Actuarial Societies and Organizations (Explained)

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Actuarial Societies and Organizations Annual Report. Graphs, Diagram, Charts, Analysis, Data. Selective Focus

Table of Contents

Like any field of study, actuarial science professionals and academics participate in and join organizations. Actuarial societies and organizations contribute greatly to the field of knowledge. If you participate in these organizations, then you have access to a number of important resources. In other words, joining a society is a major benefit to professionals and academics. So, what sort of groups are there for actuarial science professionals and academics? Well, there are quite a few. To begin, let’s review a few things. Firstly, we’ll explore the importance of these organizations. Secondly, we’ll take a look at the specific actuarial science societies and organizations. Lastly, we’ll talk about ways in which these groups are changing thanks to the digital age. Let’s begin with the importance of these types of groups.

The Importance of Academic Organizations

Actuarial science is far from the only field that has a number of societies and organizations. Most major academic disciplines have groups within which professionals join and interact. If you work in academia, then you likely join one of these groups early in your career. Likewise, many professional actuaries join organizations as well. The benefits of an academic or professional organization are plentiful. If you want to grow in your field, then it helps to know the right people. In short, there are a ton of reasons to join an academic society or organization.

For many, joining a society sounds positive. However, some do not know where to find these groups. We’ll be sure to list actuarial science societies and organizations below. Firstly, let’s discuss the important aspects of a society or group. Professionals and academics all over the world utilize organizations. For years, groups develop their knowledge and membership through recruiting techniques. Finding a society is easy, especially in a diverse field like actuarial science. To begin, think about a single important question. Why would someone want to join a society. Better yet, what interests do you have about society membership?

Above all, the goal of these groups is to help produce better professionals, and in turn, better work and research. To sum up, here are some of the reasons you might want to consider joining academic organizations.

Organizations Pool Resources

The researchers included in their field’s societies are able to accomplish a lot more with peers than they could individually. In actuarial science, research drives innovation. Of course, this is the case in many fields. Massive research projects require a number of resources. Firstly, they require money to fund the project. Secondly, they require people to do the actual work. Thirdly, researchers need access to tools, information, and technology in order to run tests and experiments. Not every individual is able to access these things on their own. Especially financially, the resources pooled together as a group make major projects possible.

The saying goes, “many hands make light work.” If you use what everyone collectively has to offer, then the final product will be greater. Organizations are a great place to come together as a group and work on a large project. Some universities even help sponsor societies and organizations in their efforts. This, of course, ends up proving to be beneficial to the university. By helping in financial or technological ways, universities can put their name on a project that might have great ramifications for the field. The findings aren’t all that make organizations and societies worth joining. The importance of academic organizations also comes down to networking.

Networking Possibilities Thanks to Actuarial Societies and Organizations

Let’s say you’re in search of a new job or opportunity. If you don’t know anyone outside of your job that works in the field, then it’s tough to find new opportunities. The saying goes, “it’s all who you know.” But, what if you had access to a number of skilled professionals in your field. Networking is a crucial part of job searches. If you want to find the right position for you, then it helps to know those who work in those sorts of jobs. Furthermore, networking isn’t just important for job searches. Consequently, networking also helps you in your current position.

Firstly, networking helps keep you up to date on the latest trends in the industry. By knowing people working on big projects, you can understand what’s happening in the field. Secondly, networking helps find new ways to work with others. Take Direct Knowledge, for example. Accessing the Direct Knowledge network provides you with a communication channel to a number of professionals. If you connect with someone here, then you might have a way to accomplish a project you’ve wanted to work on for a long time.

The same goes for networking with a society or organization. Lastly, networking provides professionals with increased motivation. If you’re around people in your field who work on cool projects, then you’re more likely to want to accomplish things as well. Everyone collectively drives motivation to one another. By doing so, organizations can help self-promote efficiency and dedication to projects. To sum up, there’s one more part of an academic society or organization that makes them quite important.

