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The SOA at Work!

The SOA at Work!
by Society of Actuaries

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. To that end, this column will regularly update members on the latest initiatives underway aimed at helping us realize this vision.

Visit FutureRisk.org to Tell Us What You Think
We're gearing up for 2007 with FutureRisk.org surveys on a wide variety of significant issues impacting exam candidates, SOA volunteers, employers and the ERM credential. We know you'll want to have a say on those topics, so be sure to register at www.FutureRisk.org to be eligible to participate. This is your chance to let your opinions impact the actuarial profession.

In late May, we launched FutureRisk.org with the goal of having 1,000 registrants by the end of 2006. We now have more than 2,200 registrants including members, nonmembers, and others interested in the modeling and management of financial risk and contingent events. Clearly, professionals working in and impacted by the actuarial field recognize the importance of participating in this valuable environmental scanning tool.

The SOA uses research from FutureRisk.org surveys to track trends, initiate strategies and develop new products and services. We've already conducted four surveys and we are now analyzing the results of our latest study on the dynamic retirement marketplace. Some of our 2006 survey results have been used to inform SOA Board of Governors' decisions on key strategic issues such as mandatory continuing education requirements and how the SOA should respond to the shifting marketplace for pension actuaries.

To register, visit www.FutureRisk.org and click on "Sign up now." Whenever your registration profile matches a survey's criteria, we'll send you an e–vite asking you to take part in a survey. In return for completing a survey, you'll receive a summary of results, showing how your opinions compare to those of your colleagues.

Online Exam Registration Now Available
If you haven't used our new online exam registration, take advantage of this easy–to–use process when you register for your next exam by going to SOA.org and clicking on Exams & Jobs. The SOA began offering online exam registration in late June of this year with great success. More than 65 percent of fall exam registrants did so online. Entry–level candidates signing up for Exam P used the online registration at an even higher rate: more than 80 percent.

Online registration is one way the SOA ITS team is working hard to enhance the candidate experience. The customer satisfaction survey attached to the online registration showed high marks and provided helpful input. By analyzing the survey responses as well as feedback from the Customer Care Center, we've already incorporated enhancements that make it easier and more efficient to do business with the SOA. Watch for developments in coming months.

Upcoming 2007 SOA Educational Opportunities

  • March 4-7
  • ReFocus 2007
  • Hyatt Regency Lake Las Vegas
  • Las Vegas, Nev.
  • March 8-9
  • Teleunderwriting Seminar
  • Scottsdale, Ariz.
  • March 28-30
  • Enterprise Risk Management Symposium
  • Marriott Hotel
  • Chicago, Ill.
  • April 18-20
  • Investment Actuary Symposium
  • Sheraton New York
  • New York, NY
  • May 10-11
  • Life Spring Meeting
  • JW Marriott Desert Ridge
  • Phoenix, Ariz.
  • June 13-18
  • Health Spring Meeting
  • Sheraton Seattle
  • Seattle, WA.

Actuaries in the News
CNN Features Women's Retirement Report
"CNN Headline News" used the SOA research report, "Impact of Retirement Risk on Women," as the foundation for an October segment on women's need to save for retirement. In the piece, the reporter reviewed several women struggling to save for retirement and used the SOA report to back up what these women are experiencing. The report, released in fall, found that the majority of women in the country may not be saving enough income for their retirement and will not be able to support themselves over their lifetime. Typically, women receive lower wages than men and spend less time in the workplace when raising families, which can equate to less retirement savings. As many as 60 percent of surveyed women (pre–retirees) are concerned that they may deplete their savings during retirement, leaving Social Security as their only financial income. The news segment was estimated to have been seen by more than 1.1 million viewers and was a direct result of SOA media outreach. See the CNN segment by visiting ImageofTheActuary.org and clicking on "Buzzworthy."

Wall Street Journal Quotes Actuary, Cites SOA Study
The "Wall Street Journal" quoted SOA research actuary Steven Siegel and referenced the SOA research report "Impact of Retirement Risk on Women" in an October Personal Journal column. In the article, "An Age–Old Problem: How to Make Sure Your Money Lasts as Long as You Do," Siegel responded to the issue of people spending down their savings too early in retirement. In addition, the article featured a sidebar highlighting information from the study. Approximately 2 million print readers saw this, as well as millions of viewers of the online Personal Journal. The estimated monthly total of online unique visitors is 7.2 million, which includes 768,438 paid online subscribers. The piece is just one of many resulting from SOA media outreach. To read the article, visit ImageofTheActuary.org and click on "Buzzworthy."