Who will lead the SOA? You decide.

Candidate Questionnaire

Shoaib Soofi, FSA 2003
MetLife

Brief description of current work:

Renew New Life, Health and other products for international markets.

Primary Area of Practice:

Life Insurance, Financial Reporting

Other Areas of Practice:

Health Insurance

Professional Background

Provide a description of your professional background and the type of work you have performed. Explain how these experiences have prepared you as an Elected Board Member and qualify you in carrying out the strategic direction of the SOA.

I have over 30 years of actuarial and management experience for multiple geographies. I have been with MetLife since 2008 based in Dubai where I worked for 25+ countries across Europe, Middle East, Africa & South Asia on financial reporting, products, reinsurance, experience studies etc. For last couple of years, my role included Asia and LATAM as well for new products review. I have good insight of international markets and connections which would bring wealth of experience to SOA board for shaping and reshaping its international markets strategy.

Before joining MetLife, I worked in Pakistan at Insurance Regulator Office, Ministry of Finance and State-owned Life Insurer from 1992 to 2008. As can be seen, my professional experience is not only geographically well diversified but also has exposure to both public and private sectors. I worked with regulators and policy makers from both sides of the table, and I was quite actively involved with IAIS (International Association of Insurance Supervisors) activities as well.

My experience can help SOA board understand better and see more closely how actuarial roles are emerging in different markets outside North America, what are common issues or challenges and at the same time opportunities. I can also help the board to work with policy makers and regulators on development of actuarial profession in various jurisdictions.

Based in Dubai also gives some extra advantage to me as the city is almost in the middle of the world with over 200 nationalities living here, very well connected to rest of the world and having SOA regional office here.

Volunteer and Governance Experience

Describe how your volunteer and governance experiences would strengthen your contributions to the SOA Board, the SOA, and strategic plan execution. List your relevant volunteer experience. Include the name of the organization, your role, and approximate dates. 

I have been actively supporting SOA international activities including SOA Ambassador for UAE from 2010 to 2023, member of SOA task force for Middle East, Africa, Pakistan (MAP) (2021 – 2023) which upgraded to permanent committee in 2023 and I’m the first chair of the committee. We undertook many activities from MAP front including 2 well attended regional symposiums in Dubai and Saudi Arabia in 2022 & 2023, organized a series of IFRS17 panel discussions and before also took part in pilot IFRI Certificate Program.

I supported SOA president and staff visits to the region including university visits, meeting with regulators etc. I am very well connected with SOA members and industry experts across international and US markets.

I also lead informal gatherings of actuaries in gulf from 2009 connecting actuaries, discussing latest regulations and providing feedback to the regulators. We also worked with local insurance associations here. There weren’t any such meetings / gatherings before that.

Leadership/Managing Change

Describe a significant project that you led in the workplace or in your volunteer activities. Describe how you addressed changes that were proposed, whether changes were made, or were not made after considering all options. How did you influence alignment in the final outcome, and what were the biggest challenges you had to overcome?

1. As regulator in Pakistan, I was the main author of some key regulations including maximum expense limits for life insurers, pricing disciplines for group life business and requirements on provident fund related insurance to protect policyholders’ interest. These were quite impactful regulations, and I did intensive consultations with the industry including top management, accountants and actuaries instead of just imposing those regulations to the industry. As a result, the implementation went quite smoothly.
2. At the Ministry of Finance Pakistan, I made a detailed proposal to Secretary Finance on shifting government employees’ pension from defined benefit to defined contribution to make the pension system sustainable and reduce pressure on government budget. It was quite challenging due to bureaucratic processes and other priorities but nevertheless I presented the case thoroughly and made the senior officials realized the need to act with urgency. The proposal was still under review when I left, and I recently learned from news that some reforms are implemented.
3. Designed a Universal Life Product for Bangladesh which was super hit with over 1m policies sold. Again, multiple detailed discussions took place with marketing and operation on product design, and we really worked as a team.
4. Since 2009, I worked with few actuaries in Gulf to bring actuarial community in the region together on informal basis, discuss latest issues, connect with industry and regulators and learn on latest trends. This informal gathering continued for few years including providing inputs to some key regulations in UAE and attracted global actuarial bodies to the region with more formal events and activities now happening. This initiative was the seed which grew the MAP and other trees we have in the region now.

