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IAA Branding Task Force Report, September 2014

IAA BRANDING TASK FORCE REPORTFINAL

September 14, 2014

TABLE OF CONTENTS

Abstract

1. Definition of Brand2. Benefits of Branding3. Current Brand of the Actuarial Profession4. Clients and Stakeholders5. Brand Message6. Current Branding Practices of the IAA and Member Associations7. Best Practices of non-Actuary Organizations8. Branding of the CERA Credential9. Task Force Recommendations10. Deliverables11. Conclusion

Appendixes

I. Toolkit for Member AssociationsII. Index and Links to Dropbox/Website with branding content from other organizations

III. Strategic Objective 6IV. Branding Experience of other Professional AssociationsV. Definitions of Marketing and Branding

VI. IAA Branding Task Force Members

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ABSTRACT

The IAA Branding Task Force recommends that the IAA should integrate branding concepts into all its activities, including and especially with regard to SO 1, Supranational relationships, and in support of smaller member associations, especially where the profession is still getting established.

The IAA should establish a permanent mechanism for Branding to monitor activities and further develop awareness of the profession. A modest annual budget should be provided for branding activities.

The IAA should coordinate and collaborate with branding efforts of member associations and the CERA Global Association, to avoid duplication and inconsistencies, consistent with the principle of subsidiarity.

This report provides background, suggested brand messaging, best practices, recommendations and deliverables. One major deliverable is a toolkit to support activities of developing member associations.

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MAIN TEXT

Upon recommendation by the Strategic Planning Subcommittee of the IAA’s Executive Committee (“SPS”), SO 6 was adopted by Council by electronic ballot in September 2012. Rob Brown, then SPS Chair, formed this Task Force to begin execution on SO 6. The Task Force has met several times in person and by conference call, has gathered extensive information on branding among member associations and other organizations, and now offers our proposals to SPS, EC and ultimately to Council.

1. Definition of Brand/Branding

Early meetings of the TF focused on the definition of branding, and the distinction between related terms such as logo, marketing and public relations.

A brand is an abstract concept, similar to a promise. It encapsulates the essence of a product or organization. It contains among other things a brand identity, built on a brand’s values and a brand promise . A brand can be represented by a name, logo, or tagline, but the brand is the promise of consistency and differentiation in certain goods or services. Well known brands for goods include McDonalds, BMW, and Samsung. Well known brands for services include FedEx (reliable delivery services), McKinsey (strategic consulting), and “CPA” (Certified Public Accountants, for audit and tax services). In each case the name or logo conjures a concept in the mind of the constituent, a concept of predictable experience.

A logo is a representation of the brand. McDonalds and BMW have highly recognizable logos and/or taglines. But a logo isn’t really necessary. This TF is not recommending development of a logo to represent the profession. The IAA already has an identifiable logo that can be used where appropriate.

Brand is improved by good experiences and damaged by poor or inconsistent experiences, either in what is delivered or how it is delivered. A relatively small number of examples of inconsistent, inaccurate work by actuaries could disproportionately damage the brand. One way to limit such damage is with continuing education, information on what is required from an actuary, and a fair disciplinary process. The review of disciplinary processes and professional standards is beyond the scope of this TF, but we need to emphasise that the existence of and adherence to professional standards and disciplinary processes are key to the positioning of the “actuary” brand.

The goal of SO 6 is for the word “actuary” to mean a professional with strong technical statistical and financial skills, who provides valuable, accurate work and advice. Our work is focused on risk and the financial impact of future contingent events. Ongoing professional development and experience are critical, backed by an appropriate professional standards, peer-review and, where appropriate, disciplinary processes. The fields may be traditional, such as various kinds of insurance and pensions, or may be newer, emerging areas such as ERM, analytics, banking, infrastructure planning and capital developments.

The professional is typically paid for services provided, not contingent on a specific outcome. The professional’s client or employer may not be qualified to perform the work himself or herself, and needs to be able to rely on a predictable high quality of work.

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A brand need not denote high quality, for example, Coca Cola may not be the best quality or best taste in everyone’s opinion, but the taste and experience is very predictable. Of course we want the actuary brand to connote high quality as well as consistency.

This SO 6 relates to branding of the profession globally, and not branding of the IAA as an organization. The SO also does not relate to branding member associations.

We use the word branding to mean the maintenance and enhancement of the brand.

