2006 Annual Report - Society of Actuaries

The Power of Ideas
Society of Actuaries 2006 Annual Report

Thomas Terry,
FSA, EA, MAAA, FCA
p r e s i d e n t
c c a s t r at e g i e s L L C
“There would be no opportunities without risk, and risk is
the actuaries’ domain.”

The Society’s vision is for
actuaries to be recognized
as the leading professionals
in the modeling and
management of financial
risk and contingent events.

Table of Contents
02 Letter from the President
05 Creating Value through Greater Understanding
09 Revitalizing Our Brand
13 Managing Strategically
19 Addressing Important Issues
22 2005 Financial Results
24 The Future
25 Board of Governors 2005 – 2006

Letter from the President
Dear Fellow SOA Member:
In today’s competitive landscape, the most successful professions leverage their
ideas to remain dynamic and relevant to current business needs. Ideas help frame
our thinking, inform our beliefs, define our values and drive our behaviors and
interactions.
Throughout the pages of this report, you will learn how the SOA, along with
thousands of talented and dedicated volunteers, is leading the North American
actuarial profession through the power of ideas. Highlights include:
n Seizing a window of opportunity for our profession to position actuaries
in the new and emerging field of enterprise risk management through a
new ERM credential.
n The creation of a “value ladder” for professional development.
n Evolving the SOA Web site into an interactive knowledge center.
n Listening to our members through a variety of interactive channels including
FutureRisk.org, Important Issues @ soa.org and our section thought
leadership process.
n Leveraging technology to make it easier to interface with the SOA, such
as launching online exam registration.
n Developing an e-learning platform for members and candidates to create
relevant, engaging and interactive educational experiences now and in
the future.
n Utilizing a balanced scorecard framework to manage and measure outcomes
outlined in the SOA Strategic Plan.
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n Launching a new customer care center to
serve as the frontline of an enhanced member
and candidate experience.
n Unveiling a new, redefined brand for the North
American actuarial profession.
I’d like to extend my gratitude to the thousands
of volunteers whose collective thoughts, opinions
and ideas are proving to be a powerful catalyst
for change. I’d also like to thank the talented and dedicated SOA staff for their
contributions to the profession every day.
While my SOA presidency is nearing an end, a bright, new future is beginning.
I pass the baton to my respected colleague, Ed Robbins. I am confident he
will take the organization and the profession to the next level of performance,
harvesting the ideas of our members and maximizing the SOA’s value through
great execution.
I could not be more excited about our future.
Sincerely,
Robert M. Beuerlein, FSA, MAAA
President
Society of Actuaries
Society of Actuaries 2006 Annual Report T h e P o w e r o f I d e a s

Dan McCarthy,
FSA, MAAA, EA
C o n s u lt i n g A c t u a r y
M i l l i m a n I n c
“Actuaries are practitioners of the art of the practical.”

