Survey ResultsActuary of the Future

Member SurveyMay, 2005

                                                                 

                                     

                           

Question 1

I joined the Actuary of the Future Section because

1. I am concerned about the future of the actuarial profession.

2. I am currently in a non-traditional actuarial role.

3. I want to expand my horizons into new actuarial areas.

4. Other reasons

                                     

                           

Question 1  1. I joined the Actuary of the Future Section because  

                                     

                           

Question 2I currently work in the following non-traditional role

1. Risk Management

2. Personal Actuary

3. Broader Financial Services (other than life insurance)

4. Other

                                     

                           

Question 2  2. I currently work in the following non-traditional role

                                     

                           

Question 3Indicate which of the following section activities and services you find valuable

1. The semi-annual newsletter

2. Sponsored sessions at SOA meetings

3. Sponsored breakfasts and luncheons at SOA meetings

4. Sponsored evening receptions at SOA meetings  

5. Sponsored special programs, events or activities  

6. Opportunities to network  

7. Career Pioneer Program  

8. Task Force on the Personal Actuary  

9. Section website  

10. Other

                                     

                           

Question 4aIn your opinion, to what extent is the Actuary of the Future Section achieving itsmission of helping actuaries leverage their unique trainingand skills by identifying new applications for them?

1. Not at all

2. Somewhat

3. To a great extent  

4. Don't know enough about section's activities to answer  

                                     

                           

Question 4b

To what extent is the Actuary of the Future Section meeting your expectations?

1. Not at all

2. Somewhat

3. To a great extent  

4. Don't know enough about section's activities to answer  

                                     

                           

Question 4cWhat other activities or services would you like to see provided by your section? 

1. More Risk Understanding and Management.

2. More emphasis on what needs to be changed in the actuarial curriculum and continuing education requirements. If we don’t get actuaries to realize that things need to change, we will become like the dinosaurs…extinct!

3. A yearbook type publication.

4. Updated skills and training for actuary in future.

5. More activities for Asian members.

6. I’m not really sure. I think there’s a lot of turmoil in my field right now (Pensions) and I’m not really sure how this section could help other than by providing information on new areas that could use my skills.

7. More seminars on out of the box actuarial roles.

8. More education/training opportunities.

9. Mentor Program Small group discussion. 

                                     

                           

Question 5a

Please check each of the following statements with which you agree:

1. Actuaries need improved "business savvy skills."   2. Actuaries' value to our employers/clients is currently

being eroded by outside forces. 3. The Actuary of the Future Section works closely with

SOA leadership.   4. Our profession is okay as is. No changes are necessary. 5. I am aware of the SOA's new image campaign.   6. I am aware of internal changes within the SOA.    

                                     

                           

Question 5bPlease provide any comments you may have on the above statements: 

1. I would like to become more aware of internal changes within the SOA.

2. The profession must change but most of the hand-wringing going on is over-reaction to a flawed survey. We must not sell our birthright for a sack of beans.

3. We need to be careful not to allow other to pigeon-hole Actuaries into the insurance sector. I would prefer to see our image evolve into one of risk management and problem solver, using complex models as a tool to achieve our goals. Historically we have supported the insurance industry; however, I do not believe that the profession should be constrained in this way in the future.

4. Rather than our value to employers/clients being eroded by outside forces, I would say that our value is being eroded by our failure to effectively respond to those outside forces.

5. I am finding MBAs are competing for opportunities that actuaries are well qualified for. I have also found that actuaries to a MUCH better job of the work than an MBA. That said, this section should look for ways to market our skills. In particular, our skill sets should be applied to what I view as truly non-traditional. for example, actuaries would be well qualified to forecast financial projections for any industry, not just insurance. Additionally, we could apply our pricing skills to 'non-traditional' products such as autos, planes, etc., etc.

                                     

                           

Question 5bPlease provide any comments you may have on the above statements: (CONTINUED)

6. Recent graduates have stronger communication skills, but weaker business awareness than previously.

7. The issue isn't the outside forces...we are own worse enemy! Those that think our profession is "okay" are really just saying that they are fine because they have a job and are perfectly content.

8.  Improving business savvy skills is important for all actuaries, not only those looking to be part of management.

9. The SOA is getting into areas that are better handled by the other actuarial organizations. It should stick to primary education, examination, and research with its meetings focused on those areas.

                                     

                           

Question 6 – Key Issues

List the 3 most important key issues facing our profession today

Reputation/Reliance 48

Expanding our focus 17

Competition from other professions 13

ERM 12

Shrinking traditional market 11

Decline in DB Plans 9

Business savvy skills 5

E&E Improvement 4

                                     

                           

Question 7

The SOA Strategic Plan calls for two key actions to help actuaries: 1. Attain

senior positions in the traditional sector and 2. Attain new positions in the

Broader Financial Services sector.

What types of roles/positions do you think actuaries are qualified to pursue? 

Summary of Responses

No limit 13

ERM 11

Both 8

C-level 8

Traditional 4

BFS 3

                                     

                           

Question 8The Society's image campaign theme is "turn risk into opportunity." How haveyou made this happen in your career? Have you influenced a decision oroutcome that enabled growth, increased profits, or built shareholder value? 

