Candidate Questionnaire
Dave Dillon, FSA 2004, MAAA 2002
SVP & Principal, Lewis & Ellis, Inc., Dallas, TX
Instructor, School of Risk Science, Georgia State University
Brief description of current work:
As a consulting health actuary, I specialize in helping health insurance companies and governmental agencies navigate the complexities of a rapidly evolving landscape by identifying, assessing, and mitigating risks associated with financial uncertainties. My expertise covers a wide range of topics, including pricing, underwriting, reserving, and risk management strategies.
Primary Area of Practice:
Healthcare and Health Insurance
Professional Background
Provide a brief description of your professional background and the type of work you have performed and explain how these experiences have uniquely prepared you as an Elected Board Member and qualify you in carrying out the strategic direction of the SOA.
Over the past 24 years as a consultant at Lewis & Ellis, my focus has been on the healthcare and health insurance sectors. I have provided assistance to insurance companies on product development and valuation while also collaborating with state insurance departments on forecasting, rate review, financial analysis, and audit work.
In 2022, I began the rewarding role of teaching a Health Insurance class for Georgia State University's Actuarial Science program. This experience has allowed me to help actuarial students develop their skills and critical thinking abilities while simultaneously improving my communication, organization, and leadership abilities. By sharing my knowledge with a diverse group of students, I have found a strong sense of purpose and satisfaction.
My experiences have exposed me to a variety of challenging situations involving diverse stakeholders with differing and opposing opinions. These experiences have taught me the importance of being flexible and adaptable. Moreover, I have developed the personal, interpersonal, and communication skills that enable me to work with stakeholders with transparency, sincerity, and authenticity.
As a dedicated ambassador and volunteer for the actuarial profession, I bring a robust leadership framework to the role of SOA President. During my tenure on the SOA Board, I contributed to the development and execution of the SOA's strategic plan and long-term growth strategy. I am eager to leverage my professional and volunteer experience to guide and oversee the SOA as it continues implementing strategies aimed at strengthening and expanding the roles of actuaries.
Those who have collaborated with me are aware of my passion, enthusiasm, engagement, creativity, curiosity, diligence, and deep sense of responsibility towards my SOA volunteerism. I am excited to use these attributes to serve the SOA membership as President, and I look forward to making a meaningful impact on the actuarial profession.
Volunteer, Governance and Personal Experience
Describe how your volunteer, governance and personal experiences would strengthen your contributions to the SOA Board, the organization, and strategic plan execution. Please list your relevant volunteer experience. Please include the name of the organization, your role, and approximate dates.
I began volunteering with the SOA 15 years ago, aiming to promote and advance the profession through Professional Development. My involvement has grown to include:
- Serving as an SOA Board of Director (2018-2021)
- Serving on the SOA Health Section Council (2015-2016) and Research Committee (2014-2018)
- Co-chairing the SOA HSC Educational Podcast Series (since 2015)
- Chairing the Commercial Healthcare Strategic Initiative (2017-2018)
- Coordinating 45+ sessions at SOA events, with four receiving Outstanding Session Awards
- Acting as an SOA media liaison on health insurance issues (since 2017)
- Participating in 3 SOA Health Research Project Oversight Groups
- Serving on the American Academy of Actuaries' Health Financial Reporting Committee (since 2017), Individual and Small Group Markets Committee (since 2019), and as an instructor for the Life and Health Qualification Seminar (since 2021)
- Joining the National Math Foundation Board in 2019
Receiving the Volunteer of the Year Award (2017) and the Presidential Award (2022) attests to my commitment and passion for the SOA. Receiving such honors demonstrates my dedication to the SOA's mission and ability to effectively serve the organization and its members.
The privilege of working with passionate SOA volunteers and staff that are committed to advancing the profession has inspired my extensive volunteerism. I find collaborating with other volunteers personally fulfilling and I cherish the friendships developed along the way.
As an SOA Board member, I contributed to developing and implementing the SOA's strategic plan and long-term growth strategy. Despite differing opinions, the Board cooperated effectively to deliver these programs. While serving three years on the Governance and Policy committee, I focused on leadership identification, development, role definition, recruitment planning, and training evaluation.
I believe that my diverse volunteer experiences will enable me to serve as the SOA's top ambassador and contribute to the profession's future.
Agility/Change
Describe a significant change that you led in the workplace or in your volunteer activities. What were the largest obstacles you overcame, and what would you have done differently to ensure greater success.
The Affordable Care Act (ACA) in 2010 brought unprecedented changes to the US healthcare system and my professional life. As an adviser to state insurance departments, I needed to quickly learn and assess the new rules to effectively guide states in regulating their health markets.
Two transformative ACA provisions, Guaranteed Renewability and Guaranteed Issue, required insurers to overhaul their pricing and premium development strategies. This shift led to the creation of new health programs, such as the 3Rs (Reinsurance, Risk Adjustment, and Risk Corridors). Many states, unprepared for these dramatic changes, faced challenges in adapting their markets.
In Louisiana, there were no pre-existing statutes that regulated health insurance premiums. The Department of Insurance (DOI) engaged me to lead a team in developing comprehensive statutes and regulations to facilitate state health insurance regulation under the ACA. This complex task involved close collaboration among actuaries, DOI staff, and attorneys.
Creating state laws that would impact every Louisiana resident and address key ACA-related issues was a daunting challenge, especially in an intense political climate where there were many different motivations and desired outcomes. I learned the importance of involving diverse perspectives and ensuring everyone's voice is heard. While my team ultimately developed a successful solution, greater diversity in experience and expertise would have fostered a more thoughtful process for considering different approaches.