Creating Value through Greater Understanding
The SOA works to understand member, candidate and employer/client needs and
apply those insights to the creation of solutions that produce value for members.
This “value creation” process depends on continual input from members and
other key stakeholders. Here is how the SOA is tapping into these insights.
S e c t i o n T h o u g h t L e a d e r s h i p Section thought leadership is a critical
component of the SOA’s value creation process because it combines deep
actuarial expertise with broader marketplace knowledge. Examples of solutions
identified through the SOA’s section thought leadership process include:
n Exploration of a personal actuary career path (Actuary of the Future Section);
n SOA’s response to a rapidly changing marketplace for pension actuaries
(Pension Section);
n Annual Trend Reports from the Emerging Issues Advisory Committee
(Sponsored by a number of the life practice-related sections); and
n Re-envisioning retirement systems for the 21st century (Retirement 20/20).
Retirement 20/20 is a partnership between the SOA and the Pension Section.
The initial focus is on research and building consensus for the fundamental
principles of a system among key stakeholders.
SOA
Strategic
Initiative
The SOA has moved to become
a section-driven organization.
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F u t u r e R i s k . O R G The SOA actively seeks an ongoing dialogue with its
members using the Web-based tool, FutureRisk.org, the first of its kind in
the non-profit world. Launched in May 2006, this tool enables easy, 24 / 7, online
market research and provides SOA members and other interested parties with
a simple, effective way to respond to important actuarial and risk-related issues.
FutureRisk.org conducts surveys around topics of significance such as
employment trends, professional benchmarks and emerging issues. Most
recently, surveys were conducted on Mandatory Continuing Education:
What’s Your Opinion? and Career Advancement and Satisfaction. To date,
more than 2,200 have registered.
SOA
Strategic
Initiative
The SOA will conduct
environmental scanning and
make use of trends, events and
relationships in the external
environment to assist in
planning the SOA’s and
the profession’s future.
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I s s u e s I d e n t i f i c at i o n P r o c e s s In addition to FutureRisk.org and section
thought leadership, the SOA has a third channel for identifying issues. Our
new Important Issues @ soa.org submission process allows members to easily
communicate significant issues they believe the SOA should be aware of — from
trends impacting our work, to new and emerging issues such as avian flu, to SOA
policies and procedures.
“We develop systems
and products to
help people plan for
financial security.”
Va l u e L a d d e r The Actuarial Value Ladder, currently in development, is being
designed to provide actuaries with an enhanced understanding of how value is
created beyond technical applications.
The value ladder benefits:
n Actuaries – By helping them plan career paths while assisting in evaluating
and pursuing additional competencies.
n Actuarial Organizations – By providing a value-based network for solution
development. It also enables the marketing of the business case for
professional development.
n Employers – By enabling employers to better assess the value of actuarial
credentials and competencies.
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Sudha Shenoy,
FSA, MAAA
A c t u a r y
W e l l p o i n t
“Actuaries are rigorously trained, and I can’t think of
any other profession that is as uniquely positioned or
qualified to manage risk.”

Revitalizing Our Brand
In the past year the SOA has continued its journey, in partnership with the other
North American actuarial organizations, to position and create market demand
for the profession’s skills and services in the 21st century.
Market research suggests that actuaries face tough competition for senior
leadership positions in traditional markets (such as insurance and employee
benefits) and in new roles and fields (such as enterprise risk management and
broader financial services settings).
Actuaries are often viewed as too technical and lacking the important business
and communication skills needed to succeed as business leaders. Addressing
these needs is essential to sustain and grow the profession.
In response to this research, in fall of 2005, the SOA launched the Marketing and
Market Development Plan (MMDP), a three-year strategic initiative. The MMDP
serves as the impetus for a branding initiative for the profession, and contains
two important drivers: revitalizing the profession’s image and equipping actuaries
with the skills necessary to be valuable thought leaders for 21st century business,