1. Improve communication Share knowledge in layman terms Team building

2. The best career break I had was as an actuarial student who as a part of the company's job rotation program spent 2 years in the sales/marketing department of an insurance company. This was invaluable training that supplemented my formal actuarial studies.

3. Yes, I have.

4. Too early to tell in my new position.

5. be more efficient... think boarder

6. My main goal is to serve our clients, this is good business.

7. Product innovations

                                     

                           

The Society's image campaign theme is "turn risk into opportunity." How haveyou made this happen in your career? Have you influenced a decision oroutcome that enabled growth, increased profits, or built shareholder value? (continued)

8. Perhaps, but in a relatively narrow way -- I'd like to expand my talents to broader and bigger issues

9. many information / recommendations regarding business opportunities -- strategies, products, information, ...

10. My current employer hired me to start a retirement consulting in an office that had none. We know have 6 people in my practice.

11. By doing good work!!

12. In my position as Director, International Market Development, I influence decisions of this nature continually as an essential part of my job.

Question 8

                                     

                           

13. New Product development decisions; Agent compensation design14. Yes, via sustainable product pricing, favorable reinsurance arrangements

and capital structures.

15.  I agree with the image campaign. I have made such decisions, but not because of the campaign -just because I had to. I am pre-campaign.

16. Actually it is the reverse. It stopping entities taking actions which were seen as being risk less ("money for old rope") and pointing out that they were very risky indeed. It is often stopping the erosion of shareholders value.

17. Not much. solutions are usually sought out already by the time the risks are diagnosed and communicate to me.

18. Yes...we identified a risk in our annuity sales by not having the appropriate product mix. We created a new product to minimize this risk, and we are not selling this product with a better risk/return profile.

The Society's image campaign theme is "turn risk into opportunity." How have you made this happen in your career? Have you influenced a decision oroutcome that enabled growth, increased profits, or built shareholder value? (continued)

Question 8

                                     

                           

19. I have taken some non-traditional rotations that enabled me to build my business knowledge.

20. Building shareholder value through risk combinations is a great skill set to have.

21. I am an entrepreneur with my own pet insurance program. I do all that every day!

22. Yes, and no. Any decisions I've influenced may be good for the company in a narrow and short term way. So, it may increase value but I think only temporarily as the long term forces of insecurity with the reduction of pension benefits takes hold.

The Society's image campaign theme is "turn risk into opportunity." How have you made this happen in your career? Have you influenced a decision oroutcome that enabled growth, increased profits, or built shareholder value? (continued)

Question 8

                                     

                           

23. Not sure how to respond to this question. Yes, I have used risk management to

gain a competitive advantage. 24. Have spend last 23 years as independent actuary giving advice on

management and marketing in addition to regular actuarial services. 25. Of course   26. Yes, it is part of my role description.27. Product development, asset adequacy work, interest crediting methodology, reserving decisions, illustration work, unique reinsurance, etc.28. I started a successful consulting practice. I have too many examples of

substantially achieving these goals to list.29. Convincing pension funds to reduce their equity exposure

The Society's image campaign theme is "turn risk into opportunity." How have you made this happen in your career? Have you influenced a decision oroutcome that enabled growth, increased profits, or built shareholder value? (continued)

Question 8

                                     

                           

30. 1. By spending more time focusing on the big picture -- the so-called numbers to the left of the decimal place than to the right 2. By developing interpersonal skills. I am a member of Toastmasters and the National Speakers Association - to the best of my knowledge, the only actuary in the NSA. 3. By getting involved more with the Management & Personal Development section. That section is critical & central to the development of people skills 4. By reading ... reading ... reading. And then reading some more. On leadership primarily. On what makes Jack Welch, Herb Kelleher, Howard Schultz, etc. successful. At the heart of them is "people". I spend more time on people issues than technical issues. People get the job done. Leaders make it happen through those people. 5. By taking chances, accepting a position with another company to expand my horizons, rather than staying with a company, coasting slowly into retirement 20 years out.

The Society's image campaign theme is "turn risk into opportunity." How have you made this happen in your career? Have you influenced a decision oroutcome that enabled growth, increased profits, or built shareholder value? (continued)

Question 8

                                     

                           

Question 9a

The Actuary of the Future Section needs our members’

help to fulfill its mission. 1. Assist with member recruitment activities2. Be a candidate for the Section Council   3. Write an article for the Section Newsletter   4. Update/Maintain the Section website5. Present at an SOA meeting   6. Join the Task Force on the Personal Actuary 7. Participate in Risk Management Activities 8. Other    

                                     

                           

Question 9a

9. The Actuary of the Future Section needs our members' help to fulfill its mission.  

                                     

                           

Question 9b

Do you know a pioneer? Please provide the name(s) of any pioneer(s) you know who are currently working in non-traditional roles.

If you’ve volunteered to help or submitted a pioneer’s name above, please provide your name and email address so we can contact you:

<Names forwarded to MR-SAT>

                                     

                           

Question 10We welcome any additional comments or suggestions. Thank you.

1. Right length. Good questions.

2. Thank you for all your efforts.

3. Requests for pioneers and volunteers should be done separately. Otherwise our comments are not anonymous. I would have given you some ideas if you had handled this differently.

4. Nice little survey which did not take that long to complete!