30 March to 4 April th International Congress of Actuaries Washington, DC. POST-EVENT DETAILED REPORT January

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1 30 March to 4 April th International Congress of Actuaries Washington, DC POST-EVENT DETAILED REPORT January

2 ICA 2014 Detailed Post Event Report Introduction This is a final detailed post event summary report regarding ICA 2014, the 30 th International Congress of Actuaries, conducted in Washington, DC, 30 March through 4 April, The International Congresses are quadrennial events conducted by the International Actuarial Association (IAA) in widely varying locations. ICA 2014 was hosted and organized by the five US based actuarial organizations. This detailed post event report is submitted to the IAA by the ICA 2014 Organizing Committee. This report is organized in three major sections: Section 1: The Event o Scientific Program o Social and Cultural Program o Accompanying Persons Program o Electronic Tools Towards a Paperless Congress o Venue o Delegates and Accompanying Persons o Other Meetings Held in Conjunction with ICA 2014 Section 2: Preparation and Operations o Organizing and Hosting Team o Planning Timeline o Budget and Finance o Risk Management o Scientific Program Preparation o Sponsorship Program o Marketing o Bursary Program o Event Management during ICA 2014 Section 3: Results o Intellectual Output o Financial Results o Registration Patterns and Hotel Room Reservation Patterns o Delegate Feedback o Bursary Program Participant Feedback o Sponsor Feedback This report also includes a large number of appendices with supporting detail. They are being transmitted as separate electronic documents in order to keep the main report to a manageable size. The last page of this report provides a list of the appendices. ICA 2014 Detailed Post Event Report Page 1

3 Additional information about ICA 2014 is available at the ICA 2014 website ( or directly from the ICA 2014 Organizing Committee. In planning ICA 2014, our team benefitted from the very generous sharing of information and perspectives from the organizing teams of prior ICAs. In particular, we leaned very heavily on the team from South Africa (including especially Mr. Wim Els), since that team s experience in conducting a wonderfully organized event in 2010 was most immediately recent and relevant to the task we faced. We are grateful to the ICA 2010 team for its model, inspiration, assistance and support. In turn, we hope that this report, and additional information that we will be pleased to provide upon request, will yield some measure of assistance to our colleagues in Germany for ICA 2018, Australia for ICA 2022, and other successors that may follow in their footsteps. ICA 2014 Detailed Post Event Report Page 2

4 ICA 2014 Detailed Post Event Report Section 1: ICA 2014 The Event ICA 2014 was a week long event 30 March 2014 through 4 April 2014 in Washington, DC, USA. The most recent prior Congress in the US was more than fifty years earlier. This section of the report describes the event and its participants: Scientific Program Social and Cultural Program Accompanying Persons Program Electronic Tools Towards a Paperless Congress Venue Delegates and Accompanying Persons Other Meetings Held in Conjunction with ICA 2014 SCIENTIFIC PROGRAM ICA 2014 was designed to provide full week or half week options for the delegates and their accompanying persons. The Scientific Program focused on different actuarial specialties in the first half of the week (Monday through Wednesday) versus the second half of the week (Wednesday through Friday): ICA 2014 SCIENTIFIC PROGRAM FOCUS AREAS FIRST HALF OF ICA 2014 SECOND HALF OF ICA 2014 Life Insurance Pensions, Employee Benefits, and Social Insurance BOTH HALVES OF ICA 2014 Enterprise Risk Management Consulting Professionalism Actuarial Education General Interest topics Health Insurance General Insurance / Property & Casualty Insurance The Scientific Program included more than one hundred different sessions, and provided up to 31 hours of continuing education content for full week delegates. All told, 294 authors/presenters delivered a rich array of content to the participants more than 257 distinct papers and presentations in total. The Scientific Program included: Four plenary sessions Nearly 100 parallel sessions organized into 11 different time slots, each time slot 90 minutes in duration. Approximately two thirds of the sessions were designed to appeal to multiple specialties. ICA 2014 Detailed Post Event Report Page 3

