By Preeti Vasishtha
I AM HONORED TO JOIN THE ACADEMY as Editor-in-Chief of Contingencies. Since starting in January, it has been an exciting and immersive few weeks. I’ve been steeped in learning about the Academy’s extensive public policy initiatives at the state, federal, and international levels—where actuarial expertise informs key issues such as Social Security, Medicare, insurance regulation, and pension reform. I’m gaining a deeper understanding of the Academy’s pivotal role in setting qualification, practice, and professionalism standards for actuaries credentialed by one or more of the five U.S.-based actuarial organizations.
I’ve also had the privilege of collaborating with several members while working on this issue. I have been struck by their dedication to the Academy and the actuarial profession in upholding the highest standards of professionalism and public policy. This depth and breadth of our members’ volunteer work are truly inspiring. This issue features several articles that high-light their contributions and illustrate the impact of volunteer efforts—not only on their own careers and employers but also on the Academy and the actuarial profession in the U.S.
In his President’s Message, “Why Volunteerism Matters,” Darrell Knapp reflects on what drives his commitment to volunteerism. His journey began when a former Academy president, impressed by an article Knapp wrote on risk-based capital (RBC) requirements, invited him to assist with the Academy’s health RBC project. Through this work, Knapp built lasting friendships, refined his ability to manage large projects and volunteers, and contributed to establishing sound solvency standards—benefiting the National Association of Insurance Commissioners, the health insurance industry, and the public.
Knapp notes that the insights and expertise he gained through this experience likely provided greater value to his employer than the marginal cost of his time and expenses on the project. Inspired by this experience, he continued to volunteer—a path that ultimately led him to his current role as Academy president.
As the Academy modernizes its approach to volunteer engagement—leveraging technology and micro-volunteering opportunities—it’s an opportune time to explore the volunteer experience. Our cover story “The Power of Volunteering,” features two dedicated volunteers who share how giving back has shaped their careers, enhanced the value of being an MAAA, strengthened the U.S. actuarial profession, and driven meaningful change in public policy.
In “A Win-Win for All,” several Outstanding Volunteerism Award recipients share how serving the Academy has enriched their careers, benefited their employers, and strengthened the profession. Also, we feature a short profile of Stephen Goss, who recently retired after 50 years with the Social Security Administration. His exemplary career included longtime service as an Academy volunteer.
This issue also features “The Pioneering Dream of a Black Auto Insurance Company,” which chronicles the history of the first Black-owned auto insurance company in the U.S. and examines the intersection of race and insurance in mid-century America. Loyal Auto Insurance’s journey highlights the resilience of its founders in overcoming systemic barriers to provide vital services to underserved communities. As we move forward, the story of Loyal inspires us to champion inclusivity and equity in our work.
And don’t miss “The Pacing Problem Unplugged—Part 2”—the second and final piece in a two-part series examining how technological innovation has thrown up new hurdles to the regulatory process.
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Volunteering has always been meaningful to me, both personally and professionally. I’ve made new friends, connected with the community, learned new skills, and found a new sense of purpose. Seeing the impact of volunteerism in the actuarial profession has only deepened my appreciation for those who dedicate their time and expertise to advancing the field.
I look forward to working with many of you in the coming months. In the meantime, I’m eager to hear your thoughts on topics you’d like to see covered. If you’re interested in writing an article or have a story idea, please email me at editor@actuary.org.
