Candidate Questionnaire
David Ruiz, FSA 2000, MAAA 1995, FIA 2017
Vice President, Valuation
Pacific Life
Newport Beach, CA
Brief description of current work:
As a member of the Finance leadership team, I lead Valuation function for our Consumer Markets Division
Primary Area of Practice:
Life Insurance, Finance
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 31 years as an actuary, I have gained extensive experience in financial actuarial work, both in the US and the UK. I have taken on increasing levels of management and leadership responsibility and am currently serving as the Vice President of Valuation for the Consumer Markets Division of Pacific Life. My core responsibilities include financial management and valuation of the company's variable, fixed, and indexed annuities and life insurance business.
As a leader in our finance organization, I have been instrumental in driving the company's strategy. As we look at the challenges facing the industry, finance and actuarial transformation is a key strategic focus for the company. I am currently accountable for the success of a multi-year transformation project that promises to change the way we work across all actuarial functions. This initiative is representative of the industry at large, and I believe I am uniquely qualified to help the Society of Actuaries (SOA) navigate these changes.
In order to succeed in the face of significant industry change, we need to set a strong vision and bring diverse teams together to align around common goals and direction. My experiences in my professional and volunteer work leave me well-prepared to help the SOA achieve these objectives. I am passionate about developing the next generation of actuaries, and my expertise in transformation will allow me to contribute valuable insights to Board discussions on the future of the profession.
Overall, I believe my professional background in financial actuarial work, leadership experience, and passion for developing the next generation of actuaries make me uniquely qualified to serve as an elected Board Member for the SOA. I am committed to carrying out the strategic direction of the organization and helping it adapt to the changing industry landscape.
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.
Volunteer contribution to the Actuarial Profession:
- SOA Diversity Equity and Inclusion Committee, 2022-2023 (current)
- SOA/CAS Joint Council on Equity, Inclusion and Diversity, 2021-2022
- Society of Actuaries Leadership and Development Section Council, 2018-2021
- Chair 2020-2021
- Treasurer/Secretary 2018-2019
- Society of Actuaries Financial Reporting Section Council, 2015-2018 (Treasurer)
- American Academy of Actuaries Life Financial Reporting Council, 2012-current
- Institute and Faculty of Actuaries volunteer, 2011-current
Relevant Personal Volunteer experiences:
- Board Member, Transatlantic Council, BSA 2007-2014
- Scoutmaster, BSA Troop 4321, 2019-2023 (current)
- Leader, Girl Scout Troop 2898, 2022-2023 (current)
In 2021 I was honored to step into a role on the Joint Council on Equity, Inclusion and Diversity. In 2022 I transitioned into the Diversity, Equity and Inclusion committee. Serving on these committees has been a highlight of my time in SOA leadership. Our profession is demonstrably stronger when we lean into DEI. As a board member I will continue to be an ally for underrepresented groups, driving to creating an equitable and inclusive SOA.
I served as Chair of the Leadership and Development Section Council in 2021, and was a Council member for L&D and Financial Reporting councils for six years. Through Section leadership, I was involved in working toward the SOA’s strategic initiatives. The L&D council assisted with the young professional engagement initiative as well as DEI, giving me insights into how the SOA implements strategy through the power of member engagement.
I am an Eagle Scout and lifetime member of the Girl Scouts of the USA. As a board member for Transatlantic Council, BSA, I held several committee positions that gave me experience in leading a non-profit charitable organization focused on character development of its members. I was involved setting strategy, overseeing financial position, and driving program offerings for thousands of members across Europe, the Middle East and Africa.
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.
For over 100 years the Scouts BSA program has been for boys alone. In February, 2019, I was asked to be a founding member of one of the first girl troops in Orange County, CA.
This initiative required effective leadership and change management skills to navigate several challenges, including educating parents about the difference between Scouts BSA and Girl Scouts and persuading potential sponsors of the initiative's long-term viability. Our strategy focused on setting a clear vision, promoting Scouts BSA as an alternative to Girl Scouts (not a replacement), and engaging with leaders committed to diversity and inclusiveness.
In hindsight, we should have used our parents more effectively to help us communicate the vision and bring it to life. Integration of the girl troop into the larger Scouts BSA community was another significant hurdle, but the girls proved their capabilities by winning a scout skills competition in April of 2019, dispelling any doubts about their abilities.