5 Two limited attendance workshops (3 hours each) One limited attendance educational field trip (3 hours) Twelve poster sessions organized during the eight 30 minute networking breaks between the traditional sessions. The four plenary sessions were: Dr. Jay Olshansky, The Longevity Dividend: Altering the Future Course of Health and Longevity? (Monday morning) Patricia Guinn (moderator), Clive Cowdery, Greig Woodring, Michel M. Lies, and Robert Schimek, The Insurance Industry CEO Perspective: Navigating the Changing Business Landscape (Wednesday morning) Dr. Paul Embrechts, Uncertainty (Wednesday mid day) Dr. Guntram Werther, Improved Forecasting through a Different Focus (Friday morning) Most of the parallel sessions were designed to appeal to multiple specialties. The total number of parallel sessions designated as being intended for each of the specialties was: Life 42 Pension, Employee Benefits, Social Security 40 General Insurance / Property & Casualty Insurance 37 Health 26 Financial and Enterprise Risk 32 Consulting 13 Professionalism and Actuarial Education 30 With hindsight, the attachment of specialty labels to each session probably could be improved by incorporating a more systematic identification process earlier in the development of the scientific program, rather than as a step in the creation of the on site printed program. The limited attendance workshops and the limited attendance educational field trip, conducted on Tuesday and Thursday afternoons as an alternative to the cultural tours, were a new experiment with ICA 2014; they were well subscribed. By providing a longer concentrated time slot, with a limited number of participants, our objective was to provide a more intensive and more interactive learning experience. The topics were: Ethics and Professionalism from an International Perspective (16 registered) Bayesian Analysis Applications in Actuarial Science Using Markov Chain Monte Carlo Methods (24 registered) A Conversation at the US Treasury Department (36 registered) Poster sessions are familiar elements of many academic conferences, but were a new ICA experiment with ICA These sessions were intended to allow researchers to share methods and results (and solicit comments) of a particularly technical paper or very country specific studies. Each poster session presenter was given a 4 foot by 8 foot section of wall in the Town Square to post a summary of the work, and was assigned to four of the 30 minute networking breaks to discuss the work with any passers by. Eight presenters with a predominant Life or Pension/Social Security focus were scheduled to the four networking breaks on Monday and Tuesday. Four presenters with a predominant ERM or Professionalism focus were scheduled to the four networking breaks on Wednesday and Thursday. ICA 2014 Detailed Post Event Report Page 4

6 A full copy of the ICA 2014 scientific program, including a description of each session, is provided in the on site delegate handbook, which is included as Appendix A of this report. The full scientific program also is available in the ICA 2014 website at For many of the sessions, the presenters provided written materials (formal scientific papers and/or copies of their presentation slides); in addition we captured audio recordings of many of the sessions in a format that synchronizes with the speaker s slide presentation. These resources are available at the following website: The audio recordings are available at no cost to ICA 2014 delegates, and to members of some IAA Sections; and are available to others on a fee basis. Interested persons may contact the IAA Secretariat to learn about how to access the audio recordings. The Scientific Committee selected Best Paper(s) in each specialty area. Appendix B lists the selected papers and their authors. SOCIAL AND CULTURAL PROGRAM; ACCOMPANYING PERSONS PROGRAM An important dimension of the ICA 2014 social program was the opportunity for delegates to network: meeting new colleagues, refreshing long standing relationships, and exchanging ideas and information with actuaries from around the world who share common interests. In order to facilitate networking, all breakfasts, breaks, and lunches were held in a venue that was known as The Town Square. The delegates embraced the networking opportunities with enthusiasm; it was exciting to witness the diverse groups of delegates interacting during each of the networking periods! Delegates also enjoyed an array of traditionally American musical offerings (such as a barber shop quartet, a jazz pianist, and an acoustic guitar soloist) at random intervals in the Town Square. The Town Square venue housed the exhibit booths of the ICA 2014 sponsors and other invited exhibitors. These booths gave delegates an opportunity to learn about some of the latest offerings and opportunities available from our sponsors, and to interact with our sponsors directly. We are very grateful for the financial support and personal engagement of our sponsors. The Town Square also was the location for an internet café, which provided basic technology resources to the attendees. Delegates enjoyed various whimsical elements of the Social Program, including the Data Wall which each day collected different demographic and responsive data in response to various questions (such as retirement age, work commute, number of employers, countries visited, or priorities which will have greatest significance for future of humanity) and served as a conversation catalyst; and ribbon appendages to name badges which invited delegates to proclaim their serious and not so serious specialties, interests and characteristics. Throughout the course of ICA 2014, various IAA Sections conducted receptions and networking events for their members and other interested persons. The IAA Advice & Assistance Committee hosted a networking reception for delegates from new, emerging and potential actuarial associations. ICA 2014 Detailed Post Event Report Page 5

7 Key parts of the Social Program were designed to include accompanying persons as well as delegates: Welcome Reception (Sunday evening) at the Smithsonian Institution National Museum of American History; Opening Congress session, with a very lively kickoff by the Howard University Showtime Marching Band; Gala Dinner (Thursday evening) in the Washington Marriott Wardman Park Grand Ballroom, with reception before and dancing after dinner in the Thurgood Marshall Ballroom at the Marriott; Tours of cultural, historical, and scenic attractions of Washington, DC (included tours for all delegates and accompanying persons on Tuesday afternoon and Thursday afternoon; optional tours for accompanying persons throughout the week) though unfortunately, the unusually long and late winter and cold spring resulted in a no show by the spectacular cherry blossoms that normally decorate Washington, DC during this time of year; A special Cherry Blossom Lounge (in one of the hotel s luxury suites) was available exclusively for registered accompanying persons, providing a spot for meeting and networking, relaxation, and refreshments; and Closing Congress session, including closing address by the IAA President, closing remarks by the IAA Organizing Committee Chair, a promotional video of ICA 2018, and a musical send off by a Dixieland Jazz Band. The tours offered during ICA 2014 are listed on the ICA 2014 website: With hindsight, we realize that we offered more tours than were necessary in a city such as Washington, DC, where transportation and key attractions are readily accessible to the general public. Our tour planning also overestimated the number of accompanying persons that would be attending ICA 2014, and mistakenly assumed that most of them would be on hand for only half of the week (and thus we unnecessarily offered the same tour twice during the week). A more scaled back program of organized tours would have been sufficient. Photos of all aspects of ICA 2014 are posted and accessible via: ELECTRONIC TOOLS TOWARDS A PAPERLESS CONGRESS Other than the printed on site program that was provided to all delegates, ICA 2014 operated substantially on an electronic, paperless platform. In advance of the event, all information and tools relevant to prospective attendees (as well as speakers and sponsors) were accessible via the ICA 2014 website. During the event, participants used an ICA 2014 Detailed Post Event Report Page 6