especially in managing risk.
Starting in winter 2005, the SOA engaged a broad range of actuaries representing
various areas of practice and organizational affiliations through interviews, surveys
and focus groups to get to the “essence” of the profession’s brand. This work
engaged the Image Advisory Group (IAG), which included participants at both
the staff and member-partner level from the following organizations: American
Academy of Actuaries, American Society of Pension Professionals and Actuaries,
Canadian Institute of Actuaries, Casualty Actuarial Society, Colegio Nacional De
Actuarios and Conference of Consulting Actuaries. The results of this work were
later shared and validated by the SOA sections leadership, marketplace relevance
strategic action team, and SOA Board of Governors. Among the important issues
addressed, SOA sought to answer the question: What makes actuaries special
and different?
In-depth interviews were also conducted with more than a dozen top executives
from Fortune 500 companies representing insurance, benefits and broader financial
services perspectives. The findings revealed that actuaries are valued for their real-
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world solutions, forecasting ability, credentials, comprehensive approach and unique
insights. They also believe that the profession’s track record of understanding risk
can be leveraged for future gain — benefiting both business and society.
“Changing conditions
compel us to take
another look at what
we stand for and to
reestablish ourselves
in the marketplace.”
Executives interviewed respect actuaries and their work on challenging and
important issues and are willing to consider them for leadership roles in
their industry. However, in order to attain leadership roles, actuaries need to
demonstrate broader business leadership and communications skills, affirming
previous quantitative research.
Executives are interested in an actuary’s ability to guide strategic responses,
especially in understanding the elements of risk that link to opportunities and
greater return for their employers and clients. They want to hear about actuaries’
expertise in dealing with the same problems that they are concerned about,
including complex changes in society.
SOA
Strategic
Initiative
The SOA will enhance the
image of the actuary through
a long-term image campaign.
Combining what actuaries think about themselves and how the world perceives
them is the basis for the profession’s brand positioning statement, which will serve
as a guiding light to clearly show a path between the current state and future state:
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Brand
Positioning
Statement
Actuaries bring a complex future into
focus by applying unique insight to
risk and opportunity. Known for their
comprehensive approach, actuaries
enable smart, more confident decisions.
To tell the actuarial story externally, a message platform (see below) was
developed to target four key audiences: 1) actuaries; 2) traditional market
employers — insurance; 3) traditional market employers — employee benefits;
and 4) nontraditional market employers — broader financial services.
Strategies for Economic
and Social Change
Actuaries enable
organizations to
anticipate and manage
strategic responses to the
21st century’s changing
economic and social needs.
Real-World Solutions
for Complex Problems
Actuaries are rigorously
trained to manage risk,
offering real-world solutions
to complex and
important problems.
Future Leadership
Anchored in centuries of
helping the world understand
risk, actuaries are
well positioned to assume
broader risk management
and leadership roles.
With the brand positioning guiding our communications and the messages
helping the profession tell its story, there is one final, important and visible
piece to the profession’s revitalized brand: the tagline …
This short statement offers broad insight into the profession, sparking curiosity;
providing clarity into what actuaries do; and differentiating them from other
competing professions. The tagline asserts that risk is a kind of capital, and
actuaries are the right experts to turn that capital into a successful enterprise.
The SOA will support the profession to ensure today’s actuary has the business
acumen and communication skills to pursue new opportunities. With the essential
brand elements in place, the profession is reenergized for the rest of the journey.
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Tonya Manning,
FSA, EA, MAAA, FCA
C h i e f A c t u a r y
R e t i r e m e n t
A o n C o n s u lt i n g
“Actuaries have the expertise to comprehend and tie
together all the moving parts of the company in order
to analyze an organization’s entire risk profile.”

