Who will lead the SOA? You decide.

Candidate Questionnaire

Nazir Valani, FSA 2001, FCIA 2001, MAAA 2004
Valani Global
President & Co-Founder
Toronto, Ontario, Canada

Brief description of current work:

International Financial Reporting, Climate Change, Actuarial Modelling, Product Development & Pricing, Appointed Actuary, Long Duration Targeted Improvements (LDTI)

Primary Area of Practice:

Life Insurance, Property & Casualty (General Insurance)

Other Areas of Practice:

Health, Modelling of pandemics including COVID-19, Future employment of Actuaries

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.

1. Global Network: Work globally in Canada, US, Caribbean, Europe and Asia. Knowledgeable on global issues (e.g. IFRS 17, Targeted Improvements, PBR, etc.). Worked at insurance companies, software company, and consulting firms, expanding in P&C business, climate change and International Financial Reporting (passed the SOA IFRI certificate and plan to take the SOA Climate Change certificate, promoting SOA education). Attend most major actuarial meetings in Canada, US, Caribbean and Asia.
2. Employment: Was on SOA Employers Council. Was on focus group on SOA’s Long-Term Growth Strategy. I know what employers are looking for.
3. Board Experience: This would be my second term on the SOA board. I was Chair of the International Committee and a member of the Governance Committee. I was the Chair of the board for Hospice Toronto for four years. I was Treasurer and Chair of the Risk & Finance Committee. Chair of the Governance Committee on The Neighborhood Organization (TNO) Board and have been asked to consider being Chair. I am considered a team player and a leader which explains support for becoming Chair.
4. Canadian Perspective: FCIA bring the Canadian perspective. I am a member of the Climate Change Steering Committee and won an award of honour for my volunteer work.
5. Entrepreneur: I started my own company as a one-person operation which became the second largest life actuarial practice in Canada, sold it to KPMG LLP where I lead the Actuarial Practice in Canada and was the North American Leader for AXIS Implementation, and have started a second company.
6. SOA Award: Awarded the SOA President’s Award 2018.
7. SOA Video: Featured in an SOA “Society of Achievers” - coming as a refugee to Canada in 1972.
8. One of the Global Leading Actuaries 2015: Jan 2016 Acquisition International magazine.

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.

Three Boards. Will be my second term on SOA board. Was Chair of the International Committee, Governance Committee, Finance and Risk Committee, Audit Committee. Was the Chair of Hospice Toronto which helps with hospice at home, young caregivers, expressive arts, homeless residential, etc. Was the Treasurer & Chair of Risk & Finance Committee. I am on the Board of The Neighborhood Organization which helps immigrants with education, jobs, and other support. I am Chair of the Governance Committee and will take over as Board Chair in June 2023. Worked on a Strategy Plan on three Boards.

Worked at KPMG LLP as part of Risk Management, where we advised clients on risk management including proper governance. Chair of National Committee for Burial Plan. Recommended and implemented better governance for a community-based funeral plan.

Minister for three years which is a voluntary position and requires most of your evenings and weekends. Congregation of about 2,200 people. Weddings, funerals, baptism, sick, and elderly.

Diverse background coming to North America as a refugee, Board and leadership experience and knowledge, Canadian perspective, and extensive experience as a successful entrepreneur will make a significant positive contribution to the SOA Board.

SOA Board (Oct 2020 to present) Chair International Committee, Governance Committee, Finance and Risk Committee, Audit Committee.

Hospice Toronto Board (Oct 2016 – Sept 2022) Board Chair - four years, Treasurer and Chair of Risk & Finance - two years

The Neighborhood Organization Board (July 2019 – Present) Chair of Governance Committee – two years, Board Chair starting June 2023

SOA COVID-19 Research Team (March 2020 – Sept 2020), Member

SOA Employers Council (2018-2020), Member

CIA Steering Committee on Climate Change (Nov 2022-Present)

CIA Actuarial Guidance Council (2019-2022), Member

CIA COVID-19 Research Team (March 2020-Present), Member

Minister for congregation of 2,200 (Voluntary position – July 2009 – July 2012)

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.

Entrepreneur - I left a good paying job with seniority to start my own company (twice). I had multiple offers but turned them all down. I told them that if I am not successful, I will return and “ask for a real job”. I was nervous and not sure that it would work. The company went from a one-person operation and became the second largest life actuarial practice in Canada. During the COVID 19 pandemic, the revenue dried up as companies could not get approval for consulting work. I had to invest a significant sum of my personal money to meet payroll and keep the company going. My second company is now twice as large as the first one. We are in the life and health business and are looking to expand into P&C, climate change. We took advantage of International Financial Reporting Standard 17 (IRFS 17). I took and passed the SOA IFRI certificate. I also plan to take the SOA Climate Change certificate. We are also looking to acquire another company which is a leader in the KPI space for insurers.

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.

