International Association of Black Actuaries 2004 Annual Meeting

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International Association of Black Actuaries2004
Annual Meeting
International Association of Black Actuaries
Each One Reach One
Encouraging Excellence

• Committee Reports

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Finance Committee Report
International Association of Black Actuaries
Each One Reach One
Encouraging Excellence
3
Committee Responsibilities

• Provide oversight for all financial matters of
  IABA
• Direct fundraising efforts to support operations
  of the organization
• Establish and maintain scholarship award process
  including candidate selection and award
  distribution

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Key Accomplishments for 2003/04

• Corporate Sponsorship Drive generated 42,361 for
  IABA
• Awarded 10,000 in academic scholarships for the
  2004/05 school year
• Secured insurance coverage for the protection of
  IABA financial interests

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Corporate Sponsorship Drive

• Distributed solicitation letters to more than 100
  companies to market IABA Corporate Sponsorship
  Program
• The effort yielded 42,361 in contributions
• 23,800 towards the scholarship program
• 18,561 to underwrite the 2004 national meeting,
  support our regional affiliates and fund other
  general expenses

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2004 Corporate Sponsors

• Mercer Human Resource Consulting 10,000D.W.
  Simpson Company 4,500Aon
  Corporation 4,000Aetna
  3,000Carrington Carrington 2,500
• Watson Wyatt Worldwide 2,500CNA
  2,261 Actuarial Society of Greater New York
  2,000
• Allstate Insurance Company 2,000
• Wellpoint (Blue Cross of California) 2,000
• continued.

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2004 Corporate Sponsors

• NCCI 1,500
• Pinnacle Actuarial Resources, Inc. 1,500
• Towers Perrin 1,500
• Hartford Life Insurance Company
  1,000Nationwide Mutual Insurance Company
  1,000
• Pryor Associates 500
• Golden State Mutual Life Ins. Company 300
• Russell H. Greig, Jr. 300
• Total 2004 Contributions 42,361

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Scholarship Program Financial Status

• Beginning Fund Balance 850
• 2004 Contributions 23,800
• Total Funds Available 24,650
• 2004/05 Academic Scholarships Awarded 10,000
• Travel Benefits (est.) 1,200
• Fund Balance 13,450

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2004 Scholarship Recipients

• Victoria Appia Sr. St. Johns Univ 3,000
• Simone Beauford Sr. Univ of IL - Chg 1,500
• Gillian Jackson So. St. Johns Univ 1,500
• Nicole Rembert Jr. FL AM Univ 1,500
• Matthew Duke Sr. Stony Brook Univ 1,000
• Jelani Wiltshire Sr. Stony Brook Univ 1,000
• Charmaine Peart Jr. St. Johns Univ 500

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Insurance Coverage

• Secured insurance coverage for the protection of
  IABA financial interests
• Directors Officers Liability
• Property General Liability

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Goals for 2004/05

• Fundraising to support continued growth in IABA
  financial resources
• Implement formal process for the independent
  audit of IABA financial records
• Examine areas to make the administration of the
  IABA scholarship program more independent of the
  SOA/CAS

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Mentoring Committee Report
International Association of Black Actuaries
Each One Reach One
Encouraging Excellence
13
Goals

• Survey the health of the Mentoring Program of the
  International Association of Black Actuaries
• Convert participants in the Mentoring Program to
  IABA Members

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Accomplishment

• Conducted a program check-up and membership drive
• Assigned new mentorship relationships
• Reassigned dysfunctional relationships

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Assessment Results

• 39 Mentoring Relationships Established as of
  1/1/2004
• 16 mentorees requested new relationships 11 have
  not been contacted by their mentor but only 4
  have contacted their mentor
• 15 mentorees requested the same mentor have not
  been contacted by their mentor but have not
  contacted their mentor either
• 6 left the profession
• 2 did not respond

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Assessment Results

• 15 mentors requested new relationships 10 have
  not been contacted by their mentoree 7 had not
  contacted their mentoree
• 20 mentors requested the same mentoree 6 have
  not been contacted by their mentoree but had not
  contacted their mentoree either
• 2 mentoree left the profession
• 2 did not respond

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Program Status

• 70 mentoring relationships as of 8/7/04
• 5 pending relationships to confirm
• 2 unassigned mentorees
• 125 total people in the mentoring program

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Next Steps

• Assign mentors to unassigned mentorees
• Develop and/or acquire additional resources to
  assist mentors in improving the quality of the
  mentoring relationship
• Conduct periodic checks of the mentoring
  relationship to ensure effectiveness

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Communication Committee Report
International Association of Black Actuaries
Each One Reach One
Encouraging Excellence
20
Goals

• Maintain, update, and revise the website as
  appropriate
• Produce a quarterly communication to the
  membership
• Develop communications for outside parties
• Identify ways to make IABA and the profession
  more visible
• Create additional marketing material for IABA

