June 2018 Board of Directors Meeting

Schaumburg, IL (July 2, 2018 ) – The Society of Actuaries (SOA) Board of Directors (Board) met June 23–24, 2018, in its regular second-quarter in-person meeting.

2018-2019 Board Election

The Nominating Committee presented the Endorsed Candidates for the 2018–2019 Board of Directors to the SOA Board. The 2018–2019 election will be held from August 20 to September 7. Visit the SOA Elections website and keep an eye on your email inbox for communications from the candidates including biographies, Q&As, and video interviews.

Board Sets InsurTech Objectives

Seeking to harness changes driven by InsurTech in the near-term (less than five years), the SOA Board accepted recommended objectives for SOA action from the InsurTech Task Force:

  • Outreach to InsurTech companies and start-ups to demonstrate value of actuaries and actuarial science;
  • Validate new data, models, and other InsurTech innovations for use in actuarial science;
  • Provide guidance to actuaries interested in careers with InsurTech companies; and
  • Market SOA brand and credentials to the InsurTech industry.

“The insurance industry is experiencing a sea change transformation with no historic precedent. Artificial intelligence (AI) and InsurTech will be the biggest disruptors in our profession and it is critical for actuaries to acquire needed skills,” said SOA President Mike Lombardi, FSA, CERA, FCIA, MAAA. “As a result of our environmental scanning process, the SOA Board will develop a plan on how best to support our members to address AI and InsurTech emerging challenges and opportunities.”

Based on their thorough and timely work, the SOA Board disbanded the task force and directed the SOA Executive Director to develop specific plans to achieve these objectives.

For more on InsurTech and actuaries, visit the Oct/Nov 2017 issue of The Actuary . The SOA will keep members updated on the progress of these recommendations in SOA News Weekly and other member communications. Stay tuned and if you have observations for the SOA Board on InsurTech or other innovations, consider filling out the environmental observations form.

Opportunities for Actuaries: Long-term Strategy

The SOA Board provided insight and guidance to the Cultivate Opportunities Team (COT) regarding their work to develop a long-term strategy to ensure SOA credentials continue to provide high-quality career paths in new and growing areas of opportunity. To keep the SOA Board aware of opportunities, the COT scans and conducts research in the marketplace. The COT is focusing its review in four key areas:

  • Preventing erosion of traditional actuarial work,
  • Using new technologies and solutions for traditional work,
  • Encouraging employers to use actuaries for non-traditional actuarial work, and
  • Promoting actuaries for traditional work at non-traditional employers.

The Board provided feedback on these strategies and on expanded market research with employers and members regarding actuaries employed in non-traditional roles to learn more about how to support and encourage actuaries in those positions.

Learn more about actuaries in non-traditional roles by visiting the SOA Predictive Analytics site.

Board Focuses on Young Professional Engagement

In 2017, millennials became the largest age demographic of the SOA member population at 40 percent. To ensure the SOA excels at engaging this growing group of young professionals, the SOA Leadership Team formed the Young Professional Task Force this spring and the group presented initial findings to the SOA Board. The SOA Board added work related to this issue as a strategic initiative in its strategic portfolio for 2018. Additional study and recommendations require market research and continued analysis of SOA member satisfaction data. The Task Force intends to:

  • Learn what young professional members view as important career issues;
  • Learn how they want to participate with the SOA; and,
  • Determine specific enhancements or new programs the SOA needs to support this growing group of members.

The Task Force continues its work through the summer and will present its recommendations to the SOA Board at its fall meeting in October 2018.

Have some thoughts about young professional programming? Email us at membercomms@soa.org and we will pass your message to the Task Force.

Other Critical Board Business

Prometric Contract Renewal: The SOA Board approved the renewal of the SOA’s contract with Prometric, provider of computer-based exams to our candidates and an important education partner for the SOA. Key criteria for selecting a computer-based exam testing vendor include: 

  • Global test network
  • Security
  • Responsiveness
  • Candidate experience

Several alternative vendors were evaluated as part of the SOA’s process.  For up-to-date information on SOA’s exams and requirements, visit SOA Education on SOA.org.

Long-Term Care Strategy: The SOA Board received a presentation from a group of long-term care (LTC) actuaries on developments in the LTC market. It also approved recommendations on new research and professional development activities related to LTC. Stay tuned through SOA News Weekly for updates on these activities.

Questions or comments about the recent SOA Board meeting? Contact us at membercomms@soa.org.