Managing Strategically
The SOA’s commitment to the actuarial profession’s future is realized using
its strategic management system (SMS). The SMS is grounded in the strategic
plan and uses the highly regarded balanced scorecard approach to manage its
strategic agenda and measure progress toward achieving defined outcomes. This
approach enables the SOA to translate vision and strategy into action. Essentially,
initiatives that broaden opportunities for the profession and membership are
contained within the SMS. This system enables us to achieve our shared purpose
of becoming recognized as leading professionals in risk management, while at
the same time providing greatest value to our membership.
The system is led by the Board of Governors and supported by four strategic
action teams based around the four themes:
n Membership Value,
n Knowledge Management,
n Marketplace Relevance and
n Professional Community Advancement.
These teams, comprised of volunteer/staff partnerships, are core to the progress
and achievement of the strategic objectives.
Key components of this system are member opinions, shared through
FutureRisk.org studies, and important issues and opportunities for the
profession and the SOA submitted through the Important Issues process.
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Membership Value
N e w N o m i n at i o n s a n d E l e c t i o n P r o c e s s In 2006, we implemented
a new nominations and election process for the Board of Governors. Identifying
and developing strategic leadership is critical to our success as an organization.
The nominating process requires broader involvement in generating potential
leaders and ties the identification of nominees to the issues being faced by
the SOA.
This year we moved to one ballot, which contained fewer candidates. Candidates
within each category (president elect, vice president and elected board member)
answered the same question about their vision of the future of the profession,
giving voters comparative data about the candidates.
According to the online election satisfaction survey, 93.3 percent of respondents
rated their experience using the new election process as satisfying or very satisfying.
O N L I N E E X A M R E G I S T R AT I O N We are committed to increasing member
value by leveraging technology to provide information vital to members and staff.
We want to make it easier for you to do business with the SOA and utilize Webbased
functions especially as our global membership expands. One example
of the SOA’s overall operational strategy is to improve the customer experience
through online exam registration.
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As a result, we have combined “high-tech” with “high-touch” by coordinating
the launch of online registration for exams with the inauguration of the
Customer Care Center (see more on page 21). As of Sept. 25, 2006, which
was the registration deadline for November 2006 exams, nearly 11,000
candidates, representing 65 percent of all exam registrants, had registered
online. Candidate responses to our survey of customer satisfaction regarding
online registration have been highly positive, especially since Web-based
transactions reduced the waiting time for confirmation from weeks to literally
seconds. In addition, the administrative burden for exam application data
entry has been significantly reduced.
“Some professionals
can identify risks, but
actuaries go even
further by assessing
the value, cost and
opportunity.”
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Knowledge Management
The SOA believes that leadership positions such as chief risk officer are available
to actuaries who have the breadth of skills employers require. Beyond the current
curriculum, we are focused on offering state-of-the-art credentialing, certification
and continuing education programs.
e x a m i n at i o n s y s t e m r e d e s i g n The Education and Exams redesign
is core to maintaining the value of the FSA and ASA credential in the evolving
marketplace. To date, design, development and implementation activities include:
n The implementation of preliminary exam changes.
n The launch of the Web-based Fundamentals of Actuarial Practice (FAP) course.
n The implementation of three FSA components in 2007, including:
n Learning-outcome based examinations;
n e-learning modules; and
n The Capstone Experience (focused on enhancing business and
communication skills).
n An adult learning process that is flexible and timely in meeting the needs
of the membership and the marketplace.
SOA
Strategic
Initiative
The basic education system
has been redesigned to
improve relevance, value
and travel time.
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As candidates participate in the FAP course, they provide feedback on what they
have learned and how it applies to their job. We will use this information to refine
and enhance the course in the future.
E n t e r p r i s e R i s k m a n a g e m e n t C r e d e n t i a l The Board of Governors
approved the development and introduction of a new ERM credential that
emphasized understanding of financial mathematics (consistent with material
on the SOA’s preliminary education syllabus) and of advanced topics in ERM.
The ERM credential is being developed for the marketplace using a product
development lifecycle process similar to one commonly used in the insurance
industry with strategic oversight from the SOA’s knowledge management and
marketplace relevance strategic action teams. The credential is expected to
be implemented by summer 2007.
SOA
Strategic
Initiative
The SOA is taking a leadership
position on enterprise risk
management.
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Kara Clark,
FSA, MAAA
m a n a g i n g d i r e c t o r
a c t u a r i a l m a r k e t p l a c e s o l u t i o n s
S o c i e t y o f A c t u a r i e s
“Actuaries are able to provide a valuable perspective
on a broad range of issues, particularly in relation to
risk, but we also need strong business communication
skills to ensure we’re translating our technical expertise
into solutions that clients understand.”