Actuarial Societies and Organizations as a Means of Socialization

Let’s say you work in the sciences. Firstly, your field takes specialized training to understand the nuances of the job. Because of this, you can’t talk to just anyone about what you do. Individuals enjoy talking shop about their job with people who understand, or better yet, work in a similar position. Because of this, actuarial societies and organizations help to provide social outlets to professionals. Nobody wants to talk about their job 24/7. Still, it’s nice to have people who understand your work, and can help you to get motivated on new projects. Societies and organizations concerned in a single discipline provide individuals with this outlet.

A major reason we love socialization is because it is in our nature. Humans are social beings. We enjoy talking and interacting with others as a means of maintaining our self-esteem, confidence, and happiness. When we don’t socialize, we feel the ramifications of our lack of interactions. If you socialize about something you work with daily, then you might find work to be more enjoyable. For the most part, it’s a great way to maintain the first two reasons of importance as well. With a good social circle in your field, you can easily access resources and network in your profession.

Let’s now pivot to the actual societies and organizations in the field of actuarial science. We’ll go over a number of different groups, some of which have links to explore. To sum up, this list should help you learn more about actuarial societies and organizations.

List of Actuarial Societies and Organizations

Here is a comprehensive list of actuarial societies and organizations. Actuaries are remarkable professionals who generate solutions for complex financial issues. They regularly communicate their work to coworkers who are often uninformed of the necessary mathematics and training needed to answer their inquiries and formulate their analyses. For these reasons, actuaries are in high-demand.

Through education and research, many actuaries become leaders in measuring and managing risk to improve financial outcomes for individuals, organizations, and the public. The organizations and societies listed here are important part of that process. Actuaries are recognized worldwide as an integrable part of the decision-making process within the financial services industry and to the well-being of society as a whole.

Under each society or group, you can read a listing of what the organization works on. The organizations vary in size, scope, and focus. Many organizations listed work with the world work with actuaries, but some are actuarial specific. Others work in health care or insurance, but employ insights from actuarial science. Either way, the societies and organizations listed below should help to explain the systems with which professionals operate.

American Academy of Actuaries

Topping out at nearly 20,000 members, the American Academy of Actuaries is a DC based organization. Their work involves a number of individuals in all sectors of the working world. Members work in the government, for private groups, and other key organizations in the field. The organization specializes as a form of research collection and professional development.

American Society of Pension Professionals and Actuaries

The American Society of Pension Professionals and Actuaries works to connect individuals within the world of pensions and retirement. Members collaborate on projects to further the experience of saving for retirement. Plus, the group works to help increase membership for pension-based actuaries. The organization socializes professionals with one another to develop stronger society ties.

Casualty Actuarial Society

The Casualty Actuarial Society works specifically with actuaries dealing in casualties. The members work together on ways in which to better write insurance claims and redistribute funds following a death. Members can work for insurance companies, as well as academic institutions researching the subject. The group works heavily with policy makers to find the best way to develop casualty specific insurance values.

Conference of Consulting Actuaries

Conference of Consulting Actuaries members work together on general practices regarding consulting in the field. Actuarial science consultants often work for a number of different clients. Therefore, members work in a variety of different fields, and use their knowledge to help one another improve as consultants.

Society of Actuaries

The Society of Actuaries is a great organization for newcomers and seasoned veterans of the field of actuarial science. The group works a lot with trends in the field. The group hosts meetings, as well as webinars and chats about the newest trends in actuarial science, including genetic insurance and coding.

Be An Actuary 

Be An Actuary is a group of actuaries coming from a number of backgrounds. Everyone interested in being an actuary can join the group to learn the ropes. The group isn’t just for newcomers, however. If you work in actuarial science, then you can join the group for professional development purposes or educational resources.

International Social Security Association

The International Social Security Association works specifically with social security and the process of investing in the sector. From payments out for social security to the longevity of the governmental program, the society covers all aspects of the program. Members work from all over the globe to develop better policies for social security programs.

