2017 Candidate Questionnaire - Marcus J. Bosland, FSA, 2001

Marcus J. Bosland, FSA, 2001

Resident Actuary
Colina Insurance Limited, Nassau, Bahamas

In considering expressing interest to join the SOA’s Board, I wished to ensure that it would not conflict with my role with the Caribbean Actuarial Association. Once I satisfied myself that the potential for conflict was minimal, I separately asked two CAA Council members, the President-Elect and the Secretary, for their view. While the CAA has no policy that would prevent a Council member from also volunteering for another actuarial association, it was important for me to make my interest in doing so clear and to seek their counsel as colleagues.

Going forward, should I be elected to join the SOA’s Board, I will manage my relationship with both organizations carefully. The two organizations’ have similar but not overlapping interests. I wish to benefit both organizations without disadvantaging either and this will require both ethics and transparency. While I can be an effective liaison from time to time, I have an obligation to make it clear to all when I am serving in any such capacity and I commit to doing so.

In my role as Resident Actuary, two actuaries report to me who in turn manage units of the department responsible for different lines of business. With few exceptions, I involve the relevant actuary (and sometimes both) in key decisions that the Company makes. I feel that doing so helps in at least two ways. By involving my managers, my initial thoughts and ideas are challenged. By having to explain my thoughts and by hearing other views, we maximize the chance that a well thought out decision or recommendation is made. My managers also benefit in that being personally involved in key decisions they are both able to defend the decision and they gain experience in formulating policy that will serve them, and the Company, well in the future.

Getting involved with local associations and lending expertise to matters of public interest is a highly effective way to stay current. In The Bahamas, I have been involved with the Bahamas Insurance Association (a trade association for insurers). I have sat on two BIA committees over the last several years which has allowed me to influence and gain knowledge of key national matters affecting insurance companies. This has included commenting on draft legislation, meeting with senior government officials to discuss policy matters related to the insurance industry, crafting press releases, doing media appearances, etc.

I have long made myself accessible to insurance regulators, particularly in The Bahamas and in Trinidad & Tobago. I am known both for my involvement with the Caribbean Actuarial Association and for commenting on local insurance and actuarial matters as an involved professional. I have found that by being generous with my time and by sharing my views that I am often sought out to comment on actuarial matters. This is turn, helps me stay abreast of regulatory developments.

In recent times, my CAA role has permitted me to meet twice per year with the Caribbean Association of Insurance Regulators and the Caribbean Association of Pension Supervisors and annually, with the Insurance Association of the Caribbean. These meetings permit these peer associations to share information so that we can all best serve the public and that we coordinate our activities where feasible. Personally, these meetings ensure that I am knowledgeable about regional developments which affect our profession.

As President of the Caribbean Actuarial Association, I head an association with a small budget but with big ambitions. Our most precious resource is our actuarial volunteers’ time. Managing the CAA’s activities starts with planning which is largely conducted from the bottom up; that is starting with our practice committees. By Chairing the CAA’s Steering Committee, I keep in touch with the Chairs of each practice committee, primarily to ensure that they have the resources that they need in order to get the job done. We recognize that things will arise that will demand urgent attention so we plan for interruptions and ensure that we don’t set an agenda that is so consuming that it does not permit the flexibility that is needed to address urgent situations.

I believe that stewardship requires the prudent use of resources and that underutilization can be as big a problem as overutilization. In overseeing the work of the CAA’s practice committees, I am conscious of the need to use as much of our volunteers’ expertise that they are willing to share, without overburdening them unduly.

I am currently responsible for the Actuarial function at my employer, which while the largest life and health insurer in The Bahamas, is a small insurance company from an international perspective. I do not serve as the Appointed Actuary, but have a significant role in the valuation process including responsibility for maintenance of the actuarial models for all lines of business, preparation of the valuation results, overseeing the experience studies and recommending valuation assumptions.

Apart from the actuarial valuation, I have a broad range of responsibilities including product development and pricing, capital management, financial projections and providing actuarial advice and guidance to the Executive team and Board of Directors.

I have been the project sponsor for a number of corporate projects including new product implementation projects and an IT administration systems conversion project. In this role, I was accountable for the execution of multi-disciplinary projects and was charged with ensuring that the projects delivered the outcomes that the business anticipated.

My work has given me a broad exposure to actuarial work for life and health insurers. My executive experience has given me the skills to ensure that we correctly assess the situation or opportunity and that the chosen resolution is the best means of addressing it.

I currently serve on three of my employer’s Board Committees. In all instances, these Committees have to adhere to their terms of reference and oversee the management functions within their remit. My experience serving these committees gives me strong appreciation and familiarity with the importance of good governance and how Boards function.

My years of experience on the Executive Council of the Caribbean Actuarial Association has given me experience that is very relevant to the role of an SOA Board member. The CAA’s objective of supporting the development of actuarial science in the Caribbean complements the SOA’s mission. My experience with the CAA has given me knowledge, experience and contacts that will be invaluable to the SOA, if I am given the privilege of joining the SOA Board.