Entrepreneurship and Innovation—Looking Backwards to Move Forwards

By 2025 E&I Section Council

Innovators & Entrepreneurs, September 2025

As the Society of Actuaries begins its transition from the section model to the community model, and as we publish our last newsletter within the current construct, the 2025 Entrepreneurship and Innovation (E&I) Section Council wanted to take a moment to reflect on the goals of the section and how our movement into the Career Development Community aligns with the spirit of evolution that is at the heart of being an innovative actuary.

Our publicly stated goal is to champion the entrepreneurial spirit within the actuarial profession and inspire actuaries to lead with innovative thinking and a purposeful drive, fostering a community where entrepreneurs and intrapreneurs can connect, share best practices, and thrive. Over the past decade and more, the E&I council has aimed to do this in a multitude of ways, including:

• Providing education and insights on the start-up process and the real-life experience of being an actuary and company founder.
• Connecting actuaries and other professionals within the entrepreneurship space (venture capital, other founders, legal support, etc.).
• Highlighting essential aspects of being an entrepreneur, including:
  • Using your actuarial experience to start a business,
  • developing a business plan that effectively communicates your vision,
  • optimizing your mindset and language as a leader in times of uncertainty,
  • leaving a legacy of entrepreneurship and inspiring/mentoring the next generation,
  • crafting an “impact message” to refine your company’s pitch, and
  • leading as a “quiet” actuary and how introverts can succeed in a traditionally extroverted space.

It’s a bit of a truism at this point, but the amount of change that is impacting the actuarial profession is at an all-time high. From recent and ongoing regulatory changes, to the still evolving impacts of the COVID pandemic, to the wave of new frontiers being unlocked by generative AI, it has never been more important for actuaries to be willing to be innovative and challenge established norms.

Painting with a broad brush, the actuarial profession is traditionally a risk-averse profession with risk-averse professionals, and starting a new company is essentially the “ultimate risk.” Our goal has always been and will continue to be to give the Society of Actuaries membership the tools, skills, education, and confidence to take risks and be bold, whether within the confines of a traditional insurance company or by launching a new business from the ground up.

As part of the Career Development Community, we are excited to take this mission even further. The community model will have us partner/merge with the Actuary of the Future, Education and Research, Leadership and Development, and International Sections. These sections share common goals around developing the next generation of actuarial leaders around the globe, championing the profession, and ensuring that the pipeline of actuarial talent remains strong. And from our perspective, venturing out and starting your own business is the “ultimate career development” step. We are excited for the opportunity to expand our community and influence under the new community model, and we hope you’ll join us on the journey as the SOA continues to demonstrate the willingness to change and innovative spirit that we aim to instill in all our members.

Sincerely,

Your 2025 E&I Section Council