Actuarial Profession Tackles Image Problem with Program to Promote Unique Value
By Joel Albizo, CAE, SOA Managing Director of Marketing and Communications

It's no secret that the actuarial profession has an image problem. Anecdotal experience suggests it and quantitative research conducted by the Society of Actuaries (SOA) confirms it. That's why the Casualty Actuarial Society has joined with other North American actuarial organizations to conduct a long-term campaign to enhance the profession's image.

Why An Image Campaign?
Because opportunity is at risk.

Two rounds of SOA-sponsored research have concluded that employers perceive actuaries as one-dimensional technicians, and they don't understand the full value of the actuarial skill set. A more dynamic and relevant image for the profession will set the stage for significant and measurable gains in opportunities for actuaries in both traditional (e.g., insurance, reinsurance, pensions, and consulting) and broader financial services sectors (e.g., banking, investment, mutual funds).

Given the trends toward mergers, acquisitions, consolidation, and cost-cutting, taking no action risks losing relevance in traditional sectors and potentially being locked out of challenging and lucrative opportunities in the broader financial services sector.

How Do We Reshape This Image?
The Image Advisory Group, made up of members from each of the North American actuarial organizations, including CAS, has developed a four-part strategy:

• Involve the profession at the outset by seeking actuaries' input on the campaign theme. The 2004 CAS Annual Meeting included a business session presentation and straw poll on potential campaign themes.
• Focus resources on reaching out to those audiences who have the ability to influence many others. This is often called "influencing the influencers" and decision-makers such as CEOs and CFOs will be a key early audience.
• Promote the profession's recognized strengths: high ethical standards, ability to solve difficult problems, and thought leadership. These are strengths that were identified by actuarial employers!
• Present the profession as both dynamic and relevant to today's business challenges. Actuaries are the premier managers of financial risk.

What Can The Profession Expect From The Campaign's Efforts?
While a new "brand" for the profession is a long-term prospect that may take 10 years or more, the profession can take positive, meaningful steps in that direction right away. This will include identifying, activating, and celebrating the "pioneers;" becoming the authority on risk; being the voice of enterprise risk management, and building a new image within the profession, one actuary at a time.

How Will The Image Campaign Benefit Casualty Actuaries?
An enhanced image will benefit casualty actuaries in several ways. First, greater awareness and understanding of your unique skills and abilities will contribute to greater credibility for your recommendations and counsel. Second, when customers and the media have a better understanding of what casualty actuaries do, they will be more receptive to your messages in a stressful situation—when the "heat" is on.

Third, a more dynamic image will help open doors if and when you seek to move up, on to a different practice focus or, like an increasing number of casualty actuaries, branch out into individual practice.

And finally, every actuary has the potential to help shape the image of the entire profession. As Barbara Lautzenheizer, past president of the American Academy of Actuaries, has correctly observed, "Each one of us speaks for all of us."

Does The CAS Have Input To The Image Campaign?
Yes. The CAS is well represented on the Image Advisory Group by Jeanne Hollister and Executive Director Cynthia Ziegler. Your representatives can help ensure that your perspectives are shared and considered in the planning process.

When Will The Campaign Be Launched And How Can I Provide Input?
The campaign is being launched throughout 2005. The Image Advisory Group welcomes the input and participation of every actuary. Please feel free to e-mail your comments to jalbizo@soa.org.