By Anthony Washington
From a 35-minute inaugural board meeting in 1965 to a thriving network of more than 1,000 volunteers, the Academy has built a lasting legacy of leadership and impact. As the Academy modernizes its approach to volunteer engagement, two dedicated volunteers share how giving back has transformed their careers, enhanced the value of being an MAAA, strengthened the U.S. actuarial profession, and driven meaningful change in public policy.
From its inception, the American Academy of Actuaries has relied on the dedication and expertise of volunteers to shape its mission and advance the actuarial profession. In 1965, the Academy’s first board meeting lasted only 35 minutes. Although brief, this initial period in the mid-1960s set a precedent for the organization’s future. It involved forming an Admissions Committee to oversee the creation of additional volunteer committees and delegating the responsibility of appointing members to these committees to the president.
What started as a small group of dedicated individuals has expanded into a large network of more than 1,000 volunteers distributed across over 80 committees today as well as short-term volunteer opportunities such as speaking, peer reviews, writing articles, and more. Their efforts have been essential in establishing the Academy as the leader for the public and U.S. actuarial profession in setting standards and promoting innovative thinking within the U.S. actuarial community.
As the Academy modernizes its approach to volunteer engagement—leveraging technology and micro-volunteering opportunities— it bears examining the volunteer experience. What motivates actuaries to serve? How does their involvement shape the U.S. actuarial profession? And what are the benefits of volunteering? Academy volunteers Lauren Cavanaugh, FCAS, MAAA, and Seong-min Eom, FSA, MAAA, share their insights on the significance of volunteering for the Academy, addressing the role it plays in personal and professional growth, as well as its impact on the actuarial community and broader public.
Becoming an Academy Volunteer
Actuaries often begin their Academy volunteering journey through an invitation or a moment of realization. They may join a committee as an interested party, contributing their expertise or experience to enhance the committee’s work. Alternatively, they may become full committee members, actively participating in the committee’s work, providing input on the committee’s deliberations, and exercising voting rights.
Cavanaugh’s venture into volunteering began when a colleague, who was engaged in intriguing risk-based capital work on the Property and Casualty Risk-Based Capital Committee (P&C RBC), invited her to spearhead an initiative. “It was a great introduction to volunteering,” she recalls. “I was able to work with someone I already knew, and the work was intellectually stimulating.”
Eom’s interest in volunteering began in 2010, after receiving a copy of the Academy’s mission and Actuarial Standards of Practice (ASOP). “I knew I wanted to get involved once I had the experience to contribute meaningfully,” she explains. When a colleague urged her to get involved, Eom completed the annual call for volunteers and became a member of the Enterprise Risk Management/ Own Risk and Solvency Assessment (ERM/ORSA) Committee and the Volunteer Resource Committee.
These experiences reflect a common theme. Actuaries often step into volunteer roles through connections with colleagues in their network, exposure to the Academy’s work and many resources, or a professional interest in shaping the field and contributing to public policy discussions.
From Committee Member to Volunteer Leadership
Cavanaugh’s journey through the Academy’s volunteer ranks exemplifies the diverse opportunities available for those committed to making an impact. Over her 12-year tenure, she has held various roles, including serving as a member and chairperson of the Property and Casualty Risk-Based Capital Committee, participating on the Academy’s Board of Directors and Executive Committee, as well as holding the position of vice president of casualty. Furthermore, she founded and continues to be an active member of the P&C Committee on Equity and Fairness—a committee focused on educating regulators about fair- ness considerations in insurance practices. Most recently, Cavanaugh has taken on the role of chair of the newly formed Volunteer Engagement Subcommittee, demonstrating her ongoing dedication to contributing to the profession.