8 application on their mobile devices to access all of the meeting information, including ongoing updates, and to stay in touch with other participants. Basic technology tools also were available to delegates throughout ICA 2014 in the internet café located in the Town Square. An overview of the ICA 2014 mobile App is provided in Appendix M. 789 delegates (63% of all) downloaded the App on either ios and Android. The App had a total of 64,488 unique screen views and 148,212 page views. The top four screens were: Events, Home, Messages and My Schedule. An overview of the ICA 2014 website is provided in Appendix L, and the website itself is available at VENUE The Washington Marriott Wardman Park Hotel in Washington, DC was the official hotel of ICA 2014, providing all of the ICA 2014 conference and meeting facilities, and providing sleeping rooms for many of the delegates and their families. More information about the Washington Marriott Wardman Park Hotel is available via the ICA 2014 website: DELEGATES AND ACCOMPANYING PERSONS ICA 2014 was attended by 1,172 delegates and 137 registered accompanying persons. Most delegates selected to attend the full week of ICA 2014: ICA 2014 REGISTRATION COUNTS ICA 2014 REGISTRATION OPTIONS NUMBER OF PERSONS REGISTERED DELEGATES ACCOMPANYING PERSONS Grand Total Registrants all options 1, Full Week st Half of Week only nd Half of Week only Total attending 1 st Half of Week Total attending 2 nd Half of Week The delegates represented 106 different countries, bringing a rich tapestry of culture, history, languages, and actuarial context to ICA Appendix D summarizes the number of delegates attending from each country (and provides other demographic profiles as well). The ICA 2014 budget assumed that 1,248 delegates in total, including 624 delegates from the United States would attend ICA A significant disappointment was that only 396 delegates from the United States actually attended ICA 2014, in spite of the relatively large population of actuaries in the US, and in spite of the convenient location of ICA ICA 2014 Detailed Post Event Report Page 7

9 Many of the ICA 2014 delegates belong to one or more IAA Sections: DELEGATES REPORTING MEMBERSHIP IN IAA SECTIONS IAA SECTION NUMBER OF DELEGATES REPORTING SECTION MEMBERSHIP AFIR/ERM 95 ASTIN 108 AWB 31 IAAHS 34 IAALS 67 IACA 41 PBSS 65 OTHER MEETINGS HELD IN CONJUNCTION WITH ICA 2014 The IAA International Congresses represent a uniquely intense and diverse gathering of the actuaries of the world. A natural consequence of this concentration of actuaries is that numerous other meetings are scheduled at coordinated dates, times, and locations so that ICA delegates can participate in such other meetings. The array of events conducted around ICA 2014 is illustrative. The week prior to ICA 2014, 26 March through 30 March, the IAA conducted its semi annual Council and Committee meetings at the Omni Shoreham Hotel, just across the street from the Washington Marriott Wardman Park Hotel. In connection with those meetings, the American Academy of Actuaries (aided by financial support from the ICA 2014 Organizing Committee) hosted a dinner for IAA Council and Committee delegates at the National Museum of Women in the Arts on Friday, 28 March The ICA 2014 Hospitality Committee organized a series of optional tours during the period of the IAA Council and Committee meetings. Throughout the course of ICA 2014, various IAA Sections conducted business meetings, meals and receptions, and networking events for their members. The IAA Advice & Assistance Committee hosted a networking reception for delegates from new, emerging and potential actuarial associations. The AFIR/ERM Section of the IAA, the Global CERA Board, and the Joint (SOA/CAS/CIA) Risk Management Section combined forces to host a networking reception for all Risk Managers. The Casualty Actuarial Society and the ASTIN Section of IAA collaboratively hosted a networking reception for general insurance actuaries. Sponsors and other commercial organizations also hosted various events for their employees, clients, prospects, and others. Two major annual US events utilized the Washington Marriott Wardman Park in March/April 2014 time slots that coordinated with ICA 2014: The Conference of Consulting Actuaries conducted its Enrolled Actuaries Meeting at the Marriott during 23 March through 26 March 2014, the week adjacent to ICA ICA 2014 Detailed Post Event Report Page 8