Addressing Important Issues
The SOA is committed to identifying and addressing important world matters.
Here are some key examples of activities undertaken in the past year:
S O A Pa n d e m i c I n i t i at i v e The threat of avian flu becoming a worldwide
pandemic has resulted in actuaries being called upon to evaluate the financial
consequences from such an event and develop solutions to mitigate the potential
pandemic risk. In the face of these developments, the SOA’s actuarial marketplace
solutions department put in place a broad-based initiative to educate and provide
information on this topic to members. A multidisciplinary staff/volunteer team was
assembled to coordinate and develop efforts to provide actuaries with the most
relevant information and research available on this topic. Results of this initiative
can be accessed on soa.org.
W o m e n i n R e t i r e m e n t Women live longer and so are more likely to be
adversely affected by the increased responsibility for personal risk management,
making the management of their retirement security all the more important
for them. These risks can easily overwhelm the unprepared and should be
understood as a critical issue for all Americans, not just retirees. The research
serves as a call to action by employers and employees and by all groups
advocating to accelerate the enormous task of preparing the women of the
baby boom generation for the challenges ahead.
P r e f e r r e d M o r ta l i t y The SOA is currently sponsoring the largest, most
complex and multifaceted mortality study ever undertaken by an actuarial
organization. Our initial research will reveal the results of experience studies
that will support redefinition of reserve requirements for preferred life policies.
The likely outcome of this project will be to better reflect preferred mortality in
life insurance liabilities while still assuring adequate protection for policyholders
and investors.
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Marketplace Relevance
w e b e n h a n c e m e n t Your perception of SOA.org is clear. Information is
difficult to find due to search limitations and a site architecture that has evolved
over time versus being orchestrated by intuitive logic. Information is difficult to
use because it is not interactive or personalized.
“I think the hallmark
of actuaries is that we
can both see the bigpicture
and have the
ability to deep-dive
into the intricacies of
complex situations.”
The SOA is enhancing and redesigning the SOA.org Web site in conjunction
with the revitalization of the overall actuary brand. This effort will support the
execution of our strategic plan while greatly improving our ability to serve
members, candidates and employers on a daily basis. The goal of the Web site
enhancement initiative is to transform SOA.org into a simple-to-use, personalized,
interactive knowledge center for members and the profession at large.
Enhancements to the Web site will be implemented over the upcoming months.
The initial focus will be on improving the core architecture and functionality of
the site to meet your needs, with expanded e-commerce and personalization
functionality. The current implementation schedule is as follows:
n Phase one – Online membership renewal
n Phase two – Better content organization, enhanced search, revised
visual branding
n Phase three – Personalized content, expanded e-commerce functionality
n Phase four – Enhanced online career management, expanded
personalization features
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S o l u t i o n L i f e C yc l e The Solution Lifecycle is the SOA’s product
development and portfolio management process. It is designed to bring
to market SOA programs, products and services.
The Solution Lifecycle approach provides the organization with a repeatable,
scalable and streamlined framework that enables solutions to “get to market”
in a timely fashion.
C u s t o m e r C a r e E x p e r i e n c e a n d C e n t e r The vision for a new customer
experience is targeted at all relevant stakeholders, but its primary focus is SOA
membership. The frontline for providing this experience is the recently introduced
Customer Care Center. Launched in June 2006, the center offers a new level of
experience with defined standards of service and continuous evaluation. It is
focused on customer identity, providing differentiated service for each customer
type (actuary, candidate, employer, SOA partner, media and staff).
Customer
Care
Center
60.3%
Performance
Increase in customer
contacts since
launch on June 26
Customer Satisfaction
26%
Rated
service as
“Excellent”
9%
Average increase
in customer
contacts every
week since launch
86%
“Satisfied” with
their experience
with the Customer
Care Center
Note: These findings
establish a baseline
for future comparisons.

