Candidate Questionnaire
Mary Beth Ramsay, FSA 1996
SVP, Head of Client Solutions
SCOR Global Life
Charlotte NC
Brief description of current work:
I lead the team responsible for the delivery of innovative and custom solutions to SCOR’s reinsurance clients.
Primary Area of Practice:
Life; Reinsurance
Other Areas of Practice
Product Pricing
Why do you want to be on the Board?
My varied professional background, strong commitment to volunteerism, and proven collaborative leadership would all be valuable assets that contribute to the continued success of the SOA Board. I have worked in multiple industries, in both traditional and non-traditional roles. My volunteer experience includes not only the SOA, but also religious and youth organizations. As a leader, I have built strong relationships and teams to meet evolving business challenges.
In addition, I have a passion for promoting this amazing association. Actuaries have valuable skills that can help any businesses succeed. Our challenge is to attract talent and increase relevancy beyond traditional roles. The exam process not only tests technical and business knowledge, it requires dedication, commitment and self-motivation, all of which are valuable in the business world.
Professional Background
Provide a brief description of your professional background and the type of work you have performed and explain how these experiences have prepared you as an Elected Board Member and qualify you in carrying out the strategic direction of the SOA.
My actuarial skills and my commitment to the profession have allowed me to serve in a variety of rewarding professional roles.
The first 18 years of my career I focused on defined benefit consulting, working with varied pension sponsors and all sizes of plans in multiple industries. As a consultant, I was able to utilize my communication and problem-solving skills to develop optimal contribution and financial reporting strategies to effectively support my clients.
In 2006, I left pension consulting to take a non-traditional role with a major bank, where I managed the forecast of consumer loan defaults. Modeling multiple decrements for a pension plan was a strong match to modeling consumer loans. I was able to successfully provide a new view to analyzing changes in the loan forecast. The team I led improved forecast accuracy and analysis.
While the banking sector was interesting, and I enjoyed learning a new industry, I returned to a more traditional role of annuity product development and management in 2008. I led the teams responsible for rate setting and new product development. I developed strong relationships with both distribution and internal partners.
Since 2013, I have worked in reinsurance, including risk, pricing, and client facing roles. As Senior Vice President and Head of Client Solutions, I currently lead a team of talented account executives and marketing actuaries, and have responsibility for setting strategy to improve engagement with our clients.
I believe my broad experiences in multiple industries provide a valuable background to serve the SOA Board and its members. My varied professional experience, ability to effectively lead teams across organizations, and skills for developing strong relationships with internal and external partners will be valuable assets that contribute to the continued success of the SOA Board.
Volunteer, Governance and Personal Experience
Describe how your volunteer, governance and personal experiences would strengthen your contributions to the SOA Board, the organization, and strategic plan execution. Please list your relevant volunteer experience. Please include the name of the organization, your role, and approximate dates.
Plymouth Church, Des Moines, IA: Capital Campaign Leader; Stewardship Committee, Member (2008-2009) Chair (2010-2011); Church Council (2009-2011); Plymouth Foundation Board Member (2011-2012), President (2013)
Des Moines Capitals High School Hockey: Board Member & Treasurer (2010-2013)
Drake University School of Actuarial Science and Risk Management: National Advisory Committee (2017 – Current)
SOA: Exam Grading Volunteer (2018 – Current); Annual Meeting presenter (2017 – Current)
Much like my work experience, my volunteer experience has been diverse. I have had the opportunity to set and implement strategic plans, review and revise governance, and recruit volunteers.
As a member of church boards and councils, I was guided by church bylaws to implement programs, elect committee members, and create budgets. Fundraising and friendraising involves influencing others to contribute, not only money but something more valuable - time. I successfully recruited volunteers for several large initiatives.
When SOA Board member Dave Dillon reached out to me to encourage me to apply, I was surprised to learn that my volunteer experience with the SOA places me in the top 100. To achieve the strategic plan of the SOA, the Board will need to recruit confident and capable volunteers. I have the experience to support this important effort.
Agility/Change
What did you learn in the COVID19 pandemic that will help you, post-pandemic?
The word I would use to describe my pandemic learning: Caring.
When the pandemic began, my focus was caring for the team members I lead. As we shifted to online remote work, I sent daily emails to my team including items such as inspirational quotes, funny memes, or silly jokes. I wanted to keep the connections and be certain everyone knew I cared about their well-being as we all navigated uncertainty, loss, and the new way of working. Caring for team members is my highest priority. My leadership philosophy centers around valuing people, building trust, and equipping them with the resources they need to execute on our plans and strategy.