10 The Casualty Actuarial Society conducted its annual Ratemaking and Product Management Seminar in the Washington Marriott Wardman Park during the same week as ICA 2014 in order to maximize use of the contracted sleeping room space at the hotel, as well as to enable general insurance / property & casualty ICA 2014 delegates to take advantage of this intense continuing education event. (The US organizations also made efforts to schedule other 2014 events so as to reduce potential conflict and competition with ICA For example, Casualty Actuarial Society cancelled its annual Spring Meeting; and the Enterprise Risk Management Symposium organized by Society of Actuaries, Casualty Actuarial Society, Canadian Institute of Actuaries, and Professional Risk Managers International Association was rescheduled from Spring to Autumn that year.) The ICA 2014 Logistics Committee provided various support and coordination functions for a number of these events particularly those taking place at the Washington Marriott Wardman Park Hotel. ICA 2014 Detailed Post Event Report Page 9

11 ICA 2014 Detailed Post Event Report Section 2: ICA 2014 Preparation and Operations ICA 2014 was a week long event, but some of the planning elements evolved over about a decade prior to the event itself. Not including the authors and presenters, we estimate that 115 volunteers and 37 staff employees of the actuarial organizations were involved in the planning and execution of ICA This section of the detailed post event report discusses various aspects of the planning, preparations, and operations of ICA 2014: Organizing and Hosting Team Planning Timeline Budget and Finance Risk Management Scientific Program Preparation Sponsorship Program Marketing Bursary Program Event Management during ICA 2014 ORGANIZING AND HOSTING TEAM ICA 2014 was organized and hosted by the five US based actuarial organizations, with active participation of the leadership, volunteers, and staff of each of the five organizations: American Academy of Actuaries (AAA) ASSPA College of Pension Actuaries Casualty Actuarial Society (CAS) Conference of Consulting Actuaries (CCA) Society of Actuaries (SOA) In light of 2014 being the Centennial of the Casualty Actuarial Society, the CAS was selected to take the lead role in the organizing effort. The Organizing Committee worked with the IAA to develop a formal agreement (between IAA and ICA 2014) regarding the design of key elements of ICA 2014, documenting responsibilities for planning and conducting the conference, and detailing the reporting and distribution of financial outcomes. (This formal agreement is known as the ICA 2014 Regulations. ) In addition, the five US based organizations established a formal agreement among themselves, outlining each organization s commitments and contributions to the success of ICA 2014, including each organization s commitment for financial support of the event (see further details in Budget and Finance discussion below). The wholehearted engagement of the five US based organizations; the effective collaboration of the inter organizational teams throughout the planning and completion of ICA 2014; the full support, institutional memory and perspective, and collaboration of the IAA Secretariat; and the active involvement of the IAA Sections (particularly in producing the Scientific Program and in stimulating registrations), were genuine highlights of 2014 from the perspective of the US actuarial profession. ICA 2014 Detailed Post Event Report Page 10

12 The organizing team was formed into several committees to focus on different elements of planning and hosting ICA 2014: Organizing Committee Finance and Risk Management Committee Hospitality Committee Logistics Committee Public Relations and Marketing Committee Scientific Committee Special Events and Entertainment Committee Sponsorship and Exhibits Committee Stewardship Committee Most of the committees had volunteer and/or staff representatives from the five US based actuarial organizations; and several committees (such as the Organizing Committee and the Scientific Committee) included key IAA and IAA Section representatives. The complete list of committee members is included in the on site program (Appendix A to this report) and on the ICA 2014 website: The ICA 2014 Organizing Committee included the chairpersons from each of the component committees, and thus the periodic meetings of the Organizing Committee also provided a mechanism for reporting up and resolving any significant planning issues. The ICA 2014 Organizing Committee provided periodic progress reports to the leadership of the US actuarial organizations, and obtained feedback on key issues from the US leadership, in connection with periodic scheduled gatherings of the five US based organizations Presidents, Presidents Elect, and Executive Directors. The meetings of the ICA 2014 Organizing Committee provided periodic progress updates to the IAA Secretariat (which was represented on the Organizing Committee also) and the Chair of the Organizing Committee provided occasional progress reports to the IAA Council. Due to the geographic spread of committee members, the vast majority of the ICA 2014 committee planning meetings were conducted by and teleconference. A great asset in the planning and conduct of ICA 2014 was the professional staff of the five US based organizations. Each of the organizations is well experienced in conducting events of a similar size as ICA 2014, and some of the organizations had prior experience conducting large events at the Washington Marriott Wardman Park Hotel. Thus, while the specifics, complexity, and geographic diversity of delegates were unique to ICA 2014, the overall process of planning large events was very familiar ground to the staff professional meeting planners, staff experts in other areas (such as marketing and communications, sponsorship, and finance), and staff leadership. This in house expertise provided a tremendously strong platform for designing the overall planning process and dealing with the myriad technical planning elements of ICA In addition, the active engagement of our staff experts saved ICA 2014 considerable expense (and learning curve time) that might have been incurred in hiring an outside meeting planner. The staff of the five US based organizations also played a huge role in all of the on site activities during ICA In total, 37 staff members were on hand during ICA 2014 to direct or to assist with every facet of the event. It is indeed difficult to imagine how ICA 2014 could have occurred without these dedicated and energetic staff members of our actuarial organizations. ICA 2014 Detailed Post Event Report Page 11

