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TRANSCRIPT
Agenda
• All About Sections• History
• Section Structure
• Section Missions
• Section Activities
• Section Information
• Section Highlights
• Why be part of a section
• Discussion
4
SOA Sections
6
Actuaries of the Future Education and Research
Entrepreneurial Actuaries Financial Reporting Health
International Investment
Joint Risk Management Leadership and Development Long Term Care Insurance
Marketing and Distribution Modeling
Pension Predictive Analytics and Futurism Product Development
Reinsurance Smaller Insurance Company
Social Insurance and Public Finance
Taxation Technology
Section Council Structure
• Leadership• Chair, Vice-Chair, Secretary/Treasurer
• Council Members
• Designated Board Partner• Staff Partner
• Section Specialist
7
What does a Section do?
8
Address issues affecting the practice of the section
Continuing Education
Research
Latest Information
Actuaries of the Future
15
Focus• Discover future opportunities and the skills needed so
actuaries can excel and evolve
Highlights• Recently selected two section council interns for the
section• Participated in the California Student Conference
Education & Research
16
Focus• Expand the knowledge base of the profession• Foster ties between business actuaries, academic actuaries
and actuarial educators• Support and encourage actuarial education and research.
Highlights• Sponsored the 2015 Actuarial Research Conference
(ARC) in Toronto• Working with the University of Minnesota and
University of St. Thomas in the Twin Cities to develop the 2016 ARC
Entrepreneurial Actuaries
17
Focus• Encourage and promote the innovative spirit of
members interested in developing entrepreneurial activities
Highlights• Working on developing a book of case studies that reviews
innovation, the people that make it happen and how they achieved it
Financial Reporting
18
Focus • The field of life insurance company financial reporting
Highlights• Committed funding to the Economic Balance Sheet
Calculation Seminar• Planning to develop and deliver 3 webcasts in 2016
Health
19
Focus• Prepare health actuaries for positions of leadership • Promote the relevance of health actuaries in the
marketplace
Highlights
• ACA@5
• Sustainability of ACA Exchanges
• Evolution of the Health Actuaries
International
20
Focus• International insurance, pensions, or Social Security
programs, international areas of practice
Highlights• Ambassador program – currently recruiting ambassadors in
Singapore, Pakistan and the UK• Webcast in December on Global Social Security Reforms for
a North American/European audience. Follow–up webcast for European/Asian audience.
Investment
21
Focus• Investment decision–making techniques for actuarial, risk
management and investment management work for insurance companies, pension fund sponsors and providers of investment
Highlights• Co-sponsored with another section a webcast:
• ALM Considerations for Small Companies• Sponsored two contests
• The Reddington Prize • Asset Allocation Contest
Joint Risk ManagementA collaborative sponsorship between Society of Actuaries (SOA), Casualty Actuarial Society (CAS) and Canadian Institute of Actuaries (CIA).
22
Focus • On risk management and leading risk management
techniques
Highlights• New interactive webcast, ORSA Discussion: Town Hall
Meeting• Sponsored the following research:
• Operational Risk Follow-Up ERM Taxonomy• Risk Implications of Unemployment and Under-Employment• Emerging Risk Survey 2014• Emerging Risk Survey 2015• Risk Implications of Unemployment and Under-Employment
Leadership and Development
23
Focus• Leadership, business, and personal skills development • Provide tools to facilitate personal career development
Highlights• Developing a webcast on Servant Leadership• Developing a webcast on Professionalism
Long Term Care Insurance
24
Focus• Long Term Care Individual, Group or CCRC pricing, Valuation,
reinsurance or other Long Term Care issues
Highlights• Think Tank – brainstorm 4-6 concrete ideas to help the
industry solve the long term care issue • LTC Pricing project – data collected over 15 years,
comparison and modeling
Marketing and Distribution
25
Focus• Innovation in distribution methods of financial services
products and in the inter–relationship of marketing strategies with product design, underwriting and operations
Highlights• Created and delivered two webcasts:
• Communicating to Your Company’s Sales & Marketing Team and Agents
• Wholesaling: An Introduction• Sponsoring: Middle-Income Market Expert
Survey Research Project
Modeling
26
Focus• The creation, governance and use of models.