As the days (and emails!) went on and on, it became clear the pandemic would be a long-term problem. My focus then shifted to how I could be part of the solution. Because I am not a doctor or scientist, I obviously couldn’t develop treatments or care for the sick. But I realized I could play a role in developing a vaccine. I volunteered for the Moderna vaccine trial and recruited three other volunteers.
I was honored to participate in the medical trial focused on developing the vaccine that was needed to end the pandemic. Yes, there were risks. But my commitment to the greater good was my driving force to join the trial. And what joy there was in December when the vaccine was approved.
As we emerge from the pandemic, I will continue my focus on concern for others. The pandemic has shown us that life is precious, and we need to care for those around us.
Motivating/Influencing
Describe a constructive conversation you had in a group setting or one-on-one during which opinions varied and you needed to get to a consensus.
When I was promoted from SCOR’s U.S. Chief Pricing Actuary to lead the Client Solutions Team, it was clear to me and other senior leaders that we needed to change the way we work with clients. The Client Solutions Team, however, was not necessarily in agreement.
The team of eight account executives and marketing actuaries wasn’t really a team; they were operating as individual contributors each working from different offices. There was no sharing of ideas or success stories. Service levels were inconsistent, but each account executive felt they were successful and didn’t need help from others.
Under my leadership, the team met (in person!) to brainstorm ideas on how to improve. The opinions and ideas were diverse. So were attitudes.
We spent three days at that first meeting. We developed relationships, shared stories of success and failure, discussed visions of what we could be if we worked together. The meeting became a more powerful session than I initially imagined. We developed a sense of trust and an appreciation for the different ideas and concepts we all brought to the table.
We left the meeting with a new strategic plan, a different approach for the work, a roadmap for success, and most importantly, a new sense of team.
Ultimately our plan was successful, as we saw meaningful increases in our client survey scores as a result of the changes.
Cultivating relationships leads to the openness required to consider opinions and ideas different than your own. The relationships make the team, and together the team accomplishes far more than individuals operating independently.
Diversity
Describe how your awareness of diversity, equity and inclusion has evolved throughout your life.
My DEI awareness has evolved as I have moved around the country. I grew up in Nebraska, but have lived in different states, parts of the country, and in different sized cities since graduation. Each location has provided me the opportunity to meet and work with people who come from diverse backgrounds. I enjoy learning about their upbringing, their views, their values, and their outlook.
While studying actuarial science at Drake University, the gender ratio of our class was fairly equal. But today, surprisingly, I often find myself the only woman in the room.
As an organization, the SOA needs to find a way to attract more diverse candidates to our profession. I have spoken with students at Drake and I am encouraged by the increasing diversity. The challenge is to keep them engaged in the profession, passing exams, and using the diverse skill set of an actuary to chart the course for a successful career.
International
How would your experiences strengthen your understanding of international issues?
Because I work for a global reinsurance company, I currently have exposure to international issues. While leading SCOR’s U.S. Pricing Team, I was a member of the global pricing community. This involved partnering with actuaries across the globe to assess risk, set assumptions, and determine prices. It has been intriguing to learn about the different insurance and protection products offered around the globe.
Our goal at SCOR is to use all existing expertise to refine our view of risk. While products may not be the same, is there a way to use experience from a similar product from another country to price a product here? It is fascinating analysis and very interesting work.
In my current role, I am part of SCOR’s Global Business Development community. I work closely with a member of our UK office. Our goal is to share work, solutions, and ideas between offices to improve our knowledge and enhance client service. We meet at least weekly to exchange ideas.
On the SOA Board, I can use this perspective to better understand international issues.
Emerging
How does the SOA need to change to meet emerging challenges and opportunities?
The changes start with work I have done with the Drake University National Advisory Committee. The University continually asks the committee members for feedback on the Actuarial Science program and curriculum offered. Likewise, the SOA must continually evaluate and change the exam and credentialing process to be certain current and relevant topics are covered.
Adding data analytics and predictive modeling was a great step. Actuaries were the original predictive modelers, and we likely fell a bit behind as others took on that role.
If we want to continue to hold senior leadership roles within financial organizations, we must find a way to improve leadership skills, strategic thinking, and communication. Difficult topics to test, but important for success. Perhaps these topics are best covered with university requirements.
Our opportunities are endless if we can provide business insights and solutions to problems such as retirement and financial protection.