13 All of the staff time throughout the planning and conduct of ICA 2014 was donated by the US organizations. We used a pro forma estimate that the contributed staff time had a value of $250,000, but the actual value contributed by these professionals is beyond measure. PLANNING TIMELINE Planning activities for ICA 2014 spanned the decade leading up to the event, though of course the several years immediately prior to 2014 required the most intense activity by the greatest number of staff and volunteers. Appendix F displays the planning timeline that guided our priorities and activities. BUDGET AND FINANCE The ICA 2014 budget was a key tool in all of our planning and event management activities. An overview of the ICA 2014 budget is included in Appendix G. We began in 2006 with a relatively high level budget that focused on conceptual and big picture issues such as: How many delegates do we plan to attract to the event? What types of costs would we incur at different types of potential venues? How much do we need to spend bring in plenary speakers and entertainment? How much funding can we raise from sponsors? Can we plan and conduct this event using staff resources, or do we need to engage outside resources to help us? As our team made the various major planning decisions, we converted the budget into an extremely granular view of our plans. For example, the budget included specific line items for the number and cost of breakfasts and lunches we would be providing each day; the cost of each of the benefits provided to sponsors; and the cost of conducting ICA 2014 planning committee meetings among many others. The budget evolved as major event design elements were agreed and as plans evolved. A final budget was approved in February 2013, and any subsequent events or expenditures were treated as departures from budget. While the creation of an extremely granular budget was an arduous task, the resulting tool was a resource that the planning team referenced on an almost daily basis in making or confirming specific planning decisions. Not every planning decision or event outcome followed the budget plan precisely, of course, but we had an immediate basis for determining the implications on our overall game plan and budget, and a basis for evaluating trade offs that we needed to make in the planning decisions. Any decisions or evolving situations that produced significant implications for the overall budget were immediately escalated to the senior members of our planning team, where they could be considered and addressed without unduly delaying the underlying planning activities. One aspect of the ICA 2014 budget planning tool that was extremely helpful is worth noting here. As the many planning aspects of ICA 2014 were developed and budget numbers estimated, a detailed log was maintained documenting planning variables, assumptions and decisions made. This detailed log proved many times over to be a valuable planning tool. It was useful not only as it came time to operationalize various aspects of ICA 2014, but served as a record of detailed planning and budgetary decisions that were made along the way. We recommend that future ICA planners utilize a similarly granular budget tool. ICA 2014 Detailed Post Event Report Page 12

14 Budget Sensitivity and Contingency Margin Even with a very detailed budget and an extensive risk management plan (see below), our Finance Committee recognized that unforeseen events would occur, and that not all elements would unfold as anticipated. The Finance & Risk Management Committee conducted sensitivity testing of each major revenue and expense category. The major categories identified for sensitivity analysis were as follows: Revenue Registrations Revenue Sponsorships Expense Food and Beverage Expense Other Variable Expense Items Expense Fixed Expense Items Expense Room Attrition Penalty (in the event that we failed to fill the contracted number of hotel sleeping rooms) One planning and design factor that helped desensitize attendance variations to overall budget results was to set the registration fees to (approximately) cover the variable food and beverage costs and other variable expense items, with fixed costs of ICA 2014 being covered largely by sponsor contributions. Ultimately, upon the recommendation of the Finance Committee, our budget included a safety margin of approximately $200,000. A portion of this margin was conceptualized as responding to uncertainty in the revenue side of the budget (in particular, how many delegates will register), and a portion of the margin was conceptualized as responding to uncertainty and potential unforeseen costs in the expense side of the budget. In the budget itself, we included an explicit expense contingency margin of $127,000 (5%), and a projected net income of $94,000. Thus, adverse deviations totaling $200,000 would still leave ICA 2014 producing a (small) positive net income. As reported in the financial results discussion in Section 3, the inclusion of a general contingency margin proved to be a useful feature of the budget more useful, for example, than building pessimistic assumptions into each detailed component of the budget. Financial Commitment of the US Organizations As described earlier, administration and planning of ICA 2014 was through collaborative efforts of the five US based actuarial organizations. Each organization s commitments for financial support were documented in a formal agreement among the five organizations. The financial support elements included: (a) initial loans to cover early expenses prior to receipt of any sponsorship revenue or registration income; (b) loan repayments; and (c) how an ICA 2014 operating loss (if any) would be shared among the five US based organizations. The agreement also stipulated that any positive net income resulting from ICA 2014 was to be distributed between the IAA (75%) and The Actuarial Foundation (25%), and that no portion of any positive net income would be retained by any of the five US based organizations. As described elsewhere in this report, US organizations also contributed funds to the IAA Bursary Fund supporting ICA 2014 participation by individuals from developing countries; and supported the IAA Council and Committee meetings that took place the week prior to ICA ICA 2014 Detailed Post Event Report Page 13