Difference between Branding and Marketing: Marketing is the process of communicating the brand to constituents, and encouraging the development of business around the brand. Public relations is the part of communication toward external constituents and typically relies on consultants (“PR” firms). This TF is not recommending marketing nor use of PR consultants.

2. Benefits of Branding

Branding makes marketing and selling actuarial services easier. In an ideal situation the client has a preconceived and favorable notion of what to expect from an actuary and their work. Here we use the word “client” to mean consulting client, employer, regulator or any other constituent who may rely directly on the work of the actuary. We will use “stakeholder” to include clients and also those who benefit indirectly from the work of the actuary.

A strong professional brand attracts new clients and new engagements from existing clients. A strong professional brand brings with it a predisposition toward acceptance among stakeholders—the “benefit of the doubt” where the work cannot be independently and immediately validated.

Benefits of branding will vary according to effectiveness of branding, which depends on quality and consistency of work, frequency of messaging, and the receptiveness of the audience. Most likely the benefits will emerge slowly but with time will enhance the perception of the profession and actuaries as individuals, leading to better employment prospects and improved favorable influence of the profession on a wide range of public and private matters.

3. Current Brand of the Actuarial Profession

One observation we wish to make is that we already have a brand. We have created a brand by our professional actions over a period of years. Some aspects of the brand are good, while other aspects we would like to change. Actuaries are perceived as highly trained, ethical professionals. On the other hand many actuaries have experienced being typecast as impractical, focused on trivia, and guilty of false precision. Fortunately the stereotype seems less common now than in the past. Of course, the brand perception varies by country.

In Australia, South Africa and a few other countries, the profession has branched into non-traditional areas more effectively than in North America, hence the brand there enjoys wider respect. Over 100 actuaries in South Africa work in the banking industry.

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The SOA and other large member associations have tried to analyze and make more precise the perception of the actuary brand. In the US and Canada, employers view actuaries as intelligent, highly trained, knowledgeable in their field, and highly ethical. On the other side, many employers tend to view actuaries as lacking in business acumen. In a recent SOA survey employers were asked to rate actuaries on various skills. The highest skill was “Quantitative” with 98 percent of employers rating actuaries as 4 or 5 (5 being the highest level of skill). Attention to detail and trustworthiness were next highest. The three lowest skills were ability to communicate, interpersonal skills and management. Only 11 percent of employers rated actuaries as high in management skill.

In developing economies, the actuarial profession is not widely known and in some cases is struggling to gain recognition from regulators. IAA branding efforts here are likely to benefit smaller member associations substantially. Below, we give a good example of the benefits of the IAA brand to the Russian Guild of Actuaries.

We continue to build our brand through the IAA and its member organizations. For example the work of the Supranational committee is regarded as very successful, as the chair and committee members work with other organizations such as accountants, attorneys, regulators and the media. As one example, the Supranational committee has forged excellent relationships with the IAIS, the IASB, ISSA, and recently held a successful meeting with Christine Lagarde, head of the IMF. Members of the Supranational committee are regularly asked to give presentations on actuarial work. Some examples: Asian Development Bank, Geneva Discussion Forum, International Social Security Association. Most of our branding however is somewhat unconscious. Many of these same activities could be modified very slightly, to more specifically build our actuary brand.

4. Clients and Stakeholders

Who are the groups of people that we care to influence? Who are our stakeholders? Some larger member associations have produced a comprehensive list of constituents: employers, clients, shareholders, policyholders, universities, researchers, regulators, other professionals such as accountants and attorneys, the media, the public, candidates, and we would add, actuaries themselves. Insurers, pension funds, social insurance programs, health care industries are all impacted to a greater or lesser extent by the work of actuaries. Almost any individual with financial interests could be affected by the work of actuaries.

Some stakeholders are direct users of actuarial work, for example employers, or regulators. Other stakeholders are affected indirectly, for example policyholders of an insurer, or members of a pension fund.

The group of stakeholders is likely to grow larger as actuaries branch into wider fields such as ERM, advanced analytics and complexity science. Eventually we would hope that the actuary brand would be held in high regard by the general public.

Each stakeholder currently has some level of awareness of the actuary brand, but most actuaries would agree that the awareness outside of traditional employers is limited. In many cases the awareness is a negative impression.