Reflecting on areas for improvement, assembling the right team and enhancing communication within it are crucial for making well-informed decisions. As former Secretary of State Colin Powell once said, "Good leaders are almost always great simplifiers, who can cut through argument, debate, and doubt to offer a solution everybody can understand." This experience reinforced the value of effective leadership and collaboration in navigating complex challenges.
Motivating/Influencing
Describe a time when you helped resolve a difficult situation in a professional setting. Describe the situation, the actions you took, and the outcome.
As an actuary who assists with healthcare reform, I have often faced the challenge of serving as an objective facilitator for diverse groups with opposing opinions, guiding them towards a solution. A prime example is my experience advising a state-based healthcare reform committee composed of representatives with diverse backgrounds, priorities, and political agendas.
In my role, it was crucial to engage with the committee members and provide my services objectively. This involved:
- Preparing and educating members on the implications of potential decisions.
- Creating an environment where committee members with opposing positions were comfortable asking questions and sharing their opinions.
- Ensured that committee members had sufficient information to form opinions and come to a solution within a limited timeframe.
- Encouraging a healthy and respectful debate among committee members.
- Sharing my objective assessments whenever I thought it would be helpful for the conversation.
Despite personal views that differed from many committee members, I consistently maintained objectivity and an unbiased presentation of solutions while respecting others' opinions. This approach allowed me to successfully navigate the complex societal issues and financial risks that were impacted by healthcare reform.
Stewardship is grounded in the understanding that leadership is a temporary role, surpassed by an organization's lifespan. A leader embodies stewardship by actively preparing the organization for future vitality even when there are many opposing views. Therefore, I believe that motivating and influencing others with kindness, understanding, and professionalism is an essential aspect of this responsibility.
Diversity
What steps might the SOA take to improve its diversity, equity and inclusion? You can read more about current efforts by the organization at www.soa.org/programs/diversity-inclusion.
The SOA's Long-Term Growth Strategy presents a strategic framework to enhance diversity, equity, and inclusion (DEI). The SOA has already made noteworthy progress by raising awareness, implementing programs like the Diversity Exam Reimbursement Program, and engaging underrepresented populations. As President, I will support the SOA's ongoing DEI efforts to continue and expand on the current successes.
First, we need to establish the right "tone at the top." Although the Board's diversity has improved, continuous assessment of its composition, skills, and DEI effectiveness is essential. Ensuring that the Board reflects the entire membership and amplifies all voices is crucial for success.
Second, we must reduce the profession's high barrier to entry. Expanding efforts like the Affiliate and Needs-Based Exam Reimbursement Programs will help more people discover the actuarial profession early on. By marketing to high school and early-college students, we can prepare and educate a diverse pipeline of candidates.
To achieve these goals, the SOA should collaborate with new DEI partners, connect with underrepresented students, and provide compelling DEI research. Setting specific, measurable, achievable, relevant, and time-bound (SMART) goals for DEI initiatives will enable the SOA to monitor and refine the strategies for maximum impact.
By following these steps, the SOA can foster a more inclusive environment, represent diverse stakeholders, and enhance the actuarial profession.
International
The 2022-2024 Strategic Plan includes an objective to Accelerate International Growth. Please explain how you will help the Board accomplish this.
The SOA, being the world's largest actuarial society, must continue to educate, promote, cultivate, and provide tailored resources for its growing global membership. As professionalism, research, and continuing education needs transcend geographic borders, I believe that delivering value necessitates targeted approaches that could vary significantly across the globe.
The SOA should engage, listen, and respond to members outside North America, leveraging board representation and regional committees. Building relationships with local actuarial organizations, universities, and clubs will help identify each market's unique needs and develop appropriate strategies. Expanding the valuable International Section's Ambassador Program can enhance the effectiveness of international initiatives.
Addressing global challenges requires balancing educational requirements, understanding risk changes, creating and grading exams fairly in multiple languages, engaging with international actuarial associations, and allocating budgets globally. Prudent resource use is crucial for expanding overseas presence. When evaluating situations, the SOA should consider the issue's uniqueness, shared resources, and local impact.
Current challenges include reducing exam fees and professional development costs that may exclude candidates, facilitating professional development in resource-limited areas, and prioritizing growth opportunities in Latin America, Europe, Greater Asia, India, China, the Middle East, and Africa. By addressing these challenges, the SOA can effectively serve its global membership.
Emerging
The SOA Long-Term Growth Strategy outlines the six critical issues our research has identified as the trends changing our environment and impacting our work as actuaries. How might the Board address any of these issues to keep the SOA successful?
The SOA's Long-Term Growth Strategy highlights six critical issues transforming the actuarial profession, including artificial intelligence, data science, skill development, and shifting growth patterns. As automation takes over basic cognitive tasks, the need for creative and complex information processing skills will increase.
To ensure the SOA's success, it must consistently evolve education and professional development programs, empowering actuaries to innovate and elevate their adaptability in new situations. This involves focusing on sought-after skills like data science, business problem-solving, and adaptability to dynamic environments. The SOA should persist in developing certificate programs and micro-credentials that keep pace with the profession's needs.
Furthermore, the SOA must capitalize on research to generate value and foster learning opportunities. Expanding professional development offerings to encompass online courses, employer work-site training, and enhanced online/mobile resources will enable busy professionals to elevate their skills.
Strengthening member and candidate engagement also poses a challenge. Given the diverse candidate base, communication can be difficult. The SOA must cultivate emotional connections with candidates and new members, transcending transactional relationships. The recently introduced Professional Interest Communities Pilot seeks to improve engagement across SOA membership through a variety of groups. Monitoring and evaluating this pilot program will help pinpoint successful approaches and areas needing enhancement.
These initiatives represent a multi-year journey poised to contribute to the SOA's ongoing success by continuously evolving, empowering, and elevating its members and candidates.