SOA Strategic Research Programs Initiative Update R. Dale Hall, fsa, maaa, cera SOA Managing Director of Research dhall@soa.org @rdalehall

SOA Strategy

Strategic Program Objectives What topics are our members and stakeholders working on and known for? Where can we more firmly “plant our flag” and further capitalize our of profession’s reputation and knowledge? Where can we increase our thought leadership in new and growing areas?

March 2017: Wide Variety of Concepts Analysis of Irrational Behavior Auto Insurance Impact of Demographics on Economics Predictive Analytics Individual Retirement Mortality Prediction Technology / Cyber Risk Longevity and Savings Needs Student Debt Impact Social Retirement Systems Actuarial Innovation Impact of Regulatory Change Environmental and Climate Change U.S. Healthcare Reform Population / Public Health Healthcare Cost & Utilization Genetics Health and the Workplace Thanks We’ll start with a brief review of where we have come from – you may recall back in the start of the year where we did a broad set of surveying and interviewing to think about the types of programs we might want to consider as strategic programs –the goal of this list was to be generally all encompassing, to give a broad look at what we should investigate. This was a helpful place to start as we focused to transition to the next slide, which is….

Program Development Methods Housebuilding Analogy Construct from Foundation Take a wide variety of many different micro projects that are all related and use them to build a well-thought out structure Mortality / Longevity Combining Connected Ideas Take 2 – 3 concepts, that might be across diverse practice areas, but have a core surrounding them that can join together Actuarial Innovation and Technology

June 2017: Top Program Ideas 10 Proposed Programs for Evaluation Mortality & Longevity Aging & Retirement Catastrophe / Climate Predictive Analytics Financial Literacy Actuarial Innovation and Technology Health Care Cost Trends Enterprise Risk Management Financing of Health Care Financial Impact of Population Demographics

Review of Potential Strategic Programs Data and feedback gathered across many sources: Research “High Influencers” Public Relations / Government Relations SOA Members Research Staff Initiative Task Force

Review of Potential Strategic Programs Evaluation Criteria Contribution to Actuarial Science Cohesive / Unifying Applicability to Actuarial Practice Halo Effect Public Benefit Thought Leadership Shelf Life of Program Uniqueness Buzz Potential Mutually Beneficial Collaboration

Review of Potential Strategic Programs Task Force discussion topics: Diversity of Research Programs Across Practice Areas International Applicability Variety of research methods Applicable to wide set of SOA stakeholders

Aging and Retirement Launching July 2018 Reviews the societal impact of aging populations and the solutions for mitigating risks.

Actuarial Innovation and Technology Highlights the evolution of technology as it applies to the actuarial profession, industry and population trends.

Mortality and Longevity Examines the factors impacting models and mortality predictions, and the analysis of longevity trends.

Health Care Cost Trends Focuses on the forces that shape health care cost and utilization, and the changes over time.

Catastrophe and Climate Studies climate trends and their impact on extreme and catastrophic events.

Implementation Steps Upcoming Coordination and communication with members, research volunteers and sections Announcements to membership https://www.soa.org/strategic-research/default/

Implementation Steps Upcoming

Implementation Steps Upcoming Draft Program committee structure Oversight of each Program through a Program Steering Committee Steering Committees to have strong liaison / representation from sections Program Steering Committees report to REC Staged rollout of programs Determine best program to launch first Moving related current projects into first program Ultimately aiming for 70-80% of SOA Research funding channeled through Strategic Research Programs

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