Diversity

What should the SOA’s goals be in the area of diversity, equity and inclusion? You can read more about current efforts by the organization at www.soa.org/programs/diversity-inclusion.

Diversity, Equity & Inclusion (DEI) needs to move from commitment to specific actions and goals for SOA Staff, SOA Board and Candidates. Reserving a seat for international member and opening office in Dubai are steps in the right direction but there is a lot more needs to be done.

SOA should track the mix within candidates, staff and board members by various dimensions of DEI including gender mix, candidates mix by underdeveloped, developing and developed markets, mix of different ethnicities etc.

Offer fee discount to more underdeveloped countries’ candidates.

Offer more mentorship programs especially for girls to encourage them for actuarial profession.

Consider offering actuarial exams in more languages.

Include a DEI mandatory course in actuarial curriculum to create more awareness on what exactly DEI is and why it is important.

Have DEI champions for different regions and work with other bodies supporting DEI like MetLife, Black Actuaries’ Association etc.

International

The SOA has been growing internationally. How would your experiences help the SOA further the needs of the membership outside of North America?

Actuarial profession is still not well known in many international markets and there is a need to increase awareness through universities, regulators, associations and other forums. More work needs to be done on education side through certification programs as well as updating SOA curriculum to align with international markets.

Encourage and recognize quality actuarial programs in universities. I also feel that actuaries can play quite an impactful role well beyond usual life insurance and health insurance sectors to include general insurance, retirement, investment and banking.

Encourage the regulators and companies to offer actuarial internships to support young talent.

Establish local connections or strengthen them with local actuarial bodies, insurance associations and other bodies.

Arrange local events and webcasts in collaboration with local bodies and regulators.

Emerging

The SOA needs to continue to attract the brightest students to our actuarial profession and now there are more technical career options available. What do you recommend that the SOA do to continue to attract the right people to the actuarial profession?

Consider introducing an orientation program for those interested to join the profession before they formally commit to sitting for exams to reduce the dropout rate after few exams and boosting the percentage of candidates reaching to fellowship or at least associateship.

Increase university visits and work with them to introduce actuarial science programs or having a portion on actuarial within business and finance specialty track.

Consider scholarship for high achievers or some other incentives.

Encourage & support companies through regulators or directly to have more actuarial internship programs.

Consider broadening actuarial curriculum to introduce accounting, IT and business tracks so candidates can see themselves growing beyond usual actuarial track like CFO, CIO or even CEO.

Introduce AI Certificate Program and consider incorporating some aspects into usual curriculum.

SOA Affiliate program looks great but need to do more active marketing of this through videos, webinars and other routes.

Personal Experience

Share a personal experience, trait, or characteristic that will help the membership to better understand you and your candidacy.

I firmly believe that sadness and fear are two most hard pushing back factors in our life. Sadness comes from the past and fear exists in future. I don’t think anyone can get rid of these two obstacles completely, but many people don’t even try enough. One should be convinced that mistakes will always happen, and the only use of past is to learn from those mistakes and move forward. We should do some personal risk management plans to address our fears of “what if “but don’t over think and don’t be too risk averse. As someone well said, the biggest risk is not to take a risk. I keep trying to apply these rules in my personal and professional life and it has helped me a lot in moving forward.

The other thing I also try is not to compare myself with anyone else but to myself only. Me today versus Me yesterday and as long as I have moved up, I’m satisfied. Comparing with others is insulting yourself. I have always been blessed with good mentors and seniors and their advice were one of the main factors where I am today and I try to do same with my younger generation, at work, professional network or at personal level as well.