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The brand awareness also varies by country. Most likely the constituents in greatest need of information about the actuary brand are in smaller countries and developing economies as well as executives of corporations other than insurance companies, who perceive actuaries to be insurance specialists only. They may be unaware of the need for, and benefits of long advance financial planning of the type performed by actuaries. The good news there is that we have a green field in which to spread our influence.

This task force believes that our branding efforts should attempt to influence all stakeholders in a consistent way. The level of detail, and specific message, may vary according to the audience but the branding message in totality needs to be agreed upon, and the IAA can play a critical role in agreeing on the message. Each member association can tailor the message and the delivery mechanism to local needs.

Branding within each group of stakeholders brings a range of benefits. For employers and clients, especially in non-traditional areas, the benefit is awareness, access and effective utilization of actuarial skills. For shareholder and policyholders, the benefit is the confidence in the quality of work required to protect their financial interests. For the public, the benefit could be improved social and/or health insurance programs. A profession by definition serves not only the direct client but also the public interest. And branding benefits actuaries themselves and the profession directly, by gaining recognition from lawmakers and regulators, and increased potential employment opportunities.

5. Brand Message

What message do we want to convey to stakeholders? We’ve identified our brand to ourselves, for the most part, although it tends to vary by market and geography. Actuaries are skilled professionals with training in probability and statistics, financial economics, risk, and one or more of several specialties: life and annuity insurance; general insurance (also called property/casualty insurance); health care; finance & investment; pensions; and enterprise risk management. Although actuarial training has specialized in these areas, the core technical and business skills can be deployed effectively and provide fresh insights to a wide range of business and policy applications requiring long term and strategic thinking, business acumen and risk management.

The overall message needs to be articulated crisply, and supported by consistent supporting messages. Possibly a tagline definition, or a small number of tagline definitions, would be helpful in conveying the high level brand message. One suggestion: “The actuary values uncertainty” which contains an intentional double meaning. Other suggestions may be developed. “Quantifying Risk, Enabling Opportunity” and “Turning numbers into knowledge.” And of course local member associations may choose their own tagline.

Supporting messages include concise descriptions of skills, training, professionalism and discipline:

The core skills of the actuary. Actuaries are skilled mathematicians, with training in various analytical methodologies, and an ability to quantify the range of financial effects of uncertain future events, short term and long term. Actuaries use assumptions as to future experience and many types of models to project a range of outcomes and their financial impact.

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Actuarial training is rigorous. It emphasizes the analytical and objective aspects of financial decision making, with special recognition of the uncertainty of forecasts and projections. Certain member associations provide post-degree training and use examinations to validate learning. Other associations rely on university training to a greater or lesser extent. In most cases actuarial training represents the equivalent of 2 or more years of university level learning after an undergraduate university degree. Subject matter of training includes probability, statistics, demographics, economics, actuarial models, financial engineering, insurance, pensions and risk management.

The profession has a high degree of integrity and professionalism, guided by a code of conduct; actuarial standards of practice and other levels of guidance; continuing education; and enforcement by a disciplinary process. Certain countries already have codes and actuarial standards in place. The IAA is developing standards that may be adopted by member associations as needed and appropriate. Full membership in the IAA requires that member associations have a code of conduct and a disciplinary process in place, in addition to education requirements.

Individual actuaries have different specialized skills, but the basic core skills are relatively uniform worldwide. Hence a clear global branding message should be possible. And there seems to be consensus that actuaries should become more identifiable as risk professionals, indicating the need for related brand messaging.

The brand message of any profession should also somehow make it clear that we serve the public interest. We should be seen as more than aiding corporations to operate successfully. Our knowledge is intended to benefit all our stakeholders, including the bests interests of the public good.

Perhaps an area where actuaries sometimes are perceived as lacking skill is the area of business acumen. Training emphasizes objectivity and professional judgment , rather than accepting risk or building businesses. In some countries actuaries are perceived as technical experts but not business leaders. In response the United Kingdom Institute and Faculty and certain other organizations have added communications and business skills to the curriculum. Elsewhere, those skills come through continuing education or work experience. And with risk management training, actuaries will increasingly be making decisions reflecting their best judgment concerning risk. Individual member associations should determine whether to include business acumen and decision making skills as part of the brand message.

Perhaps it bears repeating that the nuances of the brand message will need to be tailored to the audience. The brand message emphasis to candidates clearly would differ from the brand message to employers, say, or regulators. On the other hand there can be no inherent inconsistency in the message or else the profession will lose credibility. There must be common views, facts and aspirations. Working out the nuances of the message is beyond the scope of work of this Task Force.