15 RISK MANAGEMENT In addition to budgeting and financial reporting, the Finance and Risk Management Committee was charged with identifying key financial and operational risks associated with planning and executing ICA 2014, and to recommending risk mitigation activities to the Organizing Committee as appropriate. Some of these activities (such as inclusion of a contingency margin in the budget) are reflected in the budget and finance discussion above. To fulfill this charge, the Finance and Risk Management Committee developed a comprehensive list of financial and operational risks based on past experiences planning similar types of events, environmental scanning, and brainstorming among Committee members. This list was reviewed and mitigation plans were developed for what were considered the top operational and financial risks. Appendices I and J provide a report (from the Committee) on Operational Financial Risks; and the Risk Mitigation Checklist tool utilized by the Committee, respectively. SCIENTIFIC PROGRAM PREPARATION As in past Congresses, the IAA Sections played an essential role in generating the intellectual content for ICA The ICA 2014 Scientific Committee comprised 24 experienced actuaries from the US, Canada, the UK, Switzerland, Argentina, and South Africa. A core group within the Committee was composed of one representative from each of the IAA Sections as well as actuaries from the five US based actuarial organizations. This core group worked together to develop some overall themes for the Congress sessions, as well as to develop some concepts for topics that were cross disciplinary, non disciplinary, or related to the broadening of the actuarial role. The Committee first met in person in June 2011 to begin discussing the program, including the drafting of the Call for Papers and Presentations. A copy of the Call for Papers and Presentations is available at: The Committee decided that it did not want to restrict sessions to include only authors who had prepared formal scientific papers, and reflected this broadening in the Call: This Call is not limited to formal papers. The ICA 2014 Scientific Committee also is interested in less formal presentations, with particular emphasis on those which will involve the Congress attendees in the learning process. Of the final 257 presentations at ICA 2014, ninety eight included formal papers. We found that many of the excellent presentations did not include formal papers; we believe that allowing this option was a positive innovation. The Call for Papers and Presentations was issued in September 2011 with a stated response date of September 30, 2012 for authors/presenters to submit a specific proposal to participate in ICA We had 180 responses by the stated deadline, 223 within a month after the deadline, and 242 by the end of May Fourteen Committee members managed the presentations in all seven specialty tracks (two Committee members per track). These Committee members reviewed all the submitted abstracts/descriptions, selected the ones appropriate for their tracks, grouped the submissions into sessions, reviewed and commented on draft presentations and papers, appointed session moderators, and monitored the progress of the preparations for each session. The CAS staff liaison and the track co ICA 2014 Detailed Post Event Report Page 14

16 chairs continually communicated with presenters. The Scientific Committee worked with the following production timeline: March 31, 2013 Parallel and Plenary Session titles completed and posted to the ICA 2014 website May 31, 2013 First draft papers/presentations due for Committee review July 16, 2013 Determination of ICA 2014 draft Scientific Program; successful authors/presenters notified; and accepted abstracts published on the ICA 2014 website September 13, 2013 Comments from Scientific Committee due to authors/presenters December 31, 2013 Final papers/presentations due for publication on ICA 2014 website. The schedule of due dates in the Call for Papers and Presentations was a topic of discussion with many authors: to the authors, the due dates seemed unnecessarily far in advance of the actual Congress; to the organizers, the due dates barely allowed time to receive the papers and presentations, follow up with tardy authors, review and finalize the materials, and compose the array of materials into a coherent program. We do not have a solution to this dilemma to suggest to future organizers. Another challenge for the Scientific Committee and staff working with that Committee was in managing all of the flow and maintenance of constantly changing information about authors and speakers, and their papers and presentations; and information about the sessions into which we were organizing all of that content. Many of the Scientific Committee volunteers found that our program management software tool was unwieldy to use, and required considerable input from the volunteers. Another tool or other resources might have eased this burden on the committee to some degree. In addition to building ICA 2014 sessions around submitted papers and presentations, the Scientific Committee created some sessions by proactively defining topics, creating panels, and inviting presenters. This alternative approach was utilized for a small minority of the ICA 2014 sessions, and perhaps could be used more extensively for future Congresses; it has been used quite successfully for various meetings and seminars in the US (and elsewhere) for many years. The Scientific Committee selected authors for a Best Paper award in each of the seven specialty tracks. The winning authors and titles are listed in Appendix B. The Committee thanks the IAA AFIR/ERM and PBSS Sections for their financial contributions to enable a cash prize of $1000 for each award. The work of the Scientific Committee is an exhausting part of organizing a Congress, requiring many hundreds of hours of volunteer and staff effort. It is impossible to overstate the complexity and intensity of this effort. SPONSORSHIP PROGRAM The ICA 2014 budget called for sponsorships to generate nearly $900,000 more than 37% of the total anticipated revenue of the event. The Sponsorship Committee began its work in 2010, just after ICA 2010, with an intense planning session that included: A collective commitment to rise to the challenge of raising nearly $900,000 and striving for a stretch goal of $1 million; Design of the ICA 2014 Sponsorship program; ICA 2014 Detailed Post Event Report Page 15

