Archive of 2011 May

31May2011
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SOA Blog
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Our shining SOA stars – Nominate a volunteer today Thumbnail

Our shining SOA stars – Nominate a volunteer today

by Sheree Baker, SOA Director of Governance Many people run on coffee, but the Society of Actuaries runs on volunteers. Our volunteers’ ideas, knowledge and expertise are essential to our collective success. As staff members, we've all had the experience of working with an outstanding volunteer – someone whose contributions exceed expectations and go well beyond the responsibilities of the position. These people make our exams possible, our seminars run smoother, our publications better and our membership meetings more meaningful. (more…)

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23May2011
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SOA Blog
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Actuaries in the news

It’s great to see the research and hard work of SOA members come to life in the media!  As you may know, the SOA recently released a report titled “The Impact of the Economy on Retirement Risks”.  And the report was a big hit with the media – below are some of the news articles that highlighted the study and a few of your fellow members.  Do you have any thoughts you’d add to the findings?  Anything that surprised you based on what you’re seeing in your work? CNNMoney Fix your money mistakes: Long-term planning Makin’ Money Blog The pall over retirement Bankrate.com Worrying about retirement Marketwatch.com Actuary Anna Rappaport discusses disability insurance and Social Security benefits. Get ready for Social Security, Medicare meltdowns Plan and prepare early to maximize benefits U.S. News & World Report Actuary Steve Vernon is quoted in this article on the impact of inflation in retirement.

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18May2011
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gmaki
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Actuaries talk about mentoring Thumbnail

Actuaries talk about mentoring

by Glenda Maki, Senior Communications Associate “Do not wait for leaders; do it alone, person to person.” This quote, attributed to Mother Teresa, demonstrates the power of a one-on-one relationship; in this case, the importance of seeking out a mentor or protégé. For this article, I talked to both actuarial mentors and protégés to learn more about their experiences, the mentoring process and how mentoring can benefit both parties. Participants: Steven Chin, Actuarial Student University of Illinois , Property & Casualty Intern at State Farm Theophilus Chukwueke, Jr., Actuarial Student Penn State Abington Alan Gard, FSA, MAAA, Corporate Senior Actuary Coventry Health Care Ashwini Vaidya, FSA, MAAA, Manager, Actuarial Services Certified Professional Coach Kevin Wolf, FSA, MAAA, Consulting Actuary and Partner Larimer & Wolf Consulting Actuaries, LLC Conrad Young, ASA, MAAA, Senior Manager, Product Finance CUNA Mutual Group Not pictured: Sara Veit Kaufman, FSA, MAAA, Actuarial Risk & Analytics, Deloitte Consulting LLP Q: What does it take for mentoring to be successful? Vaidya: The mentoring relationship is mutually beneficial when the people involved are invested in the relationship. You have to make time for one another and keep that time sacred. It doesn’t have to be a lot of time, but when you are in the relationship you have to be present. It is intimidating for a protégé to have a mentor who seems too busy to spend the time—no one wants to be a burden. It is irritating to a busy mentor when the protégé seems disinterested or lazy. Kaufman: … it is helpful if the protégé has some idea of what they would like from the relationship, and is able to find a mentor who wants to provide that. Chukwueke: I believe that in order for mentoring to be successful, there must be well defined communication and connection between mentor and protégé. Q: How long should a mentoring relationship last? (more…)

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17May2011
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dsegal
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Share Your Thoughts on the Proposed Changes to the Joint Disciplinary Process Thumbnail

Share Your Thoughts on the Proposed Changes to the Joint Disciplinary Process

by Don Segal, SOA President, 2010-2011 Last week you received an email from me outlining proposed changes to the U.S. actuarial profession’s joint disciplinary process. Your input on the proposed changes is an important part of efforts to improve the efficiency and consistency of our disciplinary process. We believe the proposed changes will result in a more streamlined discipline and appeals process. In short, for members of multiple U.S. organizations, the current process has an abundance of burdensome and costly hearings, which can lead to different outcomes. Under the proposal, future disciplinary recommendations will be submitted for determination to a single, representative joint disciplinary panel; all appeals will be considered by a joint appeal panel. This streamlining will reduce the number of hearings and help create greater consistency regarding outcomes. (more…)