6. Current Branding Practices of the IAA and Member Associations

Many current IAA activities already help to build the actuary brand, and the activities are increasingly effective. There are several examples.

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The Supranational Relations committee holds regular meetings with international organizations of accountants and regulators, for example IASB, IAIS, ISSA, IOPS, OECD and potentially others.

IAA officers periodically make speeches or otherwise participate in industry meetings. The Secretariat issued 26 news releases in 2013, and the process continues at the rate of about 2 per month. These are high quality, clearly written documents that create a favorable impression of actuarial expertise.

The Insurance Accounting and other committees have issued a number of comment letters on accounting pronouncements, most recently relative to IASB Insurance project.

Typically two or three technical colloquia are held each year, in cooperation with member associations or IAA Sections. These colloquia sometimes get the attention of local media. The TF believes these activities are effective and could be made even more effective by inviting the media or the public, and perhaps tailoring part of the content to an audience not composed of technical actuarial content.

AWB is the Actuaries Without Borders section, whose international activities build a positive awareness of the work of the profession in countries with developing markets. Their mission is to promote the public good globally.

The IAA also has begun using video as an effective communication and branding tool. The home page of the IAA website includes a message from Rob Brown, IAA president. There are two versions, one aimed at members and one for the outside world. This is an important step in giving a face to the IAA.

Charitable outreach, for example support of bursaries to Congresses or other meetings, builds the brand. This activity is already happening to a certain extent, but perhaps should be more publicized.

Meetings of IAA officers with member associations tend to speak to actuaries. The meetings tend to build awareness of the IAA and its activities, but may not be specific to building the actuary brand. The TF suggests that these meetings be regarded as opportunities to encourage local member associations to focus on brand building as part of their function. Below we provide examples of current branding activities by several member associations.

In Russia, after successful lobbying by the IAA, the Duma passed a general law relating to actuarial services. The legislation defines an actuary as a member of a professional organization, requires a code of conduct, has qualification requirements and offers continuing professional development.

The German Actuarial Association (DAV) holds annual press workshops on actuarial topics. The objective is to provide journalists with deeper insights into the work of actuaries, and to further their understanding of basic actuarial concepts, models and methods. In connection with the usual meeting for members only there is an afternoon press conference on a chosen topic (for example, unisex pricing) followed by a workshop with a presentation and question and answer period. For more details see the Dropbox link.

South Africans provide regular articles in the press focusing on financial and educational issues – with articles in a wide range of publications from specialist financial press, to daily broadsheets, tabloids and a range of magazines and websites. In addition there is a very active role in the

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provision of mathematics and science material free of charge to schools, teachers and students as well as the sponsorship of mathematics competitions.

The Caribbean Actuarial Association encompasses actuaries in at least 8 countries and the insurance and pension business in at least 18 countries. Regulators have asked the CAA for advice on legislation and regulation on a number of occasions.

In the US, the Society of Actuaries published a major study on the impact of new universal health insurance requirements, indicating strengths and weaknesses of the legislation. Although certain aspects of the study were controversial, the study itself brought strong media attention to the profession and its ability to analyze complex social insurance issues. The Academy of Actuaries regularly meets with elected officials and their staff, and is a respected voice among regulators.

These activities should continue. The TF is not suggesting changes to member association activities, but we would encourage the IAA to play a role in encouraging consistency of brand messaging, to the extent possible.

It is important to note that branding activities need not be expensive. Advertising and Public Relations firms are expensive but this Task Force is not recommending utilizing such services. Rather, awareness of branding can be folded in and integrated with the usual activities of the IAA and Member Associations.

7. Best Practices of Non-actuary Organizations

Non-Actuarial professional organizations also carry out branding activities. Our task force viewed an excellent video prepared by the Association of Statisticians, explaining their training and giving examples of their work. A copy is in the Dropbox folder/IAA website. GARP and PRMIA are associations of risk managers. They both hold meetings open to members and guests which combine education with an underlying message as to the value of their work.

In Germany, the non-profit consumer protection organization „Bund der Versicherten (BdV)“ (the federation of the insured) was founded in 1982 and has today more than 53.000 members. With the slogan “Active for consumer protection in the insurance sector” the BdV aims at protecting and empowering policyholders by means of lobbying and campaigning at the national level, by taking collective legal action on behalf of consumers and by ensuring that all its actions receive broad media coverage.

