Gain an Edge by Getting to Know SOA Sections

Beth BernardiDirector, Member Engagement

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SOA is More Than Exams

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SOA Sections

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Agenda

• All About Sections• History

• Section Structure

• Section Missions

• Section Activities

• Section Information

• Section Highlights

• Why be part of a section

• Discussion

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A History of SOA Sections

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SOA Sections

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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

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What does a Section do?

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Address issues affecting the practice of the section

Continuing Education

Research

Latest Information

Section Activities

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Section Information

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Where can I find section information?

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Where can I find section information?

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Where can I find section information?

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Section Snapshot or Highlights

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Actuaries of the Future

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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

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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

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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

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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

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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

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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

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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).

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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

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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

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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

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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

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Focus• The creation, governance and use of models.

Highlights• Sponsored their first webcast in 2015• Three webcasts are being planned for 2016

Pension

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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

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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

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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

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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

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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

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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

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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

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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?

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• Learn more about specific areas of practice

• Network and make connections

• Obtain the latest information

• Engage

How to get involved?

• Join a section

• Volunteer • Podcast moderator

• Coordinate a podcast

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Questions?

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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