CHICAGO, IL., March 20, 2008 – The Actuarial Outpost announced today that it has launched its actuarial wiki. The wiki will be used to compile information about each Actuarial Exam, the different areas of actuarial practice, current actuarial research, and other general information about the profession. The wiki can be found at this link - Actuarial Wiki.

The wiki is based off of the same powerful wiki software that runs Wikipedia.org, the online encyclopedia. The wiki currently has nine actuaries contributing to the wiki that range from current students to actuarial science professors and even moderators from Wikipedia.org. It is our hopes to create the single most valuable wiki based study tool for actuaries online, completely free of charge.

A special interest group representing a number of African actuarial associations and international organizations to investigate and recommend solutions which support the development and promotion of the actuarial profession in Africa

The Task Force which held its first meeting in South Africa in November 2007 was formed at the Third International Professional Meeting of Leaders of the Actuarial Profession in English-speaking Africa which took place in June 2007 at Nairobi, Kenya. The Kenya gathering which was attended by 35 representatives from 11 African Countries was organized by the International Actuarial Association (IAA).

Professor Rama Lingham, director of the math department's Statistics Division, says job prospects are excellent, especially in this area.

“Chicago is home to numerous actuarial companies and financial institutions and actuaries are needed,” Lingham said.

Actuarial science, which requires passing a long series of increasingly difficult exams, relates to risk management and positions are most common in the insurance industry.

In addition to a good starting salary, “Employers provide generous incentives and support for people to complete each test, with a bonus system or paid study leaves,” Lingham said. “At the end of the day, the company is better off with well qualified people.”

Continue reading "Northern Illinois University (NIU) Adds Actuarial Science Degree"

Mr. DeKoning joins Munich Re after 19 years with a large international financial services company, where he successfully assumed increasingly senior positions, including the leadership of a prominent worldwide life retrocessionaire, and most recently as Senior Vice President with responsibility for all product risk across the Americas and Asia.

Based in Bermuda and reporting to the CEO, Mr. Gesick will have overall responsibility for PartnerRe's actuarial function, heading a team of actuaries which oversees the Group's reserving processes, manages capital allocation and implements company-wide actuarial models.

Here's a look at what's new:
Completely Updated Design

The most apparent change on the new SOA.org is the vast visual enhancement. We have incorporated the re-defined Actuarial branding so the look and feel of the Web site is in line with the visual identity of both the profession and the organization.

More Efficient Content Organization

The new SOA.org information structure and navigation is designed to enhance ease of use. The more efficient site architecture was developed by thoroughly analyzing and integrating past member surveys, site use statistics, user testing and conversations had with leaders, members, candidates and staff and staff partners. With the new architecture some information has shifted to another location. While this may require some getting used to for those familiar with the old site, overall, it should make the material you need faster and easier to find.

Can't seem to find your old content? For more information on where to find certain information please see our "Where Do I Find..." page.

Enhanced and Effective Search

We have enhanced our site search in response to member feedback. Powered by Google, our new search technology will offer great improvement in the quality of search results. While this technology already offers great improvements in the quality of search results, we will continue to fine tune our content and its metadata to offer you the best possible search results.

Please visit the Search Tips page for helpful suggestions or provide feedback if you are having any difficulty finding material on the revised site.

Online Functionality

Online dues payment and exam and event registration are a part of the new Web site that made its debut before the rest of www.soa.org. We believe it is essential to offer members the same type of technological conveniences they use in everyday life through our new site. As we continue refining our online capabilities, we will offer even more helpful and timesaving services to you.

The SOA wants to Hear from You!

The changes to SOA.org were based on your feedback, and we want to know what you think. Tell us if we missed something, if something doesn't seem to be working correctly, or just let us know that you like what you see! Send your comments to feedback@soa.org.

The CRUSAP Task Force invites comments on its much-anticipated draft report, which includes a number of recommendations for the U.S. actuarial profession. The comment deadline is Oct. 31.

Background

CRUSAP, a presidential initiative of the American Academy of Actuaries, was launched in May 2005 with the establishment of the CRUSAP Task Force. The task force is conducting a critical analysis of the American actuarial profession, using enterprise risk management and management consulting techniques.

Focusing on such challenges as globalization, the decline of pension plans, and a changing financial-services marketplace for actuarial skills, CRUSAP's mission is to identify risks and opportunities facing the U.S. profession, and to make recommendations for managing them.

The members of the task force are

* Fred Kilbourne (chairperson), president of the Conference of Consulting Actuaries and former president of the Casualty Actuarial Society
* Bob Collett, former chairman of Milliman Global
* Ken Kent, vice chairperson of the American Academy of Actuaries Council on Professionalism
* Guy King, former chief actuary for Medicare and Medicaid
* Jim Rech, chairperson of the American Academy of Actuaries’ Enterprise Risk Management Committee
* Jack Turnquist, member of the Actuarial Board for Counseling and Discipline and former president of the American Academy of Actuaries
* Terri Vaughan, Drake University professor and former president of the National Association of Insurance Commissioners

For more information about CRUSAP, visit these pages:

* About CRUSAP
* Task force
* Advisory panel
* Draft report
* Contact us

Mary Kate Smith loves mathematics, and while going to graduate school figured out a way to turn it into a rewarding career: She became an actuary for an insurance company. The job lets her revel in regression analysis, forecasting, model building, probability distribution and similar such things that most people barely understand. Her employer is First Insurance Company of Hawaii Ltd. in Honolulu, which she joined last year after working for an insurance brokerage in Chicago. A native of Los Angeles, Smith has a master's degree in mathematics from the University of Virginia and a bachelor's degree in mathematics from California State University, Northridge. She is married to Norman Rhines, with whom she lives in Waikiki. Smith, 42, said she walks to her offices near Thomas Square from home every day. "I walk to work and I love it," she said. "It's 40 minutes each way, so I get lots of exercise and I don't have to fight the traffic."

