Survey Results

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Survey Results
                                                                 

• Actuary of the FutureMember SurveyMay, 2005

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Question 1

• I joined the Actuary of the Future Section
  because
• I am concerned about the future of the actuarial
  profession.
• I am currently in a non-traditional actuarial
  role.
• I want to expand my horizons into new actuarial
  areas.
• Other reasons

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Question 1
  1. I joined the Actuary of the Future Section
because  
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Question 2

• I currently work in the following non-traditional
  role
• Risk Management
• Personal Actuary
• Broader Financial Services (other than life
  insurance)
• Other

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Question 2
  2. I currently work in the following
non-traditional role
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Question 3

• Indicate which of the following section
  activities and services you find valuable
• The semi-annual newsletter
• Sponsored sessions at SOA meetings
• Sponsored breakfasts and luncheons at SOA
  meetings
• Sponsored evening receptions at SOA meetings  
• Sponsored special programs, events or activities
   
• Opportunities to network  
• Career Pioneer Program  
• Task Force on the Personal Actuary  
• Section website  
• Other

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Question 4a

• In your opinion, to what extent is the Actuary of
  the Future Section achieving its
• mission of helping actuaries leverage their
  unique training
• and skills by identifying new applications for
  them?
• Not at all
• Somewhat
• To a great extent  
• Don't know enough about section's activities to
  answer  

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Question 4b

• To what extent is the Actuary of the Future
  Section meeting your expectations?
• Not at all
• Somewhat
• To a great extent  
• Don't know enough about section's activities to
  answer  

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Question 4c

• What other activities or services would you like
  to see provided by your section? 
• More Risk Understanding and Management.
• More emphasis on what needs to be changed in the
  actuarial curriculum and continuing education
  requirements. If we dont get actuaries to
  realize that things need to change, we will
  become like the dinosaursextinct!
• A yearbook type publication.
• Updated skills and training for actuary in
  future.
• More activities for Asian members.
• Im not really sure. I think theres a lot of
  turmoil in my field right now (Pensions) and Im
  not really sure how this section could help other
  than by providing information on new areas that
  could use my skills.
• More seminars on out of the box actuarial roles.
• More education/training opportunities.
• Mentor Program Small group discussion. 

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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.
• 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.  
• I am aware of internal changes within the SOA.  
   

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Question 5b

• Please provide any comments you may have on the
  above statements 
• I would like to become more aware of internal
  changes within the SOA.
• 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.
• 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.
• 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.
• 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.

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Question 5b

• Please 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.

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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
EE Improvement 4
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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 Summary of Responses
No limit 13
ERM 11
Both 8
C-level 8
Traditional 4
BFS 3
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Question 8

• 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 or
• outcome that enabled growth, increased profits,
  or built shareholder value? 
• Improve communication Share knowledge in layman
  terms Team building
• 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.
• Yes, I have.
• Too early to tell in my new position.
• be more efficient... think boarder
• My main goal is to serve our clients, this is
  good business.
• Product innovations

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Question 8

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

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Question 8
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
or outcome that enabled growth, increased
profits, or built shareholder value?  (continued)

• 13. New Product development decisions Agent
  compensation design
• 14. 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.
• 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.
• 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.

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Question 8
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
or outcome that enabled growth, increased
profits, or built shareholder value?  (continued)

• 19. I have taken some non-traditional rotations
  that enabled me to build my business knowledge.
• Building shareholder value through risk
  combinations is a great skill set to have.
• 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.

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Question 8
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
or outcome that enabled growth, increased
profits, or built shareholder value?  (continued)

• 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.
• 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

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Question 8
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
or outcome that enabled growth, increased
profits, or built shareholder value?  (continued)
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.
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Question 9a

• The Actuary of the Future Section needs our
  members
• help to fulfill its mission.
• Assist with member recruitment activities
• Be a candidate for the Section Council  
• Write an article for the Section Newsletter  
• Update/Maintain the Section website
• Present at an SOA meeting  
• Join the Task Force on the Personal Actuary
• Participate in Risk Management Activities
• Other    

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Question 9a
9. The Actuary of the Future Section needs our
members' help to fulfill its mission.  
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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 youve
volunteered to help or submitted a pioneers name
above, please provide your name and email address
so we can contact you ltNames forwarded to
MR-SATgt
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Question 10

• We welcome any additional comments or
  suggestions. Thank you.
• Right length. Good questions.
• Thank you for all your efforts.
• 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.
• Nice little survey which did not take that long
  to complete!