A personal column of the chairman of the board in a nationwide renowned business newspaper has given a face to the non-profit organization. Every week, he comments on current developments within the insurance industry in a rather pointed, at times even aggressive but also humorous style. Moreover, he regularly appears in television discussions on insurance topics. While this personalized media strategy has been very successful in receiving media attention it involves of course a certain threat should the chairman step back from his office.

Other possible ways to build a brand include use of social media or direct advertising. We’ve seen magazine advertisements for the medical profession, identifying specialists such as dermatologists,

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ophthalmologists, and other specialties, with the intent of drawing attention to their professional services’ benefits and quality. Perhaps a generalization but perhaps other organizations have been more active building their brand than actuaries.

8. Branding for the CERA Credential

The CERA Global Association board (“CGA”) has similar interest in branding as the IAA. They wish to communicate their potential role to a wide audience of clients and stakeholders. Their situation is similar to that of the IAA, namely in building and communicating a brand of high specialization but with a relatively small number of professionals. Their situation is different in that their specialization is narrower in scope (that is, risk management focused while traditional actuarial roles involve many functions in different kinds of insurance, pension, finance and investment); although the CGA has potentially a wider audience (that is, broader industries, not only insurance and pensions). Nonetheless, CGA membership entirely overlaps, and there are many similarities of interest. There is little doubt that marketing efforts of CGA and IAA should be coordinated and will be mutually beneficial.

The CGA is encouraged to emphasize the actuarial basis of the CERA designation, as well as the fact that it is an international designation that signifies an achievement of standards that is recognized around the world as the true mark of quality in risk management. Its link to any national associations should be de-emphasized.

9. Task Force Recommendations

The IAA should integrate branding concepts and messaging into all its activities, including and especially with regard to SO 1, Supranational relationships, and also in support of smaller member associations, especially where the profession is still getting established. The importance of branding should be emphasized periodically at Council and committee meetings.

The IAA should establish a permanent mechanism on Branding to monitor activities and further develop awareness of the profession. This could be a new committee or subcommittee, or a Secretariat function. The purpose of the committee or other group is to maintain and develop brand awareness and promote activities with all our constituencies. The group will recommend internal and external actions within IAA and encourage each member association to build brand consistently to the extent possible, consistent with the principle of subsidiarity.

The IAA should coordinate its efforts with branding efforts of member associations, to ensure that the principle of subsidiarity is observed and to mutually benefit from each other’s activities.

The IAA should collaborate its activities with those of the CERA Global Association. There are many similar objectives of branding in identifying the role of the actuary and the value of professional actuarial services. The CERA focuses more specifically on risk management, while the actuarial profession at large continues activities in pensions, insurance, finance, and other areas. Coordinated branding activities may be able to benefit all areas of the profession.

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The IAA should establish a permanent budget for branding activities. This need not be a large dollar amount because heavy spending on public relations, marketing or consulting firms is not anticipated. The budget would facilitate expenses such as occasional travel and production of branding materials.

The TF recommends development of brochures by member associations. Presentations on the value of the actuary may be reused and updated for communications with stakeholders of member associations.

While the Task Force does not recommend a large budget for branding, nevertheless we do not mean to exclude the possibility of hiring a consultancy to evaluate our current and planned activities. This effort could be undertaken when this Task Force is replaced by a permanent committee or other mechanism. One benefit of using an outside consultancy is that they may bring a different perspective, rather than having actuaries determine the best way to communicate our branding message externally. A consultancy familiar with branding may also assist in identifying new ways to deliver the message, whether from the IAA or its member associations.

10. Deliverables from current TF and potential future deliverables

This TF began its work by assembling available branding and marketing material from member associations. TF members have provided articles, reports, Powerpoint presentations and other material. The material is collected in a Dropbox folder accessible to members. For more details, see Appendix II which contains an index to the current Dropbox contents and a link to the folder. Member associations are encouraged to share branding material to the extent they are able and willing to do so.

The main deliverable of our Task Force is the Toolkit for member associations. Appendix I provides the list of contents. During the lifetime of the Task Force it has not been possible to create all the contents. A permanent committee is needed to flesh out each item in detail.

The TF acknowledges that the work of branding is never complete. Additional materials will benefit the branding effort. A future permanent committee on branding should maintain and enhance the contents and utility of the Dropbox material, which then should be made accessible on the IAA website. We suggest formation of the committee as of January 1, 2015, with deliverables at regular intervals presented in time for Council review and discussion.