2005 Financial Results
While the Society of Actuaries is a non-profit organization, it is a financial entity
with revenues and costs that must be actively managed if it is to succeed in
fulfilling its mission. In setting the annual budget, the overall goal is to provide
resources for ongoing operations and strategic initiatives, while maintaining
membership equity at acceptable levels.
The 2005 results and future budgets reflect an investment in our profession and
strategic initiatives as indicated by the 2005 member and candidate research.
We are striving to provide significant value to members and the resources that
the organization needs to achieve its core goals and objectives for future years.
The SOA has three principal revenue streams, including member dues,
examination fees and fees charged for meetings and seminars. Other sources of
revenue are fees for experience studies and research, miscellaneous revenues and
investment income.
Total revenues in 2005 were $25.2 million, and 2006 revenues are budgeted
to be $29.6 million.
Historically, basic and continuing education are not only self-supporting but
also contribute to research and help cover overhead. Membership dues have
been used principally to fund the cost of providing services to members.
Education and examination results were strong for 2005 because of an increasing
number of candidates, particularly in early exams. Continuing education also
increased slightly. Research revenues less expenses exceeded budget for the
year. Member services, as well as marketing and general overhead performed
better than or close to budget for the year.
The SOA 2005 financial results showed a management basis increase in net assets
of $1,148,000. This is better than the budgeted amount and the increase reflects
the SOA’s aggressive work implementing the strategic plan validated by our
member research. The 2006 budget continues the plan of investing SOA reserves
in the future of the actuarial profession, with a planned decrease in net assets
of $256,000. The summary of the budget for 2006, as approved by the Board of
Governors in October 2005, is compared to the right with the 2005 actual:
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SOA Budget
Revenue
(in 1,000s)
Summary 2005 Actual $ 25,166
2006 Budget 29,245
Change in Net Assets
(in 1,000s)
2005 Actual $ 1,148
2006 Budget (256)
Member Equity as of 12.31.2006
(in 1,000s)
2005 Actual $ 10,879
2006 Budget 10,623
The above figures use our management basis of accounting, which is slightly
more conservative than GAAP. Membership equity does not include the
additional $1.6 million of restricted funds (mostly sections’ surpluses).
Membership equity is measured against the following year’s expenses, standing
at 37 percent at the end of 2005. The current budgeted membership equity
position of $10.6 million is about 33 percent of annualized expenses. The target
range of membership equity established by the Board of Governors is 30 to
50 percent.
S t r at e g i c I n i t i at i v e s The funding of strategic initiatives is emerging as
an increasingly important part of the SOA budget. Two strategic initiatives as
part of the MMDP, “taking a leadership position on enterprise risk management”
and “enhancing the image of the actuary through a long-term image campaign,”
rated 8.0 and 7.9 out of 10, respectively, in importance in the 2005 member and
candidate survey. The funding necessary for the initiatives reflected in the 2006
budget will combine aggressive expense reduction in operational areas with
revenue enhancement.
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The Future
We are pleased to introduce E d wa r d L . R o b b i n s
as 2006 – 2007 president of the Society of Actuaries.
Robbins is Director, Life Actuarial Services at SMART
Business Advisory and Consulting. A graduate of Cornell
University, he worked for Pan-American Life Insurance
Company from 1972 – 1982 and at KPMG LLP from 1984
to his retirement from the partnership in 1998.
In addition to his most recent position as president elect of the Society of
Actuaries, Robbins has been professionally active, serving on a number of
committees of both the Society and the American Academy of Actuaries
including serving on the Board of Governors for the Society from 1999 – 2004.
He is also co-author of the textbooks entitled U.S. GAAP for Life Insurers and
U.S. Tax Reserves for Life Insurers.
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Board of Governors 2005 – 2006
Design Rogue Element, Inc. Printing Lake County Press Photography Thomas Arledge, Steven Gross
P r e s i d e n t
Robert M. Beuerlein, FSA, MAAA
P r e s i d e n t E l e c t
Edward L. Robbins, FSA, MAAA
V i c e P r e s i d e n t s
Thomas R. Corcoran, FSA, MAAA
Jay M. Jaffe, FSA, MAAA
Mike Lombardi, FSA, FCIA, MAAA
Warren R. Luckner, FSA, MAAA
Bruce D. Schobel, FSA, MAAA, FCA
Judy L. Strachan, FSA, MAAA, FCA
Kathleen R. Wong, FSA, MAAA
S e c r e ta r y-T r e a s u r e r
Bruce D. Schobel, FSA, MAAA, FCA
Pa s t P r e s i d e n t s
Stephen G. Kellison, FSA, MAAA, EA
Neil A. Parmenter, FSA, MAAA, FCA, EA
Society of Actuaries
475 North Martingale Road
Suite 600
Schaumburg, Illinois 60173
Tel: (847) 706-3500
Fax: (847) 706-3599
www.soa.org
B o a r d M e m b e r s
Noel John Abkemeier, FSA, MAAA
Mary J. Bahna-Nolan, FSA, MAAA
Christopher M. Bone, FSA, MAAA, EA
Errol Cramer, FSA, MAAA
Edward W. Frees, Ph.D., FSA, MAAA,
Charles D. Friedstat, FSA, MAAA
Charles L. Gilbert, FSA, FCIA
James M. Glickman, FSA
Abraham S. Gootzeit, FSA, MAAA
Mary Rosalyn Hardy, Ph.D., FSA, FIA
Timothy F. Harris, FSA, MAAA
Shu-Yen Liu, FSA, MAAA
Cynthia S. Miller, FSA, MAAA
Patricia A. Pruitt, FSA, MAAA
Max J. Rudolph, FSA, MAAA
Barry L. Shemin, FSA, MAAA
Kenneth A. Steiner, FSA, MAAA, FCA, EA
Richard Q. Wendt, FSA, MAAA, EA
Teresa Russ Winer, FSA, MAAA

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