Edition

2020 Board Member Candidate

Patricia J. Fay, FSA, MAAA
MassMutual




Election Message:           

As I’m writing this, we are in the midst of a global pandemic, extreme financial market stress along with a societal uprising in response to senseless acts of racism.  It is clear that when we as a country start to heal, things will not be the same.  Businesses have had to adapt and change their operating models in response to the pandemic and at the same time, take a public stance on racism and implement steps to drive change.  Silence and inaction are no longer options.  The SOA must do so as well and this work has been started by SOA President Andrew Rallis and the current board.  I would be honored to take part in shaping and fulfilling his vision.

As leaders we need to be willing to consider alternatives once before never thought possible.  The SOA, and the board, will need to incorporate insights into the environmental, societal and macroeconomic shifts that are happening.  This will be key to developing a strong strategic plan that continues to be relevant in the changing world. The SOA must evolve to ensure actuaries continue to be highly sought-after and respected professionals.  I am eager to participate in developing the strategic plan that will drive the future of the SOA and would be honored to serve on the board of the SOA.

Brief description of current work:

I am the Product Workstream Lead in Workplace Transformation.  In this role, I drive change management, influence and advise senior business leaders and ensure strategic success of multi-year transformation effort to improve customer experience, enhance business earnings and create a winning culture.

Primary Area(s) of Practice (per SOA Directory):

Life, Financial Reporting

Bio:

Over my 30+ year career, I have held both technical and leadership roles spanning a wide range of products including annuities, disability, long term care and accident insurance both in the group, worksite and individual markets.  While most of my career has been focused on pricing and product development, I have also worked in financial reporting, reinsurance, risk management and investments. 

Most recently, I led a team of over 30 professionals, including actuaries, accountants and financial analysts.  In this role, I built the strategic planning framework used by MassMutual’s executive leadership team and board of directors.  My role also included supporting the CFO in a wide range of financial communications with investors, rating agencies and other internal and external audiences.  I also had responsibility for the development of the annual financial plan and incentive compensation goals as well as the monthly analysis and reporting of financial forecasts.  My non-traditional roles, including my current one, include working as a change management champion with many cross-enterprise teams to develop, facilitate and execute on lean organizational and cultural transformations. 

I am also a very active volunteer, though I have mostly focused outside of the actuarial profession where my financial and strategic experience was desperately needed. 

  • Southern Vermont Therapeutic Riding Center, Treasurer (2016 – Present)
  • Par for the Horse Golf Tournament, Chair (2018 - Present)
  • SOA, Marketing and Distribution section, Chair, Vice-Chair & Treasurer (2017-2019)
  • CT Rett Angels Golf Tournament, Chair (1997 – 2017)
  • Tedx Springfield, Treasurer (2016 – 2017)
  • MassMutual’s Women’s Leadership Network, Treasurer (2015 – 2016)
  • Rettsyndrome.org, Regional Representative (1997 – 2004)

Additional Info:

I love spending my free time with my family including my husband, my four children and my two dogs.  We spend a lot of time outdoors in VT where we hike, kayak, ski, snowshoe and snowmobile as a family.  I take my oldest daughter, who has Rett Syndrome and is unable to speak, to her favorite place on earth, Walt Disney World.  We’ve been there more than 20 times! 

I am a graduate of the University of CT and a life-long resident of CT.

Thank you for viewing my page and considering me for your vote.  I would love to hear from you and can be reached at pfay@massmutual.com.  I’m always happy to share tips if you are considering visiting WDW.