From this experience, I learned the importance of stakeholder engagement and volunteer leadership. Better engagement would have helped parents understand the value of the initiative earlier, leading to more members joining the troop. Better outreach would have ensured easier integration into the larger BSA community. This leadership lesson has been instrumental in my work on finance and actuarial transformation, where I engage with stakeholders regularly to remove roadblocks and ensure timely project completion.
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.
I recently encountered a difficult situation during the implementation of a new actuarial software package and data infrastructure. One body of work was showing significant schedule slippage, and continuing the work as scoped would cause a delay in overall timelines. This put pressure on various stakeholders who were struggling to align their competing priorities.
To resolve the situation I first spoke with the affected teams to understand their concerns and roadblocks that were getting in the way of completing the work. I then brought them together to discuss the root causes of the schedule slippage, and to facilitate understanding among them.
The outcome of this approach was successful. By bringing people together and working collaboratively, all of the teams felt heard and engaged. Team members gained a deeper appreciation of their colleagues’ priorities and through this engagement we uncovered several low-priority items that could be stopped to bring the project back on track.
This experience highlighted the importance of effective communication and collaboration in resolving difficult situations in a professional setting. It also reinforced the value of taking a strategic, multi-step approach to problem-solving, which I continue to apply in my work today.
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.
As a member of the Diversity, Equity and Inclusion Committee I have been honored to be a part of the Society’s commitment to improving the profession. The first step that the SOA can take is to continue this fantastic work. As a board member I would advocate the SOA provide some additional focus in these areas:
Make exams and study materials more accessible to underrepresented populations.
The SOA has some limited programs that work to provide exam reimbursements to underrepresented populations, which is fantastic. We need to do more. The only way we will become more diverse is to have a strong pipeline of candidates from diverse backgrounds.
Actively recruit and encourage a more diverse SOA Leadership
One small step that would create a more inclusive environment in the SOA would be to have more diversity in the leadership. From speakers at meetings to presenters on webcasts to candidates on the election ballots, we need to have more diversity in the forefront.
Deepen partnerships with Actuarial diversity organizations.
The SOA has long collaborated with leading actuarial diversity organizations and the CAS to improve the diversity, equity and inclusion of the profession. I would encourage the SOA to work more closely with these organizations on any initiatives that are designed to increase representation. We need to make sure that when we take an initiative forward it will be well-received by the target audience and supported by our partners.
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 has been expanding outreach to candidates and universities around the world to build a pipeline of global actuarial candidates and members. Our next step is to ensure that we can support these constituents through educational and research opportunities that speak to the members outside of North America. I would work within existing frameworks to expand our educational opportunities in global centers of actuarial talent. Through in-person meetings and locally-hosted virtual offerings we can meet the members where they’re located.
We must also differentiate ourselves from other global actuarial organizations in order to position the SOA brand as the premier actuarial society. Our leadership on global issues will help cement this brand, and I will work to encourage continued expansion of programs like the Climate Risk Certificate Program that speaks to a global audience.
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?
Increasing diversity and inclusiveness is the key to a strong and viable Society of Actuaries. We must continue our focus on diversifying the profession, engaging with young professionals and strengthening our partnerships with actuarial organizations across the globe. Seeking out and welcoming new members from underrepresented communities will be a key to meeting this challenge. In order to embrace diversity, we need engagement from our entire membership. We need every actuary to seek out ways to ensure that our profession has diverse membership, that represents the entire population we’re serving. Having an open and ongoing dialog will be critical to ensure we raise awareness and identify solutions that will help us on our journey.
Another key to our success lies in the targeted expansion of certificate programs that expand and enhance our expertise on issues facing the global society. The Climate Risk Certificate Program is a fantastic example of the kind of program that will set us up as global leaders. As a board member I will support identifying and developing additional programs that can strengthen our profession and the global SOA brand.
We need visionary leaders to keep the Society moving forward. A new strategic plan will carry us from 2025-2027 and beyond. This strategic plan needs to set a bold vision for the Society and the transformation of the actuarial profession. As a Board member, I will work diligently to influence the strategic direction of the SOA. It will be my mission to ensure the SOA becomes recognized as a leader in diversity and inclusiveness, while it continues to maintain and enhance its role as the premier global actuarial organization.