Lauren Scalzo and Liz Ritchie from Ezra Penland had the pleasure of attending the Society of Actuaries (SOA) ImpACT meeting, where industry leaders shared their insights on the future of the actuarial profession. The event was a fantastic opportunity to connect with colleagues, gain new perspectives, and explore the latest trends shaping our field.
Views from the Top: Perspectives from SOA and IAA Presidents
The session featuring Amanda Hug, President of the SOA, and Micheline Dionne, President of the International Actuarial Association (IAA), was particularly enlightening. They discussed the strategic directions of their organizations and how they plan to navigate upcoming challenges and opportunities.
Amanda and Micheline emphasized the importance of bringing personal strengths into professional life. They encouraged attendees to embrace challenges, as these experiences can lead to significant growth. Amanda highlighted that it’s okay to change your goals as you evolve, reflecting your experiences and aspirations.
For early-career actuaries, Amanda advised asking numerous questions to build a strong foundation. Mid-career professionals were encouraged to take incremental steps towards their goals. Respect from senior colleagues, they noted, is earned through humility, learning from others, and being open to feedback.
Micheline, addressing the unique challenges faced by women in leadership, stressed the importance of confidence and self-assertion. She acknowledged the prevalence of imposter syndrome and the need for supportive voices to counteract self-doubt. The SOA’s Diversity, Equity, and Inclusion (DEI) toolkit was highlighted as a valuable resource for fostering inclusive environments.
The IAA is actively researching water risk, reflecting its commitment to addressing global challenges. Both leaders discussed the evolution of the SOA’s pathways, moving away from a singular career path to a more flexible approach that better aligns with the diverse needs of the profession.
DEI Across Actuarial and Affinity Organizations
The session on DEI across actuarial and affinity organizations, including SONIAS, SAGAA, OLA, NAWA, IABA, ABACUS, and SANA, underscored the importance of creating inclusive cultures. DEI efforts aim to ensure that all individuals feel welcomed, valued, and heard, allowing them to bring their authentic selves to work.
Key strategies discussed included cultivating allyship and mentorship, increasing representation in leadership roles, and providing financial support through exam reimbursements and scholarships. Addressing barriers to entry, such as lack of awareness, financial constraints, and networking opportunities, was deemed crucial for attracting and retaining diverse talent.
The session also highlighted the importance of mentorship and allyship in fostering a sense of belonging and reciprocity. Companies with diverse teams were noted to statistically outperform their peers, underscoring the business case for DEI initiatives.
Lessons from the COVID-19 Pandemic
The pandemic has provided valuable lessons about future U.S. population mortality. The correlation between reported COVID-19 deaths and increases in excess deaths from natural causes was a key finding. Many excess deaths during the pandemic were not recognized as COVID-related, highlighting the complex interplay between the virus and other health conditions.
Looking ahead, the U.S. general population’s excess mortality rate is projected to be 0-3% by 2033, with similar trends expected in the UK. While most drivers of mortality are expected to decline over time, respiratory infections, post-COVID effects, and lifestyle challenges will likely persist.
The pandemic has underscored the importance of robust healthcare systems and the need for ongoing research into the long-term impacts of COVID-19. Countries with higher vaccination rates and stringent quarantine protocols, such as Norway, Denmark, and Australia, have fared better in managing excess mortality.
Connect with us
We hope you found these insights as valuable as we did. If you have any questions or would like to discuss these topics further, feel free to reach out to us at Ezra Penland. You can contact us via our website or connect with us on LinkedIn. We’re always here to help you navigate the evolving landscape of the actuarial profession.