Highlights• Sponsored their first webcast in 2015• Three webcasts are being planned for 2016
Pension
27
Focus• Retirement field and defined contributions
Highlights• Working on creation of an online Longevity Illustrator• Developing a six-part webcast series for 2016• Sponsored, developed and delivered an Investment
Boot Camp for Pension Actuaries
Predictive Analytics and Futurism
28
Focus• Predictive analytics and futurism methods and tools
applicable to the work of actuaries• When and how to use them and when not to
Highlights• Created and delivered two webcasts this year:
• Agent Based Modeling• Problem Solving with Machines
Product Development
29
Focus• The field of individual life insurance and annuity
product development
Highlights• Created and delivered a webcast: Rethinking and
Reshaping Underwriting• Committed to the following research:
• Living Benefit Riders• Conversion Mortality• Predictive Analytics Primer• VBT/CSO Impact Study• Predictive Development Process
Reinsurance
30
Focus• Enhance the understanding of reinsurance
Highlights• Presented LEARN in more than four states• Sponsored, developed and delivered an Introduction to
Reinsurance Boot Camp
Smaller Insurance Company
31
Focus• Understand and address the unique problems that face
actuaries employed by smaller life insurance companies
Highlights• Developed and delivered webcasts:
• Actuarial Standards of Practice No.1 – Considerations for Small Insurance Company Actuaries
• Practical Issues Related to ERM and ORSA• Managing the Actuarial Function• Co-sponsored one webcast with Financial Reporting
and one with Investment
• Planning on developing and delivering 4 webcasts in 2016
Social Insurance and Public Finance
32
FocusEvaluating and managing social insurance programs, public pension plans, government funded health plans, workers compensation insurance, and unemployment insurance
Highlights• Created and delivered a webcast
• How to Compute Social Security Retirement Benefits • Developing a webcast for December:
• Medicaid Long Term Support and Services 101
Taxation
33
Focus• Tax issues related to life insurance companies, insurance
and annuity products and qualified and non-qualified employee benefit plans.
Highlights• Created and published three issues of Taxing Times • Sponsored numerous sessions at the Life and Annuity
Symposium, Valuation Actuary Symposium and the Annual Meeting
Technology
34
Focus• Promote the exchange of information concerning
technology as it relates to the work of actuaries
Highlights• Refreshing the Apps for Actuaries on the SOA website• Developing a webcast on Excel/Access/VBA
Why be part of a section?
35
• Learn more about specific areas of practice
• Network and make connections
• Obtain the latest information
• Engage
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Exam Tracks
Finance/ERM Track Investment Track Individual Life & Annuities Track Retirement Benefit Track Group & Health Track General Insurance
Joint Risk Management Investment Financial Reporting Pension Health GI Community
Financial Reporting Product Development Social Insurance and Public Finance Long Term Care
Marketing & Distribution
Reinsurance
Tax
Small Co
Secondary
Reinsurance Financial Reporting Joint Risk Management
Tax
Social Insurance and Public Finance
Reinsurance
Common to all
Education and Research Education and Research Education and Research Education and Research Education and Research Education and Research
Predictive Analytics & Futurism Predictive Analytics & Futurism Predictive Analytics & Futurism Predictive Analytics & Futurism Predictive Analytics & Futurism Predictive Analytics & Futurism
International International International International International International
Actuaries of the Future Actuaries of the Future Actuaries of the Future Actuaries of the Future Actuaries of the Future Actuaries of the Future
Modeling Modeling Modeling Modeling Modeling Modeling
Leadership & Development Leadership & Development Leadership & Development Leadership & Development Leadership & Development Leadership & Development
Entrepreneurial Actuaries Entrepreneurial Actuaries Entrepreneurial Actuaries Entrepreneurial Actuaries Entrepreneurial Actuaries Entrepreneurial Actuaries
Technology Technology Technology Technology Technology Technology