will continue to work to raise the bar on our credentials to ensure we meet the dual demands of globalization and insuretech. I will work with the SOA Board, management and volunteers to develop strategies that will promote the profession, foster innovation, expand actuarial services and grow the actuarial education system in underserved international markets, especially in Asia and Latin America.
In short, my vision is based on high educational standards, integrity, innovation, and strong ethical principles that will solidify the reputation of an SOA actuary as a “trusted advisor” anywhere in the world. Please support me with your vote, and together we can preserve our rich heritage for generations to come!
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Brief description of current work
I am an EVP and Global Chief Actuary of MetLife, Inc. I am responsible for actuarial practice throughout the company with approximately 1,200 actuaries operating across 46 countries. In our global operating model, regional Chief Actuaries report to me directly as well as the leaders of several global actuarial functions including Asset/Liability Management, Global Actuarial Modeling, Emerging Actuarial Issues and Actuarial Services.
I am Chairman of all MetLife’s captive reinsurers, co-chair the company’s ALM Steering Committee, and I also serve on numerous other internal risk and finance committees.
Since assuming the Global Chief Actuary role six years ago, I have continuously driven actuarial transformation efforts across the globe. MetLife has adopted uniform standards of practice, migrated actuarial systems to common platforms, and developed strong actuarial hubs in Argentina and India. Most importantly, I have championed our actuaries to elevate themselves as trusted advisors, demonstrating the core competencies of excellence, integrity, listening, creativity and resilience.
Primary Area of Practice
Life, Investments, Financial Reporting
- MetLife: Currently Global Chief Actuary (employed 1984 – present)
- National Council on Compensation Insurance (NCCI): Workers Compensation Analyst (1982 – 1984)
- Leadership Group Secretary/Treasurer (2016 – present)
- Finance Committee Chairman (2016 - present)
- Task Force on Adapting Education for International Markets Member (2017-2018)
- International Committee Member (2015 - present)
- Inaugural China Symposium Speaker (2016)
- Asia-Pacific Sixth Annual Symposium Speaker 2016
- Employers Council Member (2014 – present)
- Investment Section Council Board Liaison (2015-2016)
- Equity Based Guarantees Conference Speaker (annually ~2004-2014)
- Valuation Actuary Symposium Speaker (2005)
- Spring Meeting Speaker (2002)
- Exam Committees (1992-1995)
- SOA: FSA (1992), MAAA (1998)
- MIT: BS Physics, BS Mathematics (1992)