Candidate Questionnaire
Jacqueline Lee, FSA, MAAA 2007
Lewis & Ellis, Inc.
Vice President & Principal
Plano, TX
Brief description of current work:
Health consulting actuary, focusing on pricing ACA and Medicare Advantage and assisting other health entities with risk assessment.
Primary Area of Practice:
Health
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.
As one of the youngest Principals and Board members at Lewis & Ellis, I actively strive to offer unique perspectives and opportunities that others may not consider or recognize. L&E has instilled an entrepreneurial spirit in me, encouraging me to tackle problems with creativity and innovation. I have even ventured to create new service areas within my firm that were not previously offered. While this undertaking presented challenges, we used discipline and teamwork to take on this challenge and risk. I leaned on grit, determination, and trust in my team to get us through the challenges, and in the process, we learned valuable lessons that helped us come together as a better team and perform well.
My experience in growing a new practice area gives me a unique perspective on how to be innovative, find new growth opportunities, respond quickly to changing economic and financial environments that can bring value to the SOA and its members. Developing lasting relationships with my actuarial team is a priority for me, which is in alignment with the SOA’s desire to promote effective relationships. I foster a culture of collaboration within my team, where we continually strive to learn new skills and enhance our career growth. By leveraging the diverse perspectives of my team members, we tackle new challenges with creativity and innovation. Through purposeful training, I align my approach with the vision of the SOA, which aims to cultivate highly skilled and sought-after professionals, pushing our profession forward. I am confident that my entrepreneurial spirit, coupled with my strong work ethic and team-oriented approach, will allow me to contribute positively to the SOA's mission of advancing actuarial science worldwide.
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.
Throughout my years of volunteering, I have gained valuable leadership skills that have prepared me to be an effective member of the Board. As Chair of the Professional Development Committee (PDC) and the Health Section, I have worked with diverse and talented volunteers to drive innovation and excellence in the SOA's work of addressing key societal issues and preparing actuaries to be business leaders in our industry.
As PDC Chair, my goal has been to revolutionize the way in which professional development is provided to members worldwide. To achieve this, our committee has actively engaged in strategic discussions regarding the challenges associated with our current meetings and aimed to improve our profession. We strive to create an environment that encourages growth and development for all members by fostering a sense of community through networking at meetings and educating actuaries on current and innovative skills.
We continually address these challenges to ensure that the PDC aligns with the SOA's Strategic Vision to empower members to drive solutions. Our commitment to delivering high-quality professional development opportunities is reflected in our approach to cultivating a diverse and inclusive community, where members are equipped with the skills they need to succeed in a rapidly changing industry.
In this role, I have leveraged my leadership skills to motivate and inspire my team to explore new ideas and embrace innovative solutions. We have made significant strides in improving the delivery of professional development programs, and our efforts have been widely recognized for their impact on the profession.
All of my volunteer experiences have undoubtedly prepared me to be a valuable Board member, bringing unique perspectives and a commitment to driving innovation and excellence in all aspects of the SOA's work.
SOA Professional Development Committee (PDC) - Chair 2022-current, Vice Chair 2021-2022, Member 2020-current
SOA Health Section Podcast Host - 2021 - current
SOA Education Group Health Curriculum Committee Member: January 2020-current
SOA Health Section Council (HSC) – Chair 2019 – 2020, Vice Chair 2018-2019, Member 2017-2020
SOA HealthWatch Editorial Board – Member: October 2018 – September 2020
SOA Health Section Council (HSC) – Health Meeting Vice Chair, Strategic Initiative Vice Chair, Editorial Board
SOA DP and CSP Exam Case Study – Lead Developer: 2013 – 2015
Feed My Starving Children (FMSC) Mobile Pack event – member: 2014 – current– organize the event, assist during entire weekend of event
Prestonwood Baptist Church - serve in the childhood (2023-current)
Stonebriar Community Church – serve in the nursery on Sunday mornings (2013 – 2022) and served as a mentor to juniors in high school (2018-2019)
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.
As a Chair of the PDC, I also lead the planning of the SOA’s ImpACT meeting that is held every October. I identified an opportunity to improve the ImpACT conference by increasing the number of health sessions available to attendees. To achieve this goal, I collected feedback from various stakeholders, including attendees, speakers, and committee members, to understand their needs and preferences. I collaborated with the conference planning team to revise the schedule and make room for more in-depth sessions that addressed the latest trends and challenges in the healthcare industry.
Two significant obstacles were encountered while making this change. Firstly, the lack of prior data due virtual meetings and disruption in corporate support for travel made it challenging to prove the need for more health sessions. Our committee gathered data to better understand the demographics and area of practice for individuals attending the meetings compared to the various offerings. Secondly, we needed to ensure that high-quality sessions were submitted to provide additional offerings in a valuable way. I worked with the Health Section to actively engage speakers before the call for sessions came out. They offered great support, reaching out to a lot of volunteers.
