Society of Actuaries - 2003 Archived Yearbook

SOA members, traditional and non-traditional employers, universities, academics, students, regulators,
legislators, the public, and other actuarial organizations (IAA and others). Due to the importance of many of
these groups, future value propositions may be developed.
The recommended value propositions:
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Refer to the future of the SOA and how it will meet the needs and expectations of these customer and
constituent groups.
Relate directly to how the strategies and goals should be implemented, and how that implementation
should be measured.
Represent a departure from traditional SOA approaches to delivering tangible services such as
education, examinations, continuing education, publications, and research. They represent a
significant expansion in how the Society views itself and its relationships with its key customers and
constituents.
Value propositions must be reviewed periodically to ensure consistency and equity in dealing with key
constituents. Initially, a given constituent may appear to have a superior value proposition compared to other
constituents. However, over time this apparent disparity should equalize as the profession and its skill sets
expand.
Value propositions for four key customer and constituent groups were defined:
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SOA Members
Current Employers
Potential Employers
Students
1 A customer is one who exchanges money or other valuable considerations for goods or services. A constituent group either directly impacts
or is effected by the Society’s decisions and actions, even though group members may not directly pay money to the Society. Students whose
employers pay their exam and education expenses and provide study time are constituents. Regulators are another group of constituents, as is
the general public.
2 A value proposition is a set of benefits offered at a price/cost attractive to customer(s), consistent with organizational financial goals, and is
capable of creating a competitive advantage. Any time a customer spends money, that customer expects to get something in return. Those
expected benefits are both explicit and implicit.
Member Value Proposition
In exchange for dues, fees for services, and volunteering time to support SOA activities, the member receives
the following value:
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Use of a widely recognized and valued credential.
Systematic opportunities to learn about the emerging trends in the field and new areas of practice.
Useful and timely statistics and research.
Connections into networks of other professionals with whom the member can discuss current practice
issues, identify new career opportunities, and potentially advance to more responsible and lucrative
positions.
Continuing professional education to keep members up to date on advances in actuarial science and to
meet the continuing education requirements to keep credentials current.
Opportunities for learning through which members can broaden their skill sets and take advantage of