One TF member suggested development of an app to popularize the profession. The concept would be an app in which the user would enter their birth date, sex, weight, smoker status, exercise habits and other risk characteristics, and the app would provide their life expectancy, and perhaps suggestions for how to extend. This needs to be thought through for unintended consequences but could be a way to brand the profession in the eyes of the public.

11. Conclusion

We wish to thank members of the Task Force and their member associations for providing their time, energy and support. Several associations have experience in branding and shared their knowledge and perspective generously. Additional work on IAA branding will benefit substantially from the support provided.

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Regardless of the support provided, any errors or omissions remain the responsibility of Mike McLaughlin who led the writing of the report.

We suggest this TF report be reviewed and accepted by SPS, EC and Council, after which the TF should be disbanded and replaced with a permanent committee or other mechanism to make branding a continuing priority.

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APPENDIX ITOOLKIT FOR MEMBER ASSOCIATIONS

Contents of Toolkit:

1. Sample Powerpoint Presentation to Regulator 2. Value proposition/Role of the Actuary 3. Articles relating to Future Value 4. List of suggested activities for Member Associations

Brochure (hard copy or electronic)VideoNewsletterRegular articles in various public forumsMeeting with regulators/other constituentsRegular club/association meetings, with regular emphasis on brandingWebsite with information about skills, training, professionalismParticipate in business events, associations, regulation, lawmaking, charity events

5. Clarity around traditional vs broader areas for actuaries (ERM, analytics … )

Actual toolkit materials or sample materials are located in a Dropbox folder. Secretariat staff will move the contents to the IAA website after this report is accepted and when a permanent mechanism is put into place.

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APPENDIX IISUMMARY OF BRANDING MATERIALS

CURRENTLY AVAILABLE

This is a summary index of the current Dropbox file containing content from the IAA and other organizations. For full details see the Dropbox Document BrandingCatalog.xlsx

File Name Folder Description

GC_brochure_2008.pdfActuarial Association of Europe

Introducing the European umbrella organization for actuarial associations

RoA_Raising_the_Bar_web.pdfActuarial Association of Europe

Raising the bar on insurance technical expertise

New Magazine Seeing Beyond Risk Jan 2014.pdf Canada Seeing Beyond Risk

CERA Marketing Strategy Document 2014.docx CERA Marketing Strategy

CERA Progress Report - February 2014.docx CERA Progress Report

Danish 20120917 Position Paper.pdf Denmark Position paper on the role of the actuary under Solvency II

DAV 2007_Insurance_Supervision_Act_VAG_Appointed_Actuary.doc

Germany Act on the Supervision of Insurance Undertakings

DAV Berufsbild - Langfassung Juni_2008.pdf Germany Das Berufsbild des Aktuars

IAA-TF-Branding-Press-Workshops-DAV.docx Germany DAV Press Workshops

Brand Foundations Final.pdf IAA Brand Foundation NotesIAA Brand Foundations.pdf IAA Brand Foundation OutlineHow to become an actuary new.pdf IAA One page brochureIAA Value Proposition Draft.docx IAA Value PropositionNews releases tracking 2014.xlsx IAA New ReleasesRussian Law Press Release.pdf IAA New ReleasesWhat is an actuary new.pdf IAA One page brochureWho needs an actuary new.pdf IAA One page brochure

Branding TF Agenda Washington.docx Meeting Documents March 2014 Agenda - Washington

Branding TF Minutes Jan 2014.docx Meeting Documents January 2014 Minutes - Phone Call

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Branding TF Minutes March 2014.docx Meeting Documents March 2014 Minutes - Phone Call

Branding TF Minutes May 2014.docx Meeting Documents May 2014 Minutes - Phone Call

Branding TF Minutes Sept 2013.docx Meeting Documents Sept 2013 Minutes - Singapore

conf_recorded_on_May_27_2014_6-56AM.mps

Meeting Documents May 2014 Recording

ASSA Maths & Science 130923.pdf South Africa Maths and Science Website

Guidelines.pdf UK Corporate style guidelines-Visual branding rules for print and screen

isn-2005-iss37-beuerlein.pdf USA-SOA Broadening Our Profession’s Horizons

MMDP History 1-11-13.docx USA-SOAHistory of the Strategic Approach of the Marketing & Market Development Plan