Canadian Institute of Actuaries

Designed for Canadian members of the field, the Canadian Institute of Actuaries is a long-running and respected group. By helping Canadian actuaries to join together, the group tackles national issues. The group covers anything from policy developments in the country to new trends in private insurance.

Institute of Actuaries of Australia

The Institute of Actuaries of Australia works almost exclusively in the country of its namesake. Australian actuaries don’t just work within the country, but much of the group consists of nationals. Therefore, international members are not common, but many issues covered by the group involve international trends in actuarial science.

Institute of Actuaries

The Institute of Actuaries is an international organization of professionals and students in the field. The group works to help connect members to academic journals for publication. The organization also makes it possible to collaborate with other scholars and professionals interested in sections and branches of the field.

Actuarial Society of South Africa

The Actuarial Society of South Africa works as a mainly national branch of professionals. The group has its own academic journal, which largely caters to members as a means of publication. The journal is popular, and highly read across the globe. The group is a long-running and respectable group of professionals and academics. Actuaries help to provide South Africa with a key insight into what the world looks like from a perspective of risk.

Risk & Insurance Management Society

The Risk & Insurance Management Society works primarily in the world of management for the sector. The group comprises of many managers of corporations and insurance companies. The organization helps to work on best practices for these sorts of positions. Likewise, the organization helps develop better actuaries and policies.

American Association of Health Plans

Health insurance is a huge sector of the field of actuarial science. The American Association of Health Plans helps connect those involved in health plan insurance together for development. The group works hard to define American health care’s difficult and complicated laws. They also lobby often for different healthcare related laws.

AcademyHealth

AcademyHealth is a group of brokers from all sectors of the world. The American organization works to help break down what changes come to the American healthcare system. Through their work, actuaries can find jobs, attend conferences, and better understand industry nuances. The group is a popular resource for actuaries in the health sector. Actuaries play an important role in ensuring the best insurance practices and risk management of this organization.

Alliance for Health Reform – Actuarial Societies and Organizations

As mentioned, American healthcare is a total mess in terms of legalese. Because of this, the Alliance for Health Reform helps to navigate the dangerous waters of American healthcare. The notion of the group is advocacy heavy. Many members work in positions of policymaking or lobbying for the health care industry.

International Foundation of Employee Benefits Plans

The International Foundation of Employee Benefits Plans works to better understand the rights employees and employers have in health care rights. Benefits can range from health care to dental and vision, as well as retirement and pensions. Therefore, members come from all walks of insurance and benefit industries.

Kaiser Family Foundation – Actuarial Societies and Organizations with Insurance Providers

As a branch of the Kaiser Medical Group that insures members in over 10 states, the group is highly influential. The Kaiser Family Foundation is a group that deals with setting policy for Kaiser Permanente and its members and benefactors. The group is heavily involved in the West Coast healthcare scene.

National Association of Health Data Organizations – Actuarial Societies and Organizations

The National Association of Health Data Organizations comprises of professionals in a number of areas of health insurance. Members work together to understand new laws and policies in the world of healthcare. The National Association of Health Data Organizations is a long-time favorite for those in the healthcare insurance field. As actuaries, health care officials value the actuarial science perspective.

The National Institutes of Health

The The National Institutes of Health is not solely comprised of actuaries. Therefore, the group is solely focused on the entire healthcare system in America as a whole. Because of this, the group highlights a number of areas of intersect and trends in healthcare. Actuaries are a dominant sector of the organization. As a main body of the group, actuaries help to determine the best ways to involve insurance in the health care conversation.

National Health Council – Actuarial Societies and Organizations

The National Health Council writes laws and recommendations for governmental representatives introducing new policy. The group is highly influential in all aspects of health care and social security. The National Health Council is a very popular government relations organization, so many work with politicians to help develop better insurance policies.

National Health Information Research Center – Actuarial Societies and Organizations

The National Health Information Research Center works in research for the American health care system. The group specializes in academic projects focused on bettering the health care process. Many research projects deal with the improvement of policy and laws regarding insurance claims, reimbursement, and curtailing costs.