Similarly, Eom has held a range of leadership positions. Her early contributions to the Insurance Enterprise Risk Management practice note led her to become the chairperson of the ERM/ORSA Committee, overseeing the development of the Model Risk Management practice note. She has also served as vice chair of the Data Science and Analytics Committee (DSAC), chair of the Climate Change Joint Committee, and vice president of Risk Management and Financial Reporting Council (RMFRC), which also led her to serve as a member of the Academy’s Board of Directors and Executive Committee. Her contributions to the Academy earned her the 2019 Outstanding Volunteerism Award (OVA). Read also “A Win-Win for All,” where OVA recipients explain how serving the Academy benefits careers, employers, and the profession.
Shaping the Profession
Both Cavanaugh and Eom emphasize that the work of Academy volunteers extends beyond committee meetings. “Volunteering has a greater impact on the actuarial community than I initially realized,” Cavanaugh notes. Through various activities, such as drafting white papers, comment letters, and engaging in regulatory outreach, Academy volunteers help shape and inform public policy discussions through their unique perspectives, educate regulators, reinforce the important role of the Academy as an independent and objective resource, and enhance the visibility of the actuarial profession.
Eom, whose expertise spans multiple practice areas, believes her volunteer work has helped bridge gaps between different actuarial specialties. “Rather than limiting discussions to a single practice area, I’ve aimed to foster interdisciplinary connections and raise awareness of emerging risks like climate change and data science,” she says.
Serving on the Academy’s Board also provided Cavanaugh with a deeper appreciation of the Academy’s role in advancing the profession. “I was unaware of the extensive work carried out by the Board until I became a member,” she says. “It’s rewarding to see firsthand how much effort goes into ensuring the Academy remains a leader in professionalism and public policy.
A Catalyst for Professional Development and Unexpected Benefits
While volunteers give their time and expertise, they also gain valuable skills and experience in return. Lauren credits her Academy leadership roles with strengthening her executive leadership and managerial courage. She attributes her volunteer work with deepening her under- standing of the RBC formula and the annual statement used for calibrating factors.
Eom’s volunteer work has provided similar growth. Through her involvement with the Data Science and Analytics Committee and the Big Data Task Force, she gained expertise in predictive modeling, machine learning, and regulatory considerations around data usage. Her work leading the CCJC broadened her understanding of how climate issues impact actuarial work across multiple practice areas.
Both Cavanaugh and Eom emphasize the value of networking as an unexpected benefit of volunteering. Cavanaugh explains, “While this wasn’t the original goal when I started volunteering, my involvement with the Academy has enabled me to build contacts and friends from different employers (firms), with different skills and diverse experiences which I have found so valuable for my career.” Similarly, Eom remarks that volunteering has connected her with actuaries across multiple disciplines, offering new perspectives beyond her day-to-day work.
Recommendations for Actuaries Considering Volunteering
Cavanaugh recommends that prospective volunteers begin with a committee that aligns with an existing connection, whether a professional interest or a colleague. “Decide how much time you can commit, communicate that with the committee chair, and then seek opportunities to use that time in a way that you find most meaningful and rewarding,” she says. This approach helps ensure a fulfilling experience while contributing effectively to the committee’s goals.
Eom’s message is simple: “If you’re interested, don’t wait—take action now!” She emphasizes that actuaries don’t need to be experts in a topic to contribute. “The Academy’s volunteer community is incredibly inclusive, and committees value a diverse group of actuaries who can contribute in various ways.”
A Call to Serve the Profession
The Academy has always relied on the dedication and expertise of volunteers to advance the profession, establish standards, and contribute to significant public policy debates. It is often said that the volunteers and members are the lifeblood of the Academy, and the experiences of Cavanaugh and Eom exemplify how volunteering benefits the Academy, the U.S. actuarial profession, and the individual actuaries themselves, making it an essential aspect of a vibrant and progressive professional community.
Whether by contributing technical expertise or devel- oping policy insights, Academy volunteers play a crucial role in advancing the profession. For those considering volunteering, there has never been a better time to get involved. The Academy offers countless opportunities to meet the diverse needs and interests of our over 20,000 members practicing in the U.S. Visit www.actuary.org/content/volunteer-opportunities to learn more.