SOA AM Mike Hale Branding.pdf USA-SOA Branding: What’s the Big Idea?-Joint CIA/SOA Meeting

about-2009-employer-study (1).docx USA-SOA Awareness and Perception of Actuaries

Branding Building Blocks.docx Branding Task Force IAA Memo on Branding

IAA Branding - quo vidas 1310.docx Branding Task Force Memo from Mike McDougal

IAA Branding Task Force Report.docx Branding Task Force Report of the Task Force

IAA Branding TF Report Outline.xlsx Branding Task Force Outline of TF Report

ActuariesInstituteBrandGuidelines_IAA_June2014.pdf Austrailia Branding Guidelines

Actuaries_in_Risk_Management_report.pdf IFoA

Research was conducted by the IFoA to understand the role that actuaries play in “risk”. To gain a greater depth of understanding of the needs and opportunities in this quickly changing field, the IFoA undertook a detailed study of developments in risk management in financial services. This report provides an overview of the findings from a survey conducted in Q4 2010/Q1 2011, which forms a part of that larger study.

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Brand Presentation for PECs latest.pptx IFoA

This presentation was presented to boards and to staff when the IFoA conducted their own re-branding project in 2012.

CERA_Visual_Branding_Guidelines_V07.pdf IFoA Guidelines on the CERA brand

CERA_A5_Promotional_Leaflet_V01.pdf IFoA Promotional leaflet for the CERA qualification

CGA Vision Mission Values DL V04.pdf IFoACERA Global Associations, Vision, Mission and Values leaflet (and French)

IAJ Branding Initiatives.docx IAJ List of projects IAJ has worked on to improve visability

Actuarial Education In South Africa.pdf South Africa This pamphlet explains the actuarial education system in South Africa.

Actuarial Society of South Africa 13.pdf South AfricaThis pamphlet provides general information on the activities of the Actuarial Society.

Career Keys 14.pdf South Africa

This booklet is distributed at careers fairs and provides general information on some 50 careers, as well as notes on how to apply for a job, compile a cv, etc.

Make a Meaningful Difference 14.pdf South AfricaThis pamphlet provides general information on the actuarial profession.

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APPENDIX IIISTRATEGIC OBJECTIVE 6

IAA Strategic Objective 6: (Adopted 2012) Improve recognition of the actuarial profession among external audiences, including employers, other professionals, academics, regulators, students and the public.

Priorities/Action plans: 1. Build an actuary brand to increase the breadth of awareness of the skills and training of

actuaries in traditional and non-traditional areas of practice;2. Promote the recognition of the actuary as a professional governed by codes of conduct,

professional standards, and a disciplinary process; and 3. Work in conjunction with local member associations to communicate the brand message

internally within the IAA, its member associations and actuaries worldwide.

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APPENDIX IVBRANDING EXPERIENCE OF OTHER PROFESSIONAL ASSOCIATIONS

South African Institute of Chartered Accountants:

The South African Institute of Chartered Accountants (SAICA) uses media releases and advertisements, as well as sponsorships, to raise the profile of the CA in South Africa. They target government, corporates and individuals.

They have a massive bursary programme, funded by levies on members and government support, which is aimed at demographic transformation of the profession. Transformation is a key issue in South Africa, and this programme is closely aligned with government policy, so they established good relationships with the government through this one. It also makes prospective students aware of the profession, and it makes it easier for them to study towards joining the profession. https://www.saica.co.za/LearnersStudents/Thuthuka/ThuthukaBursaryFund/tabid/716/language/en-ZA/Default.aspx

SAICA is a major co-sponsor of the main mathematics competition for schools in South Africa, and they sponsor some of the individual awards. Again, this raises their profile among top performers and prospective members.

They use key events in the South African financial year to run advertisements promoting the CA value-add. These advertisements are run in the national print and electronic media. From about a month before tax returns are due to about a month after the due date, they advertise the ability of a CA to make your life easier by assisting with your tax return, to reduce your frustration by doing your tax return on your behalf, leaving you free to spend time with the family while a CA takes care of your tax return, etc. They do something similar after the budget – let a CA assist with your financial planning and help you take advantage of the national budget, etc.

They also publish pass lists in the national media, so the whole wide world sees who has qualified as a CA. It makes new qualifers feel (justifiably) that they have achieved something, and instils significant loyalty towards the profession in them.

