In the Headlines
The Society of Actuaries (SOA) is in the spotlight. Here are a couple of recent news items:
- Forbes highlighted the SOA’s retirement planning research in the article “How to Get SMART in Your Retirement Planning.” The article specifically calls out the SOA’s Spend Safely in Retirement Strategy approach.
- The SOA analyzed Health Care Cost Institute (HCCI) claims data from 2009 to 2015 to better understand cost and utilization trends in the commercial health insurance market. Our analysis revealed the companies participating in the data set experienced dramatic changes in both population and plan design in the individual market, coinciding with the launch of the Affordable Care Act (ACA) exchanges in 2014. Read the full press release.
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When asked about outstanding leadership qualities, leaders in the Americas and Europe said they would include knowledge of subject matter and intellect, communication and decision-making, and trust and transparency. Interestingly, leaders in Switzerland gain credibility through their level of punctuality, while leaders in China and the Middle East cited the level of authority within the organization as the most important attribute in gaining credibility. Leaders in Africa expressed that accountability is one of the most critical traits, while leaders in Japan expressed the need to empathize and respect old traditions when making changes—and ensure that the changes are gradual.
- A visionary leader helps others see how they can contribute to the vision, allowing the whole team to move together toward a shared view of the future.
- The ability to influence remains a challenge, but when it is done with patience, tolerance and belief, influential leadership can transcend time.
- As the actuarial field continues to change and transform, leaders expect the visionary and coaching styles to become more prevalent.
- Companies that encourage ideas from employees at all levels help them to build and increase confidence. Around the world, changing a company’s culture remains challenging; however, this is possible through strong leadership.
Successful leaders understand and are aware of their audience. Deciding what works best for the environment and the composition of their teams is a critical skill for actuarial leaders, both now and in the future.
Thanks to Aisha Faleeldeen, ASA, ACA, MAAA, associate actuary, Modeling Center of Excellence—Model Steward team, at Prudential, who gathered this information.