March 2025 SOA Board of Directors Meeting Recap
The Society of Actuaries (SOA) Board of Directors (Board) gathered in Savannah, Georgia March 6–7 to discuss key strategies and essential initiatives. Discussions focused on optimizing the candidate pipeline, AI strategy and global growth. The Exam Exemptions Task Force and the Governance Review Task Force provided updates to the Board.
Task Force Updates: The Board reviewed options for recognizing university credit developed by the Exam Exemptions Task Force (EETF). The Board evaluated the pros and cons of various concepts. The next step is to gather further stakeholder feedback on key concepts.
The Board also explored ways to enhance the SOA’s governance structure to improve the ability to meet the evolving needs of SOA current and future members. The Board provided input on current Governance Review Task Force (GRTF) proposals, and additional member feedback and in-depth market research will continue this spring.
Optimizing the Candidate Pipeline: A key focus of the SOA’s strategic plan is to optimize the candidate pipeline by attracting, retaining, and supporting candidates throughout their journey. The Board discussed a potential framework for optimizing the pathway, focusing on pre-FSA education. Conversations focused on the role of examinations, needed technical skills for actuaries, the impact of AI and automation on those technical skills, and competitiveness with other career opportunities.
AI Strategy: The Board began a discussion about the potential application of AI across the organization’s activities and business operations, focusing on both enhancing current processes and improving efficiency. The team is developing a future roadmap and is taking an iterative approach to implementing AI initiatives. Discussions included AI-driven insights and opportunities that could reimagine SOA products and services in the future.
Global Strategies: The Board discussed opportunities, risks, and geopolitical challenges in China, the SOA’s third largest market. The conversation focused on long-term strategies, potential impacts, growth of the actuarial profession and SOA’s response.
Decisions: In anticipation of the transition from sections to Communities in fall 2025, the Board approved Community bylaws as recommended by the SOA Governance and Policy Committee. The Board also approved the recommendation from the Nominating Committee and Governance Policy Committee to change the definition of an international member eligible for a reserved seat in the 2025 Board member election to those who are living and working in East or Southeast Asia.
In addition to the meeting, Board members and staff gathered in Forsyth Park in Savannah’s South Historic District for team building and fellowship. The scenic setting provided a perfect backdrop for an afternoon of outdoor activities designed to strengthen relationships and enhance collaboration.