An example where branding can go in the wrong direction

A major accounting firm XXX in the Netherlands damaged the reputation of the accounting profession through a series of scandals. Brief media extracts are listed below:

Accountants XXX fined for role in XXX bribery case

Monday 30 December 2013

Accountancy group XXX has reached a €7m out of court settlement with the public prosecution department over its role in a construction sector bribery scandal. The investigation into three former XXX accountants is continuing, the public prosecution department said in a statement.

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https://www.saica.co.za/LearnersStudents/Thuthuka/ThuthukaBursaryFund/tabid/716/language/en-ZA/Default.aspx

https://www.saica.co.za/LearnersStudents/Thuthuka/ThuthukaBursaryFund/tabid/716/language/en-ZA/Default.aspx


XXX was accused of disguising bribes paid on behalf of building group XXX to win orders. The company also failed to pay proper attention to ensuring integrity demands were met, the public prosecutor said. The bribery scandal dates from 2000 to 2003 and concerns hundreds of millions of euros in bribes paid to win contracts in the Middle East. XXX itself settled with the public prosecutor last year.

XXX chairman XXX said in a statement: ‘We are shocked by the facts as they have unfolded in this case during the recent past and find these completely unacceptable.’

© DutchNews.nl

XXX in Holland again under investigation, this time for tax fraud

Friday 18 April 2014

Accountancy company XXX is again under formal investigation by the authorities, this time for suspected tax fraud involving the construction of its headquarters. The public prosecution department said in a statement on Thursday the investigation focuses on fake bills supplied by the building firm and inflated costs which were used to depress the company's tax bill. The Financieele Dagblad (the leading Dutch Financial Newspaper) says the allegations are particularly painful because accountants should never be the subject of such claims about its tax returns and points out that XXX is one of the biggest tax advisors in the Netherlands.

Procedures

Last year, XXX was fined €900,000 by the Dutch financial sector regulator AFM for failing to have proper internal procedures in place. The company was also involved in the collapse of housing corporation XXX the paper points out.

Partners had become over-focused on the 'bottom line' and were more interested in their profits. Quality and integrity should take first place, the paper quotes him as saying.

© DutchNews.nl

XXX Nederland chairman resigns after string of scandals

Monday 12 May 2014

The chairman of scandal-hit XXX Nederlands resigned on Monday, stating it was in the interests of the company to do so. XXX had been in the firing line over possible tax fraud in connection with the company's new headquarters in Amstelveen, bribery allegations and a string of other issues at client companies.

© DutchNews.nl

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http://www.dutchnews.nl/news/archives/2014/04/kpmg_in_holland_again_under_in.php

http://www.dutchnews.nl/news/archives/2014/04/kpmg_in_holland_again_under_in.php


APPENDIX VBrand Definitions

From Shorter Oxford English Dictionary:

Brand (verb):

Apply as a brand, denote by means of a brand; fig. impress indelibly on the memory etc. C. Kingsley: “To brand upon your thoughts how she was once a woman”; E. F. Benson: “It was an evening

branded into her memory” Label with a trademark. L19.

Brand (noun):

A make or kind of goods bearing a trademark D. Lessing: “A brand of Marxist Socialism peculiar to himself” Comb.: brand image the assumed impression of a product in the minds of potential consumers; fig. the

general or popular conception of some person or thing; brand iron; brand leader the best-selling or best-known product of its type; brand mark (a) the mark left by a hot iron stamp;(b) a trademark; brand name a trade or proprietary name; brand-new.

Marketing (noun):

The action, business, or process of promoting and selling a product etc., including market research, choice of product, advertising, and distribution

P. Parish: “Many over-the-counter preparations contain vitamins and these are the subject of intense marketing”

Comb.: marketing mix the combination of factors that can be controlled by a company to influence consumers to purchase a product; marketing research the study of the factors involved in marketing a product

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Appendix VIIAA Branding Task Force Members

Mike McLaughlin, Chair Christian Levac, Staff David Bell, Australia Kyle Rudden, Caribbean Frank Sabatini, CERA Board Shu Yen Liu, China Thomas Behar, France Birgit Kaiser, Germany Ad Kok, Netherlands Vladimir Novikov, Russia Mike McDougall, South Africa Wim Els, South Africa Malcolm Campbell, Sweden Alan Rubenstein, UK Pat Teufel, US CAS Joe Nichols, US ASPPA

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