Despite the obstacles, the increased number of sessions was approved and positively received by the membership. In hindsight, I realized the need to document all feedback, even personal ones, to better support future changes. Nonetheless, I am proud of the significant impact the change has made, and I believe it will continue to add value to the annual conference.
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.
In a professional setting, I encountered a challenging situation when one of our clients' annual pricing needed approval from the State's governing body, and the State did not agree with the assumptions and data used. This led to a conflict between our team, the client, and the State, with the possibility of the client not having their products approved, leading to financial implications and jeopardizing our relationship with them.
To resolve the situation, I immediately sought to understand the root cause of the problem and met with the State to listen to their concerns. With the help of our team, we identified the areas where we had fallen short and gaps in our initial communications with the State. We then worked swiftly to identify alternative approaches and data that could address the State's concerns.
We communicated with the State, providing more information to clear up any misunderstandings and swiftly worked on the alternate data and methods to determine the potential impacts on the initial projects and budgets that relied on these pricing submissions. This helped us assess the financial implications of any potential changes and allowed us to communicate the information to the client so that they could prepare for the options we had in place. Our efforts resulted in us providing more appropriate communication, support, and data that addressed the State's initial concerns, and we successfully resolved the conflict.
This experience taught me the importance of active communication and the need to put proper processes in place to produce higher quality final products. It also highlighted the value of collaboration with clients and regulators to achieve mutually beneficial outcomes. Overall, our successful resolution of the challenging situation strengthened our relationship with the client and demonstrated our team's ability to address complex problems.
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 is actively engaged in promoting and improving diversity, equity, and inclusion (DEI) in the actuarial profession. It has implemented various initiatives, such as multiple committees, updated DEI strategies, regular reporting on DEI, and educational programs for members and volunteers aimed at raising awareness among members and volunteers.
To ensure long-term success, the SOA must continue these efforts and initiatives, specifically focusing on increasing awareness of the actuarial profession among individuals from diverse backgrounds who may not have had prior exposure to it. This should include earlier education about the profession, as well as targeted outreach to schools and communities where underrepresented groups reside. Additionally, continuous evaluation of the educational paths and exams will modernize the profession and make it more attractive to the next generation of students.
Personally, I only learned of the actuarial profession late in college, and most people I encounter are unfamiliar with what I do as an actuary. To improve recognition of the profession, it is crucial to aim for the same level of awareness that accountants have in households.
As a volunteer of one of the SOA’s curriculum committees, I am aware of the organization’s focus on ensuring that the material remains relevant to the current and future skills and competencies needed by the profession. To modernize the actuarial profession, the SOA should explore new technologies and tools that can enhance the learning experience and provide students with more practical and hands-on experience that they are more likely to encounter in their jobs. Additionally, the SOA should continue to collaborate with industry experts and leaders to identify emerging trends and best practices in the field, which can then be incorporated into the curriculum and exams to better prepare students.
International
The 2022-2024 Strategic Plan includes an objective to Accelerate International Growth. Please explain how you will help the Board accomplish this.
As a global organization, the SOA is experiencing significant growth in China, Greater Asia, and other international markets. While many membership needs, such as professionalism, research, and continuing education, are relevant to all members, delivering value requires targeted approaches. As part of my work on the PDC, we tailor our North American meetings and offerings by practice area and segment to engage the wide variety of our members. Similarly, the SOA should respond with targeted approaches to best serve our international members to maximize membership value. The PDC has representatives that work internationally, and I have learned a lot from them during our meetings. However, their contributions are limited due to our focus on North American meetings.
We must increase outreach and member engagement efforts. It is critical to establish lasting relationships with local actuarial organizations, universities, and clubs to understand the specific market needs and develop effective strategies and partnerships.
Even though the majority of the SOA's active membership currently comes from the United States and Canada, investing in targeted resources for international member growth and engagement is crucial for the organization's future success. I believe the SOA should aim to meet the needs of all our members, regardless of their location.
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 Long-Term Growth Strategy encompasses six critical issues, and all of them are equally significant. However, I will concentrate on the challenges posed by technological disruption and the need for new skill sets, as they impact me the most.
Technological disruption has been affecting the actuarial field for some time now, and it is imperative that the profession invests in technology and innovation to remain relevant and competitive. While actuaries have been known for their strong quantitative skills, the increasing role of technology means that actuaries need to develop additional new skill sets and expertise to adapt.
To stay ahead of the curve, we must invest in the education of emerging technologies, such as predictive analytics, AI, machine learning, and blockchain. Actuaries should be able to interpret and forecast the results of these technologies to bring financial metrics to stakeholders of their organization to increase stability and profitability. No machine can replace the power of the human brain, which is where actuaries can excel.
However, data scientists are often preferred for their technical expertise in these areas. Actuaries can differentiate themselves by combining their existing skills with these emerging technologies. This would require expanding the profession's educational offerings and resources to focus on these technologies and provide training and continuing education programs to help actuaries develop the skills needed to work with these technologies effectively.
As these technologies continually evolve, the profession must be flexible and willing to adapt to the changing environment. The SOA must stay up to date with the latest trends and integrate them immediately in the educational paths and exams.