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Accomplishments

• Continuation of the job posting section of the
  website
• Produced quarterly newsletter
• Assisted in producing press releases for Regional
  meeting and Annual Conference
• Maintained updates to the website
• Created Members Only Section in website
• Membership and meeting registration forms are now
  on-line

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Next Steps

• Post presentations and minutes from Annual
  Conference to website
• Identify and implement next generation website
  improvements
• Produce next installment of quarterly newsletter
• Create other marketing material for IABA
• Improve/Update IABA database

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Membership Committee Report
International Association of Black Actuaries
Each One Reach One
Encouraging Excellence
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Responsibilities

• Increase number of dues paying members and
  subscribers
• Manage database of potential membership
• Welcome each new member to the organization
• Identify ways to better serve our membership

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2004 Highlights

• Renewal letters were sent to members to ensure
  renewal of membership especially with the new
  dues structure and the change to a fiscal year
  beginning September 2004.
• Membership kits were sent to new members in a
  timely fashion.
• The members only section of the website was
  implemented.
• The IABA database grew to 700 active Actuarial
  Practitioners and College Students across the
  globe, up from 550 in 2003.

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Actuarial Membership Statistics
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Database Statistics
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Membership Committee--2004

• Michelle Myrie, Chair
• Nadine Blount
• Zara DAntignac, ASA
• Candace Howell
• Les Jones, ASA
• Xaverie Mahop
• Laurelle Martineau
• Stafford L. Thompson, Jr., FSA
• Claudia Wallace
• Emojoy Williams

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Advisory Council Report
International Association of Black Actuaries
Each One Reach One
Encouraging Excellence
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Advisory Council Purpose

• Bring together the IABA leadership and a team of
  leaders representing corporate, educational and
  related non-profit organizations who have
  expressed support for advancing our mission

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Advisory Council Objectives

• Provide open and constructive dialogue regarding
  areas such as
• Generating ideas for extending IABAs outreach
  with new programs/services
• Identifying strategies for the solicitation of
  funds to support the work of IABA
• Providing feedback on organizational structure to
  better meet our mutual goals
• Helping member corporations develop strategies on
  retention, development, and advancement

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Advisory Council Membership

• Significant financial support is expected from
  corporate members
• Members will serve for a period of at least one
  year
• Meetings will occur at least quarterly including
  an annual face-to-face meeting
• Kick-off expected for Fall 2004

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Advisory Council Membership

• Aetna
• Allstate Insurance Company
• Aon Corporation
• D.W. Simpson Company
• Howard University
• National African-American Ins. Assoc.
• North Carolina Mutual Ins. Co.
• Mercer Human Resource Consulting

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Chicago Affiliate Report
International Association of Black Actuaries
Each One Reach One
Encouraging Excellence
35
Meetings Held

• Corporate and Community Outreach January 2004
• Corporate Sponsor Aon Corporation
• Guest Speaker E. James Lucas
• Well attended with over 100 participants
• Annual Planning (Joint with Delaware
  Valley) March 2004
• Hosted at CNA
• IABA President in Attendance
• Working Session Designing the Course for Your
  Affiliate

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Goals

• Organize study groups for exam takers in the
  area.
• Organize social gatherings to promote networking,
  career encouragement, and inter and
  cross-disciplinary information sharing
• Provide local area college students with advice,
  encouragement, mentoring, and access to actuaries
  
• Actively seek to increase IABA membership and
  number of individuals in the IABA database
• Organize and/or participate in organized
  community service projects
• Organize events that offer professional
  development and continuing education credits
• Participate in the mentorship program

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Status of Goals

• Organize study groups for exam takers in the area
• In-process.  Outreach has begun to corporations
  within the area to identify additional support
  that may be extended to local IABA members.
  Following the annual meeting, local members and
  associates will be polled for fall exam plans and
  the organization of study group locations.
  Initial contacts have been made with local
  corporations currently offering extended exam
  topic discussions (to assist employed students
  preparing for exams in mastering select exam
  topics) to provide access to local IABA members.
  
• Actively seek to increase IABA membership and
  number of individuals in the IABA database
• Initial large scale meeting completed, Tasks
  Ongoing.  Initial meeting with corporate
  participation held January 31st. Attendance
  40-45. Community awareness promoted via
  cross-functional media efforts (including press
  releases, internet postings on www.beanactuary.org
  , postal mailings and e-mailings). Meeting
  included both a motivational speaker (E. James
  Lucas) and networking with participating local
  corporations (CNA, AON, DW Simpson).
• Second meeting held March 20th. Meeting combined
  Delaware Valley Affiliate members and
  associations (via teleconference) and included
  the President and Treasurer of IABA. A working
  session was held to poll member interest for the
  affiliate. (Meeting notes are included with this
  report for your reference)
• No Action Taken on other goals.

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Next Steps

• Action Items
• Identify budget dollars allocated for the
  upcoming corporate and community outreach event 
• Information Items
• Upcoming Meetings
• Meeting Topic , Speaker
• September-October Extension of corporate
  participation in exam preparation. (will vary
  by company)
• December Target date for combined corporate
  event (guest speaker not yet confirmed)