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17May2011
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glong
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Spring Fever on Campus – University Outreach at DePaul University Thumbnail

Spring Fever on Campus – University Outreach at DePaul University

by Gena Long, Manager of Stakeholder Relations The memories came flooding back - the warm sunshine, the blue skies, everyone outside enjoying the day, and the sheer joy in knowing the semester is almost over and that summer is finally within reach. This was the feeling that greeted the SOA’s University Outreach team on our visits to DePaul University’s campuses in mid-April. And for two of our team members, who are alums of the school, I’m sure the memories were even richer. Our visit to DePaul, right in the SOA’s own “backyard”, was the first outreach session of the spring season and we were anxious to pilot some program changes we had put in place based upon student feedback from previous visits. Instead of the primarily presentational style of the visits in the past, we’ve switched our format to a panel discussion with an SOA marketing & communications staff member serving as moderator. (more…)

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12May2011
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bwolf
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The Human Element in Risk Systems Thumbnail

The Human Element in Risk Systems

By Bob Wolf, SOA Staff Fellow, Risk Management I recently participated in the 2011 Investment Symposium in New York and had the pleasure to enter into conversations about systemic risk that surprisingly, we were not having a few short years ago. As I spoke with some leading investment professionals and enterprise risk actuaries and experts, I realized that the human element of risk is finally becoming a mainstream topic of conversation. Discussions around lessons learned and how to in turn better prepare organizations and society for future events and scenarios are taking place across industries and professions. As actuaries, we are asking the right questions in relation to risk management. We’re focused on emerging risks. These exciting conversations, like those at this year’s Symposium, are leading to insights that were not conceivable even a short time ago. Most of the risks that manifest themselves within society relate to the human biases and decision-making of people, and not from some exogenous event. Max Rudolph, fellow actuary and owner of Rudolph Financial Consulting, and I recorded a couple of brief videos to summarize some of the most interesting conversations and conclusions from the Symposium. One of the most lively sessions was on financial reform and posed the question, "Can the systemic risk that financial markets pose to society be re

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10May2011
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jbarrett
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You Spoke, We Listened—2011 Health Meeting Thumbnail

You Spoke, We Listened—2011 Health Meeting

By Joan C. Barrett, FSA, MAAA, 2011 Health Meeting Chairperson Have you ever wondered what happened to all those surveys you filled out at the Health Meeting last year? Well, the answer is simple. We read them and we used the information to make this year’s Health Meeting better meet your needs. You told us that you wanted more mid-level sessions. So, this year, we have several “pairs” of sessions. Take complexity science, for example. Session 37PD is an introductory session, for those of us not too familiar with Complexity Science. Session 81PD, held later in the meeting, will cover the subject in more detail. Perfect for folks already familiar with the subject and those who attended the first session. You told us you wanted to see more fresh faces among the speakers. This year we have more than 180 unique speakers. Lots of fresh faces, but many of your favorites will be back, too. (more…)

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04May2011
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Cindy MacDonald
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New M.O.R.T. Delivery Goes Live! Thumbnail

New M.O.R.T. Delivery Goes Live!

by Cindy MacDonald, SOA Senior Experience Studies Actuary The SOA just made it easier for you to search for and retrieve one or more of the 900+ Mortality and Other Rate Tables stored on our website. The new delivery facility can be found at http://mort.soa.org. From this landing page, you can view and download one or many experience, valuation and population tables from around the globe. With just a few clicks, the data in these tables will be available in your own personal xls, csv or xml file. And for you technology buffs, you’ll be glad to know that the SOA is taking advantage of the flexibility and portability of ACORD’s Xtbml standard for the storage of our source data. To help promote the usage of Xtbml, we’ve included a feature where you can convert an xls file into an xml file with Xtbml format. See http://mort.soa.org/About.aspx for more information about the Xtbml standard. Be sure to check out the SOA’s Mortality and Other Rate Tables!

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