World Health Organization

The World Health Organization is not a society of actuaries. In fact, the WHO comprises of international members focused on the global health threats of the world. The members work to identify new threats, as well as research better ways to treat things like global diseases and climate change.

The American Council of Life Insurers

The American Council of Life Insurers works to detail new efforts in insurance. Life insurance is different than health insurance, and members work to specifically address issues of the former. The group publishes research and also advocates for policy changes in life insurance.

Financial Accounting Standards Board – Actuarial Societies and Organizations

The Financial Accounting Standards Board works with the details of financial risk. The organization comprises of corporate actuaries who work on the risk associated with financial trades and deals. Details include things about mergers, acquisitions, and other forms of business investments.

Life Office Management Association

The Financial Accounting Standards Board works hard to detail what makes an office more structured. The details of the group involve things like better practices and trends in the workplace. For members, the Financial Accounting Standards Board helps to connect actuaries and similar members to dedicated networking resources.

American Benefits Council – Actuarial Societies and Organizations

The American Benefits Council works to develop a better benefits system for individuals. Insurance guarantees better benefits practices by advocating for policy changes. Members also publish research on benefits to help explain what changes must occur. The group is a long-running collection of the world’s best actuaries in benefits and insurance.

American Society of Pension Professionals & Actuaries

The American Society of Pension Professionals & Actuaries is highly influential for the world of benefits and retirement. The organization is influential given the conflicts pensions undergo in today’s economy. The members of the American Society of Pension Professionals & Actuaries work to sustain the rights people have to their retirement.

International Actuarial Association

The International Actuarial Association works in a lot of various aspects of actuarial science. The groups contains members from all over the world. For years, the organization contributes to the better practices actuaries all over the globe enjoy. Members of the International Actuarial Association are seen as influential members of the field.

Joint Board for the Enrollment of Actuaries

The Joint Board for the Enrollment of Actuaries is a collection of actuarial science professionals and academics that work to sustain and progress the field. A lot of their work involves education and professional development. The members receive a number of benefits to their professional life, including networking at tools for better jobs.

Pension Benefit Guaranty Corporation – Actuarial Societies and Organizations

The Pension Benefit Guaranty Corporation is a collection of interest groups and stakeholders working to develop pension plans for various jobs. The members offer employees pensions based on findings and trends presented by the Pension Benefit Guaranty Corporation. The group is a collection of professional organizations from all walks of the business world.

Actuarial Board for Counseling and Discipline

The Actuarial Board for Counseling and Discipline is a watchdog group of sorts. Members help to identify problems in the world of actuarial science. Members also help with developing better, more strategic ways of defining organizational values and morals for all actuaries and corporations.

The Actuarial Foundation

The The Actuarial Foundation is a fundraising body for better practices and experiences in actuarial science. The foundation identifies areas which could use improvement. The group also serves as a research body for the larger world of actuarial science. Members can find ways to develop better actuaries through research, networking, and tools building.

Actuarial Standards Board – Actuarial Societies and Organizations

The Actuarial Standards Board works to define clear rules for the world of actuarial science. The group contains members from all sorts of actuarial science. Members help to give insight into what needs to be improved in the field. By doing so, the group helps develop a better world for individuals, citizens, and actuaries.

Contingencies Magazine

The Contingencies Magazine is a great resource of actuaries sharing their information, thoughts, and knowledge. The Contingencies Magazine helps to connect readers with new knowledge in the world of insurance claims and redistribution. For years, the magazine serves as a source of the latest info and insights into the world of contingencies and related subjects.

International Association of Black Actuaries

International Association of Black Actuaries members help one another traverse an industry which is predominately white. As most industries are, black members of the working world find themselves often left behind and out of the largest positions in the world. For years, the International Association of Black Actuaries helps to develop better professionals and assist in areas which might need extra attention.

National Association of Insurance Commissioners – Actuarial Societies and Organizations

The National Association of Insurance Commissioners works with members of the actuarial insurance world. Members enjoy perks such as a voice for new policy making. The members of the National Association of Insurance Commissioners also network with one another for better insights into the world of insurance.