17 Development of a long list of potential sponsors, along with a target sponsorship level for each potential sponsor; Assignment of contact responsibilities to each member of the Committee; and Timelines and follow up activities. The design of the Sponsorship program included many benefits and features that are similar to sponsorship programs at other actuarial conferences, but also introduced some innovations, including: Limiting the number of sponsors that would be accepted for the higher level sponsorships thus creating a valuable sense of exclusiveness and urgency to providing a major sponsorship. Restricting the Exhibitor program. Only organizations that had chosen to be sponsors could secure a position in the exhibit hall. Again, this exclusivity added value to the sponsorships and enhanced the atmosphere in the Town Square venue that housed the exhibit booths: delegates could focus their conversations on a relatively small number of sponsors, and on networking with other delegates. (Note: we also provided complimentary exhibit booths to the IAA and to The Actuarial Foundation, the two organizations that also would benefit from a profitable financial outcome of ICA 2014; and to the ICA 2018 Organizing Committee from Germany, our successors in the ICA tradition.) We believe that results of the sponsorship program benefitted from both of these innovations. Interestingly, for example, the top platinum sponsorships were claimed at a faster rate than any of the other levels. The top sponsorship level was established at a higher dollar amount than (we believe) had been used at prior Congresses. The sponsorship levels were: Platinum: $90,000 (limit of 5 platinum sponsors) Gold: $60,000 (limit of 10 gold sponsors) Silver: $30,000 (limit of 15 silver sponsors) Bronze: $15,000 The details of the sponsorship benefits are contained in the Sponsorship Prospectus attached in Appendix K, along with other information about our sponsorship campaign. See also the Sponsorship section of the ICA 2014 website: The Sponsorship Committee directly contacted more than one hundred insurance and reinsurance companies, consulting and software firms, and other organizations with connections to the actuarial profession (and we reached many others via broadcast messages such as articles in the actuarial media). While we filled the platinum sponsorships relatively quickly, the Committee was impressed by the number of contacts, and the passage of time, required to secure many of the other sponsors. It was immediately clear (and unsurprising) that a personal relationship with the senior executive being contacted was instrumental in arranging an effective conversation and securing a positive outcome. Soliciting sponsors is work for which many volunteers may not have the appetite (or the appropriate contacts). The Committee included experienced Society of Actuaries and Casualty Actuarial Society staff members who handled most of the detailed interaction with sponsors after a Committee member had obtained ICA 2014 Detailed Post Event Report Page 16

18 an oral commitment from the sponsor. This extensive detailed work includes firming up the sponsor s commitment; formalizing a contract with the sponsor; establishing and achieving a payment schedule for the sponsor s contribution payments; agreeing on the details of the benefits to each sponsor; organizing all aspects of booth arrangements in the exhibit hall; organizing and completing delivery of sponsor benefits; ongoing communications and status reports with the Committee; and many other dimensions. Ultimately, the Sponsorship Committee exceeded its stretch goal, producing gross revenue of $1,038,500, which accounted for 42% of the total gross revenue of ICA The list of ICA 2014 sponsors follows: ICA 2014 SPONSORS PLATINUM GOLD SILVER BRONZE D. W. Simpson Allianz Edlund Moody s Analytics Milliman Deloitte Ernst & Young Pinnacle Actuarial Resources RGA Hannover Re Insureware QRM Swiss Re Principal Financial Group Polysystems WinTech Towers Watson Mercer Verisk Analytics More detailed information about our sponsors, and the services and products they offer, may be found in Appendix E and on the ICA 2014 website: (Click on each sponsor s logo on the website to drill into more information about that sponsor.) We greatly appreciate the support and participation of all of our sponsors. Without them, ICA 2014 would not have been feasible or affordable. Thank you, sponsors! MARKETING Developing and executing a marketing plan to attract a diverse global population to a conference presents some large challenges. ICA 2014 benefitted significantly from the forward march of technology in this regard: we were able to decide early on to focus heavily on electronic marketing communications channels, and to focus on attracting potentially interested persons to our custom designed website. Our marketing efforts also benefitted significantly from the support of the IAA, its Sections, and the global network of actuarial associations we found our colleagues around the world to be extremely supportive in including ICA 2014 information on their websites, in their newsletters and electronic communications, and in their membership meetings. We cannot adequately express our appreciation to all of the generous and responsive assistance that we received in this regard. Our marketing communication plan was designed in four phases, with different levels of engagement and different tools and tactics in each phase. Phase 1 Foundational Work ( ). The goals of this phase were to develop the ICA 2014 logo; design, create, and unveil the website; create a promotional video; and develop the ICA 2014 Detailed Post Event Report Page 17

