June 2017 Board of Directors Meeting

Schaumburg, IL (June 26, 2017) – The Society of Actuaries (SOA) Board of Directors (Board) met June 10 – 11, 2017, in its regular second-quarter in-person meeting.

Watch a brief video with SOA President Jeremy J. Brown, FSA, MAAA, as he shares updates on predictive analytics, international efforts and the SOA election ballot.

2017-2018 Board Election

The SOA Board approved the 2017-2018 election ballot of  Endorsed Candidates for the Board of Directors chosen by the SOA Nominating Committee. The 2017 election will be held from August 14 to September 1. Additional communications on the election will be provided throughout the summer including candidate bios and a live webinar with the candidates. For more information on SOA elections visit the website.

Strategic Research Programs

The SOA Board provided feedback regarding ongoing work to establish formal operational processes on how SOA research is pursued. The goal is to objectively evaluate which research programs the SOA should undertake.  The SOA Board discussed the potential trade-offs of this approach. SOA Strategic Research Initiative Task Force will evaluate 11 programs with this criteria to develop a proposal of 4 – 5 focused research programs for the SOA Board to review at its October meeting.

Environmental Scanning: InsurTech

The SOA Board participated in a generative discussion on InsurTech trends (new technology disrupting the insurance space) and what the future for actuaries could look like given continued InsurTech growth. The SOA Board separated into groups to immerse themselves in different scenarios for the future. Each group reported the results of their discussion for review. The SOA Issues Advisory Council (IAC) and SOA Executive Director will determine the next steps to be taken to respond to the results of this discussion and feedback and will provide an update to the SOA Board.

Decision Governance

The SOA Board heard an overview and provided input on decision governance from a task force of the SOA Governance and Policy Committee. Task force leadership presented proposed improvements to enhance the SOA’s processes to act on issues efficiently and effectively allowing for timely decisions and discourse about ideas and issues earlier in their development stage. The discussion revolved about three themes for best practices in decision governance: Culture and Risk, Structure and Quality Decisions and a combination of both Culture and Structure. The task force will take the SOA Board’s input in consideration as it continues its work to develop revised decision-making processes

Board/Section Collaboration and Section Member Value

The SOA Board heard an overview and provided feedback on recent changes to SOA Board and SOA Section collaborative efforts. The new model for collaboration includes a diversified approach allowing SOA Board members and Section leaders to meet via webcast and during networking events.

In addition, the SOA Board heard an overview of new efforts to encourage member engagement in the Sections. Section membership has been slightly declining over the last several years. In response, SOA’s Sections and Practice Advancement (SPA) developed a plan for the Board’s feedback to encourage Section participation and to enhance member engagement overall.

The Actuarial Foundation

The SOA Board heard a presentation by the Actuarial Foundation. Foundation representatives provided background on their mission and programs demonstrating their focus on scholarships, math education and financial literacy. For more information on the Foundation and see their new website.

If you have any questions or comments about the recent SOA Board meeting, please send a note to membercomms@soa.org