National Conference of Insurance Legislators

The National Conference of Insurance Legislators is a collection of professionals working in the world of insurance policymaking. Members work closely with elected officials to develop better working relationships with politicians. Members usually work closely with politicians in Washington. That being said, encounters also involve the works of local government.

The Pension Research Council

The Pension Research Council reviews the best practices of pension policymaking and payments. The world is often associated closely with policymakers. Members can also network with one another to identify areas which require attention. Pensions are contested in American society today as a form of cutbacks. Therefore, The Pension Research Council helps to work with groups to protect these benefits.

Why These Actuarial Societies and Organizations Matter

Through education and research, many actuaries become leaders in measuring and managing risk to improve financial outcomes for individuals, organizations, and the public. The organizations and societies listed here are important part of that process. Actuaries are recognized worldwide as an integrable part of the decision-making process within the financial services industry and to the well-being of society as a whole.

Are Societies Changing in the Digital Age?

A key element to communication today is digital channels. Technology adapts the way in which we interact. If you want to keep in touch with someone hundreds of miles away, then you can do so in an instant. For instance, when someone moves away, you no longer have to go a long time without seeing them. Video chats are built-in to phones, computers, and even have their own dedicated hardware systems. So, how does this relate to actuarial societies and organizations? Let’s explore how the digital age changes these groups.

Increased Remote Membership

Something digital technology allows for is the ability to join a group without being physically present. Even book clubs today exist online, with message boards of group video messages serving as the means of discussion. If a society, let’s say the International Foundation of Employee Benefits Plans, works out of one place, it’s now much more common to see members join from all walks of life. Not to mention, these groups have existed with remote members for decades. The International Foundation of Employee Benefits Plans, as the name states, is an international organization. This means its members cannot all be in one place at the same time. If this was a problem in the past, then it is no longer a hurdle.

Better Collaboration

One of the pros of these groups, as mentioned above, is collaboration. Networking and teaming up for massive projects is a huge benefit to being a member of these groups. So, if you want to work with someone but can’t find the time to meet up, you can now do everything online. Firstly, you can communicate about the project digitally. Secondly, you can share resources and files with data servers like DropBox. Lastly, you can collaborate with others without needing to facilitate a meeting space. Collaboration is the key to any project. Without it, larger-than-life ideas and concepts would not be possible.

In the same vein, you can now do much more than you could in the past thanks to digital technology. Let’s wrap things up with an overview of what we’ve discussed in this article.

Conclusion

Actuarial societies and organizations allow professionals a place to collaborate. In other words, the benefits of the organizations and societies make them quite compelling to join. If you want to further your career, then joining a professional group is very strategic. For the most part, professionals love the work they do on their own. In societies, however, the work can be even greater. Meanwhile, the organizations change with the technology. Likewise, the work being done changes as well. Thanks to the digital age, organizations stay connected even when miles apart. Because of this, members can move or take new jobs, but still work with the group. Moreover, organizations connect to more members who wouldn’t be able to join due to distance because of technology.

The role of organizations continues to be one of great importance. Knowledge is able to grow in these sorts of social groups. Of course, friendships are made as well. More importantly, the work completed by these societies helps to push actuarial science forward. Actuarial science is a key element in our understanding of risk. Without actuaries, we would be guessing more erratically about what to do in the face of global issues and domestic problems. When there’s work to be done that might pose a threat to financial security or human well being, actuarial science is here to help.

Learn More About Actuarial Science and Academia with Direct Knowledge

Hopefully, you’ve learned more about why so many actuaries decide to join societies and professional groups. Organizations make the individual greater than their single output. Direct Knowledge is like that too, so be sure to collaborate often on our site! Find new friends that help develop your skills and education. Plus, you can publish your works as well. Make an account to find a place among the community today.

An account is easy to create. Start today, and make sure you’re getting the most of Direct Knowledge. With a number of topics on the site, you can explore every aspect of the world of education. Professionals can also work on their development by sharing insights and works on the website.

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