The SOA Board of Directors’ Virtual Meeting Recap and Outcomes

Schaumburg, IL (August 5, 2020) – The Society of Actuaries (SOA) Board of Directors traditionally holds five-six meetings a year, three in-person and several by conference call. This year, following the COVID-19 pandemic required cancellation of travel and in-person meetings, the Board met virtually over several sessions in June and July to cover all the business of its regularly scheduled March and June meetings. The Board discussed the future of the organization, the impact of COVID-19 and potential efforts on diversity and inclusion, racial equality, education and community engagement.

The Board spent considerable time discussing the organization’s long-term growth strategy in supporting the future of the SOA and the actuarial profession. The SOA seeks to address key issues involving the rise of data science, how artificial intelligence (AI) is changing the nature of work, new ideas around credentialing and skill development, strengthening candidate and member engagement, and supporting growth patterns of the profession outside of North America. Later this year the Board plans to roll out and begin implementing its long-term growth strategy addressing these key issues. The Board will review program proposals on prequalification education, employer-focused professional development, international expansion and new approaches to SOA research.  Further updates will be provided following the Board’s October virtual meeting.

“This long-term growth strategy is our largest commitment to date to determine how we can best address AI, data analytics and other challenges impacting the insurance industry,” said Andrew Rallis, FSA, MAAA, President of the SOA. “We’ve come a long way over the past year and a half, and I’m proud to see all of the work from the SOA Board and volunteers to assess, research and build this plan for the future of our profession and how the SOA can best serve our members, candidates, employers and the public.” Greg Heidrich, SOA Executive Director, added, “The pandemic has led us to accelerate the use of virtual professional development and online education offerings, which we already had in mind as part of the long-term growth strategy.”

The SOA Board discussed steps the SOA will take to support diversity and inclusion, including ongoing efforts with other actuarial organizations. The SOA seeks to create and expand SOA programs and services to champion a more diverse, equitable, and inclusive SOA and actuarial profession. Read the letter on equality from SOA President, Andrew Rallis.

“During these virtual meetings, the SOA Board and I deepened our discussions about the things we can do as an organization to champion a more diverse, equitable, and inclusive SOA and profession,” said Rallis. “Commitment from the Board was very strong to make these steps a strategic priority and we have what we need to begin putting appropriate resources -- staff, volunteers and budget – to this initiative now, not next year.” 

The Board reviewed and discussed the impact of COVID-19 and the SOA’s response to the pandemic, including on exams, professional development and research.  The SOA will continue to conduct its major meetings virtually this summer and fall, including the Valuation Actuary Virtual Symposium, Fellowship Admissions Course (FAC) and its 2020 Virtual Annual Meeting & Exhibit adding to the Life and Annuity Virtual Symposium, Health Virtual Meeting and SOA COVID-19 Virtual Symposium held in May, June and July respectively.

For updates from the SOA on COVID-19 visit www.soa.org/covid-19.

About the SOA

With roots dating back to 1889, the Society of Actuaries (SOA) is the world’s largest actuarial professional organization with more than 31,000 actuaries as members. Through research and education, the SOA's mission is to advance actuarial knowledge and to enhance the ability of actuaries to provide expert advice and relevant solutions for financial, business and societal challenges. The SOA's vision is for actuaries to be the leading professionals in the measurement and management of risk. Visit soa.org.