Boug brings proven experience in product design and valuation with a particularly detailed knowledge of risk and capital management structures. For the past seven years he has worked within the AEGON group establishing and executing risk and capital management strategies. Before joining AEGON, Scott held positions in individual product pricing and investment management at Prudential UK and Sun Life.

But it added that this should only be done if it did not undermine good existing pension provision.

According to the body, the Government’s plans will still result in too many pensioners remaining on means-tested benefits in 2050.

As a result, the association warns that there are “real dangers” of mis-selling the proposed new personal accounts, particularly to low earners.

It adds that there could also be high levels of opt-outs, making the system less cost efficient.

It its response to the government’s White Paper, Standard Life raised similar concerns over the appropriateness of the NPSS for lower income employees.

It stated: “Very few people earning less than UK median full-time earnings (£25,000) and over 40 years of age in 2012 will benefit from having a personal account.

Continue reading "Actuaries criticise NPSS"

The SOA has developed this Web page to help actuaries respond to senior management questions about their organization's readiness for a potential pandemic.  The information in this site will assist actuaries in addressing the potential consequences of a pandemic, especially how they relate to providing companies and their clients with professional advice, should such an event occur.  Insurance and health care industries, in particular, could suffer serious repercussions in the wake of such an event.   This information will also be of interest to other professionals.

• Expand Your Knowledge-Top 20 Papers on Avian Bird Flu
  What should an actuary read if he/she has only one or two hours to understand avian influenza from a personal and professional perspective? 
• The SOA's Flagship Pandemic Research Study
  With this study, the SOA expects to provide insight into the potential impact a pandemic could have on life and health insurers.
• ERM for Pandemics-Expert Roundtable
  A roundtable of leading experts was held on March 21, 2006.  Click here to view the transcript of this event. 
• Upcoming Actuarial Meetings/Previous Meeting Handouts Focused on Avian Flu
  A variety of opportunities to attend meetings on pandemics exist, including the SOA Health Spring Meeting, featuring Dr. Michael T. Osterholm, a renowned CIDRAP pandemics expert.
• Avian Influenza Links to Other Organizations
  Learn more about pandemics and catastrophic events. 
• Pandemic News
  INTERNATIONAL / ASIA PACIFIC | May 24, 2006 Bird Flu Case May Be First Double Jump By Donald G. McNeil Jr.
  
  SOA Press Release
  Canadian Underwriter and Insurance Journal both published the announcement of the SOA’s upcoming research.
• CDC Health Alerts
  Antival Drugs and Influenza
  
  CDC Recommends Against the Use of Amantadine and Rimantadine for Treatment or Prophylaxis of Influenza in the United States during the 2006 Influenza Season.
  
  
   

For more information, please visit the SOA website.]]> http://www.actuarialnews.org/archives/2006/07/the_soa_has_dev.html http://www.actuarialnews.org/archives/2006/07/the_soa_has_dev.html Tue, 11 Jul 2006 19:55:51 -0500 Wednesday, July 26, 2006
7:30 – 8:30 am Registration & Continental Breakfast
8:30 am – 4:15 pm Meeting
4:30 pm – 5:30 pm Networking Reception

Presented by the Society of Actuaries Health Section.

When:July 26-27, 2006
Where:Hard Rock Hotel, Chicago IL

Thursday, July 27, 2006
7:30 – 8:30 am Continental Breakfast
8:30 am – 12:15 pm Meeting

Prescription drugs have been a front burner issue for some time. A myriad of clinical, consumer, research advertising, safety, regulatory, and finance issues affect decisions that, in turn, impact drug costs and utilization. This seminar will focus on current areas of concern to commercial carriers and others charged with developing, managing, and providing benefits for prescription drugs.

Register Online (credit card required)
Deadline: Wednesday, July 19
To register online, click here.

Mail (check required)
Deadline: Wednesday, July 12
Mail your registration form with check payable to:
Society of Actuaries
Maximizing the Value of the Pharmacy Benefit
P.O. Box 71293
Chicago, IL 60694

“Our Board believes the issue of change within the pension environment is both urgent and important,” said SOA President Bob Beuerlein, “and our approach recognizes the need for actuarially-sound, long-term solutions to retirement security as well as a member-centric plan to address the needs of a practice in transition.” He added that this issue was advanced to board level discussion by the SOA strategic management system.

Online Registration via the CAS Online Store
Printable Registration Form
CAS Link

PURPOSE

The Limited Attendance Seminar on Predictive Modeling focuses on the practical issues involved in creating predictive algorithmic solutions. Attendees will benefit from training in the following areas:

* Data scrubbing and manipulation
* Methods of creating predictive algorithmic solutions
* Interpreting results from predictive algorithmic solutions

The approach is to demonstrate a systematic methodology for developing an algorithmic solution to the property and casualty insurance business problem.

The curriculum will focus on the critical issues and highlights the common barriers and pitfalls of developing such a solution, rather than focusing on an academic investigation of the underlying statistical theories.

The following slate of candidates will be standing for elections this year.

President- Elect:
Christopher S. Carlson

Board of Directors:
Brian Z. Brown
Charles A. Bryan
Clive L. Keatinge
Mary D. Miller
Joanne S. Spalla
Andrea M. Sweeny
Alfred O. Weller
Patrick B. Woods