The Society of Actuaries (SOA) has sought to investigate methodologies and characteristics associated with actuarial innovation, aiming to expand the industry’s capabilities for creativity. The SOA recently engaged Milliman to conduct in-depth interviews and focus groups with select actuaries who have demonstrated innovative skills, in order to derive key behaviors and characteristics that encourage innovation. This report investigates how actuaries and actuarial firms across the insurance industry are fostering innovation within themselves and others, and the considerations they make. The report’s main sections are as follows:

• Project background
• Influences on innovative mindset
• Innovators and innovations
• The innovative process
• Fostering innovation

This article was published by the Society of Actuaries.

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