19 design of collateral material that incorporates ICA 2014 branding. This phase culminated with the launch of the marketing campaign at ICA 2010 in Cape Town, South Africa. Phase 2 Building Awareness ( ). This phase can be thought of as the Save the Date phase, encouraging potential participants to focus squarely on ICA During this phase, we reached out to actuarial leaders and past ICA attendees, while building awareness among potential first time attendees, particularly those in the United States. Phase 3 Encouraging Participation ( ). Vital ingredients to the success of ICA 2014 include the support of sponsors and the participation of actuaries in the development of the scientific program. While Phase 3 continued to build awareness of the event, the primary goal was to solicit sponsors and proposals for sessions. Phase 4 Register for the Congress ( ). This phase began when Congress registration opened. The primary goal of this phase was obvious: persuade actuaries from around the world to register for ICA Additional details of the ICA 2014 Marketing and Communication plan, tactics, and tools are provided in Appendix H. We were able to utilize a minimum of printed material in planning, marketing, and conducting ICA Our primary printed materials included a Save the Date card, a small four page marketing brochure, the Sponsorship prospectus, and the on site Program for Delegates. Our design of the ICA 2014 website correctly anticipated that we would use it as the repository and access point for all of our key marketing materials and messages; for all the essential information for potential authors and presenters; for all of the details of the sponsorship program; for registration and planning information and tools; and for all of the materials needed during the conference itself. For more information about the ICA 2014 website design, see Appendix L or visit the website itself at During the actual event, a special mobile App designed for mobile electronic devices took over most of the heavy lifting of providing the latest conference information to the participants. Appendix M provides an overview of the mobile App. BURSARY PROGRAM As at past ICA s, an important constituent of ICA 2014 was actuaries (and other interested persons) from countries where the actuarial profession is in its early stages of development, or may not yet exist at all. The fee structure for ICA 2014 provided a discounted registration fee for delegates attending from countries where income levels are significantly below US income levels. Yet, even with this discount, the combined weight of the registration fee, hotel costs, and travel expenses may represent an insurmountable financial barrier to delegates in developing countries. The IAA operated a bursary program to respond to this impediment. A special Bursary Task Force comprised of IAA Secretariat staff and several IAA volunteers undertook a process of identifying potential ICA participants from a broad range of actuarially developing countries, reaching out to those ICA 2014 Detailed Post Event Report Page 18

20 participants, and working with those participants to create a financial assistance package to help with some of the expenses of attending ICA. Support packages ranged from partial coverage of registration fees; all the way up to coverage of travel, hotel and registration fees. (Note: For a bursary recipient, IAA paid the registration fee directly to ICA 2014, based on special discounted fee that included only the pure expenses associated with the delegate, with no loading to produce net income. And, IAA / ICA 2014 selected a nearby more economical hotel, and paid the room costs directly to that hotel. Thus, bursary recipients are freed from the cash flow delays that a reimbursement process might entail.) In identifying potential ICA participants, the IAA sought delegates representing a broad spread of countries; delegates who would make a scientific contribution (paper/presentation) to ICA 2014; and delegates who presented good potential of yielding a leveraged impact from their attendance at an ICA by using the information, perspectives and passion gathered at the ICA to educate and inspire other actuaries and stakeholders in their home country. For ICA 2014, the IAA received 160 applications for bursaries from individuals in low GNI countries. Ultimately, bursaries were awarded to 122 individuals, of whom 112 individuals from 61 countries attended the Congress; 74 bursary delegates attended for the full week, and 38 attended a partial week. The IAA investment in bursaries for ICA 2014 totaled CA$350,595 (CA$144,235 for meeting registration fees; CA$87,765 for hotel accommodations; and CA$118,595 for travel costs). The Bursaries are enabled by a special Bursary Fund, which is created and maintained by voluntary contributions from IAA member actuarial associations and IAA Sections (the contributing organizations are listed in Appendix P; the US based organizations contributed CA$52,000 to the Bursary Fund for ICA 2014). In addition, a portion of any operating surplus from an ICA customarily is dedicated to the Bursary Fund for the following ICA. We are grateful to the IAA Bursary Program and to the contributors to the Bursary Fund for enabling the ICA 2014 participation of many very engaged delegates who otherwise would not have been able to join us. The participation of these delegates enhanced ICA We hope that a portion of the ICA 2014 financial proceeds likewise will enable the Bursary Program to produce a similar benefit for the next Congress, ICA 2018 in Berlin. For additional information about the IAA Bursary Program, please see Appendix P and/or contact the IAA Secretariat. EVENT MANAGEMENT DURING ICA 2014 During the final run up to ICA 2014, and during the event itself, the volunteer committees completed their work, but the work of the staff professionals reached a fever pitch. All five of the US based organizations donated the time of their staff members to serve as the on site staff for ICA Their roles ranged from overall event and vendor management, to supporting the speakers and the scientific program, to working at the registration desk, to providing guidance to visiting delegates. Our staff schedule for that week includes an almost endless list of roles: bag stuffers, registration desk staff, audiovisual assistants, credential monitors at sessions/functions, exhibitor liaisons, seat ushers for opening/closing ceremonies and plenary sessions, speaker liaisons, poster ICA 2014 Detailed Post Event Report Page 19