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October 2024 SOA Board of Directors Meeting Recap

The Society of Actuaries (SOA) Board of Directors (Board) convened in National Harbor, MD, October 26–27 to discuss strategic direction and updates. Key decisions comprised approving the strategic principles associated with the refresh of the strategic plan and approving 2025 essential initiatives. Other focus areas included a three-year financial projection and an update from the SOA Research Institute.

Strategic Plan Refresh: After many months of discussion about shaping the future of the strategic plan, the Board approved three strategic priorities that will guide the organization over the next three years, beginning in 2025. Priorities include:

  • Optimize the candidate pipeline – The SOA aims to improve candidate attraction and retention to strengthen the actuarial profession. The SOA will support candidates through their journey while ensuring they have the skills needed to meet market demands.
  • Grow globally – The SOA is committed to increasing its membership worldwide, focusing on developing markets where the insurance industry is growing and expanding. We will include global representation in strategic decision-making to better serve members and candidates outside of North America.
  • Leverage artificial intelligence (AI) – The SOA will leverage AI to better serve its members and candidates and provide opportunities to develop AI skills and expertise.

2025 Essential Initiatives: The Board approved essential and organizational initiatives that are designed to further support the SOA’s strategic priorities. In the coming year, these projects will take precedence as critical key focus areas for the organization. One important initiative will be a strategic review of the SOA’s governance structure to ensure the framework is well-positioned to support the organization’s long-term success and effective implementation of the SOA strategic plan.

Financial Projection: The Board reviewed a comprehensive three-year financial plan. This plan is structured to ensure efficient resource allocation, maintain fiscal responsibility, anticipate future financial needs, and allow for greater flexibility in responding to changing economic conditions and organizational priorities.

SOA Research Institute: Key strategies, initiatives, and accomplishments were shared with the Board, from involvement in the U.S. AI Safety Institute Consortium to sponsored projects supporting Long-Term Care and Public Pension Experience Studies to grants and sponsorships, and numerous research reports.

In addition to the October meeting, the SOA Board gathered at the SOA Annual Recognition Dinner to celebrate outgoing Board members and commemorate their years of dedicated service and leadership. The SOA thanks these members who completed their Board terms, including Past President John Robinson, FSA, FCA, MAAA; Sara Goldberg, FSA, MAAA; Board Advisor Margaret Resce Milkint; Mary Beth Ramsay, FSA, MAAA; Si Xie, FSA, CERA, FCIA; and Mercy Yan, FSA, FCIA, MAAA.