Known to be a team player. I have been asked to be the Board Chair on two of the boards where I was a board member. I helped resolve many situations where people were not getting along well. I have helped create a bridge of understanding, so people see the other side. The idea is to maximize the outcomes with the team we have, rather than the team we wish we had.

One situation where I worked at an insurance company in charge of product development & pricing. We were about to introduce a complex product. The President asked how long it would take to implement. The VP for IT replied with a three year timeline. The President asked me, and my guess was about six months. He put me in charge and asked me to “make it happen”. The VP for IT was upset. I created a team which included the VP for IT. The start of the project was very rough, but we all pulled together and worked as a team. VP for IT and I got to know each other and worked very well. I told her that she was critical for our success and that we will either all fail or all succeed together. One staff leave early as he would pick up his child from daycare. Some people on the team did not like that. I gathered the team and said that this staff was critical to our success and due to his personal circumstance could not stay late. We have to be respectful of his circumstances. This help create a good and respectful work environment. We implemented in six months and two weeks. This was judged to be a big success. I got the first “Excellence Award” that the company gave out.

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.

Senior Leadership & Board Members – start at the top. Diversity is a strength. Diversity includes – gender, race, ethnicity, background, career, thought, geography, experience, and much more. I bring a lot of diversity to the SOA. Born in Africa, Indian origin, came as a Refugee, Canadian citizen, had a unique experience being appointed as a minister for three years (volunteer position involving spiritual and social wellbeing of congregation of 2,200) in our community, worked at insurance companies, software company, and consulting firms, have been on three not-for-profit boards, Entrepreneur starting my own company, selling it to a Big 4 accounting firm, and starting my second company, expanding into P&C business, climate change and International Financial Reporting, passed the SOA IFRI certificate and plan to take the SOA Climate Change certificate, promoting SOA education.

Geographic Growth – The growth potential for the SOA outside North America is huge. This is my first term on the SOA board. I was the Chair of the International Committee. I visited Ghana with the SOA President and the SOA Managing Director – International. We met with universities, the regulator and employers. Due to the huge financial barriers (USD 250 may be two months of full time employment earnings) that students in Ghana face, I proposed that the SOA introduce scholarships for students until they get their first two micro-credentials. After this, they should be able to get support from employers. The SOA loved the idea and asked if I would be willing to do a pilot. I have put my own money USD 10,000 through Valani Global for 20 scholarships. 20 students in Ghana have been awarded scholarships and we registered them to write exam P or exam FM. I want to continue this work with the SOA for developing countries with there are huge financial barriers

International

The 2022-2024 Strategic Plan includes an objective to Accelerate International Growth. Please explain how you will help the Board accomplish this.

The growth potential for the SOA outside North America is huge. I am on the SOA board. I was the Chair of the International Committee. I visited Ghana with the SOA President and the SOA Managing Director – International. We met with universities, the regulator and employers. Due to the huge financial barriers (USD 250 may be two months of full time employment earnings) that students in Ghana face, I proposed that the SOA introduce scholarships for students until they get their first two micro-credentials. After this, they should be able to get support from employers. The SOA loved the idea and asked if I would be willing to do a pilot. I have put my own money USD 10,000 through Valani Global for 20 scholarships. 20 students in Ghana have been awarded scholarships and we registered them to write exam P or exam FM. I want to continue this work with the SOA for developing countries with there are huge financial barriers.

SOA partnering with local employers, regulators, actuarial organizations, universities, and north American employers, we can help grow the market globally. In many developing counties (such as Ghana), the financial barrier to writing the early exams is huge. In creating a fund where everyone has “skin in the game”, this fund can help students write the early exams getting their first two micro-credentials. Employers can then help support the students with the rest of the journey. For the “richer countries”, we need to find a way to engage with students. Local CPD with local content and priced as a local event is one idea.

I feel that my job is “not complete” and so I am asking for a second term on the SOA board to further work with to SOA to explore the “Developing countries scholarship” idea.

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?

1. Data Science – Actuaries are the original data scientists. We need to figure out a way to “own this space”. One idea is to form a separate subsidiary which issues data scientist credentials. We would make it general so that it is more than the insurance industry.
2. AI – AI is an opportunity. Yes, some jobs will change, but we need to be at the leading edge of AI.
3. Credentialing & Skill Development – We can consider FSA education that would qualify you to do any type of risk management work. People can specialize by taking certificates like the IFRI, Climate Change, Data Science, P&C, Life, Pensions, etc.
4. Member & Candidate Engagement – This is an important one. SOA introduced different kinds of membership. We need to figure out common interests in forming groups that would keep members engaged.
5. Geographic Growth – Scholarships for developing countries, International SOA board (maybe some reserved seats), local conferences/seminars, other ways to engage.
6. DE&I – SOA President, Board positions, Senior Staff Leadership, Scholarships for developing countries, other ideas.