Candidate Information Godfrey Perrott

Name: Godfrey Perrott Practice Area: Life (retired) Employer Name: Milliman (retired 2007) Employer City/State: Wakefield, Mass. Credentials: MAAA, FSA

Academy Experience

• Chairperson, Conflict of Interest Task Force, 2010-2011
• Chairperson, Actuarial Standards Board (ASB) Life Committee, 2000-2003; Member 1997-2000
• Chairperson, Actuarial Standards Board (ASB) Allocation of Policyholder Equity, 1998-2000
• Chairperson, Task Force on Closed Blocks, 1998-1999
• Vice Chairperson, Actuarial Standards Board (ASB) 2005-2010; Member 2003-2005
• Member, Financial Reporting Committee, 2007-2012
• Member, Council on Professionalism, 2009-2012 and 1996-2003
• Member, Risk Management Financial Reporting Council, 2007-2009
• Member, Principle-based Actuarial Certifications Steering Committee, 2006-2007
• Member, Principle-based Reserve Steering Committee, 2006-2007
• Member, Life Financial Soundness Risk Management Committee, 2006-2007
• Member, Independence Task Force, 2005-2007
• Member, Life Financial Reporting Committee, 2002-2004
• Member, Life Practice Council, 2000-2003
• Member, International Task Force, 2002-2003 and 2000-2001
• Member, Actuarial Standards Board (ASB) Operating Committee, 2001-2002
• Member, Accounting Policies Task Force, 2000-2001
• Member, Actuarial Standards Board (ASB) Complex Models, 1997-1999

Current/Recent Positions at SOA-CAS-CCA-ASPPA (ACOPA)

• SOA Nomination Committee (2011-current)
• IAA Professionalism Committee Delegate (2009-2011)
• IAA Insurance Regulation Committee (2011-current)
• Many prior SOA roles including E&E General Chair (1989-1989), Fellowship Admissions Course Steering Committee Chair (1988-1990), Futurism Section Council (1991-1994) (Chair 1993-1994), Board Task Force on Education (1994-1997), Planning Committee (1995-1996), Associate Editor for The Actuary (1999-2003)

Candidate Biographical Sketch

I was born and grew up in England, dreamed of being a civil engineer, and studied math at Cambridge. While there I met and married my first wife, an American from Seattle. We moved there after graduation and found there was no job market for engineers. By luck I started an actuarial career instead and it has served me well.
 
I was the last actuarial student hired by Wendell Milliman into what was then Milliman & Robertson and ended up spending my entire professional career with M&R, now Milliman. Early on I worked in the computer department, providing support to M&R’s consultants, and spent the first 20 years of my career in IT. I then switched to life and health consulting in Philadelphia, then Boston. I focused solely on life consulting in about 2000.
 
I was elected to Milliman’s Board in 1999 and then Life Practice Director in 2001, a position I filled for five years. I spent two periods in London in 2000–2002 and again in 2005–2007. I retired from Milliman in December 2007 and have been retired ever since.
 
I enjoy skiing, hiking, sailing, and travel. I live in Beverly, Mass., with my wife Ann. We have two sons, a daughter, two granddaughters, and a grandson. We are active members of the Episcopal Church.

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Candidates for regular Director will normally have served the Academy or the actuarial profession by:

1. Serving on Academy committees or task forces;
2. Serving on the ABCD, or on the ASB or an ASB Committee;
3. Serving on the Boards or committees of other actuarial bodies;
4. Attainment of important stature in the insurance business, in actuarial consulting or in some other field of actuarial work, such as teaching.

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How I meet the qualifications for the position of Regular Director on the Academy Board of Directors

I have been active in the profession since I joined an exam committee of the SOA in 1977. I worked my way though the committee structure to be the General Chair of the E&E Committee for 1988-1989. I went on to serve on the SOA Planning Committee under Dave Holland, and I served on the task force to redesign the educational syllabus and the exam structure in 1994-1997.
 
More recently I turned my attention to professionalism, especially actuarial standards and have volunteered considerable time to the ASB and the Academy.
 
In addition to my more recent roles outlined above, I have been active in the IAA. I served as the Academy delegate to the Professionalism Committee 2009-2011 and on the Convergence Task Force in 2010. I am now a member of the Interim Actuarial Standards Subcommittee and Chair of its General Task Force. My work for the Academy and SOA on IAA matters has led to close and productive relationships with the leadership of both organizations.
 
I am known to take strong positions and to present them clearly. However I also listen to conflicting views and often modify my position as a result. I firmly believe that the aphorism “politics is the art of the possible” is applicable to the governance of the Academy. However in the case of the Academy it also needs to be governed by the high ethical standards of our profession.

Why I want to serve on the Academy Board of Directors

It seems trite to say that the actuarial profession has served me well and that I want to give back, but that is the major reason I want to serve on the Academy Board. I have the time to serve effectively and I believe I have the ability to make a contribution to the Board.
 
The actuarial profession faces major challenges, which I describe in the next section. I would like to contribute to addressing those challenges.
 
One of my favorite inspirations is the poem “If” by Rudyard Kipling. (I encourage you to reread it if you haven’t recently.) In particular the couplet is (in my opinion) a primer for leadership. We need leaders who can express their views effectively and trust their instincts while still listening carefully and respectfully to others’ views. Such leaders will adjust their views, as appropriate, based on this listening. I believe I have demonstrated that I am such a leader.

What I believe are the most important issues facing the American Academy of Actuaries

I believe the Academy needs to address the following issues that confront us:

1. Credibility of the actuarial profession. Actuarial reports have become central to major political discussions. If we are to retain the trust of the public, we must be sure that our reports are clear, accurate, and understandable, and that, wherever possible, the actuary expresses his or her opinion of the assumptions and methodology used. This will sometimes be unpopular and the Academy must be ready and willing to stand behind any such actuary—and do so publicly.
2. Health care financing (especially Medicare and Medicaid). There is a bitter political debate raging on the funding of Medicare and Medicaid between those who would raise taxes and those who would cut benefits. There is agreement that something needs to be done, but no agreement on what. The Academy must not take sides in this debate but it must do all that it can to ensure that useful, transparent, unbiased analyses are available to all parties.
3. Social Security. This is another area where actuaries are playing an important role in the middle of a political firestorm. We need to continue to do so and provide legislators and the executive branch with reliable projections.
4. Rationalization of the U.S. actuarial structure. I have said publicly on several occasions that the U.S. actuarial profession cannot afford the inward-looking luxury of five organizations. I am encouraged by the task force CUSP has assembled. As a profession, we have to improve our structure (ideally to one organization) or we will be much less effective than we otherwise could be. We have to move from trying to answer the question “Why is merger impossible?” to answering the question “How do we create a win-win merger and of which organizations?” I believe the time is right, and want to be a part of solving this very difficult problem.
5. The International Actuarial Association is wrestling with convergence of actuarial standards. The Academy supports a measured approach towards congruence, where each national standard-setter could keep its existing standards and report on how they compare to an IAA model standard. I have championed this in the IAA and the Academy has supported me. The Board needs to keep aware of what is happening in this area.
6. Actuaries must support public interest as a profession while supporting its members practicing in a litigious and adverse arena. By the nature of most of our work, we have stronger ties to industry than to the public who ultimately rely on us. This will be an ongoing and difficult problem that the Academy needs to address.
7. The Academy needs to continue to serve its members by offering what they need. We need to retain the respect the profession has been accorded. Neither is broken, but both will need work.

Additional Comments

I believe I can make a significant contribution to the Academy and to the actuarial